BMS Braemar Plc

RNS Number:2115O
Braemar Seascope Group PLC
29 June 2005


For immediate release                                               29 June 2005



                           Braemar Seascope Group plc

                    Comments made by the Chief Executive at

                   the Annual General Meeting on 29 June 2005



We are now nearly four months into the new financial year and I am pleased to
provide an update on the Company's performance.



Shipbroking income to date is significantly ahead of the same period last year,
mainly arising from a high level of second hand sale and purchase business but
also from improvements in the Offshore market and from the first contribution
from Seawise.



Our forward order book remains close to its historic high following the recent
addition of some significant long-term time charter business.



We are delighted with the performance of Seawise since it became part of the
group. The level of business conducted and the way in which the businesses have
come together has been very pleasing.  The combined resources are being used to
improve the service to clients and to find new business channels to enhance our
overall breadth of activity in Dry Cargo. It is notable that there have been a
number of deals done across the overseas offices within the Group.



In recent weeks there has been a significant drop in freight rates across both
the wet and the dry markets. It is too early to make an assessment of whether
this is indicative of a fundamental correction, or merely a low point in
shipping markets, which have seen significant volatility over the last few
years.  Notwithstanding this change, we believe that the long-term outlook for
shipping remains positive.



Wavespec is performing well and is expected to show an improved financial
performance for the year as a whole, benefiting from the recent award of the new
Qatargas LNG vessel contract.



Cory Brothers, our ship agency business, is also showing some modest
improvement, benefiting from the positive impact of new logistics business.



In summary the current financial year has opened well and trading to date has
been encouraging.



Ends



For further information, contact:
Braemar Seascope Group plc
     Alan Marsh, Chief Executive                             Tel 020 7535 2650
     James Kidwell, Finance Director                         Tel 020 7535 2881
Aquila Financial Ltd
     Peter Reilly                                            Tel 020 7849 3319
Charles Stanley & Company Limited
     Philip Davies                                           Tel 020 7953 2000






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            The company news service from the London Stock Exchange
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