Update on the sale of Wavespec

 18 June 2021

BRAEMAR SHIPPING SERVICES PLC

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

Update on the sale of Wavespec

Braemar (LSE: BMS), a leading international provider of shipbroking, financial advisory, risk management and logistics services, notes certain speculation that the purchaser of the Wavespec business, which Braemar disposed of in March 2021, has not fulfilled certain contractual obligations, with the result that Wavespec is unlikely to be able to continue to operate.

If the purchaser does not fulfil its obligations regarding the consideration, which the Board now believes is likely, Braemar will charge a predominantly non-cash loss from discontinued operations of £0.9m in its accounts for the year ending February 2022.  Whilst Braemar took security over the shares of Wavespec, Braemar has no financial or operating interest in Wavespec following the sale.

The Group continues to trade well and trading at the start of the new financial year remains strong.

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Notes to Editors:

About Braemar Shipping Services Plc

Braemar is a leading international Shipbroker and provider of expert advice in shipping investment, chartering and risk management. Braemar employs approximately 520 people in 30 offices worldwide across its Shipbroking, Financial and Logistics divisions.  

Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.

For more information, including our investor presentation, visit  www.braemar.com