Braemar Adjusting appoints new Regional Managing Director of the Americas

Braemar Adjusting is delighted to announce the appointment of Pierre Krouse (Pete) as Regional Managing Director of the Americas, with effect from 2 April 2013.

It follows the decision by Chris Dye to leave his current position after more than 13 years with the company and 33 years working as an independent Adjuster. Chris will remain with Braemar Adjusting until 30 April 2013 to ensure a seamless transition of his case load and management responsibilities before commencing his new role as Claims Director for Allianz in Houston.

Welcoming Pete to his new position, Grant Smith, Braemar Adjusting Group Managing Director, said: “Pete has been with the company for 25 years and was one of the original directors of Steege Kingston. While working for the group, Pete graduated from Law School in 1993 and remains a member in good standing of the Texas Bar and of the Maritime Law Association.

“While he has surveyed, investigated and adjusted a wide variety of both onshore and offshore claims throughout that period, Pete is recognised by the energy market as an industry leader in the offshore sector. He has specialised in mobile offshore drilling units, production platforms, pipelines, vessels, ROVs seismic streamers and geophysical exploration equipment.

“Pete’s appointment illustrates we have the right succession planning in place throughout the group and while we are sorry to lose Chris after so many years of valuable service to the company we wish him every success in the future,” Mr Smith said.

These changes coincide with Chuck Madeley ending his secondment to sister company Braemar Casbarian on 1 March 2013, at which time he will resume a full case load and assist Pete in the management of the Houston office.
—ends—

Notes to Editors:

• Braemar Adjusting (formally Steege) is recognised as a leading loss adjuster by the Energy Power and Mining insurance markets worldwide.

• The company has the required expertise and experience to handle both onshore and offshore, upstream and downstream operational and construction losses.

• Braemar Adjusting specialises in the adjustment of insurance claims involving offshore platforms and production vessels, subsea infrastructure, onshore and offshore drilling units, control of well, refineries, petrochemical plants, gas plants, power (including renewables), mining, major infrastructure claims, together with associated business interruption losses.

• Braemar Adjusting is part of the Braemar Technical Services division of Braemar Shipping Services plc.

For Further Information Please Contact:
Elaborate Communications: Sean Moloney Tel: +44 (0) 1296 682356

Braemar Adjusting Boosts Its Global Teams

Braemar Adjusting continues its development and expansion, with the recruitment of experienced loss adjusters and new young talent across the globe.

New staff have boosted the adjusting teams in the firm’s London, Singapore and Calgary offices as the company continues to enhance its onshore and offshore expertise.

Grant Smith, Braemar Adjusting Group Managing Director, said: “These latest four appointments further emphasise our focus on providing excellent client service through the expertise of our personnel. We have listened to our clients and recognise they want us to continue to recruit and develop new young talent in order to service their needs now and into the years ahead!”

Braemar Adjusting London:

We welcome both Giuseppe Mollica and Therese Badr as additions to the Loss Adjusting team based in London.

Having worked for Braemar Adjusting as the director of Venezuelan operations from 2007 to 2011, Giuseppe returns as a Senior Loss Adjuster in London. A Chartered Engineer and Chartered Loss Adjuster with a background in the design and implementation of power and control systems, Guiseppe has more than a decade’s experience adjusting complex energy, power and mining losses throughout the Caribbean, Central and South America. While he is experienced in all product lines, his expertise has particularly focused on adjusting complex control of well and power generation/distribution losses. Giuseppe is a certified open water diver and is fluent in English, Spanish and Italian.

Therese has a PhD in Mechanical and Energetic Engineering, a Research Masters Degree in Environmental Science and a Masters of Science in General Chemistry. Theresa joins us with 10 years relevant industry expertise in the sectors of environmental monitoring, power generation and exploration and production. For five years Theresa worked with leading integrated steel and mining company ArcelorMittal and became a published author on modeling and quantification of diffused dust emissions. Between 2007 and 2009, Theresa worked as project manager for General Electric Energy Products Europe (GE) where she utilized computational fluid dynamics to model and test gas turbine efficiency. Then in 2009 she worked on both onshore and offshore drilling units throughout Continental Europe, North Sea and South America with Schlumberger where she specialized in improving the existing methods of pore pressure evaluation, critical for well control. Theresa is fluent in English, French and Arabic.

Braemar Adjusting Singapore:

Anjar Ciptandini joins our Singapore-based team with a degree in Naval Architecture & Shipbuilding Engineering. Anjar has worked with FMC Technologies where his responsibilities included the installation and maintenance of subsea wellhead systems for various international operators throughout Southeast Asia. Prior to this, Anjar worked as a Project Officer for the design and development of a patrol vessel for the Indonesian Maritime Police, an operations supervisor for a marine safety company and a project manager responsible for design, engineering and procurement of various offshore vessels. We look forward to utilizing Anjar’s technical and engineering expertise in the investigation and adjustment of upstream construction and operational losses throughout the region. Anjar is fluent in both English and Bahasa Indonesia.

Braemar Adjusting Calgary:

Connor Scott joins us having graduated Magna Cum Laude from Florida State University in spring of 2010 with a Bachelor of Science in Multinational Business and a minor in Spanish. Since graduating Connor has worked as a technical assistant for one of North America’s leading Environmental Consulting companies, assisting in the formulation of Environmental Studies and Impact Assessments for major energy projects in Western Canada.  Connor has his level one Adjuster’s licence in the province of Alberta and holds citizenship for both Canada and the USA. A commissioned music composer in his spare time Connor is fluent in both English and Spanish.

