Braemar News

SEACOR Holdings Inc. announced it has concluded the sale of its Caribbean liner and logistics business SEACOR Container Lines LLC (“SEACOR Island Lines”) to King Ocean Services Ltd. The transaction includes all operations and assets.King Ocean specializes in marine transportation and logistics solutions to close to 50 destinations across the Caribbean and South and Central America out of their Port Everglades facilities in Ft Lauderdale, Fla.“For 40 years, King Ocean, a multi-generational…

The cost of shipping goods through the Red Sea is rising as Yemen's Houthis step up attacks on ships they deem connected to Israel with fears of a spillover that could disrupt global supplies sailing through the region, industry sources said.Yemen's Houthis said on Tuesday they hit a Norwegian commercial tanker with a missile in their latest protest against Israel's invasion of Gaza, underlining the risks of a conflict that has shaken the Middle East.Around 23,000 ships pass through the narrow Bab al-Mandab Strait connecting the Red Sea and the Gulf of Aden…

International shipbroker Braemar announced on Monday that it has acquired Southport Maritime, one of the highest volume U.S.-based shipbroking tanker companies.With a particular focus on spot tanker fixtures, Southport’s 18-strong team will complement Braemar’s existing Tanker desks in London, Singapore, Madrid, Houston and Geneva.Braemar’s new offices in West Palm Beach and Winter Park Florida, will continue to be led by Michael Corey and Peter Tornaben, the co-founders of Southport Maritime.

The market for old oil tankers is booming, and it's all down to efforts by Western nations to curb trade in Russian crude.As Western shipping and maritime services firms steer clear of Russian oil to avoid falling foul of sanctions or harming their reputations, new companies have leapt into the void, and they're snapping up old tankers that might normally be scrapped.The European Union banned all seaborne Russian crude imports from Dec. 5, with a fuel import ban to follow in February.

When the supertanker Young Yong sailed to the Chinese port of Qingdao in September last year, it had quality certificates for its cargo stating it was transporting Malaysian crude oil, according to the documents reviewed by Reuters.But satellite images and photos show the Chinese-owned ship had loaded the oil four months earlier in Venezuela, an OPEC nation in South America under U.S. oil sanctions.The Young Yong is one of three vessels identified by Reuters that were chartered by little-known companies to export Venezuelan oil and used false documents to conceal its origin, according to shipping documents and 11 sources with knowledge of the trade.Two of those tankers, including the Young Yong, were designated this month by U.S.

Braemar, expert advisors in shipping investment, chartering, and risk management, today announced the appointment of John Beckwith as Group Director of Human Resources.The hire of Beckwith strengthens Braemar’s leadership team, enhances and enables Braemar’s ability to grow organically and via Mergers and Acquisitions (M&A), and it represents a further investment in the professional development of its shipbroking and corporate finance teams.Beckwith has been the HR/people subject-matter expert on multiple mergers, demergers, and acquisitions throughout his career, including an IPO process.

China's military exercises in the waters around Taiwan have prompted some ships to navigate around the Taiwan Strait and give the island a wide berth, disrupting key trading routes for cargo and commodities sailing around the world, analysts said.Angered by U.S. House of Representatives Speaker Nancy Pelosi's visit to Taiwan, China on Thursday began four days of military drills around the disputed island, including firing live missiles and deploying fighter jets.Although Taiwan's ports are operating as normal…

Braemar signed a seven-year contract with the UK’s Ministry of Defence (MOD) to provide global shipbroking services across all commercial maritime sectors. Under the contract, Braemar will provide the MOD with access to its S&P, chartering and research departments across Braemar’s 14 global offices. The seven-year contract encompasses all aspects of S&P, as well as spot and period chartering for routine and emergency response requirements globally.

Insurers have raised the cost of providing cover for merchant ships through the Black Sea, adding to soaring rates to transport goods through the region for vessels still willing to sail after Russia's invasion of Ukraine.Ship owners pay annual war-risk insurance cover as well as an additional "breach" premium when entering high-risk areas. These separate premiums are calculated according to the value of the ship, or hull, for a seven-day period.Ship insurers have quoted the additional premium rate for seven days at anywhere between 1% to 2% and up to 5% of insurance costs…

A deal has been finalized that will soon see the largest vessel to ever call at New Zealand for the loading of logs.The deal between South Pacific Shipping (SPS) and Oldendorff Carriers was brokered by Braemar ACM’s Bruce McFarlane, a Mount Maunganui local. Braemar also negotiated the deal with ISO Stevedoring that delivered the mobile cranes from the manufacturer in Germany, to the port of Tauranga, New Zealand last year. Bruce McFarlane commented, “We saw an opportunity to bring…

Braemar Shipping, a shipbroker and consultant within shipping investment, chartering, risk management, and logistics services, on Thursday, announced the appointment of Tristram Simmonds as its Chief Operating Officer.He will join the board as executive director, while Elizabeth Gooch MBE will also join the Board as a non-executive director. The appointments will take effect from August 1, 2021.Simmonds is the Managing Director of Braemar Atlantic Securities, Braemar Shipping's brokerage business. He has c.

Despite projected demand recovery post-2020, the global offshore support vessel (OSV) market continues to face a utilization challenge, a joint research by Braemar ACM Shipbroking (Braemar) and Westwood Global Energy Group has shown.According to the press statement released Wednesday, over the course of 2020, estimates for total utilization for the global OSV market fell from 55% in 1Q2020 to a low of 49% in 3Q2020 following a sharp decline in rig activity, FID cancellations/deferments, and significant logistical challenges posed by the global pandemic.

