Braemar Shipping Regulatory News (BMS)

21 Jun 2006 12:03

Braemar Seascope Group PLC21 June 2006 PRESS RELEASEFor immediate release 21 June 2006 Comments made by the Chief Executive at the Annual General Meeting on 21 June 2006 I am pleased to provide an update on the Group's trading after the first quarterof the new financial year. Shipbroking activity levels continue to be good, particularly in deep sea tankerchartering and specialised product and small tanker chartering despite theweaker US dollar. The Offshore market remains buoyant with exploration activitystimulated by the oil price. Sale and purchase activity has also begun well,with an emphasis on newbuilding business which will benefit future years aswell. This business, coupled with an increase in our time charter activity,maintains the forward order book close to a record high level. The Dry markethas been weak over the last few months but we are now seeing signs ofimprovement. Our other shipping services business are all performing well and expected toshow good year-on-year growth: Wavespec is benefiting from the Qatargas LNG supervision business which willcontinue for at least 3 years with the possibility of extension for more yearsand more vessels. Cory Brothers is showing continued growth in both the ship agency and logisticsarms of its business which are enjoying increased activity. Our new businesses are performing well. The bunker business in Australia istrading profitably and growing its transaction volumes and the incident responsebusiness, DV Howells, is operating well while actively working on new clientopportunities. We expect it to be able to gain new business now that it is partof the Group. Although we are only at an early stage in the current financial year, the Groupis trading in line with the Board's expectations. Iain Shaw is retiring from the Board today after 32 years with the company. Iainhas been an important part of the management team particularly for his longexperience in tanker chartering. He played a key role in the flotation ofSeascope in 1997 and in the mergers with Braemar Shipbrokers and Braemar Tankersin 2001. We wish him every success in the future. Ends For further information, contact: Braemar Seascope Group plcAlan Marsh Tel 020 7535 2650James Kidwell Tel 020 7535 2881 Aquila FinancialPeter Reilly Tel 020 7202 2601 Charles Stanley SecuritiesPhilip Davies Tel 020 7953 2000 This information is provided by RNS The company news service from the London Stock Exchange