Braemar Shipping Services plc 
Annual Report 2008
Shipbroking   +  Technical   +   Environmental   +  Logistics 2  Braemar Shipping Services plc Annual Report 2008 
Braemar Shipping Services 
plc is a leading provider 
of shipbroking, consultancy, 
technical, logistics and other 
services to the shipping 
and energy industries. 
Our clients are located 
all around the globe 
and we serve them from 
an international network 
of offices.
The Group is divided into 
four operating segments: 
Shipbroking, Logistics, 
Technical and Environmental 
services. Together these 
segments are able to offer a 
unique set of skills for clients.
The Group’s strategy is to 
develop its businesses both 
geographically and into other 
complementary and related 
areas that can add value.
www.braemarseascope.com
 1 Financial highlights
 2 Overview of the business
 5 Chairman’s statement
 6 Chief Executive’s review of the business
12 Board of Directors
14 Report of the Directors
17 Corporate governance
19 Remuneration report
 23 Independent auditors’ report
 24 Consolidated income statement
 25 Balance sheets
 26 Cash flow statements
 27 Statements of changes in equity
 28 Notes to the financial statements
 53 Five year financial summary
 55 Shareholder information
 56 Offices and contacts  1  Braemar Shipping Services plc Annual Report 2008 
Adjusted earnings  
per share – pence*
Adjusted profit  
before tax – £m*
Dividends – pence Employee numbers
Financial highlights
Results for the year  
ended 29 February 2008.
08 07 06 05 04
14.7
11.0
10.3
9.0
4.1
08 07 06 05 04
48.99
36.90 36.85
33.11
20.16
08 07 06 05 04
23.0
19.0
18.0
16.0
13.0
08 07 06 05 04
535
413
328
264
243
*  Profits and earnings in 2007 and 2005 are adjusted 
to exclude an exceptional impairment charge.
Pre-tax profit up 47% 
£14.7m (2007: £10.0m).  
On an adjusted basis this 
represents an increase of 34%*
Basic EPS from continuing 
operations up 53% to
48.99p (2007: 32.08p). 
On an adjusted basis this 
represents an increase of 33%*
Net cash generated 
from operating activities
£17.0m (2007: £6.6m)
Net cash 
£21.6m (2007: £14.6m)
Final dividend 
15.00p per share  
(up 22%), full year 23.0p  
(2007: 19.0p) up 21% 2  Braemar Shipping Services plc Annual Report 2008 
Braemar Seascope is one of 
the largest and most respected 
chartering and sale and purchase 
shipbroking companies in the world. 
It operates from a network of offices 
established in all of the major shipping 
centres serving clients with interests 
in oil and gas, raw materials, 
containers, grain, petrochemicals, 
mining, banking, demolition and 
many other industries.
Shipbroking
Marine Engineering
Naval Architecture
Marine Consultancy 
Vessel and Condition Surveys
Ship Construction Supervision
Energy Loss Adjusting
We have a wide range of in-house 
design, engineering, loss adjusting 
and other technical skills which 
are applicable to the shipping 
and energy (oil and gas) markets. 
Falconer Bryan, Wavespec and 
Steege Kingston operate around 
the globe and are all internationally 
renowned for their expertise and 
professionalism.
Technical
Chartering – deep sea tankers, clean, LPG, chemicals, dry bulk
LNG
Offshore – chartering and sale and purchase
Containers – chartering and sale and purchase
Sale and Purchase – secondhand, newbuilding, demolition 3  Braemar Shipping Services plc Annual Report 2008 
Port and Liner Agency 
Customs Clearance
Supply Chain Management
Freight Forwarding
Cruise Ship Support
Pollution control and incident response
Salvage support, marine and port services
Accredited training and environmental consultancy
Crisis management and emergency response advisers
Industrial services and tank cleaning technologies
MARPOL waste reception facilities
Cory Brothers are a leading ship 
agency represented in all of the main 
ports in the UK. They also have 
a rapidly growing freight forwarding 
and logistics business which operates 
alongside the agency business. 
DV Howells provides environmental 
incident response, consultancy and 
training services primarily from a 
network of bases around the UK. 
It is also fast establishing an 
industrial services business for tank 
cleaning, remediation and similar 
services. It has long-established 
relationships with marine, road 
and rail customers and is actively 
increasing its international presence.
Environmental
Logistics 4  Braemar Shipping Services plc Annual Report 2008 
Shipping services  
on a global scale
Braemar Shipping Services 
has an international network 
of offices extending across 
five continents. 
 Mumbai
 New Delhi
 Calgary
 Houston
 Mexico City
 Shanghai
 Shenzhen
 Vung Tau
 Kuala Lumpur
 Singapore
Batam
 Jakarta
 Beijing
 Lagos
 Luanda
 Sarzana
 Perth
 Melbourne
 Lutterworth
 Didcot
London
Harlow
 Ipswich
 Felixstowe
Sheerness Docks
 Isle of Grain
 Maldon
 Tilbury Docks
 Milford Haven
 Falmouth
 Portland
 Southhampton
 Bristol
Avonmouth
 Newport
 Invergordon
 Aberdeen
 Perth
 Leith
Grangemouth
 Jarrow
 Liverpool
 Huddersfield
 Rotherham
 Billingham
 Immingham
 Hull
 Middlesbrough
 Shipbroking offices
 Technical offices
 Environmental offices
 Logistics offices 5  Braemar Shipping Services plc Annual Report 2008 
Sir Graham Hearne 
Chairman
Chairman’s statement
We are investing some 
of our operating cash flows 
in businesses that operate 
in closely related areas.  
This adds value and breadth 
to the Group.
This is my sixth report to Shareholders as Chairman and once 
again I am delighted to announce another successful year of 
growth for the Group. The financial highlights are that revenue 
increased by 37% from £73.8 million to £101.0 million, profit 
before tax from continuing operations increased by 47% from 
£10.0 million to £14.7 million and earnings per share from 
continuing operations rose by 53% to 48.99 pence from 32.08 
pence in 2006/7. A more representative comparison of the 
Group’s performance is made by adjusting for an exceptional 
charge of £950,000 made last year, in which case adjusted 
pre‑tax profits grew by 34% and earnings per share by 33%. 
Our staff across the world have performed well and we are 
grateful for their effort and commitment which has brought about 
this success.
Shipbroking has thrived in shipping markets which have been 
both volatile and buoyant. The demand for oil and raw materials 
has continued unabated attracting further new investment in 
shipping. In particular this year we have benefited from strong 
activity and rates in newbuilding, dry bulk and offshore chartering 
though all shipbroking sections have performed well. Our forward 
order book has grown again and stands at a record level.
Our Environmental division had an outstanding year, largely  
due to their involvement in the clearance of the stricken container 
vessel off the south coast of England, and both Cory Brothers 
and Wavespec performed well over the year.
We have continued to invest part of our operating cash flows  
in these businesses. In pursuing this strategy we are creating  
a broader and more diverse group which can offer a wider range 
of services for clients. We have invested significantly in our 
Technical division through the purchase of Falconer Bryan in  
July 2007 for a cash consideration of £5.9 million and Steege 
Kingston in March 2008 for a consideration which is expected 
to be in the range £8.0 – £8.5 million dependent on its financial 
performance. Falconer Bryan offers a range of engineering  
and surveying services from offices across the Far East, and 
Steege Kingston is an international loss‑adjuster specialising  
in the energy market. These businesses operate in markets that 
will grow and they also complement our existing operations  
to create new opportunities. We have also added to our Logistics 
division with the acquisition of 80 per cent of Fred. Olsen Freight 
for £2.0 million in December 2007 and the remaining interest  
in Gorman Cory for £0.9 million in March 2008. 
The Directors are recommending for approval at the Annual 
General Meeting a final dividend of 15.00 pence per ordinary 
share, to be paid on 25 July 2008 to shareholders on the register 
at the close of business on 27 June 2008. Together with the 
8.00 pence interim dividend the Company’s dividend for the year 
is 23.0 pence (2007: 19.0 pence), a rise of 21%. The dividend 
is covered 2.1 times by earnings from continuing operations.
Market conditions remain favourable for our businesses and  
the financial year has begun well, so far with no adverse effect 
from the global credit squeeze. Freight rates and vessel values  
are both firm and there is strong demand for our services, all  
of which bodes well for the new year.
Sir Graham Hearne 
6 May 2008 6  Braemar Shipping Services plc Annual Report 2008 
Our businesses
Our businesses are larger 
than ever in terms of 
coverage, size and scope. 
The divisions complement 
one another and provide 
opportunities for growth.
Operating profit* Revenue Employees (average)
Shipbroking
£13.0m £52.8m 211
Technical 
£0.7m £9.5m 82
Environmental 
£1.8m £10.8m 65
Logistics
£1.0m £27.9m 1 76
 * before unallocated other costs of £2.5m.
2007/8 Operating profit* Group revenue Group employees 
(average)
Group performance  
by business segment
£16.5m £101 .0m 534 7  Braemar Shipping Services plc Annual Report 2008 
Chief Executive’s  
review of the business
We are pleased with 
the performance of our 
businesses. Revenue 
and profits are higher 
in all divisions.
Alan Marsh 
Chief Executive
Strategy
Our strategy has been, and remains, to extend the Group’s 
activities beyond pure shipbroking to cover other shipping related 
service areas where we can add value not only for Shareholders 
but also for our clients. To reflect the growth that has occurred 
thus far, and to let clients and others more easily identify with 
our overall offering, we have reorganised the Group into distinct 
operating divisions: Shipbroking, Technical, Logistics and 
Environmental. 