—ends—

Notes to Editors:

· Braemar Adjusting (formally Steege) is recognised as a leading loss adjuster by the Energy Power and Mining insurance markets worldwide.

· The company has the required expertise and experience to handle both onshore and offshore, upstream and downstream operational and construction losses.

· Braemar Adjusting specialises in the adjustment of insurance claims involving offshore platforms and production vessels, subsea infrastructure, onshore and offshore drilling units, control of well, refineries, petrochemical plants, gas plants, power (including renewables), mining, major infrastructure claims, together with associated business interruption losses.

· Braemar Adjusting is part of the Braemar Technical Services division of Braemar Shipping Services plc.

Grant Smith Appointed Managing Director of Braemar Adjusting

The Board of Braemar Adjusting is delighted to announce the appointment of Grant Smith as Group Managing Director of the company with immediate effect.

His appointment is an important stage in the streamlining of the business and will enable senior management within Braemar Adjusting to focus entirely on the needs of its client base around the world.

Grant will work closely with his team of Regional Managing Directors – Geoff Thomas (Europe and West Africa); Chris Dye (Americas); John Harris (Asia Pacific) and Directors George Mowatt (Group Technical Director and Head of Litigation Support), Chris Eades (Director Middle Eastern Operations), Paul Cameron (Director Canadian Operations) and Jamie Talbot (Director Brazilian Operations) – to execute the company growth and development strategy throughout its core markets.

A commercial law graduate and member of the Canadian Insurance Institute, Grant has over 18 years’ experience adjusting Onshore and Offshore energy insurance claims. He was appointed to the board of Braemar Adjusting in 2001 and returned from London to Calgary in 2010 where, in conjunction with running the Canadian Oil Sands, Power Generation, Business Interruption and Well Control teams, he assumed group responsibility for business development throughout North America.

Grant has broad international experience having worked in the Braemar offices of both London and Calgary with secondments to Singapore and Houston. He has adjusted claims worldwide, involving onshore and offshore mega-construction projects, refining, upgrading, chemical and power generation facilities; multiple asset hurricane losses; complex control of well, business & contingent business interruption losses.

He will continue to operate from Calgary but will travel regularly to the key London, Houston, Singapore and Middle Eastern markets in his new role.

Quentin Soanes, Chairman of the Braemar Technical Services Group, within which Braemar Adjusting sits, welcomed Grant’s appointment. He said: “Braemar Adjusting is a major player in the offshore and onshore loss adjusting and risk assessment market. Having senior management of Grant’s calibre is good news for a business and a Group that is focused on meeting the exact needs of its marketplace. I look forward to working closely with Grant and his excellent team over the coming months.”

Grant Smith, Managing Director of Braemar Adjusting

Grant Smith, Managing Director of Braemar Adjusting

Braemar Adjusting Opens New Dubai Office

Braemar Adjusting has underlined its commitment to the Middle Eastern onshore and offshore Energy Insurance Market by opening a dedicated loss adjusting operation, based in Dubai.

With effect from 1 April 2013, Chris Eades, Regional Director for the Middle East, and Senior Adjuster Sam Foster, will start working from the Dubai World Trade Centre Building offices of sister company Braemar Salvage Association, before moving into their own Braemar Adjusting offices later in the year.

Welcoming the development, Grant Smith, Group Managing Director of Braemar Adjusting, said: “Within Braemar we place a huge emphasis on client service and the expertise of our personnel. In our discussions with Gulf Cooperation Council (GCC) insurance markets we were continually reminded of the importance of providing quality individuals with experience in both the Onshore and Offshore sectors. Committing a team of Chris and Sam’s calibre to the Middle East and supplementing them with the experienced surveying resources we already have in the region, we are clearly responding to the demands of the market. By leveraging of our existing group resources our Adjusters are able to hit the ground running and we are open for business. Both Adjusters will continue to work on their London case files in the interim and have already started receiving new instructions.”

The address of the Braemar Adjusting office is:
Dubai World Trade Centre Building, 13th Level, PO Box 9222, Dubai, UAE.
Tel: +971 (0) 4 331 3100; Fax: +971 (0) 4 331 4121.

For biographies of Adjusting Personnel please refer to the website: www.braemaradjusting.com

Notes to Editors

Braemar Adjusting (formally Steege) is recognised as a leading loss adjuster by energy insurance markets worldwide, including upstream operations, construction, well control, mobile drilling units and other offshore units / vessels.

The company also has the required expertise and experience to handle losses involving refineries, petrochemicals, gas plants, power (including renewables), mining, major infrastructure claims, together with associated business interruption losses.

Braemar Adjusting is part of the Braemar Technical Services division of Braemar Shipping Services plc.

Braemar Shipping Services plc: Changes to the Executive Board of Directors of the Company and Interim Management Statement

Changes to the Executive Board
The board of Braemar Shipping Services PLC (“Braemar”, “the Group” or “the Company”) is pleased to announce the appointment of James Kidwell as Chief Executive with effect from today. James Kidwell, age 50, is Group Finance Director and has worked for Braemar in that role since June 2002.

He succeeds Alan Marsh, who will retire as chief executive today and from the board on 31st July 2012. Alan Marsh has, however, agreed to continue to play an active role in the Shipbroking division. In addition, Quentin Soanes, following his appointment as Chairman of the Baltic Exchange, will also retire from the board on 31st July 2012 but will remain responsible for the Group’s Technical, Logistics and Environmental divisions.

Denis Petropoulos continues as group regional director – Singapore, and executive director of Braemar Shipping Services PLC. He is based in Singapore and is also responsible for Braemar’s development and marketing initiatives in the East.

