Braemar Earnings Boosted by 'Rena' Operations

Press Release
Wednesday, January 23, 2013

Braemar Shipping Services, international provider of shipping, marine & energy services, issues interim financial statement.

The interim management statement refers in relation to the period since the announcement of the interim results on 30 October 2012.

Revenue from the Environmental division was boosted by £15-million in the first half by the work on the MSC Rena in New Zealand. In the third quarter revenue from work on the container shipwreck reduced faster than expected, to £3.4m. Braemar's involvement in this project is expected to be completed by the financial year end.

The Shipbroking division continues to face challenging conditions, with excess shipping capacity in most sectors affecting values and rates. An increasing proportion of Braemar's business is now done on the spot market. There were no significant changes in the market conditions in the past three months.

Braemar Technical Services performed in line with management's expectations. It continues to develop its position as a global provider of surveying, adjusting and engineering services to the energy, shipping and insurance sectors. The process of creating a single business unit is well underway.

The Logistics division, Cory Brothers, performed in line with management's expectations. A new multi-year European agency hub contract, announced in the interim results, began in November 2012. The business in Singapore has continued to grow.


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