May 13 - In reporting its best ever annual results ending February 28th, Braemar Shipping Services identified its Cory Brothers, Fred Olsen and Freight Action business units for particular praise.
Braemar Shipping Services, an international provider of services to the shipping and energy industries, said it had profit of GBP11.5 million (USD17.6 million) in the year ending February 28th, 16 percent more than in the prior year. Revenues was GBP127 million, (USD195 million) for the year, 26 percent more than in the prior year.
Sir Graham Hearne, chairman of Braemar, said, "Shipping has enjoyed an unprecedented boom over the past three years. Since August 2008, with the contraction of credit and weaker economies, freight rates and vessel values have reverted to pre-boom levels.
"Our activity is higher than we might have expected with transaction volumes remaining steady and the strength of the U.S. dollar has a positive effect on our results. Our non-broking businesses have begun the new financial year strongly and demand for their services remains good. Overall the prospects for the year are positive."
The group is divided into four businesses: shipbroking, technical, logistics and environmental services.
The company's Braemar Seascope shipbroking group saw revenue increase 14 percent to £60.4 million ($92.6 million) and the company said it had "excellent performance in a year of great upheaval in the market."