US President Donald Trump has imposed additional tariffs of 34% on imports from China, severely affecting emerging manufacturing nations like Vietnam and Cambodia, while also imposing 20% tariffs on goods from the European Union and establishing a baseline tariff of 10% on most other imports to the US. This move has destabilized markets, prompting vows of retaliation from the EU and China. “US tariffs represent a significant threat to global economic stability, and the EU is readying countermeasures should negotiations fall through,” stated EU Commission President Ursula von der Leyen. She further warned, “The global economy will endure significant damage, escalating uncertainty will foster more protectionism.” China’s Ministry of Commerce has demanded that Washington immediately retract the new tariffs, cautioning that they pose a risk to global economic growth and could detrimentally affect US interests and global supply chains. The Ministry emphasized the need for dialogue, stating, “In a trade war, there are no victors, and protectionism offers no escape.” Neil Shearing, Group Chief Economist at Capital Economics, remarked that the tariffs imposed by Trump are higher than expected, pushing the average US tariff rate to nearly 25%, a figure reminiscent of the 1930s. “Should these tariffs persist, US inflation is expected to surge beyond 4%,” Shearing noted, adding that China and other Asian economies are especially impacted, with tariffs on Chinese goods exceeding 60%. He also noted that the latest tariffs, announced yesterday, will not affect crude oil, natural gas, or refined products. “Although the energy commodities sector fares better than expected under these tariffs, there are concerns about GDP growth and potential implications for shipping demand due to a slowdown,” noted an update from Skandinaviska Enskilda Banken (SEB), a Swedish bank. Reflecting on the initial trade war under Trump seven years ago, China had targeted American farmers, decreasing imports of US grain, which they compensated for by increasing imports from Brazil, resulting in minimal net tonne-mile impact. According to Clarksons Platou Securities, dry bulk, especially grain and steel products, was most affected in the first trade war with China, followed by LNG and LPG. “In terms of dry bulk, we expect that retaliatory tariffs against the US will have a greater impact on cargo volumes than the tariffs the US announced on April 2,” indicated Braemar Shipping Services, a shipbroker listed on the London Stock Exchange, in a client note today. 4-April-2025
Amid rising tensions in a persistent trade conflict, the planned dialogue between US President Donald Trump and Chinese President Xi Jinping was abruptly called off yesterday, with no rescheduling in sight. A tit-for-tat tariff battle has commenced between the globe’s two biggest economies, featuring a 10% tariff by the US on all imports from China, countered by Beijing’s announcement of a 15% tariff on imported US LNG and coal starting next Monday, and a 10% tariff on oil, agricultural machinery, and large-displacement vehicles. Early in the current term of US President Donald Trump, he had proposed—and subsequently withdrawn—tariffs on Colombia, Canada, and Mexico. So far, only China has been targeted by these American tariffs. This ongoing tariff saga underscores the unpredictability and potential disruption of this second administration under US President Donald Trump. The real impact of tariffs on changing trade dynamics is increasingly questioned. Notably, tariffs were prominent during US President Donald Trump’s first term and continued under Joe Biden. However, data from 2024 shows that loaded container imports into the US were 2.4 times higher than exports, proving that tariffs imposed since 2018 have failed to correct the US trade deficit. Total laden imports surged by 24% from 2017 to 2024, while laden exports fell by 8%, resulting in a 54% increase in the number of empty containers leaving the US. Although US President Donald Trump’s tariff barriers are mainly symbolic, similar to barriers meant to deter migrants, they have achieved little over four years. In the realm of tanker and dry bulk trading, Braemar Shipping Services, a London Stock Exchange-listed shipbroker, suggests that China’s new tariffs on US crude and coal will likely not significantly impact tonne-miles. The shipping industry might lose about three VLCCs of US crude shipments to China per month, but Braemar Shipping Services expects this reduction to be compensated by other Northeast Asian importers. On the coal front, Braemar Shipping Services highlights that China imported a record 10.7 million tonnes of coking coal and 1.5 million tonnes of thermal coal from the US in 2024. Nevertheless, this amount is small compared to the total 543 million tonnes of coal China imported last year. For bulk commodities such as coal, grains, and iron ore, major adverse effects are unlikely. Ultimately, tariffs are only one of the factors at play; geopolitical events are equally critical. The forthcoming six months are pivotal as the current US President Donald Trump administration strives to resolve disputes and implement new trade measures. The interaction between tariffs and global occurrences is uncertain, with substantial volatility expected in the next three to six months as the shipping market adjusts to new conditions, marking a decisive period for global commerce and economic stability. 5-February-2025