Sebastian Davenport-Thomas becomes managing director of the Shipbroking division, having been head of its sale and purchase department for the past five years.

The Group will appoint a new finance director in due course and in the meantime James Kidwell will retain these responsibilities in addition to his new role.

The Chairman of Braemar, Sir Graham Hearne said: “Alan has led Braemar, as a public company, for 11 years with great distinction and has been a significant force in taking the Group to where it is today. We are indebted to him for his enormous contribution and I am delighted that he will still be actively involved in our Shipbroking division.”

“Quentin will also take this opportunity to retire from the board after more than 30 years service with Braemar. He has been highly instrumental in the development of the marine and energy services businesses in the Group which will continue to be his primary responsibility. We would like to wish him every success in his role as Chairman of the Baltic Exchange.”

“Braemar is doing well in very challenging markets and in James Kidwell we have appointed a top class executive who has over the years developed a deep understanding of all aspects of the business. I have no doubt James will bring the leadership and expertise to maintain our success and manage the next phase of Braemar’s growth.”

Braemar’s outgoing chief executive, Alan Marsh, said: “It is with some sadness that I have decided, as I approach my 63rd birthday, that this is the time to retire from a role that I have much enjoyed. I am confident that James will be an outstanding successor, and I look forward to continuing to contribute to the Group’s success.”

The company’s new chief executive, James Kidwell, added: “I am looking forward to the challenge of building on the Group’s positive momentum. Braemar is a dynamic business, and we have a strong team of people who together offer great potential for the future.”

Interim Management Statement

This Interim Management Statement covers the first quarter of the financial year beginning 1 March 2012.

Tanker chartering and dry bulk freight rates have been relatively weak because of the imbalance in tonnage supply in most markets. However, our transaction volumes have continued to grow steadily and there are some areas – in particular in specialised tankers – where we have developed significant new business. Our offices in Australia and India, which are predominantly dry bulk, have also made a bright start to the year.

The second-hand sale and purchase market has seen higher activity in recent months. After a period of greater price stability there has been more serious buying interest especially from the more traditional family shipowning companies.

The Technical division has made a strong start particularly Braemar Offshore, our surveying and engineering business in the Far East. Braemar Engineering has won some good LNG supervision business which will improve its performance in the second half and Braemar Casbarian is seeing more activity in its prime market – the Gulf of Mexico.

The Logistics division is performing well with both UK and Singapore ship agency business gaining ground.

The Environmental division has had a strong first quarter continuing in the same vein as the final quarter of last year with its clear-up work on the MV RENA off the coast of New Zealand which commenced in October 2011. Activity on the project is likely to slow in the second half as the wreck removal gets underway.

Overall the performance of the Group is in line with the board’s expectations.

ENDS

For further information, contact:
Braemar Shipping Services
Alan Marsh Tel +44 (0) 20 7535 2650
James Kidwell Tel +44 (0) 20 7535 2881

Pelham Bell Pottinger
Damian Beeley
Zoe Pocock Tel +44 (0) 20 7861 3139
Tel +44 (0) 20 7861 3961

Elaborate Communications
Sean Moloney Tel +44 (0) 1296 682356

Westhouse Securities

Dermot McKechnie Tel +44 (0) 20 7601 6115
Henry Willcocks Tel +44 (0) 20 7367 9052

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. 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 consulting 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, China, Australia, Singapore, India, Italy and Monaco.
www.braemarseascope.com

Technical
Braemar’s Technical division provides a range of specialist marine services to the maritime sector. The business operates under the brand name Braemar Technical Services and the activities of the division are as follows:

– Braemar Adjusting 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, Singapore, Calgary, and Rio de Janeiro.

– Braemar Offshore provides specialised marine and offshore services mainly performing pre-risk marine warranty surveys. It has offices in the UK, Australia, China, India, Indonesia, Malaysia, Singapore and Vietnam.

– Braemar incorporating The Salvage Association (“Braemar SA”) provides marine consultancy and surveying services to the shipping, energy, offshore and insurance industries. The Salvage Association was acquired on 9 May 2011 and it has a network of offices in Asia, Europe and the US that undertake marine damage surveys for the insurance industry.

– Braemar Engineering provides consultant marine engineering and naval architecture services to the shipping and offshore markets from offices throughout the Far East and London. Braemar Engineering was expanded with the acquisition of Braemar Casbarian in July 2011 which provides consulting engineering services mainly to the offshore industry in the Gulf of Mexico from offices in New Orleans, Houston and Trinidad.

www.braemar.com

Logistics
Cory Brothers Shipping Agency provides port agency, freight forwarding and logistics services within the UK and Singapore.
www.cory.co.uk

Environmental
Braemar Howells provides pollution response and advisory services primarily in the UK and Africa and is continuing to develop an international presence. It has earned an international reputation for its work for the insurance industry in handling the containers from stricken vessels – the MSC Napoli in 2007 and the RENA which is on-going in New Zealand.
www.braemarhowells.com

BRAEMAR SEASCOPE STRENGTHENS ITS RESEARCH TEAM

For Immediate Release.
December 15, 2010.
Ref: 1084

Leading global shipbroker Braemar Seascope Ltd has underlined its commitment to delivering top quality market data and analysis by welcoming a new Research Manager to its London-based research team.

Joining the research department is Mark Williams, a highly regarded economist and consultant.

Mark is a proven communicator and strategist and brings with him a wealth of knowledge and experience of the shipping markets. He has been tasked with reorganising and boosting the capture, analysis and distribution of real time and forward-looking shipping market information to support the company’s chartering, newbuilding, sale and purchase and other shipbroking divisions.

