Initiation: Qualities not recognised
Three large shipbroking mergers announced in 2014 suggest a strategic shift in the industry. Any recovery in the shipping cycle will come through to the group bottom line. Meanwhile there is a high dividend yield (6.5%), a strong balance sheet and a cash-generative business, while the ACM Shipping acquisition adds considerably to next year’s EPS.Braemar is an international provider of knowledge and skills-based services to the shipping, marine, energy, offshore and insurance industries. Co. provides a combination of skills and advice through its three operating divisions: Shipbroking, which provides shipbroking services as agent to the owners and charterers of vessels; Technical, which provides a range of shipping, marine, energy, offshore and insurance market related services; and Logistics, which operates under the name Cory Brothers and provides ship agency, freight forwarding and logistics services.
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