UPDATE: Braemar Shipping delays publication of results; outlook good

Braemar Shipping Services PLC - London-based shipbroker - Delays the publication of results for its financial year that ended February 28 to give its auditors more time. Sees trading in financial 2023 that is "very strong and ahead of management expectations, as the group benefits from both its increased scale and the current favourable market conditions". Aims to streamline the business, focusing on "its Shipbroking core".

Delay comes a day after Braemar launched its digital platform Braemar Offset which aims to offset emissions from vessels and cargo. "Braemar Offset provides a diverse and regularly replenished portfolio of offset projects to ensure certainty of supply. Only projects that are transparent, environmentally robust, verified and vetted by sustainability experts are included. The projects include sustainable agroforestry on the Guatemalan conservation coast, protecting habitats for critically endangered species in Indonesia, and helping to reduce air pollution in Jiangxi province in China," it said on Thursday.

"Braemar Offset is the first step in our plans to provide an end-to-end bespoke sustainability solution for our clients," explains Chief Operating Officer Tris Simmonds. Associate Director Jack Richards adds: "The next logical step will be clauses which specify a voyage is to be carbon neutral."

Current stock price: 244.00 pence, down 2.4% on Friday

12-month change: down 21%

By Tom Budszus; tombudszus@alliancenews.com

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Braemar Shipping