London-listed Braemar tells the City the slower than projected award ofdeals for Braemar Casbarian in the US will lead to profit modestly belowexpectations.
Shares in the company slipped on the profit warning, which comes despitestrong showings from its core shipbroking and technical services divisions,which analysts describe as the two legs of the company.
Braemar says its shipbroking division has seen its performance improve asprojected, having already recorded a strong first half in which it booked morethan 30 newbuilding contracts.
“As anticipated our shipbroking division's performance has improvedcompared with the first half,” a trading update read.
“We are encouraged that over the last few months, there has been anincreasing degree of optimism in some shipping markets.”
Shares dip
Braemar's shares were down 1.72% at £5.80 ($9.47) each in early tradingFriday, with analysts pointing to the slippage at Braemar Casbarian as thedriver.
They explain Braemar’s shipbroking development is in line with peers, butadmit the update was more subdued than that of Clarksons in early January.
The world’s largest shipbroker toasted the exceptional performance of itssale and purchase desk and said profit would be ahead of forecasts.
Clarksons benefitted from its exclusive broking for Navios – the mostactive second-hand Greek buyer with 25 purchases last year according to a TradeWinds study –and a stronger showing from its financial services arm thanks to risingactivity in the capital markets.
