Braemar Readying for Merger with ACM Shipping
Braemar Shipping Services has begun planning for the merger with ACM Shipping Group plc, announced in May 2014, Braemar’s Chief executive James Kidwell said.
“The clear objective of the merger is to be the “best in class” in our shipbroking business and provide clients with a top quality service based on strong teams with excellent market coverage,” as explained by Kidwell.
“The management is pleased with the progress to date of the merger with ACM. The company’s full year expectation will require adjustment, if the merger becomes effective, to include not only ACM’s trading but also adjustment for one-off transaction and planned integration costs.”
The company recorded early signs of improvement in the shipping markets for the three months to 31 May 2014 that have led to an increase in the total forward order book of Braemar Shipping Services’ shipbroking division compared with the forward order book at 31 May 2013, the company said.
“In particular the Offshore and Sale & Purchase Departments have performed well, as expected. There has been a significantly improved performance from the Dry Cargo Department compared with quarter 1 of the prior year. Weaker freight rates have affected the income attributable to the Tanker Department; however, that department has been involved in some significant long-term charters in the gas market,” Kidwell said in a statement.
Press Release, July 7, 2014