Global maritime commerce faces turbulent times following US President Donald Trump’s announcement last Saturday of imposing a 25% tariff on imports from Canada and Mexico, and a 10% tariff on goods from China starting tomorrow. For energy imports from Mexico and Canada, tariffs are set at 10%. In response, Canada and Mexico have launched retaliatory actions, while China intends to contest these tariffs at the World Trade Organization (WTO) and has promised countermeasures. US President Donald Trump also hinted that the European Union (EU) is next on his list for tariffs and suggested additional trade measures targeting sectors such as computer chips, pharmaceuticals, steel, aluminum, copper, oil, and gas could emerge by mid-month. The de minimis rule, allowing duty-free imports under $800, will be abolished for all shipments from Mexico and Canada, and possibly China as well. In 2023, Mexico and Canada accounted for nearly $900bn of US imports, representing about 28% of total US imports up to November 2024. The new tariffs are expected to reduce container shipping volumes, driving up prices and dampening demand. The tanker sector might also experience significant impacts. In 2024, according to Braemar Shipping Services, a London-listed shipbroker, Mexico was a major supplier of crude and fuel oil to the US, and a recipient of gasoline and diesel, all transported by sea. By the end of 2024, Canada shipped approximately 330,000 barrels per day of crude oil to the US via eastern and western seaports, and a further 3.5 million barrels per day overland. It also exported significant quantities of gasoline and diesel via seaports. Braemar Shipping Services notes that Canada may redirect its energy exports to China and Europe, with the US likely replacing Canadian pipeline supplies with imports from the Middle East and South America, a move beneficial for shipping distances. During the first trade conflict under Donald Trump, China targeted American agriculture, reducing US grain imports. China could replace these with increased imports from Brazil, with little change in shipping distances. According to Clarksons Platou Securities, the dry bulk sector, especially grain and steel products, felt the most impact from the initial trade dispute with China, followed by LNG and LPG shipments. Overall shipping tonne-mile growth decreased by 0.5% in 2018 and another 0.5% in 2019, as per Clarksons Platou Securities data. 3-February-2025
Following the initiation of the first phase of the ceasefire between Israel and Hamas yesterday, Yemen’s Houthis have updated their strategy regarding the Red Sea. The Houthis announced that international merchant vessels can now transit the Red Sea as long as the ceasefire is maintained. However, they have specified that Israeli-owned and Israeli-flagged ships will still be targeted. Additionally, the Houthis have warned that continued military actions against Yemen by British and American forces might lead to targeting their ships as well. Since November 2023, in support of Hamas, the Houthis have targeted over 100 ships in the Red Sea and the Gulf of Aden, significantly altering shipping routes between Asia and Europe. They have declared that their campaign will persist until Israeli forces withdraw from Gaza. With the situation still volatile, major shipping companies, particularly those operating container lines, are proceeding with caution regarding routes through the Red Sea. Although Houthi representatives have mentioned a potential pause in attacks, they have not committed to a complete stop, indicating that a stable and lengthy ceasefire is necessary before any change in shipping routes can be considered. Today, Braemar Shipping Services published an analysis noting that immediate changes in shipping routes are not anticipated as liner operators continue to assess safety and risk factors thoroughly. It was also noted that “War risk insurance premiums for ships operating in the Red Sea have soared due to the increased risks. A gradual reopening of the Red Sea is expected, likely to unfold over months rather than weeks,” according to Braemar Shipping Services, a shipbroker listed on the London Stock Exchange. 22-January-2025
The Black Sea has escalated into a critical risk area for merchant shipping as Russian military forces increase their presence and target Ukraine’s exports. For the entire year, there had been no attacks on merchant ships, but a recent incident marks the fourth commercial vessel struck by Russian forces in the Black Sea in less than a month. Additionally, the count of Russian naval ships in the Black Sea has recently doubled as the all-out invasion of Ukraine nears its 1,000-day milestone, shifting to a new maritime phase. Ukrainian Foreign Minister Andrii Sybiha condemned Russian missile strikes on two vessels in southern ports on Monday, labeling them a “deliberate terrorist tactic.” Within just two days, Russian ballistic attacks have damaged two civilian cargo vessels in Odesa. Yesterday, a Russian ballistic missile targeted a ship loaded with Ukrainian grain, resulting in one death and five injuries, according to Kyiv’s infrastructure ministry. MV Optima, registered under the Palau flag, sustained damage at a regional port in Odesa shortly after docking for loading. Ukraine’s Deputy Prime Minister Oleksiy Kuleba stated that Russia “is trying to disrupt