Cory Provides Solution For Weighty Transport Problem

International logistics expert Cory Logistics solved a weighty problem when it transported four 36 tonne, 20m long loading arms and ancillary equipment from UK fishing town Whitstable in Kent to Antwerp, Belgium, bound for Indonesia.

Cory provided a 100 ton mobile crane in order to lift the four loading arms, each measuring 19.3m in length with a maximum width of 2.83m and a height of 3.71m. Each piece weighed in at 36,450.00 kilos.  The loading arms form part of a for an offshore gas installation unit.

Special extendable, semi-low loader trailers were then used to accommodate the loading arms on their journey to Purfleet docks where they were transported to Antwerp for shipment on a charter vessel to Indonesia where they will be used for loading LNG from terminal. The loading arms had an awkward centre of gravity which meant special care had to be taken to ensure they were loaded safely on to the trailers. Once loaded, special cradles were used to support the loading arms.

Cory also provided four sliding roof mega-trailers to carry ancillary machinery, each piece measuring 919cm x 225cm x 275cm and weighing  8,900.00 kilos, and three 40ft high cube containers to load an additional 21 tonnes of machinery parts.

Project manager Steve Barnwell said: “As the cargo was extremely fragile and out of gauge it proved to be a particularly complicated load which required our dedicated attention throughout the two-day loading process.”

John Van Bergen, Managing Director of Cory Logistics, said: “Transporting large and unusual loads like this is what we excel at. We aim to meet our clients’ needs however challenging they may be and our dedicated logistics teams have excellent problem solving skills.”

Cory Logistics Opens New Offices In Heart of UK

CORY LOGISTICS OPENS NEW OFFICES IN HEART OF UK

Cory Logistics has expanded with a new office in Birmingham to boost its capabilities through this central location in the heart of the UK.

The new office at the Waterside Centre in Solihull Parkways, complements the company’s other locations in Cardiff, Edinburgh, Manchester, Southampton and Tilbury. It will benefit from the region’s extensive road, sea and air freight facilities and will work closely with Cory’s Manchester and Tilbury centres to further develop the company’s European road freight services from the Midlands area.

Mark Cooke, a Cory Brothers Director, said: “It might be almost as far away from the sea as you can get in Britain with not a ship in sight, but by opening this new office we are demonstrating the importance we place on being close to our customers.

The Midlands is a key segment in the logistics industry and this new office will provide a personal service to both existing and new customers within this crucial local economy,” he said.

Contact Cory Logistics (Midlands) at:
4200 Waterside Centre
Solihull Parkway
Birmingham Business Park
Birmingham, B37 7YN
Tel; +44 (0) 121 717 4707
Email: corybirmingham@cory.co.uk

—ends—

  • Cory Brothers and Cory Logistics are part of Braemar Shipping Services Plc.

Cory Plans For The Coldest Journey

Logistics expert Cory Brothers will be ensuring the start of Sir Ranulph Fiennes’ trans-Antarctic expedition gets underway without hitch by lending its agency and logistic services while the research ship, SA Aghulas is berthed on the Thames.

The expedition, named The Coldest Journey, will be the first time anyone has attempted to cross the Antarctic during winter and will see Sir Ranulph and his team collect research and data on a journey spanning 20,000 miles over a six-month period in temperatures as low as -70 degrees Celsius.

Cory’s involvement will include booking berths, pilots and tugs, informing customs, immigration and local police, ordering water and waste disposal, organising crew transfers and obtaining ship spares and charts.

Kevin Gorman, Managing Director of Cory Brothers, said: “We are delighted to be associated with this exciting project and are proud to have been selected to provide agency and logistics services for such a pioneering venture.”

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

Cory Logistics Ships 65te Pilot Boat to East Africa

Logistics expert Cory Brothers has just completed a pilot boat manoeuvre from Pembrokeshire to Kenya for commercial boat builder Mustang Marine.

The boat was loaded directly from water onto a OXL heavylift vessel with 300te lifting capacity.

Cory logistics project managed the full spectrum of services for the client including heavylift vessel agency, customs documentation, warranty surveying, insurance and managing technical issues.

Mike Bryant of Cory Logistics said: “We were delighted to successfully complete this project which was part of our expanding operations in Wales. We have a strong commitment to the Welsh market since opening our Cory office in Cardiff earlier this year”.

Nahoda II, is a 22.4m pilot boat which will be used by the Kenyan Port Authority in the Port of Mombassa. Designed for operation in most weather conditions, Nahoda II has been built to operate for up to 3,000 hours per year at speeds over 20 knots. She is equipped to carry 12 persons made up of pilots and crew.

Kevin Lewis, Managing Director of Mustang Marine commented: “This is the fourth pilot boat we have built for the export market – the other three are already operational in China – and we have used Cory Logistics every time because they provide a high quality and cost effective service”.

