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LNG projects boost Braemar Shipping’s performance

LNG Industry,

Braemar Shipping Services has reported a stronger quarter for its shipbroking and technical divisions, as the company continues to support the design and construction aspects of six LNG carriers.

Speaking at the company’s annual general meeting, CEO James Kidwell stated that the performance of the shipbroking division for the quarter had seen an improvement over the previous year.

Kidwell commented: “The early signs of improvement in the shipping markets have led to an increase in the total forward order book of that division compared with the forward order book at 31 May 2013. In particular the Offshore and Sale & Purchase Departments have performed well, as expected.”

The dry cargo department improved significantly, while weaker freight rates in the tanker sector were offset by involvement in some significant long-term charters in the gas market.

LNG projects

Braemar Engineering has continued to work on a number of LNG projects, including supporting the design and construction aspects of six LNG carriers where the site supervision work commenced on schedule this year. The company remains busy across all of its offices in the Far East, and is actively pursuing new projects to replace those delivered in 2013.

Braemar remains confident of its prospects for the rest of 2014.

Edited from various sources by Katie Woodward

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