The performance of Braemar Shipping’ shipbroking division since October 2014 has improved significantly compared with the first half, the company said in its interim management statement.
The improvement reflects the inclusion of ACM Shipping Group PLC from July 2014 and the cost reduction actions taken as the two companies have continued to integrate the businesses.
“The merging of the two broking teams continues in line with our plans and we are encouraged by the progress of the enlarged division,” Braemar commented.
The merged shipbroking business will have roughly 420 brokers worldwide and be branded as Braemar ACM.
Weaker oil price has led to an increased demand for oil tankers, improving shipbroking rates and the company’s revenue in a number of sectors including Very Large Crude Carriers (VLCCs).
Braemar’s Logistics and Technical divisions have performed in line with management’s expectations with continued improvement in the freight forwarding side of Logistics and a strong performance from Braemar Engineering.
“The full year outlook and the Board’s profit expectations for the Group remain unchanged, in what has been a year of significant transition and growth, ” Braemar added.