RNS Reach                                                                                                    30 June 2022 

BRAEMAR SHIPPING SERVICES PLC

("Braemar", the "Company" or the "Group")

Braemar launches digital platform to offset vessel and cargo emissions

·    Braemar Offset enables shipowners and operators to easily track, measure, and offset their vessels' and  cargoes' unavoidable emissions

·    Through a portfolio of climate solutions vetted by ESG experts, users can reduce their carbon footprint efficiently and effectively by utilising Braemar Offset

·    Through Braemar's partnership with Zuma Labs, Braemar Offset is integrated with the Venetian trading platform, enabling clients to also transact directly on Braemar Screen, a platform for trading dry bulk Forward Freight Agreements (FFAs)

·    Braemar is wholly committed to the importance and power of carbon offsets, and has been carbon neutral since 2017

Braemar, expert advisors in shipping investment, chartering, and risk management, today announces the launch of Braemar Offset, a digital platform that enables its clients to reduce their carbon footprint in a measurable, effective and efficient way. Science-based emission reductions are now a baseline expectation for maritime companies, and carbon offsetting - a decarbonising activity to compensate for unavoidable emissions elsewhere, which is one of the tools that shipping will utilise to achieve net zero.  

Braemar Offset provides a diverse and regularly replenished portfolio of offset projects to ensure certainty of supply. Only projects that are transparent, environmentally robust,  verified and vetted by sustainability experts are included. The projects include sustainable agroforestry on the Guatemalan conservation coast, protecting habitats for critically endangered species in Indonesia, and helping to reduce air pollution in Jiangxi province in China.

Carbon offsets are particularly important for companies that have set net zero targets; work in sectors that face strong end user or political pressure; or who are committed to going above and beyond current IMO ambitions. Primarily this is because a strong ESG proposition helps companies address new markets and expand into existing ones, but it also enhances top-line growth through the premiums that more sustainable services command, in a similar way to the premium that 'eco' vessels have in the charter market today.

Tris Simmonds, Braemar's COO, commented, "Shareholders, financiers, and customers now frequently link ESG factors to a company's long-term viability. Shipping companies that underperform in this area increasingly find it harder to access capital, to recruit and retain staff, and endure a growing regulatory burden. Braemar Offset is the first step in our plans to provide an end-to-end bespoke sustainability solution for our clients. We've already integrated it with Braemar Screen, and we look forward to announcing soon how we'll be further enhancing our sustainability offering."

David Holland, Associate Director at Braemar, commented, "As a Sale and Purchase shipbroker there are few subjects more important right now than ESG factors. Minimising future emissions is important for EEXI and CII, but retrofits or switching to new fuels won't completely neutralise unavoidable emissions or help capture historical emissions. Many of the shipowners I speak with see carbon offsetting as a necessary supplement to their emissions reduction strategy."

Jack Richards, Associate Director at Braemar, commented, "We are already seeing clauses in charterparties that require the capture of emissions data. The next logical step will be clauses which specify a voyage is to be carbon neutral. While the long-term emphasis must of course be on harnessing new technologies and alternative fuels as our industry navigates its way towards a greener and more sustainable future, carbon offsetting offers the opportunity to make an immediate positive impact."

ENDS

About Braemar Shipping Services plc ("Braemar")

Braemar provides expert advice in shipping investment, chartering, and risk management to enable its clients to secure sustainable returns and mitigate risk in the volatile world of shipping.

Our experienced brokers work in tandem with specialist professionals to form teams tailored to our customers' needs, and provide an integrated service supported by a collaborative culture.

For more information, including our investor presentation, please visit www.braemar.com and follow Braemar on LinkedIn.

Contact

Nick Arthur

Head of Corporate Affairs

+44 7732 874708

nick.arthur@braemar.com

Buchanan     

Charles Ryland / Stephanie Whitmore / Jack Devoy

Tel +44 (0) 20 7466 5000