Braemar Shipping enjoys fall in oil prices at shipbroking division

Shares in Braemar Shipping Services on Thursday rose after the company said its shipbroking division saw an improvement in its performance during the last quarter.

The company said the merger of ACM Shipping and Braemar Seascope in 2014 was in line with its plans. "We are encouraged by the progress of the enlarged division," Braemar wrote in a trading update.

The falling of oil prices helped the group to improve shipbroking rates and its revenues in the sector, driven by an increased demand for oil tankers.

Furthermore, the logistics and technical divisions also improved during a year of "transition and growth".

Shares were up 5.82% to 423p on Thursday at 12:31.