AGM Trading Update

RNS Number : 3844H

Braemar Shipping Services PLC

19 June 2013

 



BRAEMAR SHIPPING SERVICES PLC

19 June 2013

Interim Management Statement

LONDON: Braemar Shipping Services plc (the "Company" or the "Group"), the global shipping and energy services provider, today announces its Interim Management Statement published in accordance with the UK Listing Authority Disclosure and Transparency rules, for the period from 1 March 2013 to 18 June 2013, ("the Period").

Shipbroking

We are encouraged by the performance of our chartering desks where activity levels have been strong. We did not expect any recovery in freight rates in dry bulk and tankers, and while we have seen some recent recovery, we are not confident it will be sustained over the longer term. Our Offshore desk has started well in a strong market. Although there have been some departures from our Sale & Purchase department the desk is delivering in line with expectations, with demolition business continuing to be a significant contributor. We have seen increased activity in the newbuilding sector which will start to rebuild the forward order book.

We will continue to invest in the growth of our core Shipbroking division.  We established a new desk of six tanker brokers in Houston in May this year and are in the process of setting up a new desk in Oslo. We continue to seek to recruit new talent as required.

Technical

Braemar Technical Services has made a strong start driven mainly by Braemar Offshore, our surveying and engineering business in the Far East which is benefitting from energy-led high activity across the region. Braemar SA and Adjusting have started the year well and we expect to build on this good start following the recruitment of some experienced industry professionals in the last few months. Braemar Engineering has successfully commenced work on a significant three-year contract for the design and site supervision of six new LNG carriers.

Logistics

Cory Brothers has made a solid start to the year in a tough market-place where pressure on margins persists. Opportunities to compete for new business are plentiful and we expect to continue growing our share of the market in the UK and Singapore.

Environmental

The Environmental division, now without the benefit of the Rena contract, has performed steadily in the Period.

Employee Share Ownership

We are committed to raising the level of employee shareholding in the Company over the next few years and expect to achieve this by purchasing shares in the market from time to time.  These shares will be used to cover a profit related systematic award of shares under the Group's deferred bonus plan.

Summary

There has been little change in the markets in which we operate since the end of our last financial year.  Overall the performance of the Group in the Period is in line with the Board's expectations, and the outlook for the year remains unchanged. 

ENDS

For further information, contact:

Braemar Shipping Services
James Kidwell	Tel [phone]
Martin Beer	Tel [phone]
Pelham Bell Pottinger
Damian Beeley      Zoe Pocock	Tel [phone] Tel [phone]
Elaborate Communications
Sean Moloney	Tel [phone]
Westhouse Securities
Henry Willcocks      Richard Johnson	Tel [phone]

 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, USA, Norway, China, Australia, Singapore, India and Italy.

www.braemarseascope.com

Follow on Twitter @BraemarResearch

Technical

Braemar's Technical division provides a range of specialist marine services to the maritime sector. The business operates under the brand name Braemar Technical Services and the activities of the division are as follows:

-     Braemar Adjusting 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 Rio de Janeiro.

-     Braemar Offshore provides specialised marine and offshore services mainly performing pre-risk marine warranty surveys. It has offices in the UK, Australia, China, India, Indonesia, Malaysia, Singapore, Thailand and Vietnam.

-     Braemar incorporating The Salvage Association (Braemar SA) provides marine consultancy and surveying services to the shipping, energy, offshore and insurance industries. It has a network of offices in Asia, Europe and the US that undertake marine damage surveys for the insurance industry.

-     Braemar Engineering provides consultant marine engineering and naval architecture services to the shipping and offshore markets from offices throughout the Far East and London. Braemar Casbarian provides consulting engineering services mainly to the offshore industry in the Gulf of Mexico from offices in New Orleans, Houston and Trinidad.

www.braemar.com

Logistics

Cory Brothers Shipping Agency provides ship 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. It has earned an international reputation for its work for the insurance industry in handling the containers from stricken vessels.

www.braemarhowells.com

 

END

 

 

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