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, its ship broking division's performance has improved significantly compared with the first half, reflecting the inclusion of ACM and the cost reduction actions taken as it successfully continued to integrate the businesses. “We are encouraged by the progress of the enlarged division,” the company said. “While the oil price has continued to weaken, the freight rates, which drive our revenue stream, have risen in a number of sectors including VLCCs (Very Large Crude Carriers).” Demand for oil tankers has risen sharply, most likely as speculators hire huge ships to store cheap oil until prices increase again. That's good news for both rates and Braemar's revenue. Elsewhere, Braemar's Logistics and Technical divisions are trading as expected. The freight forwarding side of Logistics and Braemar Engineering have done particularly well.
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
A working group of the Merchant Marine Personnel Advisory Committee (MERPAC), sponsored by the U.S. Coast Guard, will meet in Washington, DC on March 21 and 22. The purpose of the meeting is to discuss task statement #47 concerning recommendations on knowledge and practical qualifications for engineers at the operational and management levels to serve on steam propelled vessels and task statement #49 concerning recommendations for use of a model sea course project in conjunction with an
A federal grand jury in returned a second superseding indictment charging Fleet Management Limited, a ship management company, with negligently causing the discharge of 50,000 gallons of oil from the Cosco Busan and falsifying documents after the crash to cover-up the company’s negligence, the Justice Department announced today. Fleet Management, the company responsible for operating the Cosco Busan, was charged with six felony counts for making false statements and obstruction
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
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
Total traffic through Zeebrugge port rose by 6.6 percent to 26.67 million tons in the first nine months of 1999. At the end of the year it expected total traffic to rise to 35 million tons versus 33.4 million tons in 1998. "On the basis of these interim figures we can see that 1999 will be an absolute record year," port management said in a statement, noting that traffic rose by more than 20 percent over the past three years.
The St. Lawrence Seaway Management Corporation (SLSMC) issued a statement that the 2002-2003 Annual Report is now available. Including both a narrative text and financial summary, the annual report also mentions that the SLSMC's new business plan increases maintenance expenditures by 36 percent over the next five years. Source: HK Law
The California State Lands Commission (SLC) issued a Notice of Proposed Regulatory Action relating to management of ballast water on ships of 300 gross registered tons or more arriving in California after having taken on ballast water from places within the Pacific Coast Region. The Pacific Coast Region is defined as coastal waters on the Pacific Coast of North America east of 154°W longitude and north of 25°N latitude, exclusive of the Gulf of California
The Minerals Management Service (MMS) issued a notice stating that it has released the final environmental impact statement for the Cape Wind Energy Project. Comments should be submitted within the next 30 days. 74 Fed. Reg. 3635 (January 21, 2009). (Source: Holland & Knight)
ABB will deliver energy monitoring and management system EMMA to German-based cruise operator AIDA’s entire fleet consisting of 10 vessels. The EMMA advisory suite, already installed on six of AIDA’s cruise ships, is a decision-support tool to minimize the overall energy costs
Foreign ministers from the Group of Seven major nations have warned against “any attempt to assert territorial or maritime claims through the use of intimidation, coercion or force” — a message apparently aimed at China.
Forty-one boat migrants reported drowned in Mediterranean - IOM Forty-one people have drowned in the Mediterranean trying to reach Italy by boat from Libya, four survivors said when they arrived at the Sicilian port of Trapani, according to the International Organisation for Migration
The Italian navy took back control on Friday of a Sicilian fishing boat that had been seized overnight by unknown assailants near the Libyan coast, the defence ministry said. The stretch of Mediterranean Sea has grown increasingly chaotic in recent years as hundreds of thousands of people risk
United Arab Shipping Company (UASC), a global shipping company based in the Middle East, has implemented Shiptech, an end-to-end fuel management system developed by global cloud software company Inatech. Shiptech provides the company with an automated, cloud-based
The April 12 Panama Canal sailing of Norwegian Star has been canceled due to a technical issue with the ship's ABB-manufactured azipod propulsion system, according to a statement from Norwegian Cruise Line. The Norwegian Star was originally scheduled for a 15 night cruise to
Paal E. Johnsen will take the position as Investment Director in Akastor, and will be a part of the company's executive management team. Johnsen comes from a position in DNB Markets, and has extensive experience at management and board level in various companies in industry and finance
China and Vietnam have pledged to look for a peaceful resolution to their dispute in the South China Sea via talks, following a meeting between China's president and the head of Vietnam's Communist Party, state news agency Xinhua said on Wednesday.
Royal Dutch Shell Plc said it has filed a complaint in federal court in Alaska seeking an order to remove Greenpeace activists who climbed aboard an oil rig in the Pacific Ocean bound for the Arctic on Monday in a protest against Arctic drilling.
North Korea accused Mexico on Wednesday of illegally detaining one of its ships with some 50 crew and warned it would take "necessary measures" to release the vessel, which United Nations sanctions monitors say belongs to a blacklisted shipping firm.
Wärtsilä has signed a five-year maintenance agreement with Golar Management Oslo for the delivery of services to Golar LNG, which is one of the world's largest independent owners and operators of LNG tankers. Service agreement includes remote monitoring of engines
Mexico's foreign ministry said on Thursday it is only holding a North Korean ship that ran aground in its waters last year in order to comply with United Nations rules. The 6,700-tonne freighter Mu Du Bong, which had come from Cuba, hit a reef near Tuxpan in Mexico's eastern Veracruz state in
Italian and merchant ships rescued around 1,000 migrants from three overcrowded skiffs near the coast of Libya and found one dead body, Italy's coast guard said. The migrants sent out a distress call by satellite phone on Friday and were being taken to ports in Sicily
China is investigating the former chairman of Ningbo Port Group, manager of one of the world's busiest ports, the country's top graft-busting body said, naming the latest target of an anti-corruption drive ordered by President Xi Jinping.
French oil services company Bourbon said on Monday that three Nigerian crew members had been kidnapped after one of its speedboats was boarded off the Nigerian coast in the night of April 8. "An emergency unit based in Nigeria has been immediately activated