Braemar Shipping Services, the UK-based provider, on Tuesday reported its pre-tax operating profit increased 3 percent to $11.4 million for the six months ended Aug. 31 as strong shipbroking activities carried it through what it called a “volatile market.”
Revenue from continuing operations increased 18 percent to $107.2 million as the company expanded its offices in Singapore and gained a license to operate in China.
“The gradual recovery in most shipping markets which began in 2009 continued into 2010 and the financial year began more positively than expected,” said Sir Graham Hearne, chairman of Braemar.
Hearne said the company is embarked on an expansion program into Asia that is designed to even out exposures in any single market.
“The importance of Asia to our business cannot be underestimated and we intend to strengthen our presence significantly in the region,” Hearne said.
“Growth in Asia is expected to sustain the demand for shipping, while the supply of new tonnage will tend to suppress freight rates and vessel values – probably for some time to come. In this environment we expect to see transaction numbers rise but at lower average commissions,” Hearne said.
Revenue from continuing operations increased 18 percent to $107.2 million as the company expanded its offices in Singapore and gained a license to operate in China.
“The gradual recovery in most shipping markets which began in 2009 continued into 2010 and the financial year began more positively than expected,” said Sir Graham Hearne, chairman of Braemar.
Hearne said the company is embarked on an expansion program into Asia that is designed to even out exposures in any single market.
“The importance of Asia to our business cannot be underestimated and we intend to strengthen our presence significantly in the region,” Hearne said.
“Growth in Asia is expected to sustain the demand for shipping, while the supply of new tonnage will tend to suppress freight rates and vessel values – probably for some time to come. In this environment we expect to see transaction numbers rise but at lower average commissions,” Hearne said.