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Shipbroking + Technical + Logistics + Environmental Pre-Tax Profi T Basic EPS Group Revenue £M Braemar Shipping Services plc Annual Report 2010 Shipbroking + Technical + Logistics + Environmental Pre-tax profi t Basic EPS Group revenue £m 10 119.0 09 127.1 £13.5m 47.93p 08 101.0 2009: £16.2m 2009: 56.70p 07 73.8 06 60.8 Cash Cash generation Adjusted earnings per share pence* 10 47.93 09 56.70 £27.9m £15.3m 08 48.99 2009: £25.2m 2009: £21.0m 07 36.90 06 36.85 Final dividend 12 month forward order book Adjusted profi t before tax £m* 10 13.5 09 16.2 16.25p £28.0m 08 14.7 Full year: 25.0p 2009: £29.0m 07 11.0 06 10.3 Dividends pence 10 25.0 09 24.0 08 23.0 07 19.0 06 18.0 * Profi ts and earnings in 2007 are adjusted to exclude an exceptional impairment charge Shipbroking + Technical + In 2010 the Group’s The newly established cargo shipbroking division sold a adjusting business, Braemar record number of ships in the Marine has established a secondhand sector including presence in 5 countries and 85 vessels for demolition and the newly opened offi ce of recycling making the year Wavespec in Houston is one of the most successful. providing LNG consultancy services in the USA. For more information: www.braemarplc.com The Group is divided into four Contents Operations of Review 2010 operating divisions: Shipbroking, 2010 Review of operations Technical, Logistics and Environmental. Highlights 02 Overview 04 International presence These work together to offer a unique 06 Chairman’s statement 08 Chief Executive’s review combination of skills for clients, at any 20 Corporate social responsibility report time, anywhere in the world. 22 Financial review 01-23 Governance 24 Board of Directors 25 Report of the Directors We recognise that the needs of 29 Corporate Governance 32 Remuneration Report our clients are ever-changing and 37 Independent auditors’ report our aim is to provide the best client Financial statements Governance 38 Consolidated income service by a skilled and dedicated statement 38 Consolidated statement of comprehensive income workforce. 39 Balance sheets 24-37 40 Cash fl ow statements 41 Statements of changes in equity 42 Notes to the consolidated We will continue to develop our fi na n c i a l st a t e m e n t s worldwide presence to meet the 68 Five year fi nancial summary Shareholder information 70 Shareholder information challenges of our international 71 Offi ces and contacts marketplace. Logistics + Environmental + Financial statements Cory Brothers agency has Braemar Howells arranged 38-69 handled record numbers the safe offl oading and of ship-to-ship transfer delivery to waste reception operation off the east coast facilities of the chemicals of England contributing to from the stricken ship MV increased profi t. Newcastle in Falmouth. Shareholder information information Shareholder 70-73 Braemar Shipping Services plc 01 Annual Report 2010 Overview Braemar Shipping Services plc provides a range of marine related services around the globe. We service industries including ship owning, oil and gas, mining, insurance and fi nancial services through an international network of offi ces. Shipbroking Technical Services provided Services provided + Tanker chartering – crude oil, + LNG consultancy + Marine Engineering + Failure mode and effect clean products, LPG, LNG, + Offshore – chartering and + Naval Architecture analysis chemicals. sale & purchase + Marine Consultancy + DP Audits + Dry bulk chartering + Containers – chartering and + Vessel and Condition Surveys + Shipyard risk assessments + Ship valuations sale & purchase + Ship Construction Supervision + Towage approvals + FFA contracts + Sale & Purchase – secondhand, + Energy Loss Adjusting + LPG trading newbuilding, demolition 75% 13% of Group of Group operating profi ts operating profi ts Overview Overview Braemar Seascope provides specialised shipbroking and Braemar Steege provides specialist loss adjusting and other consultancy services to international clients. The services expert services to the energy (oil and gas), marine, power include tanker chartering encompassing petrochemicals and and other related industrial sectors. It has offi ces in London, gases, chemicals and LNG, dry cargo chartering, container Houston, Miami, Singapore, Calgary and Mexico City. It has chartering, offshore chartering, sale and purchase of recently established a new cargo adjusting business – Braemar secondhand vessels, newbuilding contracts, demolition of Marine – which operates in the US, the UK and Singapore. vessels, FFA agreements, ship valuation and research. It provides broking of gas cargoes as well as gas vessels. Braemar Falconer provides specialised surveying and engineering services to the marine and offshore sectors. Brokers act for most major international companies involved It has offi ces at the