Interim Management Statement

RNS Number : 6165V

Braemar Shipping Services PLC

16 January 2013

 



BRAEMAR SHIPPING SERVICES

PRESS RELEASE

16 January 2013

For immediate release

Interim Management Statement

Braemar Shipping Services plc, ("Braemar"), an international provider of shipping, marine and energy services, today issues its interim management statement in relation to the period since the announcement of the interim results on 30 October 2012.

The Shipbroking division continues to face challenging conditions, with excess shipping capacity in most sectors affecting values and rates. An increasing proportion of Braemar's business is now done on the spot market. There were no significant changes in the market conditions in the past three months.

Braemar Technical Services performed in line with management's expectations. It continues to develop its position as a global provider of surveying, adjusting and engineering services to the energy, shipping and insurance sectors. The process of creating a single business unit is well underway.

The Logistics division, Cory Brothers, performed in line with management's expectations. A new multi-year European agency hub contract, announced in the interim results, began in November 2012. The business in Singapore has continued to grow.

Revenue from the Environmental division was boosted by £15m in the first half by the work on the MSC Rena in New Zealand.  In the third quarter revenue from the MSC Rena reduced faster than expected, to £3.4m. Braemar's involvement in this project is expected to be completed by the financial year end.

For further information, contact:

Braemar Shipping Services James Kidwell Martin Beer	Tel [phone] 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, logistics 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. The company has shipbroking offices in the UK, China, Australia, Singapore, India and Italy.

www.braemarseascope.com

Technical

Braemar Technical Services provides a range of specialist services to the marine, energy and insurance industries. The principal business arms within the division are:

Braemar Adjusting - provides loss adjusting and other expert witness 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") - undertakes vessel damage surveys and provides marine consultancy to the shipping, energy, offshore and insurance industries. The Salvage Association was acquired in May 2011 and it has a network of offices in Asia, Europe and the United States.

Braemar Engineering - provides consultant marine engineering and naval architecture services to the shipping and offshore markets from offices throughout the Far East and London. It was expanded with the acquisition of Braemar Casbarian in July 2011 which 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 port agency, freight forwarding and logistics services in the UK and Singapore.

www.cory.co.uk

Environmental

Braemar Howells provides pollution response and advisory services primarily in the UK, New Zealand and Africa. It has earned an international reputation for its work for the insurance industry in handling the containers from stricken vessels - the MSC Napoli in 2007 and the MSC Rena which is on-going.

www.braemarhowells.com

 

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