Braemar Reports Interim Management Statement

Thursday, June 19, 2008

Braemar Shipping Services reported at its Annual General Meeting, that freight rates have recently set record highs in the dry bulk market and wet chartering has also seen a period of notable strength. Shipbroking income is ahead of the first quarter of last year and activity levels have been high with good business concluded over the first quarter in these favorable conditions. The addition of more newbuilding orders and time charter business has sustained the high level of our forward order book.

Other businesses are performing in line with the company's internal expectations.  The company is pleased with the performance of Steege Kingston since it was acquired in March. The company has been renamed Braemar Steege and it is already working well alongside Braemar Falconer and Braemar Howells.

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