David Moorhouse News

Braemar Shipping Services announced that its Chairman, David Moorhouse, plans to retire from December 31, after nearly 14 years as a Non-Executive Director, the last three as Chairman. Moorhouse said he is willing to serve longer, if required, to facilitate the appointment of a suitable replacement. His retirement is part of a planned reduction in his business workload to facilitate his participation in another venture.The company’s Nominations Committee is leading the process to appoint a new non-executive Chairman and an announcement will be made in due course.Moorhouse commented…

Braemar Shipping Services PLC reported a sharp decline in pretax profit for the first half of its financial year on Tuesday, hit by difficult conditions in a number of its key end markets, reports Alliance News. In August, Braemar warned its results for the year to the end of February 2017 will be "materially lower" than the prior year, with softer activity levels and freight rates amid a "marked slowdown" in the tanker segment dragging on its shipbroking revenue. The group's Technical division has also taken a hit from the weak oil and gas market and the group will now cut costs to shore up its position. According to a press release issued by the company, the interim dividend remains unchanged at 9.0p per share. Revenue in the first half was £70.2 million (interim 2015/16: £79.6 million).

Braemar Shipping Services plc has completed the merger with ACM Shipping Group Plc (‘ACM’). ACM will merge with Braemar Seascope, the shipbroking division of Braemar Shipping Services, to form a new combined shipbroking business, which will trade as Braemar ACM Shipbroking. Braemar ACM Shipbroking brings together two leading shipbroking companies and builds on their complementary strengths in tanker and dry cargo chartering and sale and purchase. The combined business will enable Braemar ACM Shipbroking to provide enhanced worldwide market coverage in these sectors as well as in the Offshore and Containers sectors. Now that the merger has completed…

The industry-led Steering Group running the inaugural London International Shipping Week (LISW) has established an official Board of Advisors which will act as guardians of the event to ensure it maintains objectivity and furthers London’s role as a major global maritime center. The purpose of the Board of Advisors is to lend credibility and high profile support to the LISW event, its aims, objectives and international engagement; while also taking a strategic view of the impact of LISW’s focus, its activities and attractiveness of London’s role in the global shipping industry. The Board of Advisors will have responsibility and accountability for reviewing and assessing LISW’s progress in achieving its strategic aims…

In his report on the accounts for the year ended June 30, 2008, David Moorhouse, Chairman of Lloyd’s Register, has announced that Group income rose by 19.6% to $893m (2006/07: $747.5m) with a marginal increase in surplus before tax generally in line with the budgeted target. The budgeted surplus for the year allowed for a significant increase in spending on projects and personnel in support of the Group’s medium and long term business objectives. “Following very strong growth in 2007, I am pleased to be able to report another year of strong underlying financial performance in 2008. While the recent global financial chaos had little effect on our results for the year to June 2008, it is clear that next year will pose a significant challenge to the Group.

Lloyd’s Register, the independent safety assurance and risk management organization, and Imperial College London have announced the establishment of the Lloyd’s Register Chair in Transport Risk Management at Imperial College. The Chair is located in the Centre for Transport Studies in the Department of Civil and Environmental Engineering, and will be funded by Lloyd’s Register, initially for five years. The first holder of the Chair will be Professor Andrew Evans, who will move to Imperial College on January 1, 2004. Professor Evans is at present Professor of Transport Safety in the sister Centre for Transport Studies at University College London, where he has been since 1991. Andrew Evans is an economist and statistician.

Lloyd’s Register has been authorized to participate in the U.S. Coast Guard’s (USCG) Alternate Compliance Program (ACP), which enables it to act as a recognised organisation (RO) for US-flagged vessels, capable of verifying compliance with United States design and inspection requirements and issuing statutory certificates. David Moorhouse, Executive Chairman of Lloyd’s Register and RADM Thomas Gilmour, Assistant Commandant for Marine Safety, Security and Environmental Protection, USCG, today signed the agreement at Lloyd’s Register’s London Office. The technical annex to the agreement was signed by Joseph Angelo, Director of Standards, USCG and Alan Gavin, Marine Director, Lloyd’s Register.

Lloyd’s Register Group announced full year results for the year ended June 30, 2001. Lloyd’s Register reports that operating profit for the 12 months at $35 million, with a record income up 11 percent at $519.2 million, which return it to profitability six months ahead of target. With the business restructured, Lloyd Register’s non-core activities were successfully exited. David Moorhouse, Chairman of Lloyd’s Register, comments: “These results - and the activities that lie behind them - mark successful further steps in the Group’s aim to become the preferred global provider of risk management solutions, most notably in the transportation sector.