Peter Malpas, Director of Research at Braemar Seascope, said: “Mark comes with a proven track record of delivering high level consultancy across the shipping industry in many different sectors and his finance background provides a dimension to complement our wide range of current expertise. His appointment further demonstrates our commitment to providing high quality, comprehensive research services to our clients.”

—Ends—
For Further Information Please Contact:
Elaborate Communications:
Sean Moloney/Debra Munford
+44 (0) 1296 682356 smoloney@elabor8.co.uk

[download id=”271″]

GLOBAL EXPANSION IN BRAEMAR MARINE INC

For immediate release June 3rd, 2010
ref: 1038

Braemar Marine Inc, the marine claims and risk assessment specialist, has expanded its operations in both London and Singapore through the announcement of a series of key appointments.

Chris Lunda, former Vice President of Braemar Marine in the USA, will assume a new role in Singapore as Managing Director of Operations and Development for the Far East. Chris joined Braemar Marine in 2009 at its start up after a long and distinguished career in the US marine surveying sector. Chris’ wealth of knowledge and experience in the global market place will allow him to grow Braemar marine’s operation in the Far East.

Brian Cushing, recently with Braemar Falconer in London, joined Braemar Marine on 1st March to head up its European operations, working in conjunction with the company’s Far East, US and Brazilian offices. Brian brings a wealth of high level experience with him and is well known in the London and European markets. Also joining the UK operation in June is Allan Ashby, one of the market’s leading marine consultants with a wealth of international experience.

In a separate development, Braemar Marine has moved to new London offices in Jewry Street, EC3N 2ER where it will focus its UK and European operations from.

Commenting on the appointments, John Tirel, COO of Braemar Marine Inc, said: “It is a great pleasure to be able to work with highly competent professionals and grow Braemar Marine into the world’s leading marine surveying operation”.

Braemar Marine is also pleased to advise additions to its staff in the USA. Capt. David Ryan joined the team in Seattle in February 2010. David brings 24 years of sea-going experience up to command and surveying positions. David has in-depth experience in Hull & Machinery and salvage operations as a SCOPIC SCR, project cargo warranty, towage, and voyage warranty surveys, shipyards risk assessment, lay ups and reactivation.

The team is further complimented by Chris Jenkins who has joined the company’s Atlanta Head Office. Chris brings over nine years of marine claims experience to Braemar Marine. He has most recently been working on major client assignments in Haiti providing much needed local investigation and reporting. Chris has extensive experience in cargo claims working for both large insurers and TPA firms handling accounts for large domestic and international clients. He holds a BBA in Risk Management & Insurance and Associate in Marine Insurance Management designation (AMIM).

Nigel Carpenter, CEO based in London, said “Building a global marine surveying business demands investment in the best people; these appointments demonstrate the Group’s commitment to such investment.”
—ends—

For Further Information, Please Contact:
Braemar Marine London, Brian Cushing
Braemar Marine Atlanta, John Tirel
Braemar Marine Singapore, Chris Lunda Tel +44 (0) 20 7265 1818
Tel +1 770 392 8871
Tel +65 6222 9282
Elaborate Communications, Sean Moloney Tel +44 (0) 1296 682356

Notes To Editors:

• Braemar Marine is part of the Braemar Shipping Services Group.

• Braemar Shipping Services plc is a leading integrated provider of broking and consultancy services to the shipping industry.

• Braemar Marine provides marine surveying and loss adjusting and other expert services to the marine other industrial sectors.
www.braemarmarine.com

Changes at the helm for Braemar Steege

For immediate release
28 April 2010
ref: 1026

The Board of Braemar Steege Limited is delighted to announce the appointment of Geoff Thomas, OBE, as Managing Director of the company’s London Office with effect from 1st May 2010.

Additionally, Braemar Steege today announces that Grant Smith, former Managing Director of Braemar Steege London, will assume a new role as Managing Director of American Business Development.

Geoff joined Braemar Steege in 2006 after a long and distinguished career in the Royal Navy. His wealth of knowledge and experience has allowed Geoff to develop quickly and he has successfully adjusted numerous high profile energy claims since joining Braemar Steege.

Grant Smith, outgoing MD (transferring to North America) said: “I have worked closely with Geoff during my time in London and I am confident that Geoff’s leadership and management experience will allow him to fulfill the potential for development of Braemar Steege’s business in
London.”

Commenting on the appointment, Nigel Carpenter, CEO of Braemar Steege Group, said: “I look forward to working closely with Geoff in his new role and believe that he will bring a new dimension to the direction of the Company.”

Grant Smith will return to Braemar Steege’s Calgary Office with effect from 1st December 2010, following a short sabbatical. In addition to a daily adjusting role within the Calgary office, he will work with fellow directors Tracy Lloyd (Calgary); Chris Dye (Houston) and Keith Martin (Latin America) to ensure Braemar Steege’s development and expansion throughout North and South America.

Since 1998 Grant has worked throughout the Braemar Steege network of offices. After successfully establishing the Calgary office in 2003, Grant was appointed as Managing Director of London in 2008 where, over the past two years, he has been responsible for recruiting and training numerous adjusters and has overseen significant increase in the office profile and profitability.

Grant said today: “I am looking forward to my return to Canada and to the exciting challenges that lie ahead as we continue to develop opportunities for the Braemar Steege Group throughout the Americas.” 