Help – One Of Our Ships Is Missing!

That’s NOT a phrase you will hear from shipping companies operating the worldwide vessel monitoring software ShipTrak!! Wherever your vessel is, with ShipTrak’s unique software, you’ll be in the know.

Developed in-house at Cory Brothers, by their own programmers, ShipTrak was designed to help monitor the company’s own vessel operations across the world. Now Cory Brothers has made the software available to its customers to ensure the vital information and updates they need are at their fingertips too, 24/7.

ShipTrak is a web-based application that holds every detail of vessel operation. Ship operators can log on wherever in the world they are – from the office, from a hotel lobby, from the home pc, anywhere they find themselves right across the world – and find all the information they need.

Using ShipTrak also means less paperwork, fewer emails and huge time-savings all round. So rather than receiving a torrent of updates in various formats and from different sources, you simply log on to the ShipTrak website. Not only can you access information in real time, but you can easily create reports and view essential financial data – everything from cost estimates to purchase invoices and disbursement accounts, scanned documents can be e-mailed direct to the system for viewing, printing or forwarding.

ShipTrak has been specifically designed and tailor-made with its users in mind, to provide a very detailed log of events. At any stage, for any number of vessel operations, you can compare projections with invoices, schedules and survey costs. Being based on Java software, ShipTrak interfaces and can exchange data with other shipping-based systems and common office software programs.

Kevin Gorman, Cory Brothers Shipping Agency Managing Director, says: “We, and our shipping partners, use ShipTrak every single minute of the day and we find it an essential tool. It is “platform independent” so you can use ShipTrak on your PC, Mac, mobile phone – anywhere you have an internet connection and a web browser! It can analyse any type of data, whether it be operational or financial, and thereby create all types of reports for our clients which is extremely beneficial financially and commercially. In addition, our in-house designers are working continuously to create useful new features and refinements too and provide support and advice to users.”

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Cory Brothers Begins Agency Operations In Gibraltar

Cory Brothers Shipping Agency is pleased to announce it is now able to offer Shipping Agency services in Gibraltar in conjunction with its partner, the Gibunco Ship Agency, part of the Gibunco Group.

Cory Brothers, together with Gibunco Ship Agency, brings a wealth of experience to Gibraltar in Port Agency, Bunker Agency, STS Operations and Logistical solutions. Operating in the Port of Gibraltar adds strategically to Cory Brothers’ continuing global expansion, complimenting the companies’ Singapore office and Far Eastern activities as well as its presence in Europe and South America.

Announcing the expansion, Cory Brothers Shipping Agency Managing Director, Kevin Gorman, said: “This move demonstrates that Cory Brothers is moving forwards into areas where we can add value to our international services for existing and new customers. Combined with our Ship Trak system and our market intelligence this consolidates first class agency services which are provided by our professional agency personnel who have a wealth of experience in this field.”

Gibunco Ship Agency Commercial Manager, Ivan Vallejo, added: “We are delighted to welcome Cory Brothers to Gibraltar as our partners. They have an established history in Ships Agency stretching back over 160 years, which adds to Gibunco’s own 50-year track record in Gibraltar.

Together we will bring many benefits with our vast experience in agency and our bunkering activities around the Globe.”
—ends—
Notes to Editors:
The Gibraltar Office can be contacted at:
Cory Brothers Shipping Agency Ltd (UK)
Nr. 4 Jetty, North Mole
GX111AA Gibraltar
Tel: + 350 200 46901
Fax + 350 200 63489
Out of hours: + 350 200 50490
Email: Corygib@Cory.Gi

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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

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Cory Logistics Delivers Production Line To India

Cory Logistics is currently concluding a three-month project to transfer steel manufacturing plant from Sheffield in the heart of the UK, to India.

The company, part of Braemar Shipping Services plc, will transport 140 feu container loads and some 4,500 freight tonnes of break bulk cargo from UK ports Felixstowe and Hull to Chennai.

To tackle the large task, Cory Logistics has put together a dedicated team of transport, freight and chartering staff to oversee the transfer of the steel softener and de-scaler line’ from a redundant Sheffield Steel Mill to its new home in India. Further machinery is set to be moved later this spring.

Mark Harding, Cory Commercial Director, explained: “We are fortunate to have all the capabilities under one roof to handle a cargo this large. Although the planning has been complex and challenging, having a dedicated team on the task has enabled us to offer a competitive advantage.”

Over the past few months Cory, working jointly with Canadian SCAC, has shipped the 140 containers through Felixstowe. The 4,500 tonnes of break bulk cargo was first transferred to Hull. With oversized, individual pieces of more than 12 metres in length, up to 5 metres wide and weighing more than 30 tonnes, the Cory team has to plan its movement in relation to UK road restrictions.

