Braemar Shipping Services says it results are “on track” to meet full year expectations in a trading update.

Braemar said that in the period 28 October 2015 to 13 January “encouraging progress” had been made.

“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,” the company said.

It said that its shipbroking division continued to perform well and it had seen strong activity in the tanker market although dry bulk and offshore remained challenging.

“We continue to ensure that we have appropriate cost structures across the desks for the current phase of the market cycles,” Braemar said.

The company’s technical business was seen as performing in line with expectations with its LNG engineering business continuing to grow.