Black Sea shipping, which is crucial for food security. Another bulker carrying Ukrainian grain for export was damaged during a Russian missile attack in the Odesa region on Sunday. MV Paresa, flying the flag of Saint Kitts and Nevis, was hit, with Russian claims of carrying ammunition to Ukraine denied by Kyiv. MV Paresa was transporting 6,000 tons of corn, as reported by Ukrainian authorities yesterday. Two additional strikes last month damaged merchant ships, including one near Romania’s coast, which led to a strong protest from Bucharest. Since July 2023, when the UN-brokered Black Sea Grain Initiative collapsed, Ukraine has established an export corridor allowing ships to depart from the ports of Odesa, Chornomorsk, and Yuzhny, navigating via the Danube or close to the coasts of Bulgaria and Romania towards international markets. Before these recent attacks, Ukraine’s grain exports were proceeding at their highest rate since the onset of the conflict with Russia. Until 11 September 2024, the region had seen no attacks on merchant ships, with traffic along this export route exceeding earlier UN-mediated volumes. Analysis from Braemar Shipping Services, listed on the London Stock Exchange, indicates a significant age profile shift in grain exports from the Black Sea, with older vessels now predominating. The proportion of bulkers over 20 years old has risen to over a third this year, up from about 15% in 2020, mostly involving small handysize bulk carriers from 20K DWT to 34K DWT dwt and older panamax bulk carriers. In contrast, bulkers under 10 years old have seen their market share in this trade fall from nearly half in 2020 to just 10% in the last five years. Braemar Shipping Services, a renowned global shipping service provider and broker, offers a comprehensive range of shipbroking, financial, engineering, and logistics services. London-bassed shipbroker Braemar Shipping Services plays a pivotal role in global maritime trade by providing expert market insights, detailed analysis, and advisory services to clients worldwide, enabling them to make informed decisions in a complex and changing market environment. Notably, after vanishing in the initial year and a half of the full-scale invasion, Ukrainian seaborne iron ore exports have significantly rebounded in 2024. In the first nine months of the year, Ukraine’s exports totaled approximately 11.27 million tonnes, which is almost 424% of the total for 2023 and 315% of that for 2022. While Russia has intensified its aggression in the Black Sea recently, Ukraine continues its maritime operations. In the past few days, Ukraine has managed to damage a Russian minesweeper based in the Kalingrad exclave and set fire to an oil depot in Crimea’s Feodosia region. The Feodosia terminal, which was also targeted in March this year, is the largest in Crimea for handling oil products, with only one other similar terminal located in Sevastopol. 10-October-2024
The established parties have their positions, and the US government has suggested it will not step in as the deadline looms for what is expected to be the largest supply chain disruption of Q4—the closure of ports along the east and Gulf coasts of the United States. Should a salary agreement fail to be reached by the end of next Monday between employers and their workers, 45,000 American dockworkers are poised to strike, causing widespread ramifications across all shipping sectors. Contract talks have stalled between the International Longshoremen’s Association (ILA) and port operators on the US East and Gulf coasts. The existing contract, which includes employees at six of the top ten busiest US ports, is set to expire next Monday. The United States Maritime Alliance (USMX), representing the port employers, has consistently indicated a deadlock, with no resolution in sight. Meanwhile, the Democratic administration has informed the media of its reluctance to intervene and mandate the ports remain operational. Broker Braemar Shipping Services, a shipbroker listed on the London Stock Exchange, highlighted in today’s container markets advisory that there’s an increasing buzz around a potential early October strike at US East Coast ports, which could trigger significant global service interruptions. Such disruptions have historically had substantial impacts, stalling supply chains and causing extensive delays, as noted in recent occurrences. According to Danish container shipping consultancy Sea-Intelligence, the impending strike’s operational impacts are becoming visible as different stakeholders in the global supply chain initiate measures to buffer the worst effects. In anticipation, ports and terminals along the US East and Gulf Coasts are extending gate hours this week, and logistics experts caution that competition for trucking and chassis resources will intensify. Ports are also warning that closure could compromise the handling of reefer cargo, which would remain within the port confines. In response to the looming strike, carriers are adjusting their strategies, reported Sea-Intelligence. THE Alliance has already declared several port omissions on the US East Coast for the upcoming week, and carriers are starting to implement disruption surcharges, which are currently set to reach up to $3,000 per FEU for cargoes destined for the US East and Gulf Coasts from any global location. Sea Intelligence, in its most recent weekly report, advised shippers to consider