Nigel Carpenter, CEO of Braemar Steege Group said: “Grant’s desire to return to live in Canada provides us with the opportunity to focus on development of our business throughout the Americas and I welcome the additional support that Grant will thereby give me in development of
the Group as a whole.”

—ends—

For Further Information, Please Contact:
Braemar Steege Ltd
Tel: +44 (0) 207 265 1566

Elaborate Communications, Sean Moloney
Tel +44 (0) 1296 682356

Notes To Editors: 
*  Braemar Steege is part of the Braemar Shipping Services Group.

* Braemar Shipping Services plc is a leading integrated provider of broking and consultancy services to the shipping industry.

* Braemar Steege provides loss adjusting and other expert services to the energy (oil and gas), marine, power and other industrial sectors.

www.braemarsteege.com
icon-pdf  [download id=”207″]

Braemar Shipping Services issues Interim Management Statement

BRAEMAR SHIPPING SERVICES PLC

(“Braemar” or “the Group”) 

15 January 2010
Interim Management Statement

 Braemar Shipping Services plc is today issuing its Interim Management Statement in relation to the period since the six months ending 31 August 2009. 

Business Update
The Group has benefited from a dry bulk market which has been stronger than many expected during much of 2009, particularly in the latter part of the year. This has mainly been due to the continuing high demand from China, and to a lesser extent India, for the import of raw material which has been sufficient to absorb the arrival of new tonnage and for the return of port congestion.  Braemar has also benefited from a good level of sale and purchase activity and demolition broking remains extremely active as the scrapping of older ships, particularly in the container and tanker sectors, continues to grow. For much of 2009 the tanker market rates have been weak due to lower global industrial energy demand and the impact of newbuilding deliveries. But there has been some improvement in rates in recent months and the Group’s transaction numbers remain strong. Additionally, Braemar’s specialised tanker team has won some important new business in recent weeks and the Group is growing its presence in the wet FFA (Forward Freight Agreement) market. 

The established Technical, Logistics and Environmental divisions are all performing in line with expectations. 

The Group’s activities are strongly aligned with world trade – a key driver of shipping – which alongside most large economies has been improving over the past six months.  The prospects for the Group are positive while this recovery continues.

For further information, contact:

 

Braemar Shipping Services plc

 

     Alan Marsh Tel +44 (0) 20 7535 2650
     James Kidwell Tel +44 (0) 20 7535 2881

 

Pelham

 

     Damian Beeley

Zoe Pocock

Tel +44 (0) 20 7337 1508

Tel +44 (0) 20 7337 1532

 

Elaborate Communications

 

     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.

 

Recent Acquisitions

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.

 
Principal businesses:
 

The Group is divided into four businesses:  Shipbroking, Technical, Logistics, and Environmental. This growth has been both organic and by acquisition.

 

Shipbroking

Braemar Seascope provides specialised 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.

www.braemarplc.com

 

Technical

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.

www.braemarsteege.com

 

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.

www.braemarfalconer.com

 

Wavespec provides marine engineering, newbuilding supervision and naval architecture services on a consultancy basis to the shipping and offshore markets.

www.wavespec.com

 

Logistics

Cory Brothers Shipping Agency provides port agency, freight forwarding and logistics services within the UK and Singapore.

www.cory.co.uk
 

Environmental

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.

www.braemarhowells.com

Non-executive team sets tone for future strategy (Tradewinds Jan 8)

 At least some of the credit for Braemar’s strategy must presumably be given to its board of directors and, in particular, its non-executive directors, a breed in general more often ridiculed than praised.

In addition to the company’s four-strong team of executive directors led by the irrepressible Alan Marsh, it has four non-executives, three of whom have significant experience of setting long-term business strategies in the maritime and energy markets.

Heading up the group is Sir Graham Hearne, who has been a director since 1999 and since 2002 also chairman.

Formerly chairman of Enterprise Oil, he ranks as one of the most experienced oil industry executives in the UK.

He is supported by Lloyd’s Register chairman David Moorhouse, who brings experience of his successful years in the offshore markets with John Brown, Trafalgar House and Kvaerner.

Also a director is John Denholm, the private UK shipowner, whose family controls extensive industrial, transport and defence businesses.

The fourth is former senior KPMG partner Richard Agutter, who is the senior non-executive director.

Despite being hit very hard when markets collapsed last year, Braemar’s shares performed well in 2009. They closed the year at 425 pence, just off their recent highs, but still up nearly 65% on the year, valuing the firm at just under £90m.

It is a performance that should have kept its institutional shareholders, which include Majedie, AXA, Legal & General, JP Morgan and Barclays, content.

But of course, as they say in the City, who cares about what happened yesterday? The pressure will be on Braemar to demonstrate it can perform tomorrow.

 By Julian Bray London

Braving the public markets (Tradewinds Jan 8)

 

A London-listed broker has been developing new ‘practical’ revenue streams to keep investor confidence high.  

In the eyes of public stock markets how do you solve a problem like shipbroking?

That might sound like a corny line from an old musical but it goes to the heart of a key issue facing some of the world’s biggest and most influential brokers, several of which are based in London.

Bumper profits made by brokers in the good times are absolutely no problem at all. Even mundane earnings when markets are flat are still acceptable. Cash revenues are always welcome, whether a broking shop is publicly owned or privately held.

The problems come when volatile commission-based income streams run nearly dry when markets crash, with little steadier fee income to soften the blow. That has been the risk in the past year.

For privately owned outfits, the issue is frustrating but manageable: staff can be laid off, costs cut and belts tightened all round.

But for public, stock market-quoted companies, the intense cyclicality of shipping risks eroding hard-won investor confidence, share values and, ultimately, company stability.

