• 2019 October 27 16:51

    Braemar Shipping Services announces unaudited interim results for six months 2019

    Braemar Shipping Services plc (LSE: BMS), a leading international provider of shipbroking, financial advisory, logistics and engineering services principally to the shipping and energy industries, today announces its unaudited half-year results for the six months ended 31 August 2019.

     

     

     

    OPERATIONAL KEY POINTS
    Strong performance from shipbroking, especially in second quarter, achieving 9% revenue growth and underlying operating profit growth of 16% in the first half
    Benefits of investment across shipbroking division now evident, improving the balance in broking strengths
    Divestment of the Offshore, Marine and Adjusting businesses completed in June 2019
    Steady trading in Logistics with performance unchanged
    Financial division busy with a growing pipeline of mandated business and retainer income but saw low transaction completions in the period
    Appointment of new Chairman and Finance Director in the period creating a refreshed Board to focus on strategic growth
    FINANCIAL KEY POINTS
    Revenue in the first half was £59.5 million, showing growth of 4%
    Underlying operating profit from continuing operations maintained at £3.7 million (Reported operating loss reduced from £2.3 million to £1.1 million)
    Interim dividend maintained at 5.0p
    Net debt of £18.8 million (2018: £9.3 million) from increased utilisation of revolving credit facility
    Trading for the full financial year remains in line with current expectations
    * Underlying profit measures above are before non-recurring specific items, including acquisition-related charges

    ** Reported results from continuing operations only

    Reconciliation of underlying profit before tax to reported (loss)/profit before tax for the period from continuing operations:

     

     

     

    Acquisition related charges includes costs directly associated with the purchase of NAVES and Atlantic as well as the run off of the equity-based retention programme established in connection with the merger with ACM Shipping Group plc. Exceptional costs relate to restructuring costs in the Logistics division and Board changes during the period.

    Ronald Series, Executive Chairman of Braemar, commenting on the results and the outlook said: “I am pleased to report strong performance in our core Shipbroking division. Our investment in the division has positioned it well to capitalise on the improving conditions across the shipping markets. This investment coupled with our longstanding track record and reputation as a leading global shipbroker underpins our revenue growth. The Financial division remains very busy although its profitability continues to depend on the incidence and timing of completed transactions. The management team continues to work hard in focussing the business in each of our core areas. The Board has been significantly refreshed in recent months and is focused on returning Braemar to growth.  We look forward to the second half with confidence and our trading for the full financial year remains in line with our expectations.”


2020 July 8

18:11 Carnival Cruise Line sets ship delivery changes and related deployment plans
17:50 POWERGLOBE seeks for 10 years LNG vessel charter-agreement
17:27 Maritime partners unveil Autonomous Guard Vessel
17:03 THE Alliance announces COVID-19 response measures for August 2020
16:48 SaR operation in Singapore: man overboard incident
16:20 Throughput of Rostov-on-Don port in 6M’2020 grew by 10% Y-o-Y
16:13 Maritime industry calls for EU political leadership on seafarers
15:23 Port of Antwerp total throughput down by 4.9% in H1 2020
14:03 Wärtsilä introduces the system, designed to reliquefy boil-off gas onboard gas carriers and LNG bunker vessels
13:45 RF State Duna adopts a package of laws on privileges in the Arctic
13:12 PD Ports wins major pipeline contract with Global Manufacturer at Hartlepool
12:44 DCSA publishes standards for digital exchange of operational vessel schedules
12:18 Germany takes over HELCOM chairmanship
12:11 Seanergy Maritime announces agreement to acquire a Capesize vessel with prompt delivery
11:55 Russian Fishery Company fleet renewal to reduce carbon footprint by 50%
11:29 Pella Shipyard delivers patrol boat of Project 03160
11:04 Austal delivers first of two 118 metre trimarans to Fred. Olsen Express
10:43 Barcelona Cruise Port obtains the 'Safe Travels' Stamp, as safe infrastructures preventing COVID-19
10:32 Throughput of Rosterminalugol in HI’2020 grew by 10% YoY
10:04 ESPO says EU Taxonomy should align with already defined sectoral sustainability criteria
09:40 Oil prices continue decreasing
09:37 MABUX: Bunker market this morning, July 08
09:23 Bunker prices rose at the Port of Saint-Petersburg, Russia (graph)
09:08 Baltic Dry Index as of July 7

2020 July 7

18:06 ZIM unveils new digital services
17:49 Great Arctic Regatta started in Saint Petersburg
17:27 Crude exports via Kozmino in HI’2020 grew by 5% YoY
17:02 Deepsea Atlantic drilling rig returning to Johan Sverdrup
16:35 Optimarin successfully completes IMO G8 and USCG test programme
16:12 Alfa Laval takes its service offer to the next level through remote service guidance
15:56 New ferry line Baltic Link launched at the port of Riga
15:28 RF Government allocates RUB 320 million to subsidize shipping companies
15:02 ABP delivers project cargo using North Lincolnshire’s waterways
14:32 Air Liquide and the Port of Rotterdam Authority launch initiative for hydrogen road transport
14:02 Konecranes to deliver mobile harbor crane to new terminal in Trieste
13:46 Bunker prices rise at the Far East ports of Russia (graph)
13:32 KNOT concludes long-term charter contract with PetroChina for shuttle tanker
13:11 CMA CGM announces GRR from Asia to West Africa
12:49 Throughput of Vostochny Port in HI’2020 grew by 6% YoY
12:30 GTT Training and Wavelink Maritime Institute in collaboration to deliver LNG training in Singapore
12:23 Tom Hautekiet becomes new CEO Port of Zeebrugge
12:01 IMO endorses guidance on ensuring seafarers’ access to medical care onshore
11:58 NRP facilitates long-term financing for a newbuilt arctic container vessel
11:00 The CMA CGM Group simplifies its trade network on the Transpacific trade
10:52 First jacket successfully installed at Moray East, Scotland’s largest offshore wind farm
10:52 Aker Arctic joins ePIcenter project
10:14 MABUX: Bunker market this morning, July 07
10:08 Zvezda shipyard starts steel cutting for nuclear-powered icebreaker Rossiya, Project 10510
09:31 Oil prices are decreasing
09:13 Baltic Dry Index as of July 6
08:40 Klaveness Combination Carriers secures the first sustainability linked bank financing in Norwegian shipping

2020 July 6

19:07 Equinor awarded framework contract for engineering and installation services on Statfjord
18:27 CMA CGM to launch Round the Africa service
18:07 APM Terminals Buenos Aires facilitates first ever export of lemons from Argentina to China
17:31 Northern Sea Route cargo traffic in 6M’2020 reached 14.8 million tonnes
17:30 Kloosterboer starts construction of Cool Port II at City Terminal Rotterdam
17:06 ArcelorMittal issues invitation to tender for heat network in North Sea Port
16:45 Damen delivers five zero emissions propulsion ferries to Arriva in Copenhagen
16:12 Kvaerner improves financial results and outlook
15:32 Average wholesale prices for М-100 HFO fell to RUB 9,623 in RF spot market