TIDMBMS
RNS Number : 4062V
Braemar Shipping Services PLC
12 January 2012
BRAEMAR SHIPPING SERVICES PLC
("Braemar" or "the Group" or "the company")
12 January 2012
Interim Management Statement
Braemar Shipping Services plc today issues its interim
management statement in relation to the period since the
announcement of the interim results on 25 October 2011.
Over the past few months activity in the Shipbroking division
has increased. The Group has seen good levels of spot chartering
business particularly in deep sea tankers and in capesize bulk
carriers. The specialised tanker chartering desks are also
performing well, having secured long term contract business and
good prospects of increasing their transaction volumes in the new
financial year, beginning 1 March. Our second hand sale and
purchase and demolition business has been more active than in the
summer, stimulated by the fall in the value of middle-aged ships in
most sectors. Overall Braemar's markets are entering a new phase
where principals are adjusting their operations to fit market
conditions, and this greater certainty should be positive.
The Company is making good progress in bringing its technical
businesses together as a single unit, trading as Braemar Technical
Services. There are already clear signs of much closer interaction
within the division and when full integration is achieved, the
engineering and surveying teams will be deployed more efficiently.
Braemar's marketing capability in the Far East, Europe and North
America will thereby be enhanced. In recent months, the Company has
won several important new engineering projects and the level of
surveying appointments has also been encouraging.
The Logistics division has been performing well. Ship agency is
making substantial inroads in the highly-competitive UK market and
continues to grow in Singapore. The freight and project forwarding
arm is continuing to expand its customer base and is delivering
improved results. The cruise ship agency and tours business had a
reasonable summer in 2011 and bookings for 2012 have been strong on
the back of the London Olympics.
The Environmental division, which specialises in dealing with
oil, chemical and marine pollution incidents, has been engaged in
the salvage, processing and cleaning of the containers from the
vessel "Rena" which ran aground off New Zealand in October 2011.
The salvage work will continue well into 2012. The Braemar team is
made up of personnel from the Environmental and Technical divisions
who fulfilled a similar role in respect of the "MSC Napoli" off the
coast of Devon in 2007.
All of the Group's divisions have been busy over the past three
months with the overall performance of the group showing an
improvement compared with the earlier quarters of this financial
year.
For further information, contact:
Braemar Shipping Services
Alan Marsh Tel +44 (0) 20 7535 2650
James Kidwell Tel +44 (0) 20 7535 2881
Pelham Bell Pottinger
Damian Beeley Tel +44 (0) 20 7861 3139
Zoe Pocock Tel +44 (0) 20 7861 3961
Elaborate Communications
Sean Moloney Tel +44 (0) 1296 682356
Arbuthnot Securities
James Steel Tel +44 (0) 20 7012 2158
Henry Willcocks Tel +44 (0) 20 7012 2106
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 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. There are
shipbroking offices in the 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. The business is being
brought together under the brand name Braemar Technical Services.
The activities of the division under the original brand names are
as follows:
Adjusting (Braemar Steege): 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
Marine, Offshore and Engineering (Braemar Falconer): specialised
marine and offshore services. It has offices in the UK, Australia,
China, India, Indonesia, Malaysia, Singapore and Vietnam.
www.braemarfalconer.com
Marine (Braemar Technical Services incorporating The Salvage
Association): Braemar acquired the business and assets of BMT
Marine and Offshore Surveys Limited on 9 May 2011 - the business
now operates as Braemar Technical Services providing marine
consultancy and surveying services to the shipping, energy,
offshore and insurance industries.
www.braemarsa.com
Engineering (Wavespec): 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
Engineering (Braemar Casbarian): provides consulting engineering
services to the offshore industry from offices in New Orleans,
Houston and Trinidad. Acquired by Braemar in July 2011.
www.casbarianeng.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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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