Braemar: Interim Management Statement

press release
Thursday, January 12, 2012

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, having secured long term contract business and good prospects of increasing their transaction volumes in the new financial year, beginning 1 March. Our second hand sale and purchase and demolition business has been more active than in the summer, stimulated by the fall in the value of middle-aged ships in most sectors. Overall Braemar’s markets are entering a new phase where principals are adjusting their operations to fit market conditions, and this greater certainty should be positive.
 

The Company is making good progress in bringing its technical businesses together as a single unit, trading as Braemar Technical Services. There are already clear signs of much closer interaction within the division and when full integration is achieved, the engineering and surveying teams will be deployed more efficiently. Braemar’s marketing capability in the Far East, Europe and North America will thereby be enhanced. In recent months, the Company has won several important new engineering projects and the level of surveying appointments has also been encouraging.
 

The Logistics division has been performing well. Ship agency is making substantial inroads in the highly-competitive UK market and continues to grow in Singapore. The freight and project forwarding arm is continuing to expand its customer base and is delivering improved results. The cruise ship agency and tours business had a reasonable summer in 2011 and bookings for 2012 have been strong on the back of the London Olympics.
 

The Environmental division, which specialises in dealing with oil, chemical and marine pollution incidents, has been engaged in the salvage, processing and cleaning of the containers from the vessel “Rena” which ran aground off New Zealand in October 2011. The salvage work will continue well into 2012. The Braemar team is made up of personnel from the Environmental and Technical divisions who fulfilled a similar role in respect of the “MSC Napoli” off the coast of Devon in 2007. All of the Group’s divisions have been busy over the past three months with the overall performance of the group showing an improvement compared with the earlier quarters of this financial year.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

First Women's Expedition to the Arctic

Company "MyArctic-expeditions" organize the first women's expedition to the Arctic Ocean. The expedition will start on March 5 in the capital of the Nenets Autonomous

Topaz Responder Saves Refugee Migrants

Topaz Energy and Marine has emerged as an unlikely player in the effort to save refugee migrants risking their lives on the sea crossing from Turkey to Greeceā€™s islands in order to reach Europe.

MHI's Entity to Oversee Material Handling Equipment, Engine and Turbocharger Businesses

Today Mitsubishi Heavy Industries, Ltd. (MHI) decided in principle to launch a new wholly owned entity to integrally oversee its current businesses in material

Logistics

Sardines Boost Murmansk Port Turnover

In January 2016 turnover of the Murmansk Marine Fishing Port reached 22 thousand tons of cargo, including 15 thousand tons of fish. This is higher than last year,

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

MOL Enhances CSW Service between Asia and East Coast South America

Mitsui O.S.K. Lines (MOL, President & CEO: Junichiro Ikeda) today announced the enhancement of its Asia and East Coast South America trade by merging existing

Consulting

Seafarers help Sought to Improve Onboard Design

The Nautical Institute and CIRM (the principal international association for marine electronics companies) today launched a joint initiative to improve the usability

Aqualis Offshore Lands Study Job for LNG Barge

Offshore marine and engineering consultancy Aqualis Offshore, part of Oslo-listed Aqualis ASA, has been contracted by Gas Entec Co. Ltd to provide an engineering

MGI is Newest IPCSA Member

Press release- A month after celebrating its 30th anniversary, the Marseille-based Port Community System operator MGI has been welcomed as the newest member of

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1017 sec (10 req/sec)