Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up

Braemar Shipping trading in line after 'strong' start to financial year

Wed, 19th Aug 2020

Shipbroking and other maritime services provider Braemar Shipping Services said it had traded 'strongly' since the beginning of the new financial year, with trading expected to continue in line with previous expectations. The company said its shipbroking division had overcome Covid-19 related operational challenges and a downturn in global trade. 'This has been driven by the tankers desk where the volatility in the oil markets in March and April led to high spot and long-term charter rates,' it said. 'Although this volatility has now subsided and rates have fallen back to more normal levels, other desks such as sale and purchase, dry cargo and the Braemar Atlantic Dry FFAs have steadily improved their performance as the coincidence of the oil market imbalance and the initial Covid-19 shocks to the global economy have eased.' Overall revenues for the division for the first five months of the year were running higher than management expectations and above the same period last year. Braemar said there were 'clear indications' that the division would meet management expectations for the full year. In the financial division, meanwhile, the company said volatility in global markets had led to a number of opportunities in areas of restructuring, recapitalisation and loan portfolio management. Retainer income had also been robust for advisory services. 'In recent weeks, a number of significant success fees have been invoiced ensuring that the first half of the current financial year will be ahead of the previous year and in line with management expectations,' Braemar said. Logistics trading had been in line with expectations, with freight forwarding seeing revenue shortfalls due to Covid-19-related slow-down in activity, offset by cost management. Braemer said a strategic review of its engineering division was nearing completion. At 2:46pm: (LON:BMS) Braemar Shipping Services PLC share price was +7.5p at 142p Story provided by

FTSE 100 Latest