So how are London’s major shipbrokers facing up to ever more intense scrutiny from investors looking for steady, long-term earnings growth? Both the market’s two biggest players, Clarksons and Braemar Shipping Services, have nailed their future, perhaps inevitably, to a commitment to growth outside their core shipbroking businesses.

Clarksons – arguably still the biggest beast in the market – is putting its resources into developing an investment and financial services division.

Its board, several of whom are former investment bankers rather than brokers, hopes the strategy will earn significant fee income from financial advisory services.

It is a strategy that fits with peddling an image of shipbroking as just a heartbeat away from the well-padded world of investment banking.

But as the past 18 months have shown, when markets crash and liquidity dries up, so does the appetite for mergers, acquisitions and initial public offerings (IPOs).

Braemar, on the other hand, has quietly taken another route entirely. It has taken a more pragmatic and perhaps less immediately glamorous diversification strategy to focus on other practical – rather than financial – service sectors of the industry.

So much so, its corporate brochure bears the legend “Shipbroking + Technical + Environmental + Logistics” superimposed on the obligatory picture of dolphins frolicking ahead of the bow of a ship.

And so far, the North London-based company appears satisfied with steady results from the strategy.

Quentin Soanes, the Braemar director and broker who heads two of the group’s growing subsidiaries, says the strategy should not be labelled “diversification” but the development of new revenue streams.

Speaking to TradeWinds recently just before heading to Singapore for a management meeting, he says the strategy is fundamental to Braemar’s growth as a publicly listed company (PLC).

Shipbroking is – and clearly will remain – a key core part of Braemar’s business. However, shipping’s relatively small scale in global terms means broking alone simply cannot promise the long-term revenue growth on a scale sufficient to propel Braemar forward as a PLC, he argues.

Soanes, one of Braemar’s four executive directors, foresees in the long-term future that Braemar could be made of four or five complementary businesses, each the size of the shipbroking division.

Already the group’s non-broking activities make up more than one-third of operating profits.

In the half year to the end of August 2009, Braemar made pre-tax profits of £7m on revenues of £57.1m, down from £9.8m on revenue of £69.1m in the same period a year earlier.

But the headline figures only tell half the story. Delve a little deeper into Braemar’s accounts and you find that its non-broking operations helped a little to insulate the group’s results from a sharp fall in shipbroking profits during the slump in shipping markets.

Broking profits fell to £5.5m in the six months to the end of August from £8.9m a year earlier, while its logistics division for example lifted profit to £993,000 from £213,000 over the same period.

Like all other London firms, the overall figures were flattered by the boost provided by the weakness of sterling.

Among the businesses that Braemar has invested in are consultancy, insurance, environmental and technical services.

Soanes says the expansion strategy is driven by looking for complementary connections to its existing businesses.

Braemar group finance director James Kidwell adds that the group respects the divisions between its subsidiaries and does not “cross-sell”.

He says some clients could be “a bit spooked” if they were approached on that basis. However, where clients might benefit from synergies between different Braemar operations “they would be there to help”, he adds.

Offshore engineering consultancy Falconer Bryan was acquired in July 2007 and since renamed Braemar Falconer. Although it has won new contracts in China and Vietnam, the economic downturn has put pressure on chargeable rates for its rig consultancy rates.

Loss adjuster Steege Kingston was bought more recently in March 2008. Now branded Braemar Steege, it has been performing “in line with expectations”. A quiet hurricane season in the Gulf of Mexico was offset by new business from Latin America and Singapore.

Linking with these operations is Braemar Marine, a recently launched marine surveying and adjusting concern for the hull, cargo and protection-and-indemnity (P&I) insurance market.

Denis Petropoulos, a Braemar executive director, adds that the involvement in the offshore sector through these two operations had provided some counter-cyclical insulation from the shipping downturn over the past year.

Further expansion has been generated at Braemar Howells, the group’s oil-spill response and environmental operation, and Cory Logistics, Braemar’s forwarding and ship’s agency business.

Of course, historically, shipbrokers have not proved to be the best owners and managers of non-broking operations.

There have been a number of much-trumpeted acquisitions that have slumped into losses, only to be shut down or sold.

Braemar’s executive team appears aware of the potential pitfalls and appear not to be seeking “trophy” acquisitions.

Soanes says the recent acquisitions are now settling in and will soon be able to generate their own organic growth using their own resources.

The fee-based revenues of its new consulting and service operations offer a good counterbalance to the commission-driven broker earnings.

However, both Soanes and Kidwell admit that the consultancies are not comparable with broking, which when successful generates far higher margins.

That is why Braemar says its expansion will not be at the expense of its central shipbroking team, headquartered in its iconic Conway Street offices.

Petropoulos says it will continue to invest in new talent. And with 50 brokers under the age of 30 in its London head office alone, Braemar’s confidence in its future is clear. 

By Julian Bray London

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Braemar Shipping launches marine adjusting subsidiary (Post Online)

The subsidiary will be a sister company to UK adjusting firm Braemar Steege.

Loss adjuster Braemar Steege’s parent company, Braemar Shipping Services, has launched a new subsidiary called Braemar Marine, which will provide diverse marine surveying and adjusting services to the global maritime, transportation risk and insurance markets.

Braemar Marine commenced operations on 1 August 2009 from its headquarters in Atlanta, Georgia, USA, and has established offices in Los Angeles, Houston, Miami, Seattle and London to enhance existing group marine surveying and adjusting capabilities in Latin America, Australasia and the Far Fast.

