Interim management statement

RNS Number : 8837X

Braemar Shipping Services PLC

17 January 2014

 



BRAEMAR SHIPPING SERVICES

PRESS RELEASE
For immediate release

17 January 2014

Interim Management Statement

Braemar Shipping Services plc, ("Braemar" or the "Group"), an international provider of shipping, marine and energy services, today issues its interim management statement in relation to the period since the announcement of the interim results on 29 October 2013.

As anticipated our Shipbroking division's performance has improved compared with the first half. We are encouraged that over the last few months, there has been an increasing degree of optimism in some shipping markets.

The Logistics and Environmental divisions have performed in line with management's expectations and are slightly lower in the second half of the year.

Braemar Technical Services continued to perform strongly in the period driven largely by the growth of the offshore energy market in Asia. This, however, has been offset by slower than expected contract awards at Braemar Casbarian in the US which is expected to result in Group profits for the year being modestly below management expectations.

For further information, contact:

Braemar Shipping Services
James Kidwell	Tel [phone]
Martin Beer	Tel [phone]
Bell Pottinger
Stephen Benzikie	Tel [phone]
Zoë Pocock	Tel [phone]
Westhouse Securities
Henry Willcocks	Tel [phone]
Richard Johnson

Notes to editors

Braemar Shipping Services plc is a leading international provider of broking, consultancy, technical, logistics and other services to the shipping, marine and energy industries. The business is organised into the following segments: Shipbroking, Technical, Logistics and Environmental.

It is listed on the Official List of the London Stock Exchange in the Industrial Transport sector.

Principal businesses:

Shipbroking

Braemar Seascope provides chartering, sale and purchase and shipbroking services to international ship owners, charterers and financial institutions operating in the tanker, gas, chemicals, offshore, container and dry bulk markets. There are shipbroking offices in the UK, USA, Norway, China, Australia, Singapore, India and Italy.

www.braemarseascope.com

Follow on Twitter @BraemarResearch

Technical

Braemar Technical Services provides a range of specialist services to shipping, insurance and energy industries. These services include:

- Energy Loss Adjusting: specialist loss adjusting and other expert services to the energy (oil and gas), marine, power and other related industrial sectors from offices in London, Houston, Singapore, Calgary, Dubai and Rio de Janeiro.

- Marine surveying: specialised marine and offshore services for the energy and insurance industries which mainly comprise pre-risk marine warranty surveys from offices in the UK, Australia, China, India, Indonesia, Malaysia, Singapore, Thailand and Vietnam.

- Hull and machinery damage surveys and expert marine consultancy services to the shipping and insurance industries from a global network of offices.

- Engineering: consultant marine engineering and naval architecture services to the shipping and offshore industries from offices throughout the Far East, London and Houston. In particular it has a long established reputation as a technical advisor for LNG vessels.

www.braemar.com

Logistics

Cory Brothers Shipping Agency is engaged in ship agency, freight forwarding and logistics in the UK and Singapore.

www.cory.co.uk 

Environmental

Braemar Howells provides pollution response clean up and contingency planning services primarily in the UK and Africa. It has earned an international reputation for its work for the insurance industry in handling several high profile and environmentally sensitive projects.

www.braemarhowells.com 

 

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