Operations
This year our Shipbroking business has improved its financial 
performance significantly at a time when the core office, 
departmental structure and head count has not fundamentally 
changed. Some of this can be attributed to higher freight rates but 
in many areas we are showing good growth in transaction volumes 
which is a testament to the effectiveness of our teams. The new 
financial year has started extremely well – as at 1 March 2008  
we had already concluded shipbroking business totalling in excess 
of US$53 million deliverable over the course of the year which is 
some 77% higher than the equivalent position at 1 March 2007.
Our Technical, Logistics and Environmental businesses have all 
been busy over the last year and have raised their international 
profile considerably due to their success in handling and winning 
important business. Each of these businesses possesses 
specialist skills for which we expect there to be a growing demand 
as the world fleet grows and both the appetite for energy and 
exploration activity remain high. We have added to our skill base 
through selective acquisitions and organic growth which will bring 
further opportunities to increase our presence in these areas. 
A review of the market and our activities during the year is set  
out by segment below.
Shipbroking – Braemar Seascope
Revenues increased by 30% to £52.8 million (2007: £40.5 million) 
and operating profits were 23% higher at £13.0 million (2007: 
£10.6 million). 
Shipbroking activities are undertaken under the name of Braemar 
Seascope from offices in London, Aberdeen, Shanghai, Beijing, 
Singapore, Melbourne, Perth, and Sarzana, Italy, with further joint 
venture offices in Delhi and Mumbai. 
At the beginning of our financial year – 1 March 2007 – the Baltic 
Dry Index, the barometer for the dry bulk market, stood at the 
relatively low level of 4,818 before making steady gains until mid 
November when it reached its peak of 11,039, falling back to  
5,615 by the end of January 2008 and finishing the financial year  
at 7,613. It currently stands at 9,581. Volatility was especially 
a feature of the Capesize market, which is devoted to the 
transportation of raw materials particularly coal for power and steel, 
and iron ore for steel and is indicative of a relatively even balance 
of supply and demand. In such circumstances news or rumours of 
port closures, congestion or stem curtailments can cause significant 
short‑ term fluctuations. Our dry cargo department finished the  
year with record invoiced revenues, with the overseas offices all 
making good contributions. We have also been active in the period 
charter market and our forward book has grown substantially. 
In our next financial year we expect volatility to continue and, 
although there will be a considerable number of additions  
to the fleet, we expect the market to remain healthy, underpinned  
by the burgeoning demands particularly in China and India. 
Our deep sea tanker chartering department increased their 
involvement in both the number of spot and time charter 
transactions, resulting in an increase in revenue over last year. 
The Baltic Dirty Tanker Index (BDTI) started the financial year  
at 1,094 and closed at 1,151, averaging 1,122 over the year.  
It currently stands at 1,701. However, on the 7 December 2007 
a large single hull crude tanker was holed by a barge whilst at 
anchor off South Korea resulting in major pollution affecting the 
coastal environment. Charterers immediately looked to secure 
only double hull tonnage putting pressure on the market. VLCC 
tanker rates spiked achieving earnings as high as US$300,000 
per day despite the high bunker prices. These rates filtered 
down to the Suezmax and Aframax sectors and although there  8  Braemar Shipping Services plc Annual Report 2008 
Chief Executive’s  
review of the business
continued
was a significant correction in the first quarter of 2008, the rates 
remained higher than at any time in the previous year barring 
the peak in December 2007 when the BDTI reached 2,279. 
The demand for double hull tonnage has also accelerated various 
conversion programs that single hull tanker owners had been 
planning for dry bulk or FPSO work. We expect that the balance 
between demand, new crude carriers entering the market and 
conversions/scrapping to broadly equate over the coming year.
In the smaller tanker sectors the impact of newbuildings entering 
the market depressed rates. However the increase in refining  
and the subsequent distribution of products in the coastal  
markets is expected to result in the volume of transactions  
rising significantly over the next year. Volumes in the specialist 
chemical markets (including petrochemical gases) have increased 
resulting in charterers securing medium term contracts for  
12 to 24 months. Newbuilding tonnage delivering to this sector 
has accommodated the increase in movements and rates are 
expected to remain steady.
LPG markets remained fairly static over the year with a surplus 
of large tonnage keeping the rates at low levels although the main 
producers are now pricing the product for expected increased 
sales from the end of 2008. LNG markets have also stayed quiet 
with a number of delivered LNG carriers waiting for their planned 
project work to commence. These projects had been delayed for 
technical and commercial reasons and this has affected the critical 
supply of LNG. For a number of these projects, transportation  
is now expected to commence within two years. Once underway 
the surplus tonnage in both LNG and LPG sectors should be 
quickly absorbed.
The performance of the sale and purchase department improved 
again with notable success in placing newbuilding orders across 
a wide variety of high quality shipyards. Secondhand transaction 
deal flow was steady and quite evenly balanced between 
tankers and bulk carriers. Transaction values have been strong 
reflecting the historically high prices achieved in the principal 
ship categories. Another major feature was the amount of resale 
activity, this being business where we are involved in transacting 
the onward sale of a newbuilding contract already placed and for 
which our commission is generally earned on delivery of the vessel 
from the yard. Demolition business is currently a less active part 
of sale and purchase but we expect it to increase in the coming 
years in line with the phase‑out of single hull tankers, and as we 
enter the new financial year we are seeing more evidence of this.
Container charter rates and vessel values remained quite firm over 
the year and our container desk performed well in both the sale 
and purchase and chartering markets. The arrival of substantial 
The new financial year 
begins with the best 
ever start – Shipbroking 
business of US $53 million 
deliverable in 2008/9.
Part of the DV Howells incident 
response team which has had  
a busy year.
Falconer Bryan provide technical 
survey, engineering and consulting 
services for the marine and  
energy sectors. 9  Braemar Shipping Services plc Annual Report 2008 
newbuilding tonnage will be a source of new opportunities 
although charter rates and second hand prices could be lower 
in the medium term if demand slows. However continuing 
globalisation, of which the container market is a cornerstone, 
underpins future prospects.
The offshore desk enjoyed a record year of growth and activity 
driven by the high level of oil exploration activity. Supply vessels 
have been much in demand and day rates rose to historic highs 
which look likely to be sustained by the high price of oil. The 
increase in earnings has encouraged investment in the industry 
and our team were also involved in concluding good sale and 
purchase and newbuilding business.
Technical – Wavespec, Falconer Bryan and Steege Kingston
Revenues increased by 43% to £9.5 million (2007: £6.6 million) 
and operating profits were up by 32% at £0.7 million (2007: 
£0.5 million). Falconer Bryan contributed revenues of £3.4 million 
and operating profits before amortisation of £0.5 million 
in the eight months since it was acquired. The business is 
headquartered in Singapore and employs 90 full time staff from 
seven offices, most of which are based in the Far East. All of 
its offices have been busy throughout the period working on a 
broad range of marine warranty surveys, towage approvals and 
consulting engineering work, and this activity shows every sign 
of continuing in the same vein. We are pleased with the progress 
it has made as part of the Group during which a new office in 
London has been established to access the insurance market. 
Wavespec’s revenue and operating contribution was slightly lower 
mainly due to a weaker dollar, less higher margin project work  
and an office move to new leased premises in Malden. However 
it has extended its Qatargas business to 2011 and recently won 
new business for the design of new coal carrying vessels.
Steege Kingston was acquired on 3 March 2008 and has 
therefore not been consolidated in the year we are now reporting 
on. It provides specialist loss adjusting and other expert services 
to the energy (oil and gas), marine, power and other related 
industrial sectors and is one of the leading international players 
in the energy adjusting market, with a particularly strong reputation 
and presence in the offshore/upstream sector. Its client base 
covers insurance underwriters, insurance brokers as well as the 
insured parties in the oil and gas industry itself. It operates from 
offices in London, Houston, Singapore, Calgary and Mexico City 
with a total of 62 employees. In the year to 31 December 2007 
it recorded consolidated revenues of £7.0 million and pre‑tax 
profits of £1.7 million and as at 31 December 2007 gross assets 
were £7.2 million and net assets were £4.9 million including cash 
of £0.2 million. 
The Technical division is now substantially larger as a result of the 
new business additions. The combination of international offices, 
client bases and skills will be a powerful business base from which 
to grow. The division now has 170 full time employees plus a 
further 70 consultant engineers acting as supervisors in shipyards.
Logistics – Cory Brothers
Revenues increased by 19% to £27.9 million (2007: £23.4 million) 
and operating profits were up 5% at £1.0 million (2007: £0.9 
million). Revenue growth arose primarily from liner, logistics 
and forwarding business driven by sustained strong demand. 
In excess of 19,500 forwarding jobs were handled in the year 
compared with 13,200 last year. Logistics and one‑off projects 
continue to be the mainstay of sustainable growth and profitability, 
and we are proud that Cory Logistics’ success in this area has 
been recognised by the industry with the awards of Lloyd’s List 
Freight Forwarder of the Year and Heavylift/Project Specialist of 
the year for 2007. 
The acquisition of 80% of Fred. Olsen Freight on 24 December 
2007 is a key strategic addition and a natural fit with Cory 
Logistics. It provides a range of freight forwarding and liner agency 
services for a predominantly UK client base complementing the 
services currently offered by Cory Logistics. It has 50 employees 
located mostly in Ipswich and close to the Cory Logistics offices 
of Felixstowe.
Port agency is maintaining a leading position in an increasingly 
competitive UK market, handling in excess of 6,000 port calls  
in 2007/8, an increase of 23% over the prior year. In April 2008  
Cory was awarded the highly prestigious BP hub agency business 
for the European region.