the broader consequences: a strike could strand vessels off the US coast due to limited diversion options, leading to export capacity shortages in the Atlantic trade in Europe after 2-3 weeks, and in Asia after 5-7 weeks. This would also slow the return of empty containers to Asia, potentially causing a shortfall of equipment and space on all Asian export trades from the second half of November onwards. One vessel tracked by eeSea, the 13,892 TEU container ship MV APL Esplanade, is scheduled for an inducement stop in Halifax on September 27, before resuming its regular journey along the US east coast. The 14 ports managed by the International Longshoremen’s Association (ILA) processed 28.4 million TEU of containerized cargo in 2023, averaging nearly 550,000 TEU weekly. A prolonged strike would disrupt 1.7% of the global containership fleet each week, per Linerlytica, with an indefinite strike potentially affecting over 4.5 million TEU or 15% of total containership capacity. Danish shipping giant Maersk has cautioned in a recent client advisory that a general stoppage, even if only lasting a week, could result in a four to six-week recovery period, with significant backlogs and escalating delays each day. This scenario echoes the last major work stoppage—an 11-day lockout at West Coast ports in 2002—which cost $1 billion daily and led to six months of logistical backlogs. 23-September-2024
Mozambique has been making significant strides on the dry bulk shipping scene, with its exports having tripled over the past decade. This surge is largely attributed to the growth in coal exports from the port of Nacala, supplemented by increases in ore and concentrate exports from other terminals. This is highlighted in a recent report by the London-listed shipbroker, Braemar Shipping Services, led by CEO James Gundy. The report notes potential for further growth in coking coal exports from Nacala, driven by rising Indian import demand and enhanced production and export capabilities within Mozambique. Additionally, Botswana recently entered an agreement with Zimbabwe and Mozambique to develop a substantial rail and port project, though funding has yet to be secured. This ambitious project aims to upgrade existing rail lines and construct new links, including a new $1.5 billion deepwater port at Technobanine, located south of Mozambique’s capital, Maputo. This port would potentially also facilitate exports for South Africa and Eswatini. 12-August-2024
Throughout the year, the pessimistic headlines about the Chinese economy have contrasted sharply with the robust commodity movement through China’s ports. This discrepancy has widened, as evidenced by the recent report from Braemar Shipping Services, a shipbroker listed in London. According to their latest data for Q2 2024, China set new records in dry bulk import volumes, surpassing any previous quarter. The CEO of Braemar Shipping Services, James Gundy, highlighted that during this period, China imported a record 547 million tonnes of 14 different dry bulk cargoes, breaking the previous record set in Q3 2023. Braemar Shipping Services’ survey included diverse commodities such as iron ore, coal, bauxite, soybeans, and various ores and concentrates like chrome, copper, manganese, and nickel, along with logs, wood pulp, petcoke, corn, wheat, and steels. Notably, bauxite imports showed the highest percentage increase in Q2 2024. Despite an ongoing real estate crisis, below-target GDP growth for Q2, and an unexpected interest rate cut aimed at boosting economic activity, China’s dry bulk imports soared, potentially reaching an annual rate of 2.2 billion tonnes. This surge in imports seems at odds with the bleak economic narratives often depicted. Official statistics for Q2 2024 show China’s GDP growth slowing from 5.3% in the first quarter to 4.7% in the second quarter, a trend Clarksons Research attributes to enduring concerns about consumer confidence and the real estate sector. Nevertheless, China’s GDP continues to grow at a rate exceeding 4%. The high inventory levels of iron ore remain a pressing concern. Last week, China’s top politicians convened at the Third Plenum, a strategic meeting held approximately every five years, where they decided against introducing new stimulus measures. Instead, they planned to redirect resources from debt-heavy, unproductive sectors like real estate towards industries poised for future growth and to prioritize national security and common prosperity over short-term GDP expansion. This policy direction, disappointing for dry bulk shipowners, underscores the complex dynamics of China’s economic health, extending beyond mere apartment sales and into significant demands for commodities such as copper, aluminum, oil, and gas, all of which saw record demand in 2023. 25-July-2024
Braemar Shipping Services, a shipbroker listed on the London Stock Exchange, has observed significant changes in the bulker market, particularly concerning supply dynamics in the Atlantic. The firm’s research indicates that vessels are increasingly bypassing the Suez Canal, opting instead to reroute their journeys to avoid the Red Sea. This shift in trading patterns is notably affecting the transportation of Canadian iron ore and US coal destined for Asian markets. According to Braemar Shipping Services’ analysis, over the past four weeks, there has been a marked preference among ships carrying these commodities from the North Atlantic to navigate via the Cape of Good Hope, rather than taking the traditional route through the Suez Canal and Red Sea. This change in navigation patterns could have far-reaching implications for bulker supply, potentially influencing shipping costs, transit times, and the global supply chain. 28-January-2024
