Interim Results

Seascope Shipping Holdings PLC
28 September 2000


  Difficult trading conditions in spring 2000 impact on
                     interim figures
         Outlook for full year remains positive

Seascope  Shipping Holdings PLC, providers of specialised
broking  and  consultancy services to  the  international
shipowning,   shipbuilding  and  oil  industries,   today
announced  interim  results for the year  ended  30  June
2000.

Production cuts by OPEC in the first quarter affected all
sectors of the Company's business leading to losses being
reported  for the first half.  In view of the  subsequent
OPEC  action,  resulting in the current  buoyant  trading
conditions, the Board remains positive about its  outlook
for  the  full  year  and  is therefore  recommending  an
unchanged interim dividend of 5.0p

HIGHLIGHTS

*    Substantial improvement in trading conditions  as  a
     result  of OPEC action in March/April 2000 came  too
     late to assist first six months results.

*    As  a  result turnover down 13.2% at £4.582  million
     and  the  Company  made a loss for  the  six  months
     before  taxation  of  £0.245 million  (1999:  profit
     £1.320 million).

*    Interim dividend held at 5.0p per share (1999: 5.0p
     per share).

*    Outlook for current and future trading very positive
     with tanker rates very strong.

*    Company announced on 6 September 2000 merger  talks
     with Braemar Shipbrokers Limited.

Tom Young, Chairman, said: 'The results for the first six
months  are  a  direct  reflection of  the  poor  trading
conditions experienced in our market sector during OPEC's
self-imposed production cuts which covered the period  to
spring  2000.   This situation continued  to  affect  all
sectors of the Company's business for the majority of the
period  covered  by  this report.  The  results  for  the
period  under  review also reflect the  full  year  costs
associated  with  the  purchase of GFL  (UK)  Limited  in
November 1999.

'Current  trading conditions have substantially  improved
and  are  expected to remain buoyant for the  foreseeable
future with tanker tonnage and demand in dynamic balance.
It  is  against  this background that the Directors  have
decided to pay an unchanged interim dividend of 5.0p  per
share.'

For further information, contact:

Tom Young, Chairman and Chief Executive
Seascope Shipping Holdings plc            0207 903 2600

Clare Abbot/Kirsty Black
Grandfield                                0207 417 4170


             SEASCOPE SHIPPING HOLDINGS PLC
                            
  Interim Results for the six months ended 30 June 2000


FINANCIAL HIGHLIGHTS

*    Substantial improvement in trading conditions  as  a
     result  of OPEC action in March/April 2000 came  too
     late to assist first six months results.

*    As  a  result  turnover  was down  13.2%  at  £4.582
     million  and  the Company made a loss  for  the  six
     months  before  taxation of  £0.245  million  (1999:
     profit £1.320 million).

*    Interim dividend held at 5.0p per share (1999: 5.0p
     per share).

*    Outlook for current and future trading very positive
     with tanker rates very strong.

*    Merger   talks  with  Braemar  Shipbrokers  Limited,
     announced  on  6th  September 2000  are  continuing.
     Detailed  merger terms are expected to be  announced
     during November 2000.


CHAIRMAN'S REVIEW

INTRODUCTION

The  results  for  the  first six  months  are  a  direct
reflection of the poor trading conditions experienced  in
our  market  sector during OPEC's self-imposed production
cuts  which  covered  the period  to  spring  2000.   The
conditions  prevailing  during this  time  had  a  double
effect: the low oil price led to a slowdown of activities
by  oil  companies operating in the North  Sea:  and  the
production cuts led to poor freight rates for ship owners
worldwide due to a surplus of tonnage relative to the low
production  at  that time.  This situation  continued  to
affect  all  sectors of the Company's  business  for  the
majority  of  the  period covered by  this  report.   The
results for the period under review also reflect the full
year  costs  associated with the  purchase  of  GFL  (UK)
Limited in November 1999.

Current  trading  conditions have substantially  improved
and  are  expected to remain buoyant for the  foreseeable
future with tanker tonnage and demand in dynamic balance.
It  is  against  this background that the Directors  have
decided to pay an unchanged interim dividend of 5.0p  per
share.

REVIEW OF ACTIVITIES

The  Offshore  market  continued to suffer  weak  trading
conditions during the majority of the period under review
as exploration budgets of the multinational oil companies
remained  restricted due to the former  weak  oil  price.
These  conditions  have resulted in  a  lower  number  of
support  vessel movements, weak freight rates and  little
newbuilding activity.  Market activity is now  increasing
and   expected  to  show  further  improvement  for   the
remainder  of  this  year  and during  2001  as  the  oil
companies increase their North Sea investment programmes.

