BRAEMAR SHIPPING SERVICES PLC
(“Braemar” or “the Group”)
24 June 2009
Interim Management Statement
Braemar Shipping Services plc is today issuing its Interim Management Statement in relation to the period since the 12 months ending 28 February 2009.
At the Braemar Shipping Services plc Annual General Meeting held today, Alan Marsh, the Group chief executive, provided the following update on the Group’s trading after the first quarter of the new financial year.
The dry bulk market, and in particular the Capesize sector has recovered well in the last month driven mainly by renewed Chinese demand for raw materials. The Baltic Dry Index is currently close to 4,000 compared with 1,986 at the beginning of our financial year. Braemar has also benefited from a high level of sale and purchase activity especially for bulk carriers while the Group’s demolition business has continued to grow with increased scrapping of older ships, particularly in the container and tanker sectors. The deep-sea tanker market rates have weakened due to the impact of newbuilding deliveries, but the Group’s transaction numbers remain good. The other shipbroking desks have performed as expected.
The Technical division has begun the year strongly. All offices around the world are enjoying increased demand for their services. The Logistics and Environmental divisions are also performing well.
The performance for the first half of this financial year is likely to be similar to that achieved in the second half of the last financial year and overall the Board remains confident of a satisfactory outcome for the year as a whole.
For further information, contact:
| Braemar Shipping Services plc
| Alan Marsh
||Tel +44 (0) 20 7535 2650
| James Kidwell
||Tel +44 (0) 20 7535 2881
| Damian BeeleyZoe Pocock
||Tel +44 (0) 20 7337 1508Tel +44 (0) 20 7337 1532
| Sean Moloney
||Tel +44 (0) 1296 682356
|Charles Stanley Securities
| Philip Davies
||Tel +44 (0) 20 7149 6457
Notes to Editors
Braemar Shipping Services plc is a leading international provider of broking, consultancy, technical and other services to the shipping, marine and energy industries.
Braemar is listed on the Official List of the London Stock Exchange in the Industrial Transportation sector.
2008 – Braemar Steege, a specialist loss adjuster to the oil and gas industry.
2007 – Braemar Falconer, provides specialised marine and offshore services. Fred. Olsen Freight, freight forwarding and liner agency.
The Group is divided into four businesses: Shipbroking, Technical, Logistics, and Environmental. This growth has been both organic and by acquisition.
Braemar Seascope provides specialized shipbroking and consultancy services to international clients. The services include: chartering tankers (including gas, chemicals and LNG), dry cargo, containers, offshore vessels, second hand sale and purchase, newbuilding, demolition, and research. It has offices in the UK, China, Australia, India, Singapore and Italy.
Braemar Steege provides specialist loss adjusting and other expert services to the energy (oil and gas), marine, power and other related industrial sectors. It has offices in London, Houston, Miami, Singapore, Calgary and Mexico City.
Braemar Falconer provides specialised surveying and engineering services to the marine and offshore sectors. It has offices at the following locations: Australia, China, India, Indonesia, Malaysia, Singapore, Vietnam and the UK.
Wavespec provides marine engineering, newbuilding supervision and naval architecture services on a consultancy basis to the shipping and offshore markets.
Cory Brothers Shipping Agency provides port agency, freight forwarding and logistics services within the UK and Singapore.
Braemar Howells provides pollution response and advisory services, primarily in the UK for marine, tank storage and rail operations and is now developing an international presence.