following locations: Australia, China, in the transport of goods by sea including major mining and India, Indonesia, Malaysia, Singapore, Vietnam and the UK. oil companies, traders and shipowners. Wavespec provides marine engineering, newbuilding It has offi ces in the UK (London and Aberdeen), Singapore, supervision and naval architecture services on a consultancy China, India, Italy and Australia giving it the ability to provide basis to the shipping and offshore markets from offi ces in the clients with a service where it is needed. UK and the US. Key facts Key facts + Diverse International client base + Opportunities to grow with the world fl eet + Forward order book of business + Substantial presence in the Far East + US dollar income stream + Developing in the Americas + Active in all major bulk shipping markets + Building a cargo-adjusting arm 02 Braemar Shipping Services plc Annual Report 2010 Braemar Shipping Services plc Operations of Review 2010 (the Group) provides management, strategic support to our four divisions. We are well placed to respond to demands of the shipping markets Braemar Shipping Services plc with the range of marine services we now provide. Alan Marsh FICS Chief Executive 01-23 Shipbroking Technical Logistics Environmental Governance Governance Logistics Environmental 24-37 Services provided Services provided + Port and Liner Agency + Project cargoes + Pollution control + Industrial services and tank + Ship-to-ship transfers + Cruise Ship Support + Incident response cleaning technologies + Hub agency + Recycling + Salvage services + MARPOL waste reception + Customs Clearance + Marine and port services facilities + Supply Chain Management + Accredited training and + Airport services + Freight Forwarding environmental consultancy + Forensic science services + Worldwide consolidation + Crisis management and + Response facility management emergency response advisers Financial statements 8% 4% of Group of Group operating profi ts operating profi ts 38-69 Overview Overview information Shareholder Cory Brothers Shipping Agency Limited provides port agency, Braemar Howells provides pollution response and advisory freight forwarding and logistics services within the UK, Europe services, primarily in the UK, for marine, tank storage and rail and Singapore. operations and has developed an international presence in West Africa. Port Agency takes care of the needs of vessels when they are in port, effi ciently and skilfully. Their highly trained staff Its industrial services division provides environmentally focused are able to respond to the needs of their clients at any time industrial solutions from tank cleaning to contaminated land of the day or night. Liner agency covers all cargo types from remediation. Its focus is on ensuring that the risks to the containers, Ro-Ro, conventional, break bulk, project cargoes environment and personnel are minimised using technology 70-73 to heavy lift. and expertise. The specialised project cargo division ensures that every The response division operates from 12 bases in the UK and aspect of transportation runs smoothly from chartering in is in an almost unique position to offer clients 2 hour response specialised barges to arranging the correct lifting equipment. times. Its fi eld of operation includes oil, HAZMAT, CBRN, Every aspect is properly planned and executed from start forensic science and operational support. to fi nish. Key facts Key facts + 10,000 port calls handled in 2009/10 (including hub calls) + Renewed and MCA Network Rail incident response contracts + 19 UK offi ces + International response contractor for the Ministry of Defence + Leading ship-to-ship transfers agent + Expanding provider of services to the Marine industrial sector Braemar Shipping Services plc 03 Annual Report 2010 International presence The Group provides a complete service to clients internationally and across its divisions. Our offi ces are strategically located to ensure we provide our clients with the services they need. The information and insights gained and relationships made in each of our divisions are shared throughout the whole Company. Expertise + Trust 1 2 1 Vancouver Go to page 09 Go to page 14 2 Haiti Increasing world demand drives growth The Organisation of Petroleum Chinese annual iron ore imports could Exporting Countries (Opec) has peak as high as 1.3bn tonnes a year projected that a rise in India’s gross before 2020 – double last year’s level domestic product would lead to – and create demand for an additional increased oil consumption in 2010. 584 capesize bulk carriers, according India oil demand was little affected by to DnB NOR Bank. If Chinese iron ore the economic crisis in 2009, and next imports doubled there would be a year’s oil usage is forecast to grow need for an additional 174 vessels
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