BMS Braemar Plc

RNS Number:9434E
Braemar Seascope Group PLC
21 June 2006


PRESS RELEASE
For immediate release 21 June 2006


                    Comments made by the Chief Executive at
                   the Annual General Meeting on 21 June 2006


I am pleased to provide an update on the Group's trading after the first quarter
of the new financial year.

Shipbroking activity levels continue to be good, particularly in deep sea tanker
chartering and specialised product and small tanker chartering despite the
weaker US dollar. The Offshore market remains buoyant with exploration activity
stimulated by the oil price. Sale and purchase activity has also begun well,
with an emphasis on newbuilding business which will benefit future years as
well. This business, coupled with an increase in our time charter activity,
maintains the forward order book close to a record high level. The Dry market
has been weak over the last few months but we are now seeing signs of
improvement.

Our other shipping services business are all performing well and expected to
show good year-on-year growth:

Wavespec is benefiting from the Qatargas LNG supervision business which will
continue for at least 3 years with the possibility of extension for more years
and more vessels.

Cory Brothers is showing continued growth in both the ship agency and logistics
arms of its business which are enjoying increased activity.

Our new businesses are performing well. The bunker business in Australia is
trading profitably and growing its transaction volumes and the incident response
business, DV Howells, is operating well while actively working on new client
opportunities. We expect it to be able to gain new business now that it is part
of the Group.

Although we are only at an early stage in the current financial year, the Group
is trading in line with the Board's expectations.

Iain Shaw is retiring from the Board today after 32 years with the company. Iain
has been an important part of the management team particularly for his long
experience in tanker chartering. He played a key role in the flotation of
Seascope in 1997 and in the mergers with Braemar Shipbrokers and Braemar Tankers
in 2001. We wish him every success in the future.

Ends


For further information, contact:

Braemar Seascope Group plc
Alan Marsh                                                    Tel 020 7535 2650
James Kidwell                                                 Tel 020 7535 2881

Aquila Financial
Peter Reilly                                                  Tel 020 7202 2601

Charles Stanley Securities
Philip Davies                                                 Tel 020 7953 2000






                      This information is provided by RNS
            The company news service from the London Stock Exchange

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