Braemar Shipping Services News

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…

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.

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…

Braemar Shipping Services announced that its Chairman, David Moorhouse, plans to retire from December 31, after nearly 14 years as a Non-Executive Director, the last three as Chairman. Moorhouse said he is willing to serve longer, if required, to facilitate the appointment of a suitable replacement. His retirement is part of a planned reduction in his business workload to facilitate his participation in another venture.The company’s Nominations Committee is leading the process to appoint a new non-executive Chairman and an announcement will be made in due course.Moorhouse commented…

Braemar Shipping Services announced the successful delivery of the 180,000m3 Liquid Natural Gas Carrier (LNGC) called “LNG Schneeweisschen” from Daewoo Shipbuilding & Marine Engineering (DSME), South Korea, as part of the ongoing LNGC newbuilding project between Uniper Global Commodities SE (Uniper) and Braemar.The international provider of broking, financial, consultancy, technical and logistics services to the shipping, marine, energy, offshore and insurance industries said that the vessel has been built for Japan based owners, MOL, and may be provided to Uniper under a 20 year transportation agreement.Braemar has worked as the commercial (Braemar ACM) and technical (the engineering business within Braemar Technical Services) consultant for Uniper throughout this project…

Braemar Shipping Services plc  announced the conditional acquisition of the entire issued share capital of NAVES Corporate Finance GmbH. Braemar is a leading international provider of broking, consultancy, technical and other services to the shipping, marine, energy, offshore and insurance industries. NAVES is a corporate finance advisory business focused on the maritime industry to create a new division within Braemar to be known as the Financial Division. The consideration payable for the Acquisition is €24.00 million (subject to a customary adjustment based on target working capital) rising to a maximum of €35.00 million should earn-out payment terms and conditions be satisfied. Acquisition terms structured to incentivise long term profit growth in NAVES.

Braemar Shipping Services PLC reported a sharp decline in pretax profit for the first half of its financial year on Tuesday, hit by difficult conditions in a number of its key end markets, reports Alliance News. In August, Braemar warned its results for the year to the end of February 2017 will be "materially lower" than the prior year, with softer activity levels and freight rates amid a "marked slowdown" in the tanker segment dragging on its shipbroking revenue. The group's Technical division has also taken a hit from the weak oil and gas market and the group will now cut costs to shore up its position. According to a press release issued by the company, the interim dividend remains unchanged at 9.0p per share. Revenue in the first half was £70.2 million (interim 2015/16: £79.6 million).

Braemar Shipping Services PLC on has terminated its involvement in the ACM ICON Shipping DMCC venture, announcing the sale of its 50% stake to its joint-venture partner Icon Chartering Ltd, says a report by Alliance News. Braemar  said it has determined the venture is no longer part of its overall strategy. Braemar Shipping Services PLC merged with ACM Shipping Group in July 2014. Prior to that, ACM had a joint venture operating from Dubai called ACM ICON Shipping DMCC, which until now was 50% owned by ACM Shipbroking, formerly ACM Shipping Group, and 50% owned by Icon Chartering. The joint venture vehicles will be renamed Icon Chartering Limited (BVI) and Icon Chartering (DMCC) with effect from 13 June 2016 and will continue to trade under the management and leadership of Rohan Shetty.

Braemar Shipping Services Group PLC is pleased to announce that Sheila McClain, Executive Vice President of Braemar Engineering, has been appointed Braemar Engineering's new Managing Director. Sheila will continue to be based in Houston, Texas and will assume management responsibility for global operations with effect from 8 June 2016. In conjunction with her management team, Sheila will continue to develop and promote Braemar Engineering’s expertise specialising in marine, offshore and land-based LNG projects, dynamic positioning and engineering consultancy. Geoff Green, who has held the title of Managing Director for the past 15 years…

Braemar (incorporating The Salvage Association) has appointed David Faulkner as ‘Manager, Ports and Harbours (Middle East)’. David is a Master Mariner and pilot and will be based in the Braemar SA Abu Dhabi office. He has extensive experience in providing specialist port consultancy services on aspects such as vessel manoeuvring, navigation, VTS (vessel traffic service) and marine risk, as well as providing expert opinion services to the insurance and legal markets on navigation, unsafe berth and unsafe port cases. David has worked for many years in the Middle East and will be responsible for the development of Braemar SA’s Ports & Harbours consultancy services in this market.

Being in a position to accurately anticipate change in the shipping markets is becoming ever more crucial for maritime service providers, as owning principals demand more solutions to the problems created by over-ordering, according to Braemar Group Asia President Denis Petropoulos. Speaking at a press conference during Singapore Maritime Week, Mr Petropoulos said this need for in-depth industry knowledge and experience in understanding how to deal with market downturns means that shipping service clusters like Singapore would find themselves in a strong position when the times start to improve. “Owners and charterers rely on these services…

Norwegian-born billionaire John Fredriksen has teamed up with investment bank Arctic Securities to form a ship broking company aimed at taking on bigger rivals and betting on a recovery in the global shipping market. Many segments of the shipping industry, including dry bulk commodities, are struggling with tougher conditions due to world economic worries and a surfeit of vessels. Fredriksen, via his family's investment company Geveran Trading Co, and Oslo-headquartered Arctic Securities said on Monday they had established a 50-50 joint venture broking company, Arctic Shipping Norway, which they expect to start operations in the first half of this year. "I am truly convinced that both the shipping and the offshore markets will recover.

