We normally would have ignored the Braemar Shipping Services announcement of James Kidwell as new chief executive in place of Alan Marsh, who retires today after 11 years at the helm. People come and go in the corporate world. In the end, nobody’s indispensable no matter how great his or her performance. However, we instinctly re-read the press release after realising that it included the company’s interim management statement (IMS) for the first quarter of the financial year starting 1st March 2012.
London-based Braemar Shipping Services plc has always had its ears close to the ground when it comes to shipping market trends. This isn’t surprising as it is a known international provider of broking, consultancy, technical and other services to the marine and energy industries. Aside from indicating company performance, the IMS offers a glimpse into the state of the various market segments where the Braemar group operates. Some excerpts:
• Tanker chartering and dry bulk freight rates have been relatively weak because of the imbalance in tonnage supply in most markets. However, our transaction volumes have continued to grow steadily and there are some areas – in particular in specialised tankers – where we have developed significant new business.
• The second-hand sale and purchase market has seen higher activity in recent months. After a period of greater price stability there has been more serious buying interest especially from the more traditional family shipowning companies.
• The Technical division has made a strong start particularly Braemar Offshore, our surveying and engineering business in the Far East. Braemar Engineering has won some good LNG supervision business which will improve its performance in the second half and Braemar Casbarian is seeing more activity in its prime market – the Gulf of Mexico.
• The Logistics division is performing well with both UK and Singapore ship agency business gaining ground.
• The Environmental division has had a strong first quarter continuing in the same vein as the final quarter of last year with its clear-up work on the MV RENA off the coast of New Zealand which commenced in October 2011.
The full text of the IMS and the official announcement on the executive board changes can be read in the Announcements page of the Braemar Shipping Services website. Those interested in getting a better feel of the marine and energy markets should visit the site more than once. This is one company that’s in touch with market reality. ~Barista Uno
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Quite informative.