Braemar Shipping positive amid choppy waters

Braemar Shipping saw revenues jump in the first half but warned a significant recovery in shipping markets was unlikely in the immediate future.

Braemar Shipping saw revenues jump in the first half but warned a significant recovery in shipping markets was unlikely in the immediate future.

Revenue from continuing operations up by 29% to £79.4m, with the company reporting all its divisions had made a strong contribution and performed well.

It singled out work undertaken by its environmental response division, Braemar Howells, in handling the cargo from the stricken container ship "MSC Rena" in New Zealand, which was responsible for £15m of revenue in the half.

Profit sneaked up to £5.2m, from 5m the year before, with earnings per share coming in almost unchanged at 17.7p.

Braemar said its Shipbroking, Technical and Logistics divisions were expected to continue broadly at their first half rate of activity for the remainder of the year.

Seaborne trade remained strong and was likely to continue to grow, it added.

However, Chairman Sir Graham Hearne said a significant recovery in shipping markets was "unlikely in the near term".

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