Braemar LNG BV, the wholly owned subsidiary of Braemar Shipping Services PLC, has issued a sub-license to FSP LNG BV for the design and construction of a new Flat-panel, Semi-membrane, Prismatic-shaped (FSP) containment system, under the terms of the license it holds with General Dynamics NASSCO to utilize its patents in the design and construction of FSP LNG containment systems. FSP technology has been developed for marine LNG transport and can also be used in a range of applications, including Floating Liquefaction (FLNG), Floating Storage Units (FSU), Floating Storage Regasification Units (FSRU) and LNG marine fuel tanks. The FSP system - a new Type B, LNG containment system - uses flat plate technology to overcome the issues associated with partial filling and sloshing.

On 27 January 2015 Braemar Shipping Services Plc exchanged contracts for the sale of our leasehold interest in our Marylebone corporate headquarters to Greenhouse Sports Ltd for a net consideration of £9.5m before tax. The leasehold had a net book value of £4.0m, leading to an exceptional gain of £5.5m. The transaction is expected to complete on 26 February 2015. The consideration will be used to reduce Group indebtedness and will provide the Group with greater financial flexibility. The sale follows the successful merger of Braemar with ACM Shipping Group Plc (“ACM”) in 2014. The combined enlarged group is moving, as previously announced, to a new head office at One Strand, Trafalgar Square, London on 2 February 2015.

Braemar Shipping Services said its ship broking division saw an improvement in its performance during the last quarter. The merger in July with smaller rival ACM Shipping also came in as shot in the arm. A strong dollar and weak oil prices are good for business, too, and freight rates, a key driver of revenue, are up in a number of sectors. In an interim management statement the company says that as anticipated, its ship broking division's performance has improved significantly compared with the first half, reflecting the inclusion of ACM and the cost reduction actions taken as it successfully continued to integrate the businesses. “We are encouraged by the progress of the enlarged division,” the company said.

Braemar Engineering, the marine and LNG technical consultancy arm of the Braemar Shipping Services PLC group, has been appointed as Owner’s Engineers by Texas LNG Brownsville LLC (Texas LNG) for the proposed Brownsville LNG project. The project will be constructed in a deepwater frontage site along the Port of Brownsville shipping channel, South Texas, and is anticipated to export more than 2 million metric tons per annum (MTPA) of LNG, with the first shipments planned for export in 2019.

General Dynamics NASSCO and Braemar LNG BV, a wholly owned subsidiary of Braemar Shipping Services PLC, have signed a technology licensing agreement for Braemar to use NASSCO’s intellectual property in its design and construction of Flat-Panel, Semi-Membrane, Prismatic-Shaped (FSP) LNG containment systems. FSP is a new multipurpose Type B flat-panel, semi-membrane, prismatic-shaped LNG tank-containment system which uses flat plate technology and a universal joint configuration.

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create one of the sector's biggest players globally. The deal would be the latest in an industry which has suffered one of its worst-ever downturns in the past five years. Owners ordered large numbers of vessels between 2007 and 2009, just as the global economy started to slow, creating a glut. Prospects have brightened recently as world trade picks up and the glut of ships is absorbed, but recovery remains fragile. In the meantime, many ship brokers view larger operations with global teams as the best way to position for a full market revival.

Shipping market prospects picking up after record downturn; shipbroker M&A deals have gathered pace this year. ICAP's shipping business is in merger talks with rival shipbroker Howe Robinson, the latest potential tie-up among sector players looking for scale after years of freight market turmoil. The shipping industry has suffered one of its worst ever downturns in the past five years. Owners ordered large numbers of vessels between 2007 and 2009, just as the global economy started to slow. Prospects have brightened recently as world trade picks up and the glut of ships is absorbed, but recovery remains fragile. In the meantime, many shipbrokers view larger operations with global teams as the best way to position for a full market revival.

Shipowners and managers will gather in Singapore next week to examine the strengths of their relationship and consider the state of the global shipping industry during the first International Shipowning and Shipmanagement Summit. Taking place at the Singapore headquarters of international communications specialist Singtel on October 14, the Summit features thought-provoking presentations from industry leaders representing both the ship owning and ship management sectors. The International Shipowning and Shipmanagement Summit will consider latest industry developments and international concerns, as well as examining relationships within the shipping chain.

Braemar Shipping Services plc, an international provider of broking, consultancy, technical and other services to the shipping and energy industries, announced it has undertaken a major upgrade to its online presence through the launch of a new corporate website (www.braemar.com), linking all the company’s divisions within a single digital presence. The new website boasts increased functionality and content such as improved search functions, an updated media section and in-depth information on Braemar’s services, locations and key contacts.