The  Sale  &  Purchase sector, post the  OPEC  production
increase earlier this year, has seen activity increase as
tanker  owners have achieved improvement in values  based
on  the  current expected balance in supply  and  demand.
The Company has shared in this increased activity as well
as  continuing to be successful in the dry cargo  market,
but  predicting  the  timing of completion  of  sale  and
purchase  deals  is  always  difficult,  with  the  large
majority  of them being due for delivery in the  July  to
December  period.  A disappointing factor in the  current
year  has been the relative inactivity of our client base
in  the newbuilding market that has made it difficult for
the  department to maintain the success levels of  recent
years.

Our  Chartering department was the first to benefit  from
the  OPEC  decisions, with increased  vessel  fixing  and
higher  freight rates being noticeable as early as  April
2000.   However,  the  lag  between  fixing  and  revenue
realisation  is  approximately two months and  therefore,
again, the full effects will not be seen in the Company's
accounts until the second six months of the year.

It  is true to say that the OPEC action, taken at a  time
when  the industrialised nations' crude oil reserves  had
become severely depleted, has created heavy tanker demand
and  has  forced freight rates up to levels not seen  for
nearly 30 years.  Additionally the major oil spill by the
'ERIKA'  (an  aged single hull fuel oil  carrier)  in  NW
France  late  last  year  has encouraged  the  major  oil
companies  to place their chartering emphasis  on  modern
and/or double hull vessels.

The   integration   of  our  enlarged  Capital   Services
department,   which   offers   confidential   advice   on
traditional  bank debt, structured finance and  corporate
finance  advice,  has  continued during  the  period  and
should   provide  a  contribution  to  second   half-year
profitability.   The continuing interaction  between  the
broking activities of the group and Wavespec, our  marine
technical services consultancy, has assisted Wavespec  in
obtaining  long  term projects which  should  assist  the
contribution they make to group profitability.


INTERIM DIVIDEND

In  recognition  of  the  change  in  trading  conditions
between  the  first and second six months of the  current
year  it  is the Directors' intention to pay an unchanged
interim dividend of 5.0p per share.  The dividend will be
paid  on  10th  November  2000  to  shareholders  on  the
register on 13th October 2000.


FINANCIAL

The  net  loss before taxation for the period  of  £0.245
million (1999: profit £1.320 million) as explained  above
reflects   market  conditions  during  the  period.    No
provision has been made for a performance-linked bonus as
a payment only becomes due in the event that earnings per
share exceed those of the previous year.

The increase in administrative expenses at £4.818 million
(1999:  £4.006 million) was exaggerated by a full  period
charge associated with Capital Services and Wavespec.

The  loss  per  share, fully diluted for the  six  months
amounted  to (2.40p) per share (1999: (profit) 11.96  per
share)

PROSPECTS

The  optimism  expressed in the  last  review  about  our
prospects  for the current year appears to be  justified.
It  is a long time since tanker owners have enjoyed  such
buoyant  trading conditions.  A significant part  of  the
World fleet is aged and the number of newbuildings due to
deliver in the next two years doesn't appear excessive  -
so the outlook is most encouraging for owners and brokers
alike.

Next  year  we also expect to see an improvement  in  the
offshore market, sustained by relatively high oil prices.

Our   Sale  and  Purchase  market  volume  continues   to
increase, as do values.

The  consolidation of both Capital Services and  Wavespec
into the Company should ensure an increasing contribution
from these functions to group profitability.

We  have  a well-rounded and experienced team of  brokers
operating in all sections of our business whose abilities
should  allow the Company to take full advantage  of  the
strong market conditions that we expect to prevail during
the remainder of this year and next.


GROUP STRATEGY

With  this  buoyant outlook to the markets  in  which  we
provide  services, it is particularly  pleasing  to  have
announced  earlier this month our intention to merge  our
activities with Braemar Shipbrokers Limited.  The  merger
is  anticipated  to  be earnings enhancing  for  existing
shareholders, and the enlarged group will provide a wider
service for the benefit of our customers.

The  due  diligence  process  is  continuing  and  it  is
expected  that  the  definitive  merger  terms  will   be
announced during November 2000.

T.D.H. Young
Chairman


             SEASCOPE SHIPPING HOLDINGS PLC
                            
          CONSOLIDATED PROFIT AND LOSS ACCOUNT

          FOR THE SIX MONTHS ENDED 30 JUNE 2000

                                 2000        1999     1999
                              6 months   6 months  12 months
                              to 30 June to 30 June to 31 Dec
                              Unaudited  Unaudited  Audited
                                 £'000       £'000    £'000

Turnover                         4,582      5,284    10,388

Administrative expenses        (4,818)    (4,006)   (8,452)
                              ------------------------------
Operating (loss)/profit          (236)     1,278      1,936

Interest receivable and 
  similar income                   19         54         89

Interest payable and 
  similar charges                 (28)       (12)       (22)
                              --------- ----------- --------
(Loss)/profit on ordinary 
activities before taxation       (245)     1,320       2,003

