January 16 - Braemar Shipping Services has issued an interim management statement in relation to the trading period starting October 30 2012.

Braemar's shipbroking division continued to face challenging conditions with excess capacity in most sectors driving down values and rates. Braemar noted that an increasing amount of its business is conducted on the spot market, although it reported no significant changes in market conditions over the last three months.

Braemar Technical Services performed in line with expectations. It continues to develop its position as a global provider of surveying, adjusting and engineering services to the energy, shipping and insurance sectors. It is currently in the process of developing a single business unit.

The Company's logistics division - Cory Brothers - performed in accordance with management expectations. In November 2012 it signed a multi-year European agency hub contract.

In other news, Braemar Adjusting is set to open a Dubai office dedicated to the Middle Eastern onshore and offshore energy insurance market.

With effect from 1 April 2013, Chris Eades, regional director for the Middle East, and senior adjuster Sam Foster will begin working from the Dubai World Trade Centre Building offices of sister company, Braemar Salvage Association. Braemar Adjusting will open its own dedicated office later this year.