London-listed shipbroker Braemar Shipping Services, under the leadership of CEO James Gundy, is maintaining its goal to double its profit by 2025, even after experiencing a decline in profits over a six-month period. Despite a decrease in freight rates in certain sectors, the UK-based shipbroker states that its 2022 acquisitions have significantly compensated for these dips. London-listed shipbroker Braemar Shipping Services, which is listed on the London Stock Exchange, reports that it is still on track to meet its profit objectives, despite a drop in its interim earnings. For the six-month period ending on August 31, Braemar Shipping Services’ net profit fell to $1.99 million, based on the current exchange rate), down from $10.71 million in the previous year. However, Braemar Shipping Services has also reported an increase in revenue, which reached $93.25 million. 29-November-2023
London-listed shipbroker Braemar Shipping Services, under the guidance of Tris Simmonds, is employing a strategic profit-focused approach for its future acquisitions. Braemar Shipping Services emphasizes the importance of how swiftly new acquisitions can enhance its bottom line. This strategy has proved successful, as recent acquisitions have not only met but also exceeded Braemar Shipping Services’ highest expectations. As a London-listed shipbroker, Braemar Shipping Services adheres to a rigorous process when evaluating potential acquisition opportunities. This methodical approach has been validated in the past year, demonstrated by the company’s successful integration of new businesses. These include the acquisition of the Florida-based tanker brokerage Southport Maritime and the addition of two new operational desks. One notable expansion is the establishment of a new Madrid tanker operation, which involves collaboration with Medco Brokers. Braemar Shipping Services’ focused and calculated strategy in selecting and integrating new businesses has contributed significantly to its growth and performance, showcasing its commitment to enhancing shareholder value and strengthening its market position. 28-November-2023
London-listed shipbroker Braemar Shipping Services has resumed trading on the London Stock Exchange after a suspension that lasted over four months. The suspension was initiated on 3 July 2023 due to the Braemar Shipping Services missing a financial reporting deadline amid an internal investigation into legacy shipbroking deals. The investigation, which involved transactions from 2006 to 2013, resulted in Braemar Shipping Services recognizing a £2 million provision in its accounts, primarily related to unpaid legacy commissions from 2013 contracts. Additionally, non-recurring costs of around £2.5 million will be incurred in the current financial year related to the investigation. Despite the suspension, Braemar Shipping Services reported a significant increase in revenue and underlying operating profit for the financial year ending February 28. 21-November-2023
Braemar Securities, a subsidiary of the London-listed shipbroking group Braemar Shipping Services, has faced a significant penalty for breaching regulations related to communications and disclosures. This action comes after a review by the regulator revealed that its derivatives desk had been operating without any compliance supervision since 2019. The National Futures Association (NFA), a US-based regulatory body, imposed a fine of $140,000 on Braemar Securities’ freight derivatives desk. This decision followed a complaint filed in August by the NFA’s Business Conduct Committee. The shipbroker was found to have violated compliance rules in two key areas: failing to meet its obligations for record-keeping of communications and unauthorized disclosure of customers’ confidential and nonpublic information. The National Futures Association (NFA) hearing panel issued its decision on Wednesday, highlighting the seriousness of Braemar Securities’ regulatory infractions. This situation underscores the importance of adherence to regulatory standards and the potential consequences of non-compliance in the financial and shipping industries. 17-November-2023
According to London-listed shipbroker Braemar Shipping Services, China’s escalating importation of petcoke augments the prospects for smaller bulk carriers. London-based shipbroking and services firm Braemar Shipping Services underscores that China’s import figures have surged, nearly doubling within the last three years. This burgeoning desire for imported petroleum coke (petcoke) has revitalized the niche of smaller bulker dimensions, articulated by Braemar Shipping Services. London-listed shipbroker Braemar Shipping Services accentuates that China and India have emerged as the paramount drivers of petcoke demand during 2022-2023. Braemar has delineated petcoke as a boon for the supramax and ultramax bulk carrier segment, especially post the downturn of late 2020. 21-August-2023
