LONDON (Alliance News) - Braemar Shipping Services PLC on Thursday said market conditions have remained difficult in the first half of 2016, but it remains confident on its outlook even after the UK's vote to leave the European Union.
Braemar said it does not believe demand for its services will materially suffer from the Brexit vote and associated market volatility, though it conceded the economic consequences of the decision remain difficult to foresee at present.
Shipbroking trading in the three months to the end of May was broadly in line with wider market patterns, with high trading volumes in tanker markets but lower tanker freight rates.
Technical Services trading was weaker year-on-year, with Braemar's Offshore and Engineering units suffering against project delays and lower volumes, in line with most service providers in the energy sector.
Though the short-term outlook is difficult to predict, Braemar said it anticipates it remains in a good position for the future.
Shares in Braemar were up 3.9% to 418.77 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Braemar Shipping (BMS)