Tradewinds: Expansion and Going Global is Not Key for US Brokers as there is Plenty of Local Business Despite Tough Competition

“Leaders of three top US tanker brokers are unanimous in rejecting the mega-broker model that has evolved in Europe and generally betray little worry that the big boys are about to eat their lunch. . . . Poten & Partners has about 165 employees worldwide, of whom roughly 65 are shipbrokers. Some 35% of its staff are consultants — mostly in the gas trade — with 15% commodity brokers and 10% in administration and operations. The staff has grown by about 20% in the past decade. Michael Tusiani of Poten & Partners estimates that about 60% of the firm’s work comes in gas and the remainder in conventional tankers. ‘In a certain way, we consider ourselves a boutique firm — one which tries to be the best in its core areas such as tankers and gas — both in commercial and advisory services,’ he said. ‘The catch-all phrase used by the mega-firms is that they desire to provide a ‘full service’ to their clients. Personally, I believe this is an illusion.’ In some ways, Poten & Partners has been ahead of the curve. While the issue of succession is a hot one at US brokers, Poten & Partners solved it in 2007, when Tusiani sold his holding to the firm’s employees. It was among the first US firms to plant a flag in Australia and Singapore. And while other shops talk about branching into financial services, Poten & Partners has been there for years: it even has a broker-dealer’s license and had a part in some of the initial public offerings (IPOs) of the mid-2000s.”