The operation is led by John Tirel, executive vice president, with the assistance of Chris Lunda, vice president of global development. Both are based in Atlanta. John Cole is director of the London office.

“This is indeed a unique opportunity to deliver high quality services to the market, having learnt from many years of experience; to put clients first, listen to them and to ultimately produce the sound solutions they need,” said Mr Tirel.

“To achieve these goals and to ensure the objectives we have adhered to, Braemar Marine will only employ the highest calibre of surveyor and adjuster,” he added.

Braemar Marine’s core services will be:

  • Marine cargo surveys and adjustment
  • Project cargo pre‐shipment surveys
  • Loss control management
  • H & M surveys and adjustment
  • P & I representation
  • Third Party Claims Administration services
  • Subrogation and Recovery

Nigel Carpenter, chief executive officer of Braemar Marine and CEO of fellow Braemar Shipping Services Group company Braemar Steege, said: “Due to the similarity of services, Braemar Marine is a perfect fit with our other marine and energy operations. The Braemar Group’s desire is to provide clients with comprehensive quality services. Braemar Marine has been staffed by high class professionals with a wealth of experience and records of success in the marine sector”

New Braemar subsidiary targets project cargoes (Heavy Lift Aug 24)

Project cargo pre-shipment surveys will be a core service provided by Braemar Marine, a new subsidiary launched by Braemar Shipping Services.

Braemar Marine, which commenced operations on August 1st, will provide diverse marine surveying and adjusting services to the global maritime, transportation risk and insurance markets, from its headquarters in Atlanta, USA.

The company has also established offices in Los Angeles, Houston, Miami, Seattle and London to enhance existing group marine surveying and adjusting capabilities in Latin America, Australasia and the Far Fast.

The operation is led by John Tirel, executive vice president, with the assistance of Chris Lunda, vice president of Global Development. Both John and Chris are based in Atlanta.

In addition to project cargo pre-shipment surveys Braemar Marine’s core services will be: Marine cargo surveys and adjustment; Loss control management; H & M surveys and adjustment; P & I representation; Third Party Claims Administration services; Subrogation and Recovery.

Nigel Carpenter, chief executive officer of Braemar Marine and CEO of fellow Braemar Shipping Services Group company Braemar Steege, said: “Due to the similarity of services, Braemar Marine is a perfect fit with our other marine and energy operations.

New Subsidiary: Braemar Marine (Shiff & Hafen, Sept 3)

 

New subsidiary: Braemar Marine

  Braemar Shipping Services plc has launched a new subsidiary called Braemar Marine, which will provide diverse marine surveying and adjusting services to the global maritime, transportation risk and insurance markets.
Braemar Marine commenced operations on August 1st, 2009 from its headquarters in Atlanta, Georgia, USA, and has established offices in Los Angeles, Houston, Miami, Seattle and London to enhance existing group marine surveying and adjusting capabilities in Latin America, Australia and the Far East. The operation is led by John Tirel, Executive Vice President, with the assistance of Chris Lunda, Vice President of Global Development. Both John and Chris are based in Atlanta. John Cole is Director of the London office.Braemar Marine’s core services will be:

  • Marine cargo surveys and adjustment
  • Project cargo pre-shipment surveys
  • Loss control management
  • H & M surveys and adjustment
  • P & I representation
  • Third Party Claims Administration services

•  Subrogation and Recovery 

BRAEMAR SHIPPING SERVICES PLC LAUNCHES BRAEMAR MARINE

Braemar Shipping Services plc has launched a new subsidiary called Braemar Marine, which will provide diverse marine surveying and adjusting services to the global maritime, transportation risk and insurance markets. 

Braemar Marine commenced operations on August 1st, 2009 from its headquarters in Atlanta, Georgia, USA, and has established offices in Los Angeles, Houston, Miami, Seattle and London to enhance existing group marine surveying and adjusting capabilities in Latin America, Australasia and the Far Fast. The operation is led by John Tirel, Executive Vice President, with the assistance of Chris Lunda, Vice President of Global Development. Both John and Chris are based in Atlanta. John Cole is Director of the London office. 

“This is indeed a unique opportunity to deliver high quality services to the market, having learnt from many years of experience; to put clients first, listen to them and to ultimately produce the sound solutions they need,” said John Tirel. 

“To achieve these goals and to ensure the objectives we have adhered to, Braemar Marine will only employ the highest calibre of surveyor and adjuster,” he added. 

Braemar Marine’s core services will be:

  • Marine cargo surveys and adjustment
  • Project cargo pre-shipment surveys
  • Loss control management
  • H & M surveys and adjustment
  • P & I representation
  • Third Party Claims Administration services
  • Subrogation and Recovery

 Nigel Carpenter, Chief Executive Officer of Braemar Marine and CEO of fellow Braemar Shipping Services Group company Braemar Steege, said: “Due to the similarity of services, Braemar Marine is a perfect fit with our other marine and energy operations. The Braemar Group’s desire is to provide clients with comprehensive quality services. Braemar Marine has been staffed by high class professionals with a wealth of experience and records of success in the marine sector”

Ends

For more information please contact:                       

John Tirel:    Tel +1 770 392 8870; Mobile +1 678 662 2929; Email john.tirel@braemarmarine.com

Chris Lunda:  Tel +1 770 392 8873; Mobile +1678 662 2520; Email chris.lunda@braemarmarine.com 

Nigel Carpenter:  Tel +44 (0)207 265 1566; Mobile  +44 (0)7785 541 235; Email nigel.carpenter@braemarsteege.com

John Cole:  Tel +44 (0)207 265 1818; Mobile +44 (0)750 083 9171; Email john.cole@braemarmarine.com 

Elaborate Communications:
Sean Moloney/Debbie Munford:      Tel +44 (0) 1296 682124; Mobile +44 (0)7711142439; Email: smoloney@elabor8.co.uk

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Newbuilding sales fail to set price benchmark (Lloyd’s List, 7th July 2009)

Brokers say new orders do not accurately reflectmarket values, with yard prices expected to fall later this year Tom Leander and Mike Grinter

ASIAN brokers and a shipowner agree that a realistic benchmark price for newbuildings remains as elusive as ever, despite a flurry of orders and resales over the last month.