London-listed shipbroker Braemar Shipping Services Chairman, Nigel Payne, vehemently criticizes unregulated proxy establishments subsequent to another director being singled out during the Annual General Meeting (AGM). Nigel Payne expresses profound gratitude as Joanne Lake, along with auditor BDO, garners the endorsement of a predominant share of stakeholders. Nigel Payne, London-listed shipbroker Braemar Shipping Services’ esteemed chairman, has vociferously voiced his reservations concerning the so-called “unregulated” proxy shareholder advisory entities in the wake of the recent Annual General Meeting (AGM). While all resolutions proposed by the prominent London-based shipbroker Braemar Shipping Services were ratified, there was an unusually elevated dissent towards Director Joanne Lake. Additionally, the pervasive discontent towards auditor BDO persisted, especially following the firm’s failure to meet the annual results timeframe for a consecutive year. 17-August-2023
According to London-listed shipbroker Braemar Shipping Services, the capesize bulker market has been adversely affected by a decrease in long-haul coal shipments to Asia. Indonesia has emerged as Vietnam’s primary source of this commodity. London-listed shipbroker Braemar Shipping Services’ recent report reveals that over the past two months, there has been a decline in coal shipments to Asia, impacting the capesize bulk carrier market significantly. As of now, capesize bulk carriers have transported 46% of Vietnam’s coal imports in 2023. However, in May, Indonesia surpassed Australia as Vietnam’s leading supplier of coal. Although this percentage tripled from 15% in the H1 2020, causing a decline in geared bulk carriers, the capesize bulk carrier sector was still negatively affected because Indonesia is geographically closer to Vietnam compared to Australia. 21-June-2023
London-based shipbroking and services firm Braemar Shipping Services has emerged as the most recent broker to unveil a digital platform aimed at offsetting emissions from vessels and cargo. Braemar Offset has partnered with Zuma Labs to provide carbon offsets, which can be directly transacted on Braemar Screen. This platform specializes in trading dry bulk forward freight agreements (FFAs). According to giant shipbroking and services firm Braemar Shipping’s statement, carbon offsets contribute to revenue growth by capitalizing on the premiums associated with more sustainable services. This is similar to the additional value that environmentally friendly vessels command in the charter market today. Tris Simmonds, the Chief Operating Officer of Braemar Shipping Services, remarked that shareholders, financiers, and customers now frequently connect ESG (Environmental, Social, and Governance) factors with a company’s long-term sustainability. Shipping companies that lag behind in this domain increasingly face challenges in securing capital, attracting and retaining staff, and managing the growing burden of regulations. Braemar Offset represents the initial phase of our comprehensive sustainability solution tailored to our clients’ specific needs. We have already integrated it with Braemar Screen, and we eagerly anticipate announcing further enhancements to our sustainability offerings in the near future. Jack Richards, an associate director at Braemar Shipping Services, emphasized that clauses requiring the collection of emissions data are already being observed in charter agreements. The next logical progression would be the inclusion of clauses stipulating that a voyage must be carbon-neutral. 30-June-2022
London-listed shipbroker Braemar Shipping Services has successfully concluded the planned divestiture of its logistics enterprise, Cory Brothers (Cory), to Vertom Cory Holdings. Vertom Cory Holdings is a newly established subsidiary of Dutch company Vertom, which operates primarily in northern Europe. This move is seen as part of the London-listed shipbroker Braemar Shipping Services’ endeavor to streamline its operations and concentrate on a novel growth strategy centered around shipbroking. The payment for the transaction will be entirely in cash, comprising an initial amount of £6.5 million, as well as three subsequent payments based on a percentage of the gross profit generated by the newly formed Vertom-Cory enterprise during the earnout period until December 31, 2024. The total value of the three earnout payments will range between £3.75 million and £9 million. Braemar Shipping Services has announced that the proceeds from the sale will be utilized to reduce net debt and fortify the balance sheet in accordance with its strategic plan. Cory encompasses a port and hub agency business, along with a liner and freight forwarding business. Cory serves ports in the United Kingdom, Singapore, North America, and the Netherlands, while also having collaborative agreements with multiple agency partners. The divestiture has been structured as the sale of all shares in three distinct legal entities within the group: Cory Brothers Shipping Agency Limited, Cory Brothers Inc., and Cory Brothers Shipping Agencies Pte Limited. Following the divestiture, relevant Cory employees, including Cory’s managing director, Peter Wilson, and finance director, David Noble, will transition to similar positions within the newly established Vertom-Cory enterprise. 27-February-2022
Braemar ACM appointed Nigel Payne, the former CEO of British online gambling operator Sportingbet, as the new non-executive chairman. On May 1, Nigel Payne will take over from Ron Series at the esteemed UK shipbrokering firm.
