Braemar Shipping Services Faces Tough Times

braemar shipping servicesLONDON–Braemar Shipping Services PLC (BSM.LN), an international provider of shipping, marine and energy services, said Wednesday its Shipbroking division continues to face challenging conditions, with excess shipping capacity in most sectors affecting values and rates.

MAIN FACTS:

-An increasing proportion of Braemar’s business is now done on the spot market; there were no significant changes in the market conditions in the past three months.

-Braemar Technical Services performed in line with management’s expectations; process of creating a single business unit is well underway.

-Logistics division, Cory Brothers, performed in line with management’s expectations; business in Singapore has continued to grow.

-Revenue from the Environmental division was boosted by 15 million pounds in the first half by the work on the MSC Rena in New Zealand; in the third quarter revenue from the MSC Rena reduced faster than expected, to GBP3.4 million.

-Shares closed Tuesday at 381 pence valuing the company at GBP82.41 million.

-Write to Ian Walker at ian.walker@dowjones.com

(c) 2013 Dow Jones & Company

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