Statement re Possible Merger

Seascope Shipping Holdings PLC
6 September 2000



                 Seascope Shipping Holdings PLC
                 ('Seascope' or 'the Company')
                            
   Discussions regarding possible merger with Braemar
                   Shipbrokers Limited

The Board of Seascope announces that it is in discussions
with  the  Board  of  Braemar  Shipbrokers  Limited
('Braemar')  concerning a merger of the  two  businesses.
Braemar  is  a leading, privately  owned,  London
based  shipbroking  company  specialising  in  sale and
purchase,  contracting  of new buildings  and  dry  cargo
chartering.

The  two  companies  have  entered  into  an  exclusivity
agreement to enable due diligence to proceed on each business. 
It is proposed that the transaction will be structured on  a
share  for  share  exchange basis,  under  which  Braemar
shareholders  will  exchange  their  existing  shares  in
Braemar  for  new shares in Seascope on  a  ratio  to  be
confirmed  upon completion of the due diligence exercise.
Following completion, Seascope will retain its status  as
a  public  company listed on the London  Stock  Exchange.
It is   expected   that,  subject  to  market   demand, 
there  will  be a placing of a proportion of the new 
Seascope shares to which Braemar will become entitled in 
conjunction  with the announcement of merger terms.

The above is the most advanced in a number of corporate 
acquisitions of  corporate transactions  presently under 
consideration by  Seascope, which include talks with 
Braemar Tankers Limited.

Seascope intends to announce interim results for the  six
months  ended 30 June 2000 on 29 September 2000.   It  is
not  expected  that  a definitive merger  agreement  with
Braemar  (completion of which will be  subject  to
the approval of Seascope shareholders in general meeting)
will have been entered into by this date.

A further announcement will be made in due course.

      
For further information, please contact:

Seascope  Shipping Holdings plc       020 7903 2600
Tom  Young, Chairman and Chief Executive

Braemar Shipbrokers  Limited          020 7535 2600
Alan Marsh

Grandfield                            020 7417 4170
Clare Abbot
                            
                            
                            
Notes to editors:

1)   Seascope  Shipping Holdings PLC provides specialised
     broking    and   consultancy   services    to    the
     international  shipowning,  shipbuilding   and   oil
     industries.

2)   Commenting  on  today's  announcement,  Tom   Young,
     Chairman  & Chief Executive of Seascope,  said:  'We
     have  known  and  admired Braemar's  management  and
     brokers  for years.  We are excited by the  prospect
     of  working  together  in  the  future,  jointly  to
     increase our services for the benefit of our  mutual
     clients.'

     Alan Marsh, Chairman of Braemar Shipbroking, said:
     'We are delighted at the prospect of  merging  two
     well established  and  internationally   prominent
     shipbroking  companies and look forward  to  working
     with the directors and staff of Seascope.'