Morrison Tours, a seasonal business linked closely to the cruise 
industry around the UK has added to its customer base and 
improved the take‑up of the shore excursions on offer with 
improved prospects for the coming year.
Environmental – DV Howells 
DV Howells increased revenues to £10.8 million from £3.2 million 
in the previous year and operating profits grew from £0.2 million 
to £1.8 million. Much of the growth was due to the company’s 
salvage support and environmental protection for the stricken 
container ship off the South coast of England which had an 
incremental income of over £7.9 million in the year. This work 
resulted in a significant increase in man hours worked on  
the protection and clean up of the beaches together with the 
specialist handling of the recovered containers from the ship. 
The Industrial Services section of the company, which handled 
much of this work, also deployed its specialist tank cleaning 
technology on a number of oil storage tank farms. 
Cory Logistics has grown significantly 
and added the business Fred. Olsen 
Freight during the year.
Cory Logistics won the Lloyd’s List 
Freight Forwarder of the Year and 
Heavylift/Project Specialist for 2007. 10  Braemar Shipping Services plc Annual Report 2008 
Chief Executive’s  
review of the business
continued
The 24/7 Incident Response section continued steadily performing 
specialist environmental clean up including the handling of 
hazardous substances and spills for ports, rail and roads from its 
nine bases in the UK. It also attended a number of call outs for the 
Maritime and Coastguard Agency (MCA) as part of the contract  
to operate the MCA national counter pollution stockpiles.
The company’s International and Specialist Services section acted 
as consultant advisors in the review of various UK ports’ oil spill 
contingency plans, as well as assisting the Irish Coastal Authority 
with their emergency response and incident management plans. 
The company has grown its international involvement through  
a variety of contracts including specialist consulting assignments 
for the International Maritime Organisation, UK Ministry of  
Defence and major oil and shipping companies, plus offshore 
drilling support, spill response and training, in Africa, Europe 
and the Far East. 
Financial Review
Income statement
Revenue and operating profits grew in all divisions – the 
segmental results are shown in note 2. Gross margins (calculated 
after charging costs that are directly related to revenue) were 
stable at 72% and operating margins after all operating expenses 
(excluding an exceptional charge in 2007) also remained 
unchanged at 14%. 
A reconciliation of reported profits to adjusted profits is set out in 
the table below. 
   2007/8 2006/7 
    £000 £000
Adjusted profits from continuing  
operations before impairment  
charge and tax  +34% 14,718  10,964
Impairment of Braemar  
Seascope Pty goodwill   –  (950)
Reported profit before tax from  
continuing operations  +47% 14,718  10,014
  
   Pence  Pence
EPS from continuing operations  
(pre impairment charge)  +33% 48.99  36.90
Impairment of goodwill   –  (4.82)
Basic EPS from continuing  
operations  +53% 48.99  32.08
Our Technical, Logistics 
and Environmental 
businesses have raised 
their international profile 
due to success in 
handling and winning 
important business.
The Dry Bulk department has enjoyed 
good growth from its offices in London, 
Melbourne, Perth, Singapore, Beijing 
and Sarzana, Italy.
Braemar Seascope’s specialised 
tanker section is represented in 
London, Singapore and Shanghai. 11  Braemar Shipping Services plc Annual Report 2008 
Discontinued operations
In September 2007 the bunker trading operations based  
in Australia ceased and the historic net result of this activity  
is now shown on a single discontinued operations line in  
the income statement.
Taxation
The tax rate on reported profit before tax was 32.6% 
(2007: 35.8%). The underlying rate, excluding the share of net 
profits from joint ventures and the effect of the impairment charge, 
was 33.4% (2007: 33.3%). Next year the tax rate will benefit  
from the reduction in the rate of UK corporation tax to 28%.
Cash flow and acquisitions
The cash balance increased over the year by £7.0 million 
to £21.6 million (2007: £14.6 million). The Group generated 
operating cash flows (after tax) of £17.0 million up from 
£6.6 million in the prior year mainly due to the increase  
in operating profits and an improvement in working capital 
management. Out of this, £1.0 million was spent on fixed 
assets, £4.3 million on acquisitions and £4.1 million for 
dividend payments. 
Cash expended on acquiring businesses was £7.4 million, offset 
by £3.1 million of cash in the acquired balance sheets, in respect 
of Falconer Bryan (£5.9 million), Fred. Olsen Freight (£1.3 million) 
and deferred consideration (£0.2 million). Subsequent to the  
year end the Group paid £4.2 million in respect of the purchase  
of Steege Kingston and £0.9 million to purchase the 59%  
of Gorman Cory such that it is now wholly‑owned.
Treasury risk management
The Board sets the Group’s treasury policy covering financing 
decisions and treasury risk management, the objective of which 
is to manage the Group’s financial risk exposures in an effective 
manner. The Finance Director is responsible for day‑to‑day 
treasury risk monitoring and activity which is reviewed by  
the Board through regular reporting. The Group uses financial 
instruments to hedge underlying exposures and not for 
speculative purposes. (See derivative and other financial 
instruments – note 19 in the accounts).
Liquidity risk: The Group has no net debt and did not have  
at any time during the year. An overdraft facility of £5.0 million  
with the Group’s principal relationship bank, the Royal Bank  
of Scotland plc, is maintained for financial flexibility and in order  
to improve treasury efficiency and performance. 
Foreign exchange risk: The majority of the Group’s shipbroking 
income is US dollar denominated and changes in the rate 
of exchange relative to £ sterling, and to a lesser extent the 
Australian and Singapore dollar, can have an effect on the 
reported results and net assets. From time to time the Group 
enters into forward foreign exchange contracts and currency 
options to limit the effect of currency fluctuations.
The average rate of exchange for conversion of US dollar 
income during the financial year, after taking account of hedging, 
was $1.99/£ (2007: $1.86/£) and at 29 February 2008 the 
balance sheet rate for conversion was $1.99/£ (28 February 
2007: $1.97/£). If the 2007/8 shipbroking income had been 
translated at the 2006/7 average exchange rate, it would have 
been higher by approximately £3.7 million. 
At 29 February 2008 the Group held forward currency contracts 
to sell US$12.0 million at an average rate of $1.93/£ and two 
variable forward window agreements to sell $0.5 million per 
month with upper and lower strike prices of $1.9735 – $2.10 
for the months March 08 – February 09 and $1.8605 – $1.9995 
for the months March 08 – February 09.
Interest rate risk: The Group has an exposure to interest rates in 
relation to its cash balances, the majority of which are held in the 
UK. Surplus cash (in £s or US$s) is deposited at institutions with 
strong credit ratings and deposits are short term in nature.
I would like to express my personal thanks and appreciation to  
all the staff whose hard work and commitment have contributed 
to our performance this year, and with such dedicated colleagues 
I am confident for the continuing success of the Group. 
Alan Marsh 
6 May 2008
Our container team have performed 
well in both sale and purchase  
and chartering.
Research and analysis forms a critical 
part of the ideas and service we 
provide for clients. 12  Braemar Shipping Services plc Annual Report 2008 
Board of Directors
Sir Graham Hearne (70) 
Chairman
Appointed a Director 
on 7 October 1999 and 
Chairman on 26 November 
2002. A qualified solicitor, 
he was formerly Chairman 
of Enterprise Oil plc. He 
is non‑executive Chairman 
of Catlin Group Limited 
and Stratic Energy 
Corp, and non‑executive 
Director of N M Rothschild 
and Sons Limited, Rowan 
Companies Inc and 
Wellstream Holdings plc. 
R.D. Agutter (66) 
Non‑executive Director
Appointed a Director on 
6 November 2001. A qualified 
chartered accountant, he 
was a senior corporate 
finance partner in KPMG,  
a firm of public accountants. 
He is the senior independent  
non‑executive Director. 
J.S. Denholm (51) 
Non‑executive Director
Appointed a Director on 25 
July 2002. A qualified chartered 
accountant, he is Chairman 
of J&J Denholm Limited and 
the Anglo Eastern Management 
Group Limited. He is a member 
of the executive committee of 
the Baltic International Maritime 
Council and a director of the 
Chamber of Shipping Limited.
D.G. Moorhouse (61) 
Non‑executive Director
Appointed a Director on 
19 January 2005. He is 
currently Chairman of Lloyd’s 
Register and a trustee  
of the National Maritime 
Museum. Until recently 
he was an advisor on 
technology exports to the 
DTI and deputy Chairman 
of the UK’s Foundation for 
Science and Technology. 
Formerly he was Chairman 
and Chief Executive Officer 
of Kvaerner Process, 
Chairman and Chief Executive 
of Trafalgar, John Brown and  
a director of John Brown plc. 
Non-executive Directors 13  Braemar Shipping Services plc Annual Report 2008 
A.R.W. Marsh (58) 
Chief Executive
He was a founder member 
of Braemar Shipbrokers 
Limited in 1983 and on 
7 March 2001 he was 
appointed Chief Executive 
of Braemar Seascope 
Group plc and Chairman  
of Braemar Seascope Limited 
and Wavespec Limited.  
He is a Fellow of the Institute 
of Chartered Shipbrokers 
and a director of ITIC  
Limited, the professional 
and indemnity club for ship 
agents, ship brokers and 
ship managers.
J.R.V. Kidwell (46) 
Finance Director
Appointed a Director on 
1 August 2002. He qualified 
as a chartered accountant 
with Price Waterhouse in  
1988, and then worked 
in a number of financial roles 
for Carlton Communications 
plc between 1989 and 2001, 
leaving as Group Financial 
Controller. He was Finance 
Director of Boosey and 
Hawkes Music Publishers 
Limited until June 2002. 
