Braemar Announce Year Financial Results

Press Release
Wednesday, May 09, 2012

Braemar Shipping Services PLC announce preliminary results for year ended Feb 29, 2012

OPERATIONAL HIGHLIGHTS
· Increase in shipbroking chartering transactions and robust sale and purchase performance in a challenging market
· Expansion of Braemar Technical Services with the purchase of Casbarian Engineering in addition to The Salvage Association
· Significant role played by the Environmental division in handling the containers from the stricken RENA in New Zealand
· Growing contribution from Technical, Logistics and Environmental divisions, supporting the strategy of diversification

Commenting on the results and outlook, Sir Graham Hearne, Chairman of Braemar Shipping Services plc, said:
"This has been a challenging year for shipping with a significant surplus of tonnage in many sectors. While activity remained strong, chartering rates and vessel values suffered and shipbroking income fell as a result. However, the Technical, Logistics and Environmental divisions all performed well.

FINANCIAL HIGHLIGHTS:

· Revenue £133.5m (2011: £126.1m)
· Pre-tax profit £9.8m (2011: £13.2m)
· Basic EPS of 33.84p (2011: 48.41p)
· Cash at 29 February 2012: £17.5m (28 Feb 2011: £25.6m)
· Maintained final dividend 17.0p per share, full year 26.0p (2011: 26.0p), covered 1.5 times by earnings before acquisition amortisation and non-recurring items
· Revenues from the Technical, Logistics and Environmental divisions increased by £19.2m to £83.7m and now represent 63% of total Group revenues (2011: 51%)
 

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Dool to Serve as Chair of SLSMC Board

The St. Lawrence Seaway Management Corporation (SLSMC) announced that Tim Dool has been named as Chair of the Board of Directors, effective September 1. Dool was

Bollore First Half Boosted by Transport, Advertising Unit

French industrial group Bollore said first-half operating income rose 11 percent to 314 million euro because of strength at its transport business and advertising agency Havas,

Scrap Metal Exporter Pens Terminal Agreement

Port Canaveral Scrap Terminal LLC (PCST), a bulk ferrous scrap exporter, has signed a lease with the Canaveral Port Authority to operate a terminal in the north cargo area at Port Canaveral.

Finance

Bollore First Half Boosted by Transport, Advertising Unit

French industrial group Bollore said first-half operating income rose 11 percent to 314 million euro because of strength at its transport business and advertising agency Havas,

CMA CGM Continues Expansion, Confirms Profits

The Board of Directors of CMA CGM Group, the world’s third largest container shipping company, met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer,

Odfjell Drilling in Tighter 2Q North Sea Market

Odfjell Drilling reports second quarter 2014 financial results showing a profit of US$29-million. Profit & loss Q2 2014 Operating revenue for Q2 2014 was USD 272 million (USD 289 million),

Salvage

Ferry Runs Aground in Lynn Harbor

Ferry Cetacea ran aground about a quarter of a mile from the pier in Lynn Harbor, Massachusetts yesterday, with 13 passengers and four crew aboard, the U.S. Coast Guard (USCG) reported.

Coast Guard Responds to Capsized Tug in Chicago

The Coast Guard is responding to the capsizing of a tug on the Calumet River near the 106th St. Bridge in Chicago in which two crew members were able to escape and swim to shore.

Crippled Pine Galaxy Arrives in San Francisco

The disabled mixed-products tanker Pine Galaxy arrived in San Francisco for repairs Wednesday. Commercial tugs towed the ship safety into the Port of San Francisco

Logistics

Dool to Serve as Chair of SLSMC Board

The St. Lawrence Seaway Management Corporation (SLSMC) announced that Tim Dool has been named as Chair of the Board of Directors, effective September 1. Dool was

Bollore First Half Boosted by Transport, Advertising Unit

French industrial group Bollore said first-half operating income rose 11 percent to 314 million euro because of strength at its transport business and advertising agency Havas,

Iraqi Kurdistan Oil Shipments Reach 8.8m Barrels

Iraqi Kurdistan has shipped 8.8 million barrels of oil from the Turkish port of Ceyhan since May, Turkish Energy Minister Taner Yildiz said, as the autonomous region

Consulting

March on Stress Assesses MPHRP's care

Professor Neil Greenberg of March on Stress at the Institute of Psychiatry, King's College London, visited the Philippines to assess the competencies of mental

Increased Oil Storage Plays: Analysis

During the last few days, various articles in the oil and shipping press have hinted at the possibility that renewed contango in the oil markets could lead to increased

DMR Sees US Container Terminal Sector M&A Flurry

M&A (Merger & Acquisition) activity in the US container terminal sector is currently at its highest level since the boom time of the mid-2000s. However, whilst

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1482 sec (7 req/sec)