Three leading bodies responsible for surveying ships and verifying them as seaworthy launched an initiative on Thursday aimed at dispelling growing industry concern about the thoroughness of safety checks. Classification societies Lloyd's Register (LR), the American Bureau of Shipping (ABS) and Det Norske Veritas (DNV) said they had laid down a 10-point action plan. "We've got to get away from this reputation that we... most definitely have of being too slow to react (to safety concerns)," said LR chief executive officer David Moorhouse. Classification societies' surveyors conduct detailed surveys of ships for corrosion and safety hazards every year. The leading 10 classification societies have long been governed by one industry body, IACS, of which they are all members.

In line with our statement in 2005, in which Executive Chairman David Moorhouse signalled his intent to relinquish executive responsibility for the Lloyd’s Register Group by the end of June 2007, we are pleased to announce that Richard Sadler has been appointed as Chief Executive Officer of the Lloyd’s Register Group, following a unanimous vote by our Board. The appointment will come into effect on July 1, 2007, with transfer of day-to-day operational responsibilities to Sadler beginning immediately, such that by July he will have full executive responsibility for the organization. Moorhouse will remain a vital part of the Lloyd’s Register Group as its Chairman.

Richard Sadler is rejoining the Lloyd’s Register Group as Director of Operations for Europe, the Middle East and Africa (EMEA) after two years with the Royal Bank of Scotland. Sadler will take up his appointment at the beginning of July and in addition to his responsibility for the EMEA region, he will become an executive member of the Board of Lloyd’s Register. David Moorhouse, Chairman of Lloyd’s Register, said the Board had identified several regulatory and market challenges facing the Group in the coming years and was fully committed to supporting Richard in dealing with those issues as they affect the EMEA region. David Rule, the current Director of Operations for EMEA, will retire from the Group at the end of June.

The Lloyd’s Register Group, the independent risk management organization, has unveiled plans to move its London marine operations to a specially developed site at the University of Southampton. The move, which is planned for 2009, will see the transformation of the University’s Boldrewood Campus to accommodate a state-of-the-art building for Lloyd’s Register, a training facility jointly-owned by Lloyd’s Register and the University, and the University’s School of Management. David Moorhouse, Chairman of Lloyd’s Register, described the plans as a major step towards creating the future shape of Lloyd’s Register: “It will parallel and complement two other technology-driven initiatives we are taking – the establishment of marine R&D facilities in China and South Korea.” However…

Consolidation in the diesel engine building sector is partly a reflection of the substantial capital expenditure required to maintain product development and technological advance in a business characterized by comparatively low unit margins. By spinning-off new technical solutions arising from the engine design program into upgrading and conversion packages for existing populations of machinery, the manufacturer and licensor can gain more from R&D endeavors. Complementing new engine sales, product releases aimed at plant already in operation represents another stream of payback on heavy investment in technology. The companion effect of the strategy…

Chris Loughlin has been appointed to the new post of Chief Operating Officer for the Lloyd's Register Group. He will take up his role on July 1, 2003. This appointment marks the successful completion of the second phase of the Lloyd’s Register recovery programme, during which David Moorhouse has carried out the roles of Chairman and Chief Executive. As Executive Chairman, Moorhouse will continue to take responsibility for the Group’s activities, with Loughlin joining him and Robert Biddle, Group Finance Director, as an executive member of the Board. Working with the Management Team, Loughlin will have the initial task of building on the quality and operational achievements since the business was restructured some three years ago.

Lloyd’s Register Asia signed an agreement to establish a joint venture with China Classification Society (CCS). The exclusive agreement was signed by David Moorhouse, Executive Chairman of Lloyd’s Register, and Li Kejun, President of CCS. The joint venture, to be based in Beijing, will enable the rapid roll out of a number of key products and services to the benefit of the maritime industry in China. Lloyd’s Register Asia is keen to introduce more of its established products and services into China, while CCS has a large Chinese client base and wishes to widen its portfolio. The agreement will make it possible for both parties to introduce relevant products and services, in Chinese, in a much shorter time than would otherwise be the case.

A Lloyd’s Register Group company has acquired Ødegaard & Danneskiold-Samsøe A/S (ODS), a Danish consultancy specialising in noise, vibration and machinery dynamics. The acquisition will build on the strengths of both organisations and will enable the Lloyd’s Register Group to offer the marine, rail and oil and gas industries a wider range of services designed to solve noise, vibration and machinery performance problems. ODS’ capabilities will complement and strengthen those of Lloyd’s Register EMEA’s existing Technical Investigations department. ODS is one of the world’s leading specialists in the field of noise and vibration, employing over 40 highly-qualified personnel who perform a wide range of noise…