D. Petropoulos (51) 
Executive Director
Appointed a Director on 10 
January 2007. He has worked 
in tanker chartering all his 
professional life and was a 
founding director of Braemar 
Tankers Limited, which was 
acquired by Braemar Seascope 
in 2001. He is joint Managing 
Director of Braemar Seascope 
Limited, the Group’s principal 
shipbroking subsidiary and 
has specific responsibility for 
the Group’s tanker chartering 
activity encompassing deep 
sea crude and clean product, 
gas, chemicals and specialised 
tanker chartering. 
Q.B. Soanes (53) 
Executive Director
Appointed a Director on 
10 January 2007. He has 
worked as a sale and 
purchase shipbroker for 
most of his professional life 
and was a founding director 
of Braemar Shipbrokers 
Limited, which merged with 
Seascope Shipping Holdings 
plc in 2001 to form Braemar 
Seascope Group plc. He is 
joint Managing Director of 
Braemar Seascope Limited 
and has responsibility for 
business development in the 
Group. He is also Chairman 
of the Group’s wholly‑ owned 
subsidiaries, Cory Brothers 
Shipping Agency Limited 
and DV Howells Limited. 
Executive Directors 14  Braemar Shipping Services plc Annual Report 2008 
The Directors submit their report and the audited accounts for the 
year ended 29 February 2008, which were approved by the Board 
on 6 May 2008.
Principal activities and review of business
The Company operates through a number of subsidiaries and 
joint ventures. A review of the Group’s activities including risks, 
business drivers, key performance indicators and future prospects 
is contained in the Chief Executive’s review of the business on 
pages 6 to 11. The Group’s business segments and their activities 
are described below.
Shipbroking: The shipbroking market is both international and 
fragmented. While there are only a small number of broking 
houses that provide the full range of services we provide there are 
many private brokers specialising in niche areas of the shipping 
market, which makes market share difficult to assess. Few, if 
any, contractual or exclusive client relationships exist, but many 
relationships have been created and developed over a long time 
based on the quality of service and advice provided. We represent 
a significant number of major ship owners, charterers, shipyards, 
trading houses, banks, mining and commodities houses, demolition 
businesses and other commercial ventures based around the 
globe. There is no particular bias or theme to our client base.
The shipbroking business is never a principal in a shipping 
transaction – it does not own ships or charter vessels for its own 
account. Income is derived from commissions earned on shipping 
transactions in which the Group has acted as a broker, and is 
therefore a function of the number of transactions concluded for 
delivery in the year and the average freight rates or vessel values 
applicable to those transactions.
Transaction numbers are influenced by a combination of the 
supply and demand for ships, the number of skilled, experienced 
brokers operating in the group, and the competition from other 
broking houses (both for transactions and brokers). The demand 
for ships is related among other factors to world trade, economic 
growth, particularly in the major economies, interest and exchange 
rates, and the price and supply of raw materials, mainly for oil, iron 
ore and coal. The supply of available ships for a particular market 
is affected by factors such as shipyard capacity, order backlog, 
the propensity for yards to build ships of a certain type, speed 
of vessels, and regulations on ships’ ages which may accelerate 
scrapping. Overlaying all of these considerations are other events 
that can have a significant short‑ term impact on trade and trading 
patterns and may, for the most part, be unpredictable. Most 
importantly, the supply of oil or refined products is subject to 
OPEC and other political decisions, war and the threat of war, 
new pipelines and the weather. In the dry market the demand for 
coal and ore has been driven by industrial and economic growth 
in the Far East with short‑ term factors such as port congestion 
and raw material contractual pricing also having an influence on 
freight rates.
Part of the income in any particular year is derived from business 
that has already been concluded but has yet to complete, because 
for example, the delivery of the vessel has not occurred. Similarly at 
the end of the year some of the transacted spot business may not 
have been completed and therefore not invoiced at year‑ end. This 
forward book of business comprises newbuilding transactions, 
time (or period) charters where income is earned over the life of the 
charter and uncompleted spot transactions.
The majority of shipping transactions is concluded in US dollars 
with our commission income also being derived in US dollars.
Report of the Directors
for the year ended 29 February 2008
Logistics: This activity is undertaken by Cory Brothers which has 
20 offices most of which are based in UK ports. Its income is fee‑ based and substantially £ sterling denominated. Fees are earned 
every time a ship makes a call into port, when the company is the 
appointed agent. Agency services provided include settlement 
of port dues, handling customs clearance and making ad‑hoc 
arrangements for the vessel as required. Fees are normally 
determined under multi‑year contracts which are often long‑ standing but technically terminable at short notice. Cory Brothers 
is agent for a number of major oil, gas and chemical companies 
and other ship owners. Its income is therefore a function of the 
number of clients it has and their level of port call activity.
The freight forwarding and logistics business operates both in 
tandem with the agency business and separately in its own right. 
In some instances the business is conducted under contract 
on the basis of an agreed tariff per shipment with the shipment 
volumes determined by the client, while in others cases the 
company receives a fee per box handled either as an import or 
an export. There are also individual forwarding projects which 
are negotiated separately. In all cases volumes and client activity 
levels are a key factor in driving income and profits, along with 
the company’s ability to find cost‑effective solutions to suit the 
logistics needs. Volumes are difficult to predict and the company 
must seek and win a regular flow of new business to grow.
Technical: There are now three businesses within the Technical 
division, Wavespec, Falconer Bryan (acquired in July 2007) and 
Steege Kingston (acquired after the year end in March 2008). 
Together they provide a complementary range of independent 
technical services to the marine and oil and gas energy sectors.
Wavespec offers expertise in all types of vessel construction but 
has built up a reputation as a market leader for technical services 
in the construction of LNG carriers. Generally the business is 
divided between ships’ plan approval work which is normally 
quoted for on a project basis, and site supervisory work covering 
the vessel’s construction at the shipyard. This is operated on an 
agreed day rate basis for each engineer provided under contract 
to the client. Many construction projects will involve both plan 
approval and site supervisory services during the life of the 
project. The shipping engineering skills Wavespec has access to 
mean it is well placed to play a leading role in the development 
of new designs and technologies. In addition Wavespec also 
acts as consultants in the offshore sector carrying out FMEA 
(Failure Mode and Effect Analyses) and DP (Dynamic Positioning) 
assessments.
Falconer Bryan provides specialised marine and offshore services 
from a network of offices in Asia and Australia. It has a highly 
qualified team which includes master mariners, chief engineers, 
naval architects and structural engineers who together can 
offer expertise ranging from independent marine warranty loss 
prevention surveys, surveys for marine and offshore vessels 
to naval architectural/marine consultancy for design and 
construction, rig moving and offshore installation engineering. 
It has a wide client base and the amount of business undertaken 
is partly related to the activity of its clients and more generally to 
factors such as the growth and age profile of the shipping fleet, 
regional exploration activity and the availability of skilled staff.
Steege Kingston provides specialist loss adjusting and other 
expert services to the energy, marine and related industrial 
sectors. It operates from offices in London, Houston, Singapore, 
Calgary and Mexico City and is one of the leading international 
players in the energy adjusting market. Its client base covers  15  Braemar Shipping Services plc Annual Report 2008 
insurance underwriters, industry mutuals and the legal profession; 
strong working relationships are also maintained with all major 
insurance brokers as well as the insured parties in the oil and gas 
industry and it has a particularly strong reputation and presence 
in the offshore/upstream sector where business is influenced by 
natural catastrophes (particularly North American windstorms), the 
insurance market cycle and oil field exploration and development 
activity driven by oil price. 
Environmental: DV Howells provides a wide variety of 
environmental services from nine bases around the UK, principally 
for customers operating in the UK in the shipping, transport and 
oil industries, and other customers whose activities interface with 
ports, motorways, railways and airports. Services provided include 
carrying out the post‑incident clean up of oil, chemical, biological 
and radiological incidents; tank cleaning; environmental surveys; 
contingency planning; consultancy and training for customers 
including the IMO, overseas governments, coastguards, ports, 
harbours and international oil companies. As part of its role DV 
Howells maintains a response network with full UK coverage, 
comprising emergency equipment and a team of incident staff 
on permanent 24‑hour standby.
Some of its business is provided under multi‑year contracts 
typically including a retainer fee and an agreed incident call out 
rate. Key contracts of this type are with the Maritime Coastguard 
Agency, Network Rail and the MOD. Other business arises on a 
one‑off basis as incidents occur and the company is invited to 
tender and respond. Since most income is related to the number 
of incidents or the time required for post‑incident services to be 
completed, the predictability of income above a core level is not 
easy. As part of the Group, DV Howells is well placed to grow 
its customer relationships and this development should see the 
benefit of a greater predictive pattern to the overall business.
Results and dividends
The Group profit before taxation for the year amounted to 
£14.7 million (2007: £10.0 million). Details of the results are set 
out in the consolidated income statement on page 24 and in the 
related notes. Details of dividends paid during the period are set 
out in note 9 to the Accounts. The Directors are recommending 
the payment of a final dividend of 15.00 pence per share on 25 
July 2008 to shareholders on the register at the close of business 
on 27 June 2008.
