Braemar Shipping Services plc isued its Interim Management Statement in relation to the period since the six months ending 31 August 2009. The group has benefited from a dry bulk market which has been stronger than many expected during much of 2009, particularly in the latter part of the year. This has mainly been due to the continuing high demand from China, and to a lesser extent India, for the import of raw material which has been sufficient to absorb the arrival of new tonnage and for the return of port congestion. Braemar has also benefited from a good level of sale and purchase activity and demolition broking remains extremely active as the scrapping of older ships, particularly in the container and tanker sectors, continues to grow. For much of 2009 the tanker market rates have been weak due to lower global industrial energy demand and the impact of newbuilding deliveries. But there has been some improvement in rates in recent months and the Group’s transaction numbers remain strong. Additionally, Braemar’s specialised tanker team has won some important new business in recent weeks and the Group is growing its presence in the wet FFA (Forward Freight Agreement) market. The established Technical, Logistics and Environmental divisions are all performing in line with expectations.
Braemar Shipping Services said its ship broking division saw an improvement in its performance during the last quarter. The merger in July with smaller rival ACM Shipping also came in as shot in the arm. A strong dollar and weak oil prices are good for business, too, and freight rates, a key driver of revenue, are up in a number of sectors. In an interim management statement the company says that as anticipated
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
Braemar Shipping Services plc issued an Interim Management Statement in relation to the period since the six months ending 31 August 2008: “Shipping markets have experienced a significant correction over the past four months and in varying degrees dry and wet freight rates and vessel values are sharply lower, mainly in response to the slowing global economic demand and the significant contraction in the availability of bank lending
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