IMS & appointment of non-exec

RNS Number : 2946Z

Braemar Shipping Services PLC

12 January 2011

 



BRAEMAR SHIPPING SERVICES PLC

("Braemar" or "the Group")

12 January 2011

Interim Management Statement and appointment of a director

Braemar Shipping Services plc today issues its Interim Management Statement in relation to the period since the announcement of the interim results on 26 October 2010 and announces the appointment of a new director. 

Business Update

In the last two months freight rates and vessel values in the main wet and dry bulk shipping markets have fallen although the number of transactions in which the Group is involved continues to grow.

The Group has a significant number of newbuildings as well as second hand vessels delivering in the next few months and the results for the year will depend in part on the timing of these deliveries.

The Technical, Logistics and Environmental divisions are all performing in line with expectations.

Appointment of a director

Braemar is pleased to announce the appointment of Alastair Farley as a non-executive director with immediate effect. Mr. Farley is a qualified solicitor and was a founding partner of Watson, Farley & Williams LLP, a firm of international lawyers, and senior partner from 1982-1999.  He remains a senior adviser there.  He was formerly a non-executive director of Close Brothers Group plc and is a director or adviser to a number of shipping, construction and investment companies.

Braemar confirms that there are no disclosures to be made in respect of Mr. Farley, pursuant to paragraph 9.6.13 of the Listing Rules.

Sir Graham Hearne, Chairman of the Braemar said, "We are delighted that Alastair is joining the Board. His long experience of the shipping industry will be invaluable to the company."

For further information, contact:

Braemar Shipping Services Alan Marsh James Kidwell	Tel [phone]  Tel [phone]
Pelham Bell Pottinger Damian Beeley Zoe Pocock	Tel [phone] Tel [phone]
Elaborate Communications Sean Moloney	Tel [phone]
Arbuthnot Securities Nick Tulloch Henry Willcocks	Tel [phone]  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 business segments: Shipbroking, Technical, Logistics and Environmental. It is listed on the Official List of the London Stock Exchange in the transport sector.

Principal businesses:

Shipbroking

Braemar Seascope provides chartering, sale and purchase and consulting shipbroking services to international ship owners and charterers in the tanker, gas, chemicals, offshore, container and dry bulk markets. There are shipbroking offices in 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 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, Lima, Mexico City and Miami.

www.braemarsteege.com

Braemar Falconer provides specialised marine and offshore services. It has offices at the following locations: Australia, China, India, Indonesia, Malaysia, Singapore, Vietnam and the UK.

www.braemarfalconer.com

Wavespec provides 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

 

END

 

 

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