Post balance sheet event
On 3 March 2008 the Company acquired all of the share capital 
of Steege Kingston Partnership Limited. The initial consideration 
was £5.5 million satisfied by cash from existing resources of 
£4.2 million and the issue of 306,513 new ordinary shares in 
Braemar Shipping Services plc. Further consideration is due 
based on a multiple of the earnings before interest and tax in 
each of the two years post completion and these amounts will be 
settled wholly in cash. Total consideration is expected to be in the 
range £8.0 million – £8.5 million and the maximum consideration 
payable is capped at £12.0 million. 
Share capital
During the year ended 29 February 2008 the Company issued 
351,064 new shares pursuant to the exercise of employee 
share options. 
Directors and their interests
The Directors of the Company during the year and at the date 
of this report are shown on pages 12 and 13. The Directors’ 
beneficial interests, including family interests in the shares of 
the Company at 29 February 2008, were as follows:
 29 February 2008 28 February 2007
R.D. Agutter 5,000 5,000
J.S. Denholm 7,000 7,000
Sir Graham Hearne 2,500 2,500
J.R.V . Kidwell 72,250 47,250
A.R.W. Marsh 1,170,002 1,148,502
D.G. Moorhouse – –
D. Petropoulos 568,191 568,191
Q.B. Soanes 1,164,010 1,145,010
Directors’ interests in share options are set out on page 22.
The Directors, in common with other employees of the Group also 
have an interest in 685,014 (2007: 331,495) ordinary 10 pence 
shares held by Close Trustees Guernsey Limited on behalf of 
the Employee Share Ownership Plan. During the year the Board 
resolved to acquire additional shares in the market to be used 
for employee share awards. 353,519 shares were acquired at an 
average price of 416 pence (see note 26).
The Directors held no material interest in any contract of 
significance entered into by the Company or its subsidiaries during 
the period. There have been no changes in Directors’ interests 
between 29 February 2008 and 6 May 2008.
Substantial shareholdings
The Directors have been notified or are aware of the following 
persons who directly or indirectly are interested in 3% or more 
of the issued ordinary share capital of the Company.
Directors  %
A.R.W. Marsh  5.68%
Q.B. Soanes  5.66%
Others
Majedie Asset Management   5.20%
Legal & General  4.98%
AXA Framlington  4.71%
R.L. North  3.36%
As far as the Company is aware there are no other persons with 
significant direct or indirect holdings in the Company. Information 
provided to the Company pursuant to the Financial Services Authority’ s 
(FSA) Disclosure and Transparency Rules (DTRs) is published on a 
Regulatory Information Service and the Company’s website.
Purchase of own ordinary shares
The Directors are authorised to make market purchases of the 
Company’s ordinary shares under an authority granted by the 
Annual General Meeting held on 20 June 2007. No purchases were 
made under this authority during the year. In accordance with ABI 
Investor Protection Guidelines, the maximum number of ordinary 
shares which may be acquired is 10% or less of the Company’s 
issued ordinary shares as at 6 May 2008. The Directors will seek 
the renewal of this authority at the 2008 Annual General Meeting 
in Resolution 11 in accordance with the Company’s Articles of 
Association. The Directors have no immediate intention of exercising 
the authority but they will keep the matter under review. Purchases 
will only be made if they result in an expected increase in earnings 
per share and will take into account other available investment 
opportunities, appropriate gearing levels and the overall position  
of the Company. Any shares purchased in accordance with this  
authority will subsequently be cancelled. The total number of options 
to subscribe for shares that were outstanding as at 6 May 2008  
was 393,116, being 1.9% of the issued share capital. If the authority 
to purchase shares is used in full, the proportion of issued share 
capital represented by this number of options would amount to 2.1%. 16  Braemar Shipping Services plc Annual Report 2008 
Employment policies
The Group recognises that recruiting, motivating and retaining 
the best employees plays a vital role in its future success. 
The involvement of employees in the Group’s performance is 
encouraged where appropriate through participation in the 
annual discretionary bonuses and share option scheme. The 
Group keeps its employees informed of all matters affecting their 
interests through managerial consultation and internal memoranda. 
To ensure a fair and professional workplace, the Group has a 
range of policies covering issues such as equal opportunities, 
bullying and harassment and whistle‑blowing. 
The Group seeks to achieve consistency in its employment 
policies although differences in local conditions and legal 
requirements can arise due to the international nature of the 
business. The Group is committed to equal opportunities for 
all employees with full and fair consideration being given to 
applications for employment by those with a disability. Where 
an employee becomes disabled while in employment of a Group 
company, every effort is made to find continuing employment 
where possible.
Health and safety
The Group is committed to the health and safety of all its 
employees. In many parts of the Group, employees are office 
based and the health and safety risks are managed in the offices 
locally. In the Technical, Logistics and Environmental divisions, 
our employees may be field‑based and the risks associated 
with these activities are actively monitored and managed by the 
appropriate health and safety professionals. The Group seeks 
to comply with all applicable regulations and legislation.
Corporate Social Responsibility
The Group recognises that it is in a position to make a 
contribution to its local community in the areas where it has 
offices. Its activities in these areas vary by division. Braemar 
Seascope’s London office is located adjacent to a state school 
of multi‑denominational faiths for which the Company has given 
funds to improve facilities and actively encourages employees 
to voluntarily become involved in reading to pupils and as part 
of school’s governance. Cory Brothers have provided a North 
London community school with a secure storage facility for the 
school’s bicycles.
Environment
The Group recognises that its activities may have an 
environmental impact though the differing nature and location 
of its operations makes an all‑embracing group policy difficult to 
apply uniformly. Group companies are responsible for devising 
environmental policies that are appropriate to their businesses 
and management monitors the way in which Group companies 
manage their approach and activities. Recycling and energy 
efficiency are actively encouraged where it is practical and efficient 
to do so. Over the year a number of paper recycling initiatives 
have commenced and the energy efficiency of any new premises 
is now actively considered. 
DV Howells is involved in assisting its clients to manage and 
safeguard their environmental risks and in improving the 
environment should an incident arise. A significant part of their 
role is devoted to training and advising them on procedures which 
are designed to achieve this. In the course of their business they 
also have to deal with hazardous material and they do so with due 
consideration for its environmental impact and strictly in accordance 
with the regulations laid down by the Environment Agency.
Payments to suppliers
Group companies are responsible for agreeing the terms and 
conditions under which business transactions with their suppliers 
are conducted. It is Group policy that payments to suppliers are 
made in accordance with these terms, provided that the  
supplier is also complying with all relevant terms and conditions. 
The Company has no trade creditors (see note 23).
Donations
During the year the Group made charitable donations amounting 
to £28,567 (2007: £20,662) to a range of different charities.  
No political donations were made during the period.
Financial instruments
The Group’s financial risk management objectives and policies are 
set out in the corporate governance statement on pages 17 to 18.
Statement of Director’s Responsibilities  
in respect of financial statements
Company law requires the Directors to prepare financial 
statements for each financial year. Under that law the Directors 
have prepared the Group and Parent Company financial 
statements in accordance with International Financial Reporting 
Standards (IFRSs) as adopted by the European Union. In 
preparing these financial statements, the directors have also 
elected to comply with IFRSs, issued by the International 
Accounting Standards Board (IASB). The financial statements are 
required by law to give a true and fair view of the state of affairs 
of the Company and the Group and of the profit or loss of the 
Group for that period. In preparing those financial statements, 
the Directors are required to:
•	 Select	suitable	accounting	policies	and	then	apply	them	
consistently;
•	 Make 	 judgements 	 and 	 estimates 	 that 	 ar e 	 r easonable 	 and 	 prudent;
•	 State 	 that 	 the 	 financial 	 statements 	 comply 	 with 	 IFRSs 	 as 	 adopted 	
by the European Union; and
•	 Pr epar e	the	financial	statements	on	the	going	concer n	basis,	
unless it is inappropriate to presume that the Group will 
continue in business, in which case there should be supporting 
assumptions or qualifications as necessary.
The Directors confirm that they have complied with the above 
requirements in preparing the financial statements. The Directors 
are responsible for keeping proper accounting records that 
disclose with reasonable accuracy at any time the financial 
position of the Company and the Group and enable them to 
ensure that the financial statements and the Remuneration Report 
comply with the Companies Act 1985 and, as regards the Group 
financial statements, article 4 of the IAS Regulation. They are also 
responsible for safeguarding the assets of the Company and the 
Group and hence for taking reasonable steps for the prevention 
and detection of fraud and other irregularities.
Auditors and disclosure of information to auditors
In the case of each of the persons who are Directors at the time 
when the report is approved, the following applies:
•	 So	far	as	the	Dir ector	is	awar e,	ther e	is	no	r elevant	audit	
information of which the Company’s auditors are unaware; and
•	 He	has	taken	all	the	steps	that	he	ought	to	have	taken	as	a	
Director in order to make himself aware of any relevant audit 
information and to establish that the Company’s auditors are 
aware of that information.
A resolution to reappoint PricewaterhouseCoopers LLP as auditors 
to the Company at remuneration to be agreed by the Directors will 
be proposed at the forthcoming Annual General Meeting.
By Order of the Board 
James Kidwell 
6 May 2008
Report of the Directors
for the year ended 29 February 2008 continued 17  Braemar Shipping Services plc Annual Report 2008 
Braemar Shipping Services plc is committed to ensuring high 
standards of Corporate Governance. This statement together 
with the Remuneration Report on pages 19 to 22 describes 
how the Company has applied the principles of good corporate 
governance during the year ended 29 February 2008. The 
Board endorses the main principles and provisions set out in 
the Combined Code on Corporate Governance of the Financial 
Reporting Council (the Combined Code), which was published 
in June 2006. The Board believes that the Company has been 
compliant with the Combined Code throughout the year.
