Braemar Shipping Regulatory News (BMS)

20 Sep 2007 07:01

Braemar Shipping Services PLC20 September 2007 For immediate release 20 September 2007 Braemar Shipping Services plc Trading update The following announcement is a trading update for Braemar Shipping Services PLCsubsequent to its half-year end on 31 August 2007. The interim results will beannounced to the market on Tuesday 23 October 2007. Overall trading to date has been better than we had expected when the firstinterim management statement was made at the AGM on 20 June 2007, despite a weakUS dollar. Pre-tax profits for the first half just ended are expected to exceedlast year's second half profits of £6.0 million. Activity levels and revenues in shipbroking are well ahead of the first half oflast year. Of particular note are strong performances in newbuilding, offshoreand dry cargo chartering where we have increased our presence and freight rateshave been at record levels. The results will also benefit from the fullinclusion of our container desk which has also performed well. While tankerchartering rates have generally been lower, the number of transactions concludedhas more than offset the rate effect. The Company's forward book has again grownsubstantially over the first half to a new record level, due to additions innewbuilding orders and long term time charter business. Our other business segments have also performed well with increased revenues inthe first half. In particular DV Howells provided a range of services for a stricken containervessel while it was beached off the coast of Devon resulting in higher firsthalf revenue than expected. Wavespec and Cory have both performed steadily andahead of the last half. Falconer Bryan, our new Far East based technical shipping services businesswhich was acquired in July, has been trading as expected and two months ofprofits will be included in the interim results. We stated in May that we were reviewing options for the bunker business and as aresult we have ceased activity in Bunker trading as of this month although theinterim results will include the activity for the whole of the period. Alan Marsh, Braemar Shipping Services, Chief Executive Officer, commented: "We have had a very strong performance across the business in the first half andthe current strength of the major markets that we operate in and thecontinuation of recent high activity levels bodes well for the year as a whole." Ends For further information, contact: Braemar Shipping Services plc Alan Marsh Tel 020 7535 2650 James Kidwell Tel 020 7535 2881Aquila Financial Peter Reilly Tel 020 7202 2601Charles Stanley Securities Philip Davies Tel 020 7953 2000 This information is provided by RNS The company news service from the London Stock Exchange