Braemar Shipping's ACM merger pays off

Braemar Shipping reported strong revenue and underlying profits in its full-year results as its merger with ACM Shipping Group bore fruit.

Underlying profit swelled 21% to £11.3m, while revenue was 16% higher at £145.8m.

Furthermore, when the two companies merged in the second half, profit rose 27% to £4.2m, an improvement on the companies' combined totals of £3.3m from the previous year.

While one-off restructuring costs left the company £5.4m in the red, half of the company's forward order book, which edged 5% higher to £37.4m, relates to the coming year.

Increased tanker activity from the company's VLCC and Suezmax shipbroking teams, which hit five-year highs, cushioned the blow of falling oil prices.

“Our objective is to build the Braemar brand to be the most valued provider of knowledge and skill based services to the shipping and offshore markets on a global basis," said chief executive James Kidwell.

"The merger with ACM, developing stronger broking teams globally, has been a significant step in this direction, but it is far from the last. We will continue to look to expand in all divisions.”