The Board
The Board is responsible to shareholders for the effective direction 
and control of the Group and it aims to provide entrepreneurial 
leadership within a framework of prudent and effective controls 
enabling risks to be assessed and managed.
The Board currently comprises four independent non‑executive 
Directors and four executive Directors. There were no changes 
in the Board’s composition during the year. The Board believes 
that its current composition is appropriate having regard to the 
Company’s size and activities.
The non‑executive Directors, none of whom has fulfilled an 
executive role within the Company, are appointed for an initial 
three year term serving under letters of engagement, which 
contain a formal one‑month notice period. Sir Graham Hearne 
chairs the Board and is not a member of any of the Board’s 
sub‑committees. Richard Agutter is the senior independent 
non‑executive Director and he chairs the Audit Committee; 
John Denholm chairs the Remuneration Committee and David 
Moorhouse chairs the Nominations Committee.
The executive Directors are engaged under service agreements, 
each of which can be terminated on 12 months’ notice.
The Board met seven times during the year and the attendance 
by the Directors is set out below. Board meetings include reviews 
of financial and business performance and consideration and 
monitoring of business risks and opportunities. The following 
matters are specifically reserved for the Board’s consideration 
and approval:
•	 Gr oup	strategy;
•	 The	Gr oup	budget;
•	 Major	capital	expenditur e,	disposals	or	leasing	arrangements;
•	 Choice	of	key	corporate	advisors;
•	 Acquisitions	and	disposals;
•	 Gr oup	financial	and	tr easury	policy	including	dividends	and	
borrowing;
•	 Establishing	Boar d	committees	and	setting	their	terms	of	
reference; and
•	 Inter nal	contr ol	arrangements.
On a periodic basis the Board receives reports on its activities 
from the senior management of a subsidiary company or a head 
of department. The Group has also undertaken a strategy process 
involving the Board and some senior divisional managers. All 
directors are provided with appropriate and timely information and 
are properly briefed on Board matters. In the furtherance of his 
duties any director may take independent professional advice or 
receive training, if necessary, at the Company’s expense. 
Corporate governance
for the year ended 29 February 2008
During the year the Board and its committees conducted a 
review of the effectiveness of their operations. The review 
process entailed individual meetings of the Chairman and each 
Director and the completion of an assessment questionnaire by 
each Director for submission to the Company Secretary. The 
Chairman and non‑executive Directors meet without the presence 
of executive Directors from time to time and the non‑executive 
Directors periodically consider the effectiveness of the Chairman.
Under the Company’s Articles of Association, Directors should 
submit themselves for re‑ election every three years. The Directors 
retiring by rotation at the Annual General Meeting and offering 
themselves for re‑ election are Richard Agutter, John Denholm 
and David Moorhouse. The Nominations Committee and the 
Board all unanimously support these elections. Biographical 
information on the Directors can be found on pages 12 and 13 
of this Annual Report.
Relations with shareholders
The Board recognises the importance of maintaining good 
communications with both institutional and private shareholders. 
For several years the Group has pursued an active investor 
relations programme conducted primarily through regular 
meetings of the Chief Executive and Finance Director with existing 
and potential institutional investors following both the interim 
and preliminary announcements of the results of the Group. 
Feedback on shareholder meetings is provided via the Group’s 
corporate stockbroker and public relations advisor. Corporate 
announcements are also made available on the Group’s website.
The Company encourages attendance at its Annual General 
Meeting where each resolution is separately put to the meeting 
and where the Chairman and/or Chief Executive makes a 
statement on the current year’s performance to date and the 
near‑term financial outlook.
Board committees
The number of meetings of the Board and its committees and the 
attendance of those meetings by each member is set out below:
  Audit Remuneration Nominations 
Number of meetings Board  Committee Committee Committee
Non-executive Directors
Sir Graham Hearne  7/7 
Richard Agutter  7/7 4/4 5/5 1/1
John Denholm  7/7 4/4 5/5 1/1
David Moorhouse 6/7 3/4 4/5 1/1
Executive Directors
Alan Marsh 7/7 
James Kidwell 7/7 
Denis Petropoulos 7/7
Quentin Soanes   6/7 18  Braemar Shipping Services plc Annual Report 2008 
Each of the Board committees comprises solely non‑executive 
Directors. The composition and responsibilities for the Audit, 
Remuneration and Nominations Committee are as follows:
Audit Committee
Non‑executive Directors: Richard Agutter (Chairman), John 
Denholm and David Moorhouse.
Although the Board as a whole has a statutory responsibility  
for the preparation and publication of the Company’s accounts, 
the Audit Committee reports to the Board and takes responsibility 
for the following matters:
•	 Review	of	the	inter nal	contr ol	pr ocedur es	and	risk	assessment	
process;
•	 Planning	with	the	exter nal	auditors	the	half-year	r eview	and	
full‑year audit programme including agreement with the external 
auditors of the nature and scope of the audit, together with the 
level of the audit fee set in the context of the overall audit plan;
•	 Reviewing	with	the	exter nal	auditors	their	audit	findings	and	
responses to the matters raised, including any issues or 
reservations the auditors may have;
•	 Reviewing	the	half-year	and	annual	financial	statements	befor e	
they are submitted to the Board;
•	 Setting	the	policy	on	the	appointment	of	the	exter nal	auditors	
for the supply of non‑audit services having regard to the level 
of fees for both audit and non‑audit work;
•	 Reviewing	the	need	for	an	inter nal	audit	department;	and
•	 Reviewing	the	insurance	arrangements	for	the	Gr oup.
The Audit Committee places great emphasis on the cost‑ effectiveness, independence and objectivity of the audit function. 
Company policy is that fees paid to auditors for non‑audit services 
do not exceed audit fees unless such non‑audit services are 
reviewed and approved by the Audit Committee.
In addition to the Audit Committee meetings, the Chairman of the 
Committee has regular meetings with the Group audit partner.
Nominations Committee
Non‑executive Directors: David Moorhouse (Chairman), Richard 
Agutter and John Denholm.
The Nominations Committee considers the balance of 
skills and experience of the Board membership and makes 
recommendations to the Board on the appointment of new 
Directors. For each new appointment the Nomination Committee 
considers, amongst other things, the appropriateness of the 
qualifications and experience of the candidate for the role to be 
fulfilled and their availability to devote time to the job. Details of 
the Directors’ other professional commitments are set out in the 
biographical details on pages 12 and 13.
The Nominations Committee also reviews the appointment of 
non‑executive Directors at the expiration of their three‑year service 
letter of engagement.
Remuneration Committee
Non‑executive Directors: John Denholm (Chairman), Richard 
Agutter and David Moorhouse. A report of the Remuneration 
Committee is set out on pages 19 to 22.
Risk management and internal control
The Directors acknowledge the requirements of the Combined 
Code and seek to review all aspects of risk management in relation 
to each part of the Group. These risks include, but are not limited 
to, staff errors and/or omissions, non‑ compliance with industry 
standard procedures, loss of broker teams, effectiveness of internal 
control systems, industry sector consolidation, currency exposure, 
credit risk and the effectiveness of financial control. Management 
monitor these risks through internal management meetings, 
subsidiary board meetings and regular dialogue with departmental 
heads. A summary of key risks and internal controls is prepared 
for consideration at the Audit Committee on an annual basis. 
The Company also holds professional indemnity insurance to an 
amount considered adequate for its size and potential exposure.
The Directors acknowledge their responsibility for the 
implementation and effectiveness of the Group’s system of 
internal controls. These are designed to identify and manage 
the particular risks to which the Group is exposed. By their 
very nature these controls can only provide reasonable but not 
absolute assurance against material misstatement or loss.  
The effectiveness of the system of internal controls has been 
reviewed by the Audit Committee during the year. The Group  
is in the process of establishing an internal audit function which 
will report to the Chairman of the Audit Committee. 
A Group budget is prepared annually and approved by the Board. 
The performances of the Group and the individual operating units 
are monitored against budget throughout the year and significant 
variances are investigated. Regular re‑forecasts for the remainder 
of the financial year are prepared during the year. 
An internal system of checks and authorisations is operated 
and independent audits are conducted in relation to the ISO 
9001:2000 certification which Braemar Seascope Limited, 
Cory Brothers Shipping Agency Limited, DV Howells Limited 
and Falconer Bryan Pte Limited all undertake. 
There is also an internal whistleblowing procedure through which 
any member of staff may raise, in confidence, any concerns 
they may have about the way the Group is run or business is 
conducted.
The Group has foreign currency exposure which arises as a result 
of the majority of its shipbroking earnings being denominated 
in US dollars while the majority of its costs are denominated in 
£ sterling. The treasury policy and objective in relation to foreign 
currencies is to limit the exposure to currency risk by covering 
a proportion of expected foreign currency denominated future 
income up to two years forward. This exposure is managed 
through the use of treasury instruments; principally forward foreign 
exchange contracts and currency options. The Group manages 
its exposure to fluctuations in interest rates by pooling its UK  
bank accounts under an offset agreement. The Board monitors 
treasury activity through regular reporting by the Finance Director.  
The Group does not enter into speculative transactions.
Accountability and audit
A statement of the Directors’ responsibilities for preparing the 
financial statements is included in the Report of the Directors 
on page 16.
Going concern
After making enquiries, the Directors have a reasonable 
expectation that the Company and Group have adequate 
resources to continue to trade for the foreseeable future.  
For this reason, they continue to adopt the going concern basis  
in preparing the accounts.
