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