Braemar Shipping Regulatory News (BMS)

18 Jun 2008 12:07

Braemar Shipping Services plc

Interim Management Statement

At the Braemar Shipping Services plc Annual General Meeting held today, Alan Marsh, the Chief Executive, provided the following update on the Group's trading after the first quarter of the new financial year. 

Freight rates have recently set record highs in the dry bulk market and wet chartering has also seen a period of notable strength. Shipbroking income is ahead of the first quarter of last year and activity levels have been high with good business concluded over the first quarter in these favourable conditions. The addition of more new building orders and time charter business has sustained the high level of our forward order book. 

Our other businesses are performing in line with our internal expectations and in particular we are pleased with the performance of Steege Kingston since it was acquired in March. The company has been renamed Braemar Steege and it is already working well alongside Braemar Falconer and Braemar Howells. We are seeing opportunities for these businesses to collaborate which reaffirms our strategy of broadening our business.

The Group's trading to date has been better than expected and the first half profits should be well ahead of both last year's first and second half pre-tax profits of £7.1 million and £7.6m respectively. Market conditions continue to be favourable for our businesses with as yet no significant adverse impact of either the global credit squeeze or the rise in the oil price. The outlook for the year as a whole remains positive while these conditions prevail.

Ends

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Notes

Braemar Shipping Services plc is a leading international provider of broking, consultancy, technical and other services to the shipping and energy industries. Its principal businesses are as follows:

Braemar Seascope

Specialised shipbroking and consultancy services to international ship owners and charterers in the sale & purchase, tanker, gas, chemicals, offshore, container and dry bulk markets.

www.braemarseascope.com

Braemar Falconer

Braemar Falconer provides specialised marine and offshore services. It has offices at the following locations: Australia, China, India, Indonesia, Malaysia, Singapore, Vietnam, United Kingdom

www.falconer-bryan.com 

Braemar Steege

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, Singapore, Calgary and Mexico City.

www.steegekingston.com

Cory Brothers Shipping Agency

Port agency, freight forwarding and logistics services within the UK.

www.cory.co.uk

Wavespec

Marine engineering and naval architecture consultants to the shipping and offshore markets.

www.wavespec.com

Braemar Howells

Pollution response service primarily in the UK for marine and rail operations.

www.dvhowells.co.uk