Braemar Mulls Shipbroking Opportunities
Shipbroking is set to have an interesting year of opportunities as the shipping industry prepares for the International Maritime Organisation’s (IMO) low sulphur fuel regulations which become effective internationally on 1 January 2020.
The implementation of these regulations will have multiple effects but overall is expected to have a positive effect on freight markets, especially for tankers, said Ronald Series, Chairman of Braemar Shipping Services, provider of broking, financial, consultancy, technical and logistics services to the shipping, marine, energy and offshore industries.
"In addition, our investment in new talent, particularly in the dry cargo sector, is contributing well and adding to the breadth of our Shipbroking business," he said.
"It is an exciting time for Braemar, having reached a good solution for the majority of the Technical division. The Group is now well set to focus on our Shipbroking, Financial and Logistics businesses which have good prospects," Ronald said.
Meanwhile, Braemar Shipping Services reported 25% increase in underlying operating profit to £9.1m (2018: £7.3m) for the year ended 28 February 2019.
Good progress achieved with revenue from continuing operations increased by 14% to £117.9m (2018: £103.0m), it said.