Corporate governance
for the year ended 29 February 2008 continued 19  Braemar Shipping Services plc Annual Report 2008 
The Remuneration Committee comprises the following 
non‑executive Directors:
John Denholm (Chairman), Richard Agutter and David Moorhouse. 
The Chairman, Chief Executive and Finance Director attend by 
invitation.
The responsibilities of the Remuneration Committee are:
•	 T o	determine	on	behalf	of	the	Boar d	and	shar eholders	the	
Group’s overall policy for executive remuneration;
•	 T o	determine	individual	r emuneration	packages	for	each	of	
the executive Directors of the Company, including their base 
salary and all performance‑related elements including bonus 
arrangements, profit share schemes, equity participation 
schemes, other long‑term incentive schemes, pension and 
other benefits;
•	 T o	r eview	the	intr oduction	and	to	determine	the	terms	of	all	
bonus, profit share or equity participation schemes or any other 
schemes intended to reward and incentivise employees of the 
Group and to review the participation of the executive Directors 
and senior executives in such schemes, including the award of 
any bonuses and the grant of rights or options thereunder; and 
•	 T o	maintain	an	overview	of	policy	in	r elation	to	the	r emuneration	
and conditions of service of other senior executives within the 
Group.
In discharging these responsibilities the Remuneration Committee 
takes advice from the Chief Executive, Alan Marsh, and, as 
appropriate, independent consultants. 
Remuneration policy
The remuneration of the executive Directors is determined after 
a review of the individual’s performance and after taking account 
of comparable arrangements for other companies of similar 
size and activity. The Remuneration Committee believes that 
the executive Directors should be rewarded fairly, competitively 
and at a level that will attract, motivate and retain directors of an 
appropriate calibre. The Remuneration Committee also believes 
that the Company’s remuneration policy should seek to align, so 
far as possible, the executive Directors’ remuneration with the 
performance of the Group. No Director is involved in deciding his 
own remuneration.
The executive Directors’ remuneration packages are reviewed on 
a regular basis and presently comprise:
•	 A	competitive	base	salary;
•	 Annual	bonus	based	on	performance;
•	 Defined	contribution	scheme	pension	contributions	linked	to	
base salary;
•	 Life	and	medical	insurance	and	similar	benefits;	and
•	 Shar e	options	and	L TIP	awar ds.
The Remuneration Committee considers that the individual 
elements of the remuneration package constitute an appropriate 
balance between fixed and variable remuneration. The individual 
elements are described below:
Base salary
Each executive Director’s base salary is reviewed annually on 
performance, achievement of objectives and comparative salaries. 
The base salary of the Chief Executive was increased with effect 
from 1 March 2007 following the 2007 review.
Annual bonus
The Remuneration Committee believes that a significant 
proportion of the executive Directors’ overall remuneration 
package should be an annual bonus based on the performance 
of the Group, in order to provide an incentive to management and 
to align their interests with those of the shareholders. The bonus 
policy, which was established three years ago, rewards executive 
Directors based on achieving earnings per share in excess of a 
hurdle figure. This excess is then applied to a weighting selected 
for each participant. The weighting for each participant may be 
adjusted to reflect their performance assessment. The hurdle 
figure for the year ended 29 February 2008 was 17.21 pence 
giving an excess of 31.78 pence. The Remuneration Committee 
raised the hurdle by 5% over the prior year taking into account 
factors such as the relative strength and cyclical nature of the 
shipping markets and their influence on the base hurdle figure, 
the relative importance of less cyclical non‑broking businesses 
and the general rate of inflation.
Where an executive Director has specific responsibilities for a 
subsidiary company or section of the Group, the Remuneration 
Committee believes it appropriate that an element of the 
executive Director’s annual bonus should be determined by 
reference to that responsibility. In the year to 29 February 2008 
the annual bonus awarded to James Kidwell was determined 
solely with reference to the performance of the Group and a 
component of the annual bonus awards for Alan Marsh, Denis 
Petropoulos and Quentin Soanes was determined with reference 
to the performance of the Group.
The Group also operates the Braemar Seascope Group plc 
Deferred Bonus Plan (the Plan) whereby part of the annual 
performance‑related bonus is delivered in shares, on a 
discretionary basis, to staff including executive Directors. Under 
the Plan the shares subject to the awards are held in an employee 
trust for three years after which the employee beneficiary will 
become absolutely entitled to the shares provided they remain 
in employment with the Group (or have ceased to be employed 
in certain specified circumstances). At 29 February 2008 unvested 
awards over a total of 443,250 shares were outstanding under 
this plan (28 February 2007: 239,750). In respect of the year to 
29 February 2008 awards over 207,500 shares were made at 
an estimated total cost of £933,000.
The annual bonus is not pensionable. Executive Directors may 
elect to sacrifice some or all of their bonus entitlement in favour 
of a contribution equal to the sum sacrificed being made by the 
Company to the executive Director’s pension scheme.
Pensions
The Group’s trading subsidiaries operate a number of defined 
contribution pension schemes or make other similar arrangements 
for individual members as appropriate. The assets of the 
schemes are held separately from those of the Company in 
an independently administered fund. The pension cost charge 
represents contributions payable by the Company to the fund 
and the various individual employees’ retirement plans.
Remuneration report
for the year ended 29 February 2008 20  Braemar Shipping Services plc Annual Report 2008 
Benefits
Benefits provided relate mainly to the provision of medical, life 
and permanent health insurance.
Share options
The Company operates a discretionary share option scheme, 
the Braemar Seascope Group 1997 Executive Option Scheme 
(the 1997 Scheme) and an all‑employee save‑as‑you‑earn option 
scheme called the Braemar Seascope Group plc 2003 Savings‑ Related Share Option Scheme (the SAYE Scheme). No option 
may be granted under either scheme which would result in the 
total number of shares issued or remaining issuable under both 
schemes (or any other Group share schemes), in the ten‑year 
period ending on the date of grant of the option, exceeding 10% 
of the Company’s issued share capital (calculated at the date of 
grant of the relevant option).
The SAYE Scheme
Under the SAYE Scheme options may be granted to UK 
employees (including executive Directors) to acquire a number 
of shares at a future date at a price that is up to 20% below the 
share price at the time the option is granted. The grant of the 
option is linked to a contract to make monthly savings to enable 
the employee to build up the amount required to fund the option 
exercise price. Exercise of options granted under the SAYE 
scheme is not subject to the achievement of a performance 
target. This scheme operates within UK tax legislation. The SAYE 
Scheme was first launched in July 2003 and options have been 
granted once each year since then. Options over 88,016 shares 
under the SAYE Scheme were granted on 21 November 2007. 
These options were granted at a 20% discount to the prevailing 
market price. All UK employees who participate in the SAYE 
Scheme are entitled to do so on the same terms. 
The Remuneration Committee believes the SAYE Scheme, which 
offers staff a tax effective way of saving money and acquiring 
an equity interest in the Company, both helps attract and retain 
staff and aligns the interests of staff and shareholders. As at 29 
February 2008, there were options outstanding over 295,966 
shares under the SAYE Scheme (2007: 332,194 shares) of which 
options over 11,729 shares were held by executive Directors 
(2007: 13,763 shares).
Discretionary options
Under the 1997 Scheme the Remuneration Committee may grant 
options to employees (including executive Directors) to acquire 
shares in the Company at a price equal to the market value 
of a share at the time of grant of the options. Options granted 
under the 1997 Scheme can normally only be exercised if the 
performance conditions attached to the options have been met. 
Under the 1997 Scheme no employee can hold, in any ten‑year 
period, options over shares with a total market value (measured 
at the date of granting the options), which exceeds four times his 
remuneration (excluding benefits in kind).
The table showing the Directors’ share incentives is set out on 
page 22.
Performance conditions
Options granted under the 1997 Scheme have since July 2002 
been subject to a performance condition that the growth in the 
Company’s average adjusted earnings per share over a period 
of no less than three financial years must exceed the growth  
in the retail prices index (RPI) over the corresponding period by 
no less than 3% per annum compounded. None of the options 
granted prior to 2002 remain outstanding. The performance 
condition was chosen to test whether or not there had been  
a sustained and significant improvement in the Group’s financial 
performance over a continuous period. There is no retesting  
of performance conditions.
The Remuneration Committee determines whether the 
performance condition has been met using earnings per share 
information contained in the Group’s Annual Report, after 
obtaining confirmation from the auditors that the calculation 
has been performed in accordance with the terms of the 
scheme. During the year to 29 February 2008 the Remuneration 
Committee determined that the options granted in June 2004 
had met the performance condition and had therefore vested.
The Remuneration Committee considers that discretionary 
share options can be an appropriate method of incentivising 
senior executives. While it is the intention to use the Braemar 
Seascope Group plc 2006 Long‑Term Incentive Plan (the LTIP) to 
incentivise executive Directors (see below), the grant of options 
to executive Directors under the 1997 Scheme will remain a 
possibility. However the Remuneration Committee proposes to 
bring the performance conditions attached to any future grant 
of options into line with the performance conditions attached to 
the LTIP awards by raising the required rate of growth in average 
adjusted earnings per share from RPI plus 3% to RPI plus 4%. 
As at 29 February 2008 there were options over 97,150 shares 
outstanding under the 1997 Scheme (2007: 368,350 shares), 
of which options over 10,000 shares were held by executive 
Directors (2007: 35,000 shares).
Remuneration report
for the year ended 29 February 2008 continued 21  Braemar Shipping Services plc Annual Report 2008 
Long Term Incentive Plan
The Company established the LTIP in 2006. Participation in 
the LTIP is intended to be limited to executive Directors and 
senior managers of the Group. In May 2007 awards were made 
under the LTIP over 20,000 shares to each of the four executive 
Directors of the Company.
