Braemar Shipping remains confident

24th Jun 2009 13:22

Shipping services firm Braemar Shipping said its first half performance is likely to be similar to that achieved in the second half of last year, adding that it remains confident of a satisfactory outcome for the year as a whole.The group said the dry bulk market, and in particular the Capesize sector has recovered well in the last month driven mainly by renewed Chinese demand for raw materials. Braemar has also benefited from a high level of sale and purchase activity especially for bulk carriers while the group's demolition business has continued to grow with increased scrapping of older ships, particularly in the container and tanker sectors. However, the deep-sea tanker market rates have weakened due to the impact of newbuilding deliveries, but the group said its transaction numbers remain good. The other shipbroking desks have performed as expected.The Technical division has begun the year strongly. All offices around the world are enjoying increased demand for their services. The Logistics and Environmental divisions are also performing well.