Board Change

7 April 2021

BRAEMAR SHIPPING SERVICES PLC

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

Board Change

Appointment of new Chairman

Braemar, a leading international Shipbroker and provider of expert advice in shipping investment, chartering and risk management, is pleased to announce the appointment of Nigel Payne as Non-Executive Chairman and a director of the Company with effect from 1 May 2021. Nigel will also chair the Company's Nomination Committee.

Nigel has a wealth of experience of leading publicly listed companies, both as Chairman and CEO. He is currently Non-Executive Chairman of Gateley Plc and a Non-Executive Director of GetBusy Plc, and was the CEO of Sportingbet Plc from 2000 to 2006.

Nigel will succeed Ron Series, who, as previously announced, has decided to step down as Chairman and will leave the Board on 30 April 2021.

James Gundy, Group Chief Executive Officer of Braemar, said: "I am delighted to welcome Nigel to the Board. He is joining Braemar at an exciting time in the development of the Group, and I look forward to working with him as we deliver on our new growth strategy centred on Shipbroking. I would also like to thank Ron for his contribution to Braemar over the last two years and wish him well for the future."

Ron Series said: "With the progress that has been made on refocussing Braemar's strategy on its shipbroking heritage, and in positioning the Group to enable it to grow and build on this strong base, I believe that this is an appropriate time for me to step down. I am pleased to welcome Nigel to his new role, and to wish him and James and the Board well as they take the Company forward."

Nigel Payne said: "I am excited to be joining the Board of Braemar. I believe there are significant growth opportunities for the Group's specialist and valuable services and I look forward to working with the Board and the management team to help Braemar focus and deliver on this exciting new strategy for the benefit of all stakeholders of the Group."

Additional Listing Rule 9.6.13 disclosures

Nigel was Non-Executive Chairman of EG Solutions Plc from June 2016 to November 2017, when it was acquired by Verint Systems, and Non-Executive Chairman of Stride Gaming Plc from December 2014 to October 2019, when it was acquired by Rank Group Plc. Nigel was also Non-Executive Chairman of ECSC Group Plc from November 2016 to April 2018.

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Notes to Editors:

About Braemar

Braemar is a leading international Shipbroker and provider of expert advice in shipping investment, chartering and risk management. Braemar employs approximately 530 people in 30 locations worldwide across its Shipbroking, Financial and Logistics divisions.

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

For more information, including our investor presentation, visit www.braemar.com