The shipyards’ orders probably filled slots left by cancelled vessels, rather than added to their orderbook. But nevertheless, there is keen interest in the new price levels, to measure the extent of any fall since the global economic collapse stalled ordering last September.

However, one Shanghai broker said the levels seen may not paint an accurate or representative picture of the market, because of the complex nature of the deals.

He cited the recent Grand China Logistics deal with Zhoushan Jinhaiwai to buy 30 bulkers for $2bn.

Grand China is also buying approximately 50% of the shipyard and “receiving

18 capesizes and 12 kamsarmaxes for its trouble”, said the broker.

He added that the Grand China price probably equated to $40m more than expected, given today’s market price and the cost of construction, which he put at $60m for a capesize and $40m for a kamsarmax.

He was not willing to speculate why Grand China would pay $40m over the odds but rumours that the company may gain a controlling stake of 51% suggested a bailout at the yard.

The Shanghai broker also believed that there was also more than meets the eye in Oman Shipping’s recent $484m order for four very large ore carriers at Chinese yard Jiangsu Rongsheng.

“The price of about $120m per VLOC is said to reflect a discount on last year’s prices of 10%,” he said. “That would imply that the market could support deals of $130m or more. I doubt this is a realistic assessment of the true value.”

It is understood that Oman is taking over four of the 12 VLOCs ordered last July at the yard by Brazilian miner Vale. In turn Vale will lease the vessels from Oman Shipping via a long-term time charter or contract of affreightment.

In the resale market, prices again do not seem to be matching brokers’ expectations.

In a landmark deal, Greece’s Navios Maritime Holdings contracted to buy four capesize vessels sold on by Alba Maritime to Sungdong Shipbuilding of South Korea.

A Hong Kong broker said that price of $81.3m each was perceived to be well over the market price of $60m, despite the vessels having charter parties attached.

The practice of switching orders also continues, with agreed prices adding to the emerging picture for newbuilding benchmarks.

Belgian shipowner Delphis Container Lines last week asked South Korea’s Hanjin Heavy Industries and Construction to change a July 2007 order for four 2,300 teu containerships to three capesize vessels. At $75m each the price is still considerably higher than the $60m-$65m that brokers suggest is a clearer reflection of the market.

But South Korean yards are maintaining what some owners maintain is an inflexible stance on cancellation requests.

One spokesman claimed that with a three-year orderbook their yard was not yet prepared to stoop to owners’ demands.

“There continues to be an unbridgeable gap between what owners are suggesting and we are prepared to offer,” he said. “I doubt that many of the enquiries we are receiving are genuinely serious.”

But some suspect that the resolve of South Korean shipyards is unlikely to outlast the second half of 2009.

Quentin Soanes, executive director of Braemar Seascope, a London broker, said that cash shortages in many yards would drive down prices in the second half of the year – when he expected to see more deals.

“The yards have been cost cutting, and we haven’t seen this reflected in the pricing yet,” Mr Soanes said.

Such a view is endorsed by the director of Singapore’s Pacific Carriers, Keith Denholm, who said that he was sceptical that anything resembling a decisive trigger in the market has yet been pulled.

“I’ve believed for a long time that pricing on newbuildings on panamaxes will eventually return to levels seen in 2000 – around $20m,” he said.

He added that a handful of new deals at discounts of 10% to levels seen one year ago still reflect a market that has not felt the full pinch of reality. 

Instead, he argues that cancellations might appear to be affecting the market but he claims to know for a fact that the assets are still being built.

“With government help they will most likely be sold to national carriers at greatly reduced prices,” he said. “The next stage of the newbuildings pricing meltdown is yet to happen.”

Wavespec opens US office

Wavespec, a leading provider of technical consultancy services to the maritime sector, will formally open a U.S. office in Houston, Texas tomorrow.

Braemar Wavespec USA Inc will initially focus on LNG terminal work, Federal Energy Regulatory Commission (FERC) approval assessments, LNG regasification and storage, floating LNG production and LNG pipeline and peak shaving projects. Future plans include the expansion of current offshore dynamic positioning and failure mode effect analysis services.

The Houston office will begin work on Wednesday July 1st and Braemar Shipping Services plc Chief Executive Alan Marsh will be on hand to see the U.S. team in action.

Wavespec is part of the Braemar Shipping Services Plc group of companies and provides specialist design, engineering and surveying services to the LNG sector, oil majors, ship owners, ship yards and the offshore sector. It is staffed by a highly committed professional team of marine engineers, naval architects and specialists in cargo systems and dynamic positioning. Wavespec’s UK offices are near Maldon, Essex.

Geoff Green, Managing Director of Wavespec, said: “Opening a U.S. office will enable us, working with BS Energy Services, to give the group a complete LNG supply chain capability.”

He continued: “We have chosen Houston for our U.S. office because it is the centre of the oil and gas industry in the States, as well as the offshore industry, and we believe this excellent location will allow us to develop in many different directions. We consider that the new office gives the group a unique position in the market.”