Braemar Shipping Services PLC AGM Trading Update (2723E)
July 03 2019 - 2:00AM
UK Regulatory
TIDMBMS
RNS Number : 2723E
Braemar Shipping Services PLC
03 July 2019
BRAEMAR SHIPPING SERVICES PLC
("Braemar", the "Company" or the "Group")
3 July 2019
AGM Trading Update
Braemar Shipping Services plc (LSE: BMS), a leading
international provider of shipbroking, financial advisory, port and
marine consulting services principally to the shipping and energy
industries, will make the following trading statement at 2pm today
at its Annual General Meeting:
Shipbroking
The Shipbroking division has performed well during the first
quarter, being ahead of budget compared with the same period in the
prior year. Our newbuilding activity has been strong in recent
months and has added to the forward order book. The Dry Cargo
chartering rates started the year weakly because of the Brazilian
iron ore supply interruptions and Tanker chartering has been
impacted by a combination of weaker oil demand and unusually high
delivery of new vessels. However, we are now starting to see
improvements in both markets. Market indicators and forward rates
suggest these improvements will continue over the balance of the
year.
Financial
The Financial division continues to be active across a wide
range of advisory and refinancing projects. Our retainer fee base
remains strong, although revenue will mainly be driven by the
ability to deliver success fees from completed projects which can
be difficult to predict.
Logistics
The Logistics division's first quarter is slightly below our
expectations mainly due to the mix of business. However, we have
recently renewed two important customer contracts which helps to
underpin revenue for the remainder of the year. We have also
embarked on a number of cost-saving initiatives which includes the
downsizing of office facilities.
Engineering
The Engineering business has traded in line with expectations,
close to break even. This business has a number of LNG projects
which are due to start later in the year.
As announced last month the disposal of the other parts of the
former Technical division to AqualisBraemar was successfully
completed on 21 June 2019. Braemar now holds a 26% stake in the
Enlarged business and we very much look forward to the development
of this investment over the coming years.
Outlook
Overall, the first quarter has begun in line with our
expectations and we continue to be positive about the prospects for
the remainder of the year.
For further information, contact:
Braemar Shipping Services
James Kidwell, Chief Executive Tel +44 (0) 20 3142 4100
Nick Stone, Finance Director
Peter Mason, Company Secretary
Shore Capital
Robert Finlay / Antonio Bossi / Henry Tel +44 (0) 20 7601 6100
Willcocks
Buchanan
Charles Ryland / Victoria Hayns / Stephanie Tel +44 (0) 20 7466 5000
Watson Matilda Abraham
Notes to Editors:
About Braemar Shipping Services plc
Braemar Shipping Services plc is a leading international
provider of shipbroking, financial advisory, port and marine
consulting services principally to the shipping and energy
industries. Founded in 1972, Braemar employs approximately 530
people in 30 locations worldwide across its Shipbroking, Financial,
Logistics and Engineering divisions.
Braemar joined the Official List of the London Stock Exchange in
November 1997 and trades under the symbol BMS.
For more information, including our investor presentation, visit
www.braemar.com
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END
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