Last checked at 15 Jan 2015 07:00
BRAEMAR SHIPPING SERVICES
PRESS RELEASEFor immediate release
15 January 2015
Interim Management Statement
Braemar Shipping Services plc, ("Braemar" or the "Group"), an international provider of shipping, marine and energy services, today issues its interim management statement in relation to the period since the announcement of the interim results on 29 October 2014 to 14 January 2015.
As anticipated our Shipbroking division's performance has improved significantly compared with the first half, reflecting the inclusion of ACM and the cost reduction actions taken as we have successfully continued to integrate the businesses. The merging of the two broking teams continues in line with our plans and we are encouraged by the progress of the enlarged division. While the oil price has continued to weaken, the freight rates, which drive our revenue stream, have risen in a number of sectors including VLCCs (Very Large Crude Carriers). The weaker oil price has led to an increased demand for oil tankers, improving shipbroking rates and our revenue in that sector.
The Logistics and Technical divisions have performed in line with management's expectations with continued improvement in the freight forwarding side of Logistics and a strong performance from Braemar Engineering.
The full year outlook and the Board's profit expectations for the Group remain unchanged, in what has been a year of significant transition and growth.
For further information, contact:
Braemar Shipping Services | |
James Kidwell, Chief Executive | Tel +44 (0) 20 7535 2881 |
Martin Beer, Finance Director | Tel +44 (0) 20 7903 2654 |
Westhouse Securities | |
Robert Finlay / Antonio Bossi / Richard Johnson / Henry Willcocks | Tel +44 (0) 20 7601 6100
|
Buchanan | |
Charles Ryland | Tel +44 (0) 20 7466 5107 |
Gabriella Clinkard | Tel +44 (0) 20 7466 5117 |
Notes to Editors:
About Braemar Shipping Services plc
Braemar Shipping Services plc is a leading international provider of knowledge and skill-based services to the shipping, marine, energy, offshore and insurance industries. Founded in 1972, Braemar employs over 1,000 people in more than 70 locations worldwide across its Shipbroking, Technical and Logistics divisions. In July 2014 Braemar merged with ACM Shipping Group PLC, a merger recommended by both Boards.
Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.
For more information, visit www.braemar.com.