Business
Trading Statement
Trading Statement.
About this update from Braemar Plc
[{"type":"text","content":"\n Braemar Shipping Services PLC\n20 September 2007\n\n\n\n\nFor immediate release 20 September 2007\n\n\n\n Braemar Shipping Services plc\n\n\n Trading update\n\n\n\nThe following announcement is a trading update for Braemar Shipping Services PLC\nsubsequent to its half-year end on 31 August 2007. The interim results will be\nannounced to the market on Tuesday 23 October 2007.\n\n\n\nOverall trading to date has been better than we had expected when the first\ninterim management statement was made at the AGM on 20 June 2007, despite a weak\nUS dollar. Pre-tax profits for the first half just ended are expected to exceed\nlast year's second half profits of £6.0 million.\n\n\n\nActivity levels and revenues in shipbroking are well ahead of the first half of\nlast year. Of particular note are strong performances in newbuilding, offshore\nand dry cargo chartering where we have increased our presence and freight rates\nhave been at record levels. The results will also benefit from the full\ninclusion of our container desk which has also performed well. While tanker\nchartering rates have generally been lower, the number of transactions concluded\nhas more than offset the rate effect. The Company's forward book has again grown\nsubstantially over the first half to a new record level, due to additions in\nnewbuilding orders and long term time charter business.\n\n\n\nOur other business segments have also performed well with increased revenues in\nthe first half.\n\n\n\nIn particular DV Howells provided a range of services for a stricken container\nvessel while it was beached off the coast of Devon resulting in higher first\nhalf revenue than expected. Wavespec and Cory have both performed steadily and\nahead of the last half.\n\n\n\nFalconer Bryan, our new Far East based technical shipping services business\nwhich was acquired in July, has been trading as expected and two months of\nprofits will be included in the interim results.\n\n\n\nWe stated in May that we were reviewing options for the bunker business and as a\nresult we have ceased activity in Bunker trading as of this month although the\ninterim results will include the activity for the whole of the period.\n\n\n\nAlan Marsh, Braemar Shipping Services, Chief Executive Officer, commented:\n\n\n\n'We have had a very strong performance across the business in the first half and\nth...