Braemar Shipping Services plc is on track to meet market expectations for the full year, the company said in a trading update.

Braemar based its argument on the encouraging progress recorded since the announcement of the interim results on 28 October 2015 to 13 January 2016 across the company.

“The success of the group’s diversification strategy has ensured that positive momentum continues through the company which is on track to meet its objectives for the year,” the shipbroker said

The company’s shipbroking division has seen strong activity in the tanker markets driven by the increase in oil production. However, the dry cargo and offshore markets remain challenging.

Braemar also reported growth in its LNG engineering business, offsetting the effect of the lower exploration activity on the company’s offshore energy related businesses.