Strategic Investment

RNS Number : 1377E

Braemar Shipping Services PLC

03 November 2020

 

3 November 2020

BRAEMAR SHIPPING SERVICES PLC

("Braemar", the "Company" or the "Group")

Strategic Investment

Braemar Shipping Services plc ("Braemar", the "Company" or the "Group"), a leading international provider of shipbroking, financial advisory, logistics and engineering services principally to the shipping and energy industries is pleased to announce a new strategic investment in Zuma Labs, a cutting edge software development company operating in the shipbroking and trading technology space.

Since early 2020, Zuma Labs has been working closely with Braemar's Shipbroking (Braemar ACM Shipbroking) and Dry Freight derivatives (Braemar Atlantic Securities) businesses to develop and integrate cutting edge technology and data platforms. Led by former trader and shipping technologist Chase Bennett, Zuma is staffed by experienced fintech engineers and data scientists. Zuma, which is majority owned by Fractal Technologies Limited, will enable these two businesses to better navigate and harness the technology trends of the coming years. Combined with Braemar's leading market presence, this partnership will support Braemar's ability to continue to provide the innovative and high quality client services on which Braemar's brand is built.

By elevating technology throughout its operations, Braemar aims to maximise the value-add of its services to its customers. With new, bespoke tools tailored to the demanding needs of the Group's shipbroking and derivatives broking businesses and their customers, Braemar aspires to help launch a new era of efficiency and transparency in the maritime space.

Zuma Labs looks to provide inventive solutions to critical problems in systemically important industries. The core product offering, Venetian, is a web-based platform for OTC physical and derivatives markets. Venetian streamlines the entire broking process from quote to clearing, eliminating bottlenecks, and empowering brokers to spend more time on closing deals.  By streamlining core processes, Venetian channels vast amounts of previously unutilized data into industry-first offerings, yielding new revenue streams and dominant market positioning.

For further information, contact:

Braemar Shipping Services Plc
Ron Series, Executive Chairman	Tel [phone]
Nick Stone, Finance Director
Peter Mason, Company Secretary
finnCap
Matt Goode/ James Thompson/ Kate Washington	Tel [phone]
Buchanan
Charles Ryland / Stephanie Watson / Matilda Abraham	Tel [phone]
Zuma Labs
Chase Bennett	Tel [phone] [e-mail]

Notes to Editors:

 About Braemar Shipping Services Plc

Braemar Shipping Services Plc is a leading international provider of shipbroking, financial advisory, logistics and engineering services principally to the shipping and energy industries.  Founded in 1972, Braemar employs approximately 530 people in 28 offices worldwide across its Shipbroking, Financial, Logistics and Engineering divisions.  Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.

 For more information, including our investor presentation, visit  www.braemar.com

 

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