Braemar improving as ACM merger continues


Braemar Shipping Services has reported a stronger quarter for its shipbroking and technical divisions as its merger with ACM shipping progresses.

Speaking at the company's annual general meeting on 4 July, chief executive James Kidwell stated that for shipbroking the quarter had seen an improvement over the previous year: "The early signs of improvement in the shipping markets have led to an increase in the total forward order book of that division compared with the forward order book at 31 May 2013. In particular the Offshore and Sale & Purchase Departments have performed well, as expected."

The dry cargo department improved significantly, while weaker rates in the tanker sector were offset by involvement in some major long-term gas charters.

Gas also contributed to the work of Braemar Engineering, as it continued work on six LNG carriers and other LNG projects.

Braemar is confident in its prospects for the year and the management stated it "is pleased with the progress to date of the Merger with ACM". The full year results for Braemar will be largely dependent on whether the merger becomes effective within this year or the next, as ACM's contributions will need to be taken into account as well as costs relating to the merger.

Source from : Seatrade Global