AGM Statement

Braemar Seascope Group PLC
25 June 2003



                           Braemar Seascope Group plc



                    Comments made by the Chief Executive at

                   the Annual General Meeting on 25 June 2003



We have now completed our first quarter and I am pleased to provide an update on
the Company's performance.



As predicted in the Annual Report both the dry and wet freight markets have
continued strongly although there are now renewed signs of softening in the wet
market. However these divisions, together with our Offshore division and our gas
department have maintained a good level of business and have performed ahead of
internal expectations.



The sale and purchase department, which was very strong in the previous 12
months, has achieved a similar number of transactions at this point in the year,
as compared with last year. However, whereas in the first six months of last
year these transactions were mostly on second-hand business,  which contributed
to a very strong first half performance, 2003 has so far seen more newbuilding
and resale activity for which the benefit to earnings will be seen towards the
end of this year and in the following  2  years.



Wavespec, our technical consultancy company, continues to perform well.



Whilst our forward visibility, particularly in newbuilding, is good, we must
expect that the full year's results will be adversely impacted by any continuing
weakness of the US dollar, the currency in which much of our income is derived.



In May we brought in an established team of specialist brokers, formerly trading
as Norse UK, to develop further the niche chartering business in vegetable oils,
palm oils and fertilizers, an area which promises growth.  The initial
performances of our joint venture on containers and our Shanghai office have
endorsed our view as to the benefit of these moves.



We are pleased to announce the formation of Braemar Seascope India Private
Limited, a new chartering company in the expanding market of India where crude
oil imports have doubled in the last 4 years.  This is a joint venture with an
established broker in New Delhi where the company has been appointed to the
Central Government chartering panel which quotes the chartering business for
import of crude on behalf of all the state-owned oil refiners.



I am committed to the continued development of Braemar Seascope as a broadly
based shipping services group and am much encouraged by the progress we have
made to date.



For further information, contact:


Braemar Seascope Group plc
     Alan Marsh                                             Tel [phone]
     James Kidwell                                          Tel [phone]
Aquila Financial
     Patrick d'Ancona                                       Tel [phone]
     Peter Reilly                                           Tel [phone]
Charles Stanley & Company Limited
     Philip Davies                                          Tel [phone]
     Rupert Dearden                                         Tel [phone]




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