Braemar Shipping resists market turmoil with strong first-half performance
18 June 2008
Braemar Shipping has reported trading ahead of expectations in the first half of the year with indications that profits should be well ahead of both last year's first and second half pre-tax profits of £7.1 million and £7.6 million respectively.
Reporting at the company’s AGM, chief executive Alan Marsh said market conditions had continued to be favourable for the group with no significant adverse impact of either the global credit squeeze or the rise in the oil price.
“The outlook for the year as a whole remains positive while these conditions prevail,” he noted.
Marsh added that Braemar had enjoyed booming freight rates in the dry bulk market, with wet chartering also seeing a period of notable strength. Elsewhere, shipbroking income was ahead of the first quarter of last year and activity levels have been high.
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