Braemar Shipping Services posts strongest ever results as markets rebound
12 May 2009
Ship broker Braemar Shipping Services has unveiled its strongest ever annual results on the back of what it called an unprecedented industry boom over the last three years.
Pre-tax profits were up 10% to £16.2 million as Braemar continued to benefit from increased diversification across its marine services business.
The company said it was now sitting on an estimated forward order book deliverable in 2009/10 of £29 million, up from £27 million in 2008. Its non-broking businesses now represents 25% of group operating profits.
Braemar’s chairman, Sir Graham Hearne, said that since August 2008, with the contraction of credit and weaker economies, freight rates and vessel values had reverted to pre-boom levels.
“Our activity is higher than we might have expected with transaction volumes remaining steady and the strength of the US dollar has a positive effect on our results,” he added.
Chief executive Alan Marsh, noted that while shipping had been severely affected with reductions in both rates and vessel values, Braemar had maintained, and in many areas increased its market share. He added that the company was well-structured to perform positively in the current climate.
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