Braemar Shipping Services PLC AGM Trading Update and Appointment of Interim CFO (2778S)

TIDMBMS

RNS Number : 2778S

Braemar Shipping Services PLC

22 June 2018

BRAEMAR SHIPPING SERVICES PLC

("Braemar", "the Company" or "the Group")

22 June 2018

AGM Trading Update and Appointment of Interim CFO

Braemar Shipping Services plc (LSE: BMS), a leading provider of broking, financial, consultancy, technical and logistics services to the shipping, marine, energy, offshore and insurance industries will make the following trading statement today at its Annual General Meeting:

The Group's overall trading performance during the first quarter of 2018/19 has been in line with the Board's expectations.

Shipbroking

The shipping markets are largely unchanged since the preliminary results announcement in May. Strong commodities demand continues to drive the dry bulk market, while the tanker freight market remains at below average levels. Our sale and purchase activity was supported by fleet transactions in more than one sector and has contributed to our strong forward order book.

Financial

Braemar-NAVES has had a strong first quarter, concluding several refinancing transactions as well as providing advisory services to purchasers of shipping debt portfolios, and has traded ahead of the Board's expectations. These activities draw together several of our services and now represent a core and growing part of our business.

Technical

Trading activity remains relatively subdued, especially in Offshore, but the level of fresh enquiries is providing encouragement.

Logistics

Braemar's port agency and hub management business has had a strong first quarter assisted by improved performances from overseas operations which are being developed. These are offset somewhat by lower freight forwarding activity.

Outlook

The Board's expectation for the year remains unchanged and the Group as a whole is trading in line with market expectations.

Appointment of Interim CFO

We are pleased to announce the appointment of James Hayward as Interim Chief Financial Officer. He will take over Louise Evans' responsibilities following the AGM. We have commenced our search for a permanent Group Finance Director and a further announcement will be made in due course.

The Group will release its interim results for the six months ending 31 August 2018 on Thursday 25 October 2018.

For further information, contact:

 
 Braemar Shipping Services 
  James Kidwell, Chief Executive          Tel [phone] 
 
 Stockdale Securities 
  Robert Finlay / Antonio Bossi / Henry   Tel [phone] 
   Willcocks 
 
 Buchanan 
  Charles Ryland / Stephanie Watson       Tel [phone] 
   / Tilly Abraham 
 

Notes to Editors:

About Braemar Shipping Services plc

Braemar Shipping Services plc is a leading international provider of knowledge and skill-based services to the shipping, marine, energy, offshore and insurance industries. Founded in 1972, Braemar employs approximately 800 people worldwide across its Shipbroking, Technical, Logistics and Financial divisions.

Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.

For more information, visit www.braemar.com.

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June 22, 2018 07:27 ET (11:27 GMT)