As the first phase of this project draws to a close the cargo will soon ship from Hull to Chennai. Phase two of the project is due to start in May when Cory Logistics will move other steel production line machinery from the redundant Sheffield mill on behalf of the India-based buyer.

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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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Windfarms Help Take Cory To Fivefold Profit Increase

Cory Brothers, the international agency and logistics expert, is approaching 2010 optimistically after latest figures reveal it has generated a five-fold increase in profits over the past six months thanks to increased business across the board and particularly through its involvement with the growing offshore windfarm sector.

Cory, which has offices throughout the UK and in Singapore, is part of Braemar Shipping Services plc. Recently announced interim results revealed that Cory Brothers had a turnover of £16 million, for the six months to the end of August, with a £1 million operating profit.

John van Bergen, Managing Director, says: “We have had a good year through the hard work of our team and by making the most of new opportunities. We’re very proactive and we’re good at keeping our ear to the ground.”

The company has adapted – creating subdivisions Cory Energy and Cory Renewables – to react to the recent growth in the renewables and windfarm industry, particularly in the UK’s East Coast area. “It’s an interesting operation bearing in mind that most of this goes on offshore,” John van Bergen observes, “These windmills are huge, absolutely staggering things.”

Cory has benefited from being part of Braemar. Mr van Bergen explains: “Being part of a plc shows we are reliable and secure as well as enabling us to invest,” he says. And he further attributes Cory’s rise to its wide coverage for key ports and its capability to generate business – “We truly believe that Cory is uniquely placed,” he points out. “There is nobody in the UK that has the coverage that we have in the geographical locations we have. We can advise principals on what is strategically the best port for them – geographics come into that but also economics, and we can advise on both. In addition, we have a centre of excellence in relation to letters of credit, which I don’t think that many people do today. We produce accurate, timely documentation which is import in today’s world.”

As 2010 dawns, John van Bergen says Cory Brothers are optimistic for the future. “ We are aiming to extend our overseas network and to get more involved in the energy business,” he says, adding, “I love this business – every day is a fresh, new challenge!”

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RMR Rolling on

Cory Brothers Shipping Agency is delighted to announce the operation of a new route between Dublin, Ireland and Tin Can, Lagos, Nigeria.

The new monthly route commences on Monday September 28th 2009 and is provided by RMR Shipping BV. RMR Shipping has many years’ experience in exporting used vehicles, machinery and plant equipment to West Africa.

Headquartered in The Netherlands, with a vast worldwide presence, RMR works closely with local Port Authorities to provide an optimal, efficient and seamless service to its clients.

Lagos, Nigeria is the primary destination port for RMR, with additional calls in Monrovia, Liberia. Large Roll-on/Roll-off vessels, of some 2,500 metre lanes, are deployed on this route, providing an essential, regular, and direct service to Nigeria (with a transit of just 18 days).

Cory Brothers Line Manager for RMR, Mike Soper, is also proud to officially announce the appointment of Trinity Shipping as our local agent for Ireland.

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Cory Beats The Drums To Celebrate Dal’s Success

Leading UK port and logistics company Cory Brothers Shipping Agency beat the drums in London last week when it laid on a South African barbecue in honour of its leading client, DAL.

Guests were enthralled by Zulu dancers as they munched on ostrich burgers washed down by South African wines and beers. Cory Brothers’ Managing Director John van Bergen took to the stage – but only to introduce the native dancers, not to join in their energetic routines!

Privately owned Deutsche Afrika-Linien/ John T. Essberger Group, known universally as DAL, were represented during the ‘Infotainment Evening’ by Mr. Michael Davies Director and responsible within DAL for the South African trade. He outlined to guests how DAL has been serving South Africa for more than 100 years and, since containerisation of the trade in 1977, as a founder member of The South African Europe Container Service (SAECS). Mr Klaus-Dieter Lahlah The Director Liner Services gave details of the Indian Ocean service between North Europe and Port Reunion, Port Louis and Tamatave.

DAL now operates in the UK independently within the SAECS Service and is represented by Cory Brothers Shipping Agency Limited, guaranteeing customers a highly efficient and fast container service between Bremerhaven, Tilbury and Rotterdam to The Canary Islands, Cape Town, Port Elizabeth and Durban, with rail and road links to the African interior as well as dedicated feeder links to East London, Walvis Bay, Maputo, Beira and Nacala.

Part of the Braemar Shipping Services Group, Cory Brothers Shipping Agency itself has a long maritime history, spanning more than three centuries. Mr Van Bergen said: “The evening was a great success and we all learned more about South African culture as well as our mutual businesses.”

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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.