Shipbroking downturn hits Braemar

12th Sep 2011 07:30

Sales at shipping services group Braemar's shipbroking arm in the half year to 31 August were lower than anticipated due to subdued freight rates, the company has announced.It added that the reduction has been partly offset by an improvement in its technical and logistics divisions, which have performed well."We do expect some pick up in the second half and of late there has been an improvement in the dry bulk market," Braemar said. "However, shipbroking income for this financial year is likely to be some 18% lower than the last financial year and offset by a 7% increase in income from our other marine services businesses, relative to the last financial year, plus the incremental contribution from new businesses."In the year to 28 February, Braemar posted revenues of £126.1m, with the shipbroking division accounting for £61.7m of revenues, the technical division accounting for £22.6m and logistics £35.1m.---RG