Last checked at 15 Jan 2010 07:00
BRAEMAR SHIPPING SERVICES PLC
("Braemar" or "the Group")
15 January 2010
Interim Management Statement
Braemar Shipping Services plc is today issuing its Interim Management Statement in relation to the period since the six months ending 31 August 2009.
Business Update
The Group has benefited from a dry bulk market which has been stronger than many expected during much of 2009, particularly in the latter part of the year. This has mainly been due to the continuing high demand from China, and to a lesser extent India, for the import of raw material which has been sufficient to absorb the arrival of new tonnage and for the return of port congestion. Braemar has also benefited from a good level of sale and purchase activity and demolition broking remains extremely active as the scrapping of older ships, particularly in the container and tanker sectors, continues to grow. For much of 2009 the tanker market rates have been weak due to lower global industrial energy demand and the impact of newbuilding deliveries. But there has been some improvement in rates in recent months and the Group's transaction numbers remain strong. Additionally, Braemar's specialised tanker team has won some important new business in recent weeks and the Group is growing its presence in the wet FFA (Forward Freight Agreement) market.
The established Technical, Logistics and Environmental divisions are all performing in line with expectations.
The Group's activities are strongly aligned with world trade - a key driver of shipping - which alongside most large economies has been improving over the past six months. The prospects for the Group are positive while this recovery continues.
For further information, contact:
| Braemar Shipping Services plc | |
| Alan Marsh | Tel +44 (0) 20 7535 2650 |
| James Kidwell | Tel +44 (0) 20 7535 2881 |
| Pelham | |
| Damian Beeley | Tel +44 (0) 20 7337 1508 |
| Zoe Pocock | Tel +44 (0) 20 7337 1532 |
| Elaborate Communications | |
| Sean Moloney | Tel +44 (0) 1296 682356 |
| Charles Stanley Securities | |
| Philip Davies | Tel +44 (0) 20 7149 6457 |
Notes to Editors
Braemar Shipping Services plc is a leading international provider of broking, consultancy, technical and other services to the shipping, marine and energy industries.
Braemar is listed on the Official List of the London Stock Exchange in the Industrial Transportation sector.
Recent Acquisitions
2008 - Braemar Steege, a specialist loss adjuster to the oil and gas industry.
2007 - Braemar Falconer, provides specialised marine and offshore services. Fred. Olsen Freight, freight forwarding and liner agency.
Principal businesses:
The Group is divided into four businesses: Shipbroking, Technical, Logistics, and Environmental. This growth has been both organic and by acquisition.
Shipbroking
Braemar Seascope provides specialised shipbroking and consultancy services to international clients. The services include: chartering tankers (including gas, chemicals and LNG), dry cargo, containers, offshore vessels, second hand sale and purchase, newbuilding, demolition, and research. It has offices in the UK, China, Australia, India, Singapore and Italy.
www.braemarplc.com
Technical
Braemar Steege provides specialist loss adjusting and other expert services to the energy (oil and gas), marine, power and other related industrial sectors. It has offices in London, Houston, Miami, Singapore, Calgary and Mexico City.
www.braemarsteege.com
Braemar Falconer provides specialised surveying and engineering services to the marine and offshore sectors. It has offices at the following locations: Australia, China, India, Indonesia, Malaysia, Singapore, Vietnam and the UK.
www.braemarfalconer.com
Wavespec provides marine engineering, newbuilding supervision and naval architecture services on a consultancy basis to the shipping and offshore markets.
www.wavespec.com
Logistics
Cory Brothers Shipping Agency provides port agency, freight forwarding and logistics services within the UK and Singapore.
www.cory.co.uk
Environmental
Braemar Howells provides pollution response and advisory services, primarily in the UK for marine, tank storage and rail operations and is now developing an international presence.
www.braemarhowells.com