Last checked at 23 Jun 2010 12:00
BRAEMAR SHIPPING SERVICES PLC
("Braemar" or "the Group")
Interim Management Statement
Braemar Shipping Services plc is today issuing its Interim Management Statement covering the first quarter of the financial year beginning 1 March 2010.
At the Braemar Shipping Services plc Annual General Meeting held today, Alan Marsh, the Group Chief Executive, provided the following update on the Group's trading after the first quarter of the new financial year.
The results for the first quarter are in line with our expectations and ahead of the same period last year.
Our shipbroking division has started positively. Market activity and transaction volumes have both been pleasing. The dry bulk chartering market performed steadily in the first quarter driven by the continuing growth in demand for raw materials, particularly from the Far East. Over the same period, tanker market rates were mostly strong and we were able to conclude a good level of business. Sale and purchase deal flow has been maintained and the forward order book remains at a healthy level. The other shipbroking desks have performed well, particularly containers and offshore.
Our Technical, Logistics and Environmental divisions have all got off to a good start to the year in line with management's expectations.
Overall the Board remains confident of a satisfactory outcome for the year as a whole.
Ends
For further information, contact:
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Braemar Shipping Services plc |
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| Alan Marsh | Tel +44 (0) 20 7535 2650 |
| James Kidwell | Tel +44 (0) 20 7535 2881
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| Pelham Bell Pottinger |
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| Damian Beeley Zoe Pocock | Tel +44 (0) 20 7861 3139 Tel +44 (0) 20 7861 3961
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| Elaborate Communications |
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| Sean Moloney | Tel +44 (0) 1296 682356
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| Charles Stanley Securities |
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| Mark Taylor | Tel +44 (0) 20 7149 6457 |
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. Braemar is listed on the Official List of the London Stock Exchange in the Industrial Transportation sector. The Group is divided into four businesses: Shipbroking, Technical, Logistics, and Environmental.
Shipbroking
Braemar Seascope provides specialised shipbroking and consultancy services to international clients. The services include: chartering tankers (including gas, chemicals and LNG), dry cargo, containers, offshore vessels, secondhand sale and purchase, newbuilding, demolition, and research. It has offices in the UK, China, Australia, India, Singapore and Italy.
www.braemarseascope.com
Technical
Braemar Steege provides specialist loss adjusting and other expert services to the energy (oil and gas), marine, power and other related industrial sectors. It operates from offices in London, Houston, Singapore, Calgary, Mexico City, Miami, Quito, Puerto Rico and Rio de Janeiro. In 2009 Braemar Marine was established as a cargo loss adjusting business in the US, UK and Singapore.
www.braemarsteege.com
Braemar Falconer provides specialised surveying and engineering services to the marine and offshore sectors. It has offices at the following locations: Australia, China, India, Indonesia, Malaysia, Singapore, Vietnam and the UK.
www.braemarfalconer.com
Wavespec provides marine engineering, newbuilding supervision and naval architecture services on a consultancy basis to the shipping and offshore markets. It has offices in London and Houston and site offices in most of the major yards in Korea, Japan and China.
www.wavespec.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 for marine, tank storage and rail operations and is now developing an international presence, particularly in Africa.
www.braemarhowells.com