Delivery of new LNG carrier to Uniper Global

RNS Number : 8464W

Braemar Shipping Services PLC

06 August 2018

 

6 August 2018

BRAEMAR SHIPPING SERVICES PLC

("Braemar", the "Company" or the "Group")

Delivery of a new state of the art 180,000m³ LNG carrier to Uniper Global Commodities SE

Braemar Shipping Services plc (LSE: BMS), a leading international provider of broking, financial, consultancy, technical and logistics services to the shipping, marine, energy, offshore and insurance industries, is delighted to announce the successful delivery of  the 180,000m³ Liquid Natural Gas Carrier (LNGC) called "LNG Schneeweisschen" (the Vessel) from DSME, South Korea, as part of the ongoing LNGC newbuilding project between Uniper Global Commodities SE (Uniper) and Braemar.

The Vessel has been built for Japan based owners, MOL, and may be provided to Uniper under a 20 year transportation agreement. Braemar has worked as the commercial (Braemar ACM) and technical (the engineering business within Braemar Technical Services) consultant for Uniper throughout this project, from concept to delivery.  

The Vessel delivers pioneering, state of the art, LNG technology, which includes: the most modern slow speed two-stroke X-DF propulsion system manufactured by Wartsila; partial reliquification with methane refrigeration containment systems; and the new 'DS Bow' hull design. The Vessel should remain a world leader in its class for many years to come.

This project is particularly pleasing, as it illustrates the benefits from the close co-operation between the divisions of the Group. It mostly involved services within the Shipbroking and Technical divisions, however, other elements of the Group were also involved in wider parts of the project - most notably Braemar's port agency business called Cory Brothers.

Commercially, Braemar's role was to identify and negotiate with the shipyards and shipowners to deliver the most cost effective and efficient shipping solution under the requirements of the client, Uniper.

Technically, Braemar utilised its extensive experience of newbuild design and building, giving expert advice and developing the complex LNG Vessel specifications at the early stages, which contributed to the project success. Also, the Company conducted the subsequent design plan approvals and latterly the construction supervision at the shipyard on behalf of Uniper.

James Kidwell, CEO, commented, "Braemar is proud to be one of the only shipping services companies in the world able to provide its clients with the ability to design and deliver this type of project and is already working on delivering similar again in the very near future."

For further information, contact:

Braemar Shipping Services
James Kidwell, Chief Executive	Tel [phone]
James Hayward, Interim CFO	Tel [phone]
Stockdale Securities
Robert Finlay / Antonio Bossi / Henry Willcocks	Tel [phone]
Buchanan
Charles Ryland / Stephanie Watson	Tel [phone]

Notes to Editors:

About Braemar Shipping Services plc

Braemar Shipping Services plc is a leading international provider of knowledge and skill-based services to the shipping, marine, energy, offshore and insurance industries. Founded in 1972, Braemar employs approximately 850 people in more than 70 locations worldwide across its Shipbroking, Technical, Logistics and Financial divisions.  

Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.

For more information, including our investor presentations, visit www.braemar.com

 

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