Braemar Shipping 1Q Results In Line, Sees Satisfactory FY

23rd Jun 2010 12:06

LONDON (Dow Jones)--Braemar Shipping Services PLC (BMS.LN), said Wednesday that the results for the first quarter are in line with the company's expectations and ahead of the same period last year, and said it remains confident of a satisfactory outcome for the year as a whole. MAIN FACTS: -Shipbroking division has started positively. -Market activity and transaction volumes have both been pleasing. -The dry bulk chartering market performed steadily in the first quarter driven by the continuing growth in demand for raw materials, particularly from the Far East. -Over the same period, tanker market rates were mostly strong and the company is able to conclude a good level of business. -Sale and purchase deal flow has been maintained and the forward order book remains at a healthy level. -The other shipbroking desks have performed well, particularly containers and offshore. -Technical, Logistics and Environmental divisions have all got off to a good start to the year in line with management's expectations. Shares at 1105 GMT down 10.0 pence, or 1.90%, at 515.0 pence. -By Razak Musah Baba, Dow Jones Newswires; +44-20-7842-9275; [email protected] (END) Dow Jones Newswires June 23, 2010 07:06 ET (11:06 GMT)