Taxation on (loss)/profit 
on ordinary activities             83       (454)      (666)
                              --------- ----------- ---------
(Loss)/profit on ordinary 
activities after taxation        (162)       866       1,337

Dividends (including 
dividends in respect of
Non-equity shares)               (337)      (320)     (995)
                              -------------------- --------
Retained (loss)/profit 
for the period                   (499)       546       342

Accumulated loss brought 
forward                        (1,270)    (1,612)    (1,612)
                              ------------------------------
Retained loss carried forward  (1,769)   (1,066)    (1,270)
                              --------  --------- ---------
(Loss)/earnings per 
ordinary share       Basic     (2.40p)    13.54p     21.03p
(Loss)/earnings per 
ordinary share  Fully Diluted  (2.40p)    11.96p     18.16p


                            
             SEASCOPE SHIPPING HOLDINGS PLC
                            
      CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2000
                            
                                   2000       1999      1999
                               6 months   6 months 12 months
                             to 30 June to 30 June to 31 Dec
                              Unaudited  Unaudited   Audited
                                  £'000      £'000     £'000

  Fixed Assets
  Goodwill                        2,104        180     2,159
  Tangible assets                 1,090        539       919
  Investments                       734        620       734
                               ---------  ---------    --------
                                  3,928      1,339     3,812
  Current Assets
  Debtors                         2,504      2,502     1,652
  Cash at bank and in hand          623      2,995     1,416
                               ---------- ----------   --------
                                  3,127      5,497     3,068
  Creditors: amounts falling due
  within one year                (1,994)    (2,711)   (2,194)
                               ---------- ----------  --------
  Net current assets              1,133      2,786       874
                               ---------- ----------  --------
  Total assets less 
    current liabilities           5,061      4,125     4,686

  Creditors: amounts falling due after
   more than one year           (1,024)      (135)     (150)
                              ---------- -----------  ---------
  Net Assets                     4,037      3,990      4,536
                              --------   ---------    ---------
  Capital and Reserves
  Called up share capital         682         647        682
  Capital redemption reserve      396         396        396
  Share premium                 4,728       4,013      4,728
  Profit and loss account      (1,769)     (1,066)    (1,270)
                              --------- ----------   ---------
  Total equity shareholders' 
         funds                  4,037       3,990      4,536
                              --------   ---------    ---------
                            

             SEASCOPE SHIPPING HOLDINGS PLC
                            
            CONSOLIDATED CASH FLOW STATEMENT
                            
          FOR THE SIX MONTHS ENDED 30 JUNE 2000

                                     2000       1999       1999   
                                 6 months   6 months  12 months
                               to 30 June to 30 June  to 31 Dec
                                Unaudited  Unaudited    Audited
                                    £'000      £'000      £'000

  Net cash (outflow)/inflow
   from operating activities         (680)     1,226      2,857

  Returns on investments
     and servicing of finance
  Interest received                    22         56         91
  Interest paid                       (14)        (1)        (2)
  Interest element of finance
     lease rental payments             (9)       (11)       (16)
                                  --------- ---------    ---------
  Net cash (outflow)/inflow from
   returns on investments
   and servicing of finance            (1)        44         73

  Taxation
  UK Corporation tax paid            (140)       (77)    (1,298)

  Capital expenditure and
   financial investment
  Payments to acquire
   tangible fixed assets             (145)      (115)     (732)
  Payment to acquire
   fixed asset investment               -         -       (113)
                                 --------   --------    ---------
  Net cash (outflow) from
    investing activities             (145)      (115)     (845)

  Acquisitions and disposals
  Purchase of subsidiary                -       (279)    (1,349)
  Cash acquired with subsidiary         -         17        184
  Deferred consideration              (75)         -          -
                                  --------  --------    --------
  Net cash (outflow) for acquisitions (75)      (262)    (1,165)

  Equity dividends paid              (675)      (620)      (940)
                                  --------  --------    ---------
  Cash (outflow)/inflow 
   before financing                (1,716)       196     (1,318)

  Financing
    New loan                        1,000          -          -
    Payment of principal 
      under finance lease             (77)       (62)      (127)
                                   -------    -------    ---------
                                      923        (62)      (127)
                                   -------    -------    ---------
  (Decrease)/increase in cash        (793)       134     (1,445)
                                   -------    -------    ---------
                  
NOTES TO THE ACCOUNTS
                            
                            
          FOR THE SIX MONTHS ENDED 30 JUNE 2000
                            
1.   Accounting policies
There have been no changes to the accounting policies set
out in the 1999 Report and Accounts.

2.   Financial Information
  The financial information for the half years ended 30
June 1999 and 30 June 2000 is unaudited.

The financial information for the year ended 31 December
1999 does not constitute full accounts but is an extract
from the Company's accounts for the year which have been
delivered to the Registrar of Companies and on which the
auditors gave an unqualified report.

The results for the six months 30 June 2000 were approved
by the Board on 28 September 2000.