The Suez Canal stepped up efforts on Friday to free a giant container ship blocking the vital trade waterway that has sent shipping rates for oil product tankers soaring and disrupted the global supply chains for everything from grains to baby clothes.Shipping rates for oil product tankers have nearly doubled after the 400 meter long Ever Given, almost as long as the Empire State Building is high, ran aground in the canal on Tuesday.Efforts to free the vessel may take weeks and be complicated by unstable weather conditions…

Shipbroking, financial advisory and logistics services provider Braemar Shipping Services said Wednesday it has appointed James Gundy as group CEO, effective January 1.Gundy has been the CEO of Braemar’s Shipbroking Division, the group’s largest operation, since joining the company in 2014 following the merger with ACM Shipping Group. He has been a shipbroker for 35 years specializing in tankers and sale and purchase projects. He was the CEO of ACM before the merger with Braemar.Gundy will continue to lead the shipbroking division and remain fully operational in that role…

Supertanker freight rates have fallen after last week's highs as industry participants await the outcome of a meeting of oil producers on Thursday before making further bookings, industry sources said.Freight rates could drop further if the Organization of the Petroleum Exporting Countries, Russia and other producers decide to cut output sharply, reducing transport and storage demand for oil, they said. They could jump again if producers fail to reach an agreement."From a freight standpoint…

Supertanker freight rates are on the rise for a second time this month as producers, refiners and traders scramble to secure ships to transport crude or store a fast-growing global glut of oil, industry sources said.Freight rates for very large crude-oil carriers (VLCC) along the Middle East Gulf to China route were assessed at about $180,000 a day on Monday, up from some $125,000 on Friday and a weekly low of about $90,000 a day on Wednesday, according to several ship broking sources.Its difficult to say whether or not the rates will be sustained…

Freight rates for supertankers on the Mideast Gulf and U.S. Gulf routes to Asia have fallen to their lowest since mid-September as the coronavirus outbreak hit Chinese oil demand, ship brokers told Reuters.China's Sinopec Corp, Asia's largest refiner, and so-called "teapot" independent refineries have reined in operations in the face of plunging consumption."The market has gone back to what it was before the COSCO sanctions came in," one ship broker said, referring to U.S. sanctions on subsidiaries of the state-owned Chinese shipping company."All the other variables have gone away…

Braemar Shipping Services posted half-yearly results for the six months ended 31 August 2019 which showed that interim revenues rose 4% to GBP59.5mln, while losses dropped to £1.3mln from £2.8mln.The UK-based provider of shipbroking, financial advisory, logistics and engineering services principally to the shipping and energy industries, however, said that strong performance from shipbroking, especially in second quarter, achieving 9% revenue growth and underlying operating profit growth of 16% in the first half.Ronald Series, Executive Chairman of Braemar, commenting on the results and the outlook said: “I am pleased to report strong performance in our core Shipbroking division.

Nearly 300 oil tankers globally have been placed off limits as companies fear violating U.S. sanctions against Iran and Venezuela, driving freight rates to new highs, industry sources said.The move has taken roughly 3% of the global oil tanker fleet out of the market, according to industry sources and data on Refinitiv Eikon, sending rates soaring to secure tankers to ship oil, particularly to Asia."Freight rates are going through the roof and people are getting very nervous with the cost of shipping…

Oil & natural gas company Brunei Shell Petroleum Company Sdn Bhd (BSP) has awarded AqualisBraemar a frame agreement to conduct rig inspection services for the operator.The agreement is valid for three years with an option to extend the contract for additional periods of three times one year, said the Norway-based global company that provides, through its subsidiaries and associates, consultancy services to the energy, marine and insurance sectors.Oslo-listed AqualisBraemar – a result of the recent unification between Aqualis Offshore and Braemar Technical Services – will provide rig inspection services, engineering and training services to Brunei Shell Petroleum Company Sdn Bhd (BSP).AqualisBraemar will manage the contract out of its office in Malaysia…

Offshore engineering consultant Aqualis has completed the acquisition of the London-based Braemar Shipping Services' offshore, adjusting and marine consultancy business Braemar Technical Services (BTS).The new company, called AqualisBraemar, said it will benefit from access to new capabilities, a broader suite of services, a bigger workforce and increased geographical footprint. “I have looked forward to this day. Combining our companies gives us greater critical mass within the marine and energy markets and means we will be much better positioned going forward. With our larger scale, more resources and our talented people, we will improve our ability to meet our clients’ needs globally…

Shipbroking is set to have an interesting year of opportunities as the shipping industry prepares for the International Maritime Organisation’s (IMO) low sulphur fuel regulations which become effective internationally on 1 January 2020.The implementation of these regulations will have multiple effects but overall is expected to have a positive effect on freight markets, especially for tankers, said Ronald Series, Chairman of Braemar Shipping Services, provider of broking, financial, consultancy, technical and logistics services to the shipping, marine, energy and offshore industries."In addition, our investment in new talent, particularly in the dry cargo sector…

Denis Petropoulos has been elected Chairman of the Baltic Exchange Council with effect from June 1, 2019. He replaces Duncan Dunn who has held the position since January 2018. Denis Petropoulos was a founding partner of Braemar Tankers Ltd and remains a significant shareholder at Braemar Shipping Services PLC. He most recently headed up Braemar's Singapore office for seven years, before returning to the UK.He has been a Baltic Exchange Member since 1999 and has held positions…