Braemar Shipping Services plc (LSE: BMS), a leading international provider of broking, consultancy, technical and other services to the shipping, marine, energy, offshore and insurance industries, today issues its trading update in relation to the period since the announcement of the interim results on 28 October 2015 to 13 January 2016:
Braemar has made encouraging progress during the period under review and much has been achieved across each division. The success of the Group’s diversification strategy has ensured that positive momentum continues through the Company which is on track to meet its objectives for the year.
Our Shipbroking division continues to perform well in a fast changing and volatile environment. We have seen strong activity in the tanker markets driven by the increase in oil production. Our sale and purchase business has been pleasing though, as expected, the Dry Cargo and Offshore markets remain challenging. We continue to ensure that we have appropriate cost structures across the desks for the current phase of the market cycles.
Our Technical division is performing in line with expectations. In particular, our LNG engineering business has continued to grow, offsetting the effect of the lower exploration activity on our offshore energy related businesses.
Our Logistics division is focused on delivery of long term business development, with particular opportunities in infrastructure projects and geographic expansion. While this is unlikely to have a significant impact in the current year, we are optimistic for the division’s prospects over the longer term.
The Board remains confident that Braemar is on track to meet market expectations for the full year.