Last checked at 12 Sep 2011 07:00
BRAEMAR SHIPPING SERVICES PLC
("Braemar" or "the Group")
12 September 2011
Trading Update
Braemar Shipping Services Plc today issues a trading update following the end of its half year on 31 August 2011.
In the shipbroking division, during the second quarter chartering transaction numbers were strong although as previously highlighted freight rates remained subdued. Our sale and purchase performance has been adversely affected by the related effect on ship values together with some slippage in newbuilding deliveries. As a result our shipbroking income is lower than anticipated. This has been partly offset by an improvement in our Technical and Logistics divisions which have performed well.
We do expect some pick up in the second half and of late there has been an improvement in the dry bulk market. However, shipbroking income for this financial year is likely to be some 18% lower than the last financial year and offset by a 7% increase in income from our other marine services businesses, relative to the last financial year, plus the incremental contribution from new businesses.
Ends
For further information, contact:
Braemar Shipping Services | |
Alan Marsh | Tel +44 (0) 20 7535 2650 |
James Kidwell | Tel +44 (0) 20 7535 2881 |
Pelham Bell Pottinger | |
Damian Beeley Zoe Pocock | Tel +44 (0) 20 7861 3139 Tel +44 (0) 20 7861 3961 |
Elaborate Communications | |
Sean Moloney | Tel +44 (0) 1296 682356 |
Arbuthnot Securities Limited James Steel |
Tel +44 (0) 20 7012 2158 |
Henry Willcocks | Tel +44 (0) 20 7012 2106 |
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. The business is organised into the following segments: Shipbroking, Technical, Logistics and Environmental.
It is listed on the Official List of the London Stock Exchange in the Industrial Transport sector.
Principal businesses:
Shipbroking
Braemar Seascope provides chartering, sale and purchase and consulting shipbroking services to international ship owners, charterers and financial institutions operating in the tanker, gas, chemicals, offshore, container and dry bulk markets. There are shipbroking offices in the UK, China, Australia, Singapore, India, Italy and Monaco.
www.braemarseascope.com
Technical
Braemar's Technical division provides a range of specialist marine services to the maritime sector and includes:
Braemar Steege: 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, Lima, Mexico City and Miami.
www.braemarsteege.com
Braemar Falconer: specialised marine and offshore services. It has offices in the UK, Australia, China, India, Indonesia, Malaysia, Singapore and Vietnam.
www.braemarfalconer.com
Braemar Technical Services (incorporating The Salvage Association): Braemar acquired the business and assets of BMT Marine and Offshore Surveys Limited on 8 May 2011 - the business now operates as Braemar Technical Services providing marine consultancy and surveying services to the shipping, energy, offshore and insurance industries.
www.braemar.com
Wavespec: consultant marine engineering and naval architecture services to the shipping and offshore markets. A new office in Houston was opened in 2009.
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 and Africa and is continuing to develop an international presence.
www.braemarhowells.com