Positive coverage on Master Investor11 Jan 2024 11:22
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"Braemar (LON:BMS) – Competitor Buying Into The Equity
With the re-routing of trade routes around the Cape of Good Hope, the global shipping market is now reacting to container freight rates rising for the last six weeks in a row, getting back up to the higher levels of October 2022.
It was quite a beneficial share price move on Monday, following the revelation that an ambitious Geneva-based shipbroking company has been putting together a ‘major shareholding’ in the group’s equity.
The new holding notification to the market states that Lightship SA has bought some 1m shares representing 3.04%.
That is said to be good news for players in the shipping sector, including shipbroker Lightship Chartering, which is 51.5% owned by Danish founder and chairman Morten Have.
Sune Fladberg, the private company’s CEO is reported as stating that:
“It’s quite simple, we believe strongly in shipping in the near future and are looking for opportunities to invest further in the industry.
We think the valuation in Braemar is very attractive at the moment.”
I reckon that the Lightship stake was purchased at around the 290p level, so at last night’s close of 300p, it is already showing its holding is well in the ‘swim’.
After hitting 310.60p on Monday morning, further price rises to trade well into, the 300p to 350p range can be expected within the next few months."