Braemar: Interim Management Statement

Braemar Shipping Services plc, (“Braemar”), an international provider of shipping, marine and energy services, today issues its interim management statement in relation to the period since the announcement of the interim results on 30 October 2012.

The Shipbroking division continues to face challenging conditions, with excess shipping capacity in most sectors affecting values and rates. 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. It continues to develop its position as a global provider of surveying, adjusting and engineering services to the energy, shipping and insurance sectors. The process of creating a single business unit is well underway.

The Logistics division, Cory Brothers, performed in line with management’s expectations. A new multi-year European agency hub contract, announced in the interim results, began in November 2012. The business in Singapore has continued to grow.

Revenue from the Environmental division was boosted by £15m 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 £3.4m. Braemar’s involvement in this project is expected to be completed by the financial year end.