Expressing his views on the matter, Nigel Payne stated, “I believe there are significant growth opportunities for the Braemar ACM’s specialized and invaluable services. I eagerly anticipate collaborating with the board and management team to assist Braemar ACM in focusing and delivering on this exhilarating new strategy, which will benefit all stakeholders of the organization.” Currently, Nigel Payne holds the position of non-executive chairman at Gateley and serves as a non-executive director at GetBusy. Additionally, Nigel Payne will preside over Braemar ACM’s nomination committee. James Gundy, Braemar’s CEO, warmly welcomed Nigel Payne to the board. 5-April-2021
London-listed shipbroker Braemar Shipping Services will launch a trading screen for dry Forward Freight Agreements (FFAs) at the beginning of April 2021. Braemarscreen.com is going to be used to give market price data. Currently, Braemar Shipping Services’ dry Forward Freight Agreements (FFAs) are used by an average of 400 users per day. Braemar Shipping Services has been working with European clearing house EEX to secure straight-through processing for dry Forward Freight Agreements (FFAs). Forward Freight Agreements (FFAs) slowly shifted from telephone trades to apps and computer screens. Braemar Shipping Services provides a hybrid platform for dry Forward Freight Agreements (FFAs). In 2018, Braemar Shipping Services moved into the dry Forward Freight Agreements (FFAs) with the acquisition of Atlantic Brokers and the recruitment of a dry cargo Forward Freight Agreement (FFA) team. Furthermore, Braemar Shipping Services’ dry Forward Freight Agreements (FFA) provides a transparent transaction in the market. 30-March-2021
London-based shipbroking and services firm Braemar Shipping Services has announced the appointment of James Gundy as the new group CEO (chief executive officer), effective from January 1, 2021. James Gundy, who has been serving as the CEO of Braemar’s shipbroking division, the company’s largest operation, since joining in 2014 after the merger with ACM Shipping Group, will now assume the role of group chief executive officer. With 35 years of experience as a shipbroker specializing in tankers and sale and purchase projects, James Gundy previously held the position of CEO at ACM Shipping Group. While undertaking his new CEO (chief executive officer) responsibilities, James Gundy will also continue to lead the shipbroking division. London-based shipbroking and services firm Braemar Shipping Services stated that this appointment will facilitate the continued development of the Braemar Shipping Services’ strategic direction, with shipbroking positioned at the core of the company’s activities. Expressing his delight on behalf of the board and Braemar as a whole, Ronald Series, the executive chairman of Braemar, stated, “I am pleased to announce James Gundy’ appointment as group chief executive. James Gundy exceptional efforts in integrating Braemar and ACM shipbroking businesses since the merger in 2014 have been commendable. We eagerly anticipate working closely with him as we further expand the Braemar Shipping Services business.” 10-November-2020
London-listed shipbroker Braemar Shipping Services is anticipating an improvement in S&P (Sale and Purchase) activity as opportunities emerge after the coronavirus recession. Braemar Shipping Services’ S&P (Sale and Purchase) had observed a decrease in S&P (Sale and Purchase) activity levels during the pandemic. According to Braemar Shipping Services, the coronavirus pandemic has complicated S&P (Sale and Purchase) activity due to travel restrictions of surveyors, shipowners, and ship-managers. On the other hand, London-listed shipbroker Braemar Shipping Services’ corporate finance business, Braemar Naves has been busier and has been obtaining new fees in March 2020. Braemar Shipping Services’ corporate finance business Braemar Naves’ market share increased out of the distressed ship-financing market following the financial crash in 2008. Braemar Shipping Services elected to drop its dividend payment for 2020. Braemar Shipping Services has been keeping liquidity and bonds under vigilant oversight. Braemar Shipping Services assumes that the company has sufficient liquidity and covenant headroom. Braemar Shipping Services maintain adequate liquidity to operate efficiently. Braemar Shipping Services’ shipbroking division achieved a strong performance. Braemar Shipping Services anticipates that the world trade gradually recovers over the next quarter after the post-coronavirus recession. Braemar Shipping Services remains positive about the outlook for the shipping market. According to Braemar Shipping Services, the dry cargo market has started to improve and is anticipated to improve as Chinese imports increase. Braemar Shipping Services’ logistics division, Cory Brothers has seen a moderately healthy start to 2020 in its agency business. Braemar Shipping Services has plans to open new offices in Athens and Geneva. 21-April-2020
London-listed shipbroker Braemar Shipping Services has been missing the comfort of communication and collaboration across office desks. Generally, Braemar Shipping Services operates with all its teams on one floor for communications between shipbrokers. However, since early March 2020, shipbrokers have been based at home. Braemar Shipping Services’ S&P (Sale and Purchase) and newbuilding teams are finding it hard to work from home. 18-April-2020
