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Braemar Shipping Services First Quarter Largely Meets Expectations.

(Alliance News) - Braemar Shipping Services PLC said ahead of its annual general meeting on Wednesday that its first quarter trading was in line with management expectations, giving a positive outlook for the rest of its financial year.

Shares in the port and shipbroking services provider remained flat at 180.00 pence on Wednesday.

In the company's Shipbroking division, performance was strong, and ahead of budget for the first quarter ended May 31, compared to the same period the year before.

Braemar said its newbuilding activity was strong in recent months and has added to the forward order book.

Although Dry Cargo chartering rates started weakly due to Brazilian iron-ore supply interruptions and Tanker chartering was hit was weaker oil demand and unusually high delivery of new vessels, Braemar said it has started to see improvements in both markets.

The Financial unit has remained active across several advisory and refinancing projects, and its retainer fee base has remained strong. The company expects revenue to be driven by its ability to deliver success fees from completed projects, but Braemar said this is "difficult to predict".

The Engineering business for the period traded in line with expectations. The unit has a number of liquefied natural gas projects due to start later in the year

Braemar's Logistics, however, traded slight below expectations due to the mix of business.

However, the company said it has started cost-savings initiatives, including the downsizing of office facilities, and has renewed two customer contracts, which will help to underpin revenue for the rest of the financial year.

By Dayo Laniyan; dayolaniyan@alliancenews.com

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Publication:Alliance Newswire
Date:Jul 3, 2019
Words:272
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