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
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
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
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)
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
Cosco Pacific Ltd. has appointed Zhang Wei as vice chairman and managing director, replacing Qiu Jinguang who has stepped down from the positions with immediate effect, reports Dow Jones. "Qiu Jinguang has resigned as an Executive Director, the Vice Chairman and Managing Director and also resigned as an authorised representative as well as the Chairman of the Executive Committee, the Investment and Strategic Planning Committee and the Risk Management Committee
InterManager, the international association of in-house and third party ship managers, has paid tribute to the life and memory of Captain Charles Vanderperre, the founder of Univan Ship Management and the long-accredited grandfather of modern day third party shipmanagement, who died at the age of 88. In a statement, Guy Morel, General Secretary of the Association, said: “We salute his memory and applaud the work he did in driving forward the development of third party shipmanagement
German container shipping line Hapag Lloyd AG on Tuesday said it has reached an agreement on terms and conditions of a business combination agreement with Arab peer United Arab Shipping Company (UASC). The deal, which would involve all shares in UASC being moved to Hapag-Lloyd
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Russian development bank VEB said on Friday it had provided a guarantee for $3 billion of debt to the Yamal liquefied natural gas (LNG) project, led by Russian gas firm Novatek. VEB said in a statement that the guarantee would help encourage overseas financing for the Yamal project
The Turkish defense firm Defense Technologies and Engineering (STM) won the tender to modernize Pakistan's submarines against its French competitor DCNS, reports Daily Sabah. STM and Pakistan’s Ministry of Defence Production (MoDP) have concluded the deal to upgrade the Pakistan
Danish shipping and oil group A. P. Moller-Maersk could split up into separate companies, its chairman said on Thursday after naming Soren Skou, the head of its container business, as chief executive. Maersk shares rose more than 10 percent on the news with investors betting on a break-up
Danish shipping and oil company A. P. Moller-Maersk has appointed Soren Skou, head of its container shipping unit Maersk Line, as new chief executive for the group replacing Nils Smedegaard Andersen who has been in the job since 2007. Soren Skou will remain as CEO of Maersk Line in addition to
One of Maersk Line's innovations turns the reefer container into a digitally connected device! "At Maersk Line, we’re always looking for ways to improve cargo care on behalf of our customers. As the world’s biggest container shipping company
Vittoria Shipyard has extended its horizons to the South American market; the Adria-based firm – an Italian builder of military, paramilitary, commercial, transport and working ships – has signed an agreement to work with SIMA Perú, a publicly-owned company that plans
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In a prepared statement China State Shipbuilding Corporation (CSSC) and Wärtsilä announced that Wärtsilä transferred its 30% shareholding in Winterthur Gas & Diesel Ltd. (WinGD), headquartered in Winterthur, Switzerland, to CSSC
An Indonesian naval vessel fired on a Chinese fishing boat on Friday, injuring one person, China's foreign ministry said, the countries' third reported confrontation this year near a chain of islands as regional tensions mount in the South China Sea.
ABSG Consulting Inc., a subsidiary of ABS Group of Companies, Inc. (ABS Group), has been contracted by Kinder Morgan, Inc. to develop a Maintenance and Integrity Program for the liquefied natural gas (LNG) regasification terminal at Elba Island (Elba LNG Project) near Savannah, Georgia.
The cockpit voice recorder from EgyptAir flight MS804 has been retrieved by search teams in a breakthrough for investigators seeking to explain what caused the plane to crash into the sea killing all 66 people on board. The Airbus A320 plunged into the Mediterranean early on May 19 on its
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France's CGT union is calling for a nationwide port strike on June 23 and June 28 as part of ongoing protests against the government's labour reform bill, the union said in a statement on Wednesday. Port workers have participated in rolling nationwide strikes in recent weeks