Braemar Shipping Services: Best year ever

Braemar Shipping Services: Best year ever    Braemar Shipping Services, an international provider of services to the shipping and energy industries, said it had profit of '11.5 million ($17.6 million) in the year ending Feb. 28, 16 percent more than in the prior year.
   Revenue was '127 million, ($195 million) for the year, 26 percent more than in the prior year.
   Sir Graham Hearne, chairman of Braemar, said, '2008-2009 was an excellent year for the group and these results are the best that Braemar has reported.'
   '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,' he added. '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.'
   The company said its Cory Brothers logistics unit saw revenue increase 46 percent to '40.8 million ($62.5 million). Its acquisition of Fred Olson in December 2007 has grown that business and integration of staff culminated in the bringing together of 90 Cory and Fred Olsen staff in new office in Felixstowe in March. The company also expanded through addition of Freight Action Ltd. in October 2008, a niche logistics and project forwarder of outsize equipment for a predominantly U.K. client base.