London-listed shipbroker Braemar Shipping Services warns that world trade has been slowing due to coronavirus outbreak. Braemar Shipping Services presumes profits to be affected by the coronavirus outbreak. Braemar Shipping Services predicted that shipping markets have seen notable reductions in charter rates since the start of 2020, especially for the VLCC and capesize bulk carriers, due to diminished import of China. Because of the coronavirus outbreak, estimations for financial growth and world trade are broadly anticipated to decline. According to London-listed shipbroker Braemar Shipping Services, the health of all the company’s personnel and stakeholders is of predominant concern. Braemar Shipping Services has been watching the circumstances closely. The coronavirus outbreak is not stopping the expansion strategies of Braemar Shipping Services. Braemar Shipping Services plans to open new offices in Athens and Geneva. Braemar Shipping Services’ Athens office is going to concentrate on S&P (Sale and Purchase) market. Braemar Shipping Services’ Swiss office is going to concentrate on dry bulk brokerage services. Currently, the shipping market outlook is uncertain due to the coronavirus. Braemar Shipping Services’ logistics unit has reported financial results in line with 2019. Braemar Shipping Services aims to expand the company, including possible acquisitions. 6-March-2020
London-listed shipbroker Braemar Shipping Services attempts to maximize its shipbroking services. Braemar Shipping Services sold Technical Services Division sold to Aqualis. Furthermore, Braemar Shipping Services appointed new chairman Ronald Series. Braemar Shipping Services plans a three-year strategy for the company. Braemar Shipping Services anticipates growth through acquisitions. Braemar Shipping Services want to be a one-stop-shop for maritime services. Braemar Shipping Services’ shipbroking division Braemar ACM is led by James Gundy. According to Braemar Shipping Services’ shipbroking division Braemar ACM, financing in new businesses and expanding present markets is the appropriate method to proceed. Braemar Shipping Services invested in the LNG business which is performing strong. Braemar Shipping Services’ financial department is increasingly vital to the business and transactions have emerged from the finance side. In Q2 2019, Braemar Shipping Services has reduced the loss to $2.69 million. Braemar Shipping Services reported a strong performance from shipbroking services in Q2 2109. Braemar Shipping Services look forward to Q3 and Q4 with determination Full financial year of 2019 remains in line with Braemar Shipping Services’ expectations. In Q2 2019, Braemar Shipping Services’ tanker and newbuilding desks had a strong period of revenue increase. According to Braemar Shipping Services, the shipping market is currently subject to volatility due to IMO (International Maritime Organization) bunker regulations and shifting trading models. 20-October-2019
Vale’s initiative to equip nearly 50 of its giant ore carriers with scrubbers by year-end is expected to significantly uplift the capesize market. Braemar ACM’s analysis reveals this retrofitting effort will momentarily diminish the availability of Very Large Ore Carriers (VLOCs), further elevating the capesize bulk carrier spot rates to their highest point in five years. This strategic move involves installing exhaust cleaning systems on all 48 carriers in Vale’s third-generation fleet, with considerations to extend this upgrade to the 67 carriers from its first and second generations of Valemax vessels. The timing is pivotal, as the reduction of Very Large Ore Carriers (VLOCs) for scrubber installation aligns with a period where iron ore shipment volumes have rebounded to late previous year levels, despite Vale’s reduced output from its southern system. The capesize sector, which had a slow start in 2019 due to a sluggish Chinese economy and the impact of a Vale dam collapse, has seen a remarkable recovery. The Brucutu mine’s reactivation has propelled capesize rates to $32,000 per day, a stark contrast to the $9,000 per day average in Q2 2019 and marking the highest rates since 2014. Out of the 119 Very Large Ore Carriers (VLOCs) delivered since 2008, including 61 Valemax carriers, only 19 currently have scrubbers installed, with 10 of these being Valemax ships. This encompasses both newly built and retrofitted trading carriers. The retrofitting process, averaging 28 days per carrier, has exceeded initial downtime estimates, posing a challenge as the year-end deadline approaches to outfit the remaining 48 carriers. The resulting 1,200 trading days lost to retrofitting equates to 15% of the fleet’s available operating time, not including potential delays for yard diversions. However, this capacity reduction may be partially offset by the anticipated delivery of new valemax bulk carriers and guaibamax bulk carriers, in addition to a significant number of cape and Newcastlemax carriers slated for launch this year. Shipowners, motivated by the current favorable market conditions, are likely to expedite the launch of these new ships, signaling a dynamic phase for the capesize market as it adapts to these significant industry developments. 17-July-2019
Braemar Shipping Services CEO James Kidwell is retiring after 17 years at the London-based shipbroker company. Chairman Ron Series will become executive chairman on an interim basis. Braemar Shipping Services’ CEO James Kidwell has performed a notable role in the growth of the Braemar Shipping Services. Under his management, Braemar Shipping Services completed the merger with ACM, acquired Naves. Furthermore, Braemar Shipping Services established technical division AqualisBraemar with Aqualis. Braemar Shipping Services CEO James Kidwell concludes that it is now the right time to step down. 16-July-2019
Offshore consultancy firm Aqualis and London-based shipbroking and services firm Braemar Shipping Services have reached an accord wherein Aqualis will acquire Braemar Shipping Services’ adjusting, marine, and offshore business divisions, encompassing the majority of Braemar Technical Services. The amalgamated entity shall bear the name AqualisBraemar, with Braemar Shipping Services emerging as the principal stakeholder, possessing 26% ownership, which may potentially increase to 33% contingent upon business performance. AqualisBraemar will comprise four primary business segments: Adjusting, Marine, Offshore, and Renewables. The esteemed CEO David Wells, hailing from Aqualis, shall spearhead the organization, with its headquarters situated in London. By offering joint and enhanced expertise, AqualisBraemar shall be better equipped to facilitate the clients’ growth. Completion of the transaction is anticipated by the conclusion of June. 13-May-2019