Trading at Braemar Shipping mixed

22nd Jun 2011 13:28

Braemar Shipping said that two of its divisions, Logistics and Environmental, have started slowly in the first quarter, but trading in its Shipbroking segment remains mixed.The group provides broking, consultancy and technical services to the shipping, marine and energy industries, and operates through four divisions: Shipbroking, Technical, Logistics and Environmental.In Shipbroking, while tanker chartering and dry bulk freight rates are likely to remain subdued, the group has recently seen signs of increased volumes in the crude sector (particularly from the Middle East) which should improve freight rates for the large tankers. The second hand sale and purchase and demolition business has picked up considerably after the slow period at the end of last year.However, "the Logistics and Environmental divisions have started slowly but we remain optimistic.""Overall the Board remains confident of a satisfactory outcome for the year as a whole," said chief executive Alan Marsh.Shares edged 0.22% lower to 455p at 13:37 on Wednesday afternoon.---BC