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
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
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Baltic Exchange on Monday named Mark Jackson, a former Chairman and Director, to replace Chief Executive Officer Jeremy Penn. Baltic Exchange shareholders earlier approved an 87 million pound ($112 million) takeover by Singapore Exchange for one of London's oldest institutions
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Egypt has reversed a controversial zero-tolerance policy on ergot fungus in wheat, the cabinet said on Wednesday, after receiving no offers in the previous three international tenders. The government is reinstating the 0.05 percent international standard which will apply to all
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A unit of India's Adani Enterprises Ltd will buy the company that operates Australia's Abbot Point Coal Terminal from Glencore Plc for A$19.25 million dollars ($14.52 million), ending a legal wrangle over control of the port. The statement from Adani and Glencore said Adani Ports and Special
Australia on Monday reached a A$39.3 million ($29.66 million) out-of-court settlement with the owners of a Chinese coal carrier that ran aground in 2010 on the Great Barrier Reef. The settlement, dismissed by an environmental group as not enough
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Not enough companies in the shipping industry are following joined-up risk management procedures, according to international accountant and shipping adviser Moore Stephens. The second annual Moore Stephens Shipping Risk Survey revealed a fall, when compared to last year
China and Russia began week-long joint naval exercises in the South China Sea today. It is the first-ever South China Sea iteration of Beijing and Moscow Joint Sea exercises. The Joint Sea-2016 exercises between the two countries will involve surface ships, submarines
The Philippines and Indonesia have agreed to join forces in combating crime on the high seas, after a surge of kidnappings by Abu Sayyaf bandits in waters between the two countries. Philippines President Rodrigo R. Duterte and Indonesian President Joko Widodo had signed an
Finland has acceded to the International Convention for the Control and Management of Ships' Ballast Water and Sediments (BWM Convention), triggering the 2017 entry into force of an international environmental protection measure that aims to stop the spread of potentially invasive aquatic species
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J.M. Baxi Group commissions Hamburg company for the global management of its newly constructed special-purpose ship J.M. Baxi Group, a 100-year-old group of companies specializing in maritime logistics and port infrastructure
Wilhelmsen and Wallenius have signed a letter of intent to establish a new ownership structure for their jointly owned investments. The new entity, Wallenius Wilhelmsen Logistics ASA, will form a more efficient management structure and enable further synergies between the joint ventures.
French shipping major CMA CGM assures its customers over Hanjin collapse. "Further to the information published on the filing for receivership of Hanjin Shipping, we understand that this news may have raised concerns with regards to the transport of goods that you have