The LTIP is designed to deliver benefits to participants in the 
form of either an option to subscribe for shares at nominal value 
or a conditional right to receive shares at nil cost. The awards 
will normally vest over a period of three years, provided there 
has been sustained and significant improvement in the Group’s 
financial performance over the corresponding period. No award 
may be granted under the LTIP which would result in the total 
number of shares issued or remaining issuable under the LTIP 
(or any other Group share schemes) in the ten‑ year period 
ending on the date of grant of the award exceeding 10% of the 
Company’s issued share capital (calculated at the date of grant 
of the relevant award).
The performance condition applied to the awards is based  
on the Group’s earnings per share over a period of three years.  
The awards will vest as to 50% of the shares if the Group’s 
average adjusted earnings per share has increased by RPI plus 
4% and will vest as to 100% of the shares if the Group’s average 
adjusted earnings per share has increased by RPI plus 10% and 
will vest as to between 50% and 100% of the shares on a sliding 
scale if the Group’s average adjusted earnings per share has 
increased by RPI plus more than 4% but less than 10%. Providing 
the performance condition has been met, the awards will vest 
in three tranches: one third on each of the third, fourth and fifth 
anniversaries of the date of the awards. 
Contracts of service
The Company’s policy on executive Directors’ service agreements 
is that they should be rolling contracts terminable on no more than 
twelve month’s notice by either party. The policy on the terms that 
the non‑executive Directors serve under is that they are appointed 
for a fixed three‑year term renewable by mutual consent, but 
terminable by either party on one month’s notice. In the event of 
early termination of service contracts, each Director is entitled to 
compensation equal to their basic salary and contractual benefits 
for the notice period as set out below. The policy on termination 
payments to Directors is that the Company does not normally 
make payments beyond its contractual obligations. In exceptional 
circumstances, an ex‑gratia payment may be considered based 
on the circumstances of the Director’s departure and their 
past contribution.
Details of Directors’ service contracts are as follows:
    Date of Unexpired Notice 
    contract term period
Executive 
Alan Marsh  30 Nov 04  12 months 12 months
James Kidwell  20 Feb 03 12 months 12 months
Denis Petropoulos   10 Oct 01 12 months 12 months
Quentin Soanes  18 Mar 08  12 months 12 months
Non-executive
Sir Graham Hearne  02 May 06 12 months 1 month
Richard Agutter  19 Feb 08 27 months 1 month
John Denholm  07 Dec 05 2 months 1 month
David Moorhouse  19 Feb 08 31 months 1 month
Non-executive directors 
The remuneration of the non‑executive Directors is determined by 
the Board with reference to comparable organisations and roles.
The performance graph
Set out below is the Company’s total shareholder return 
performance over the last five years rebased to be compared 
with the FT All Shares index. The index has been chosen as it 
represents the overall return achieved in the UK equity market.
0
50
100
150
200
250
300
350
400
2008 2007 2006 2005 2004 2003
Braemar Shipping Services plc
FTSE All Shares 22  Braemar Shipping Services plc Annual Report 2008 
Directors’ emoluments (audited)
For the year ended 29 February 2008 the individual emoluments by Director are as follows:
     Performance‑related   Year ended Year ended 
  Salary/fees bonus Benefits Pension 29 Feb 2008 28 Feb 2007 
  £ £ £ £ £ £
Executive Directors           
Alan Marsh  452,320 550,000 5,424 – 1,007,744 637,169
James Kidwell  200,000 280,000 3,015 30,000 513,015 406,948
Denis Petropoulos 
1
  165,000 200,000 2,715 24,750 392,465 163,697
Quentin Soanes 
1
  186,582 430,000 3,096 – 619,678 263,382
Payments to a former director  – – – – – 65,089
      
Non-executive Directors      
Sir Graham Hearne  85,000 – – – 85,000 85,000
Richard Agutter  35,000 – – – 35,000 35,000
John Denholm  35,000 – – – 35,000 35,000
David Moorhouse  35,000 – – – 35,000 35,000
   1,193,902 1,460,000 14,250 54,750 2,722,902  1,726,284
1 Appointed 10 January 2007.
Directors share incentives (audited)
The numbers of ordinary shares subject to options held by Directors and granted under the 1997 Scheme, the SAYE Scheme and the 
LTIP are set out below:
    Date of Number at   Number at  Exercise Date options Date options 
    Grant 01 Mar 07 Exercised Granted 29 Feb 08 price (pence) exercisable expire
 1997
James Kidwell Scheme 15 Jun 04 35,000 (25,000) – 10,000 245 15 Jun 07 15 Jun 14
 SAYE 05 Dec 06 3,009 – – 3,009 314 06 Dec 09 06 Jun 10
 LTIP 11 May 07 – – 20,000 20,000 – 11 May 10 11 May 17
Alan Marsh SAYE 10 Jun 04 4,736 (4,736) – – 199 10 Jun 07 10 Feb 08
 SAYE 21 Nov 07 – – 2,702 2,702 355.2 21 Nov 10 21 May 11
 LTIP 11 May 07 – – 20,000 20,000 – 11 May 10 11 May 17
Denis Petropoulos SAYE 05 Dec 06 3,009 – – 3,009 314 06 Dec 09 06 Jun 10
 LTIP 11 May 07 – – 20,000 20,000 – 11 May 10 11 May 17
Quentin Soanes SAYE 05 Dec 06 3,009 – – 3,009 314 06 Dec 09 06 Jun 10
 LTIP 11 May 07 – – 20,000 20,000 – 11 May 10 11 May 17
No consideration was payable on the grant of any of the options granted during the year ending 29 February 2008. The performance 
conditions applying to options and awards outstanding under the 1997 Scheme and the LTIP are set out in the descriptions of the 
schemes above. No performance targets apply to the options outstanding under the SAYE scheme.
The closing mid‑market share price on 29 February 2008 was 456 pence and the range of closing prices during the year ended 
29 February 2008 was 375 pence to 473 pence. 
At the date of James Kidwell’s 1997 Scheme exercise the share price was 461.5 pence giving an unrealised gain of £54,125 after 
deduction of the exercise price.
At the date of Alan Marsh’s SAYE Scheme exercise, the share price was 375.25 pence giving an unrealised gain of £8,347 after 
deduction of the exercise price.
No other director who served during the year held any share options. Directors’ interests are set out on page 15.
Non‑executive Directors are not permitted to participate in the 1997 Scheme, the SAYE scheme or the LTIP .
John Denholm 
Chairman, Remuneration Committee 
6 May 2008
Remuneration report
for the year ended 29 February 2008 continued 23  Braemar Shipping Services plc Annual Report 2008 
We have audited the Group and Parent Company financial 
statements (the ‘‘financial statements’’) of Braemar Shipping 
Services plc for the year ended 29 February 2008 which comprise 
the Consolidated income statement, the Group and Parent 
Company Balance sheets, the Group and Parent Company Cash 
flow statements, the Group and Parent Company Statements 
of changes in equity and the related notes. These financial 
statements have been prepared under the accounting policies 
set out therein. We have also audited the information in the 
Remuneration Report that is described as having been audited. 
Respective responsibilities of directors and auditors
The Directors’ responsibilities for preparing the Annual Report, 
the Remuneration Report and the financial statements in 
accordance with applicable law and International Financial 
Reporting Standards (IFRSs) as adopted by the European 
Union are set out in the Statement of Directors’ Responsibilities 
contained in the Report of the Directors.
Our responsibility is to audit the financial statements and the 
part of the Remuneration Report to be audited in accordance 
with relevant legal and regulatory requirements and International 
Standards on Auditing (UK and Ireland). This report, including 
the opinion, has been prepared for and only for the Company’s 
members as a body in accordance with Section 235 of the 
Companies Act 1985 and for no other purpose. We do not, in 
giving this opinion, accept or assume responsibility for any other 
purpose or to any other person to whom this report is shown or 
into whose hands it may come save where expressly agreed by 
our prior consent in writing.
We report to you our opinion as to whether the financial 
statements give a true and fair view and whether the financial 
statements and the part of the Remuneration Report to be audited 
have been properly prepared in accordance with the Companies 
Act 1985 and, as regards the Group financial statements, Article 
4 of the IAS Regulation. We also report to you whether in our 
opinion the information given in the Report of the Directors is 
consistent with the financial statements. The information given 
in the Report of the Directors includes that specific information 
presented in the Chief Executive’s review that is cross referred 
from the principal activities and review of business section of the 
Report of the Directors.
In addition we report to you if, in our opinion, the Company has 
not kept proper accounting records, if we have not received all 
the information and explanations we require for our audit, or if 
information specified by law regarding Directors’ remuneration 
and other transactions is not disclosed.
We review whether the Corporate Governance Statement 
reflects the Company’s compliance with the nine provisions 
of the Combined Code (2006) specified for our review by the 
Listing Rules of the Financial Services Authority, and we report if 
it does not. We are not required to consider whether the Board’s 
statements on internal control cover all risks and controls, or 
form an opinion on the effectiveness of the Group’s corporate 
governance procedures or its risk and control procedures.
We read other information contained in the Annual Report 
and consider whether it is consistent with the audited financial 
statements. The other information comprises only the Report 
of the Directors, the unaudited part of the Remuneration Report, 
the Chairman’s Statement, the Chief Executive’s review of the 
business, the Corporate Governance Statement, the Financial 
highlights, the overview of the business and the five year 
financial summary. We consider the implications for our report 
if we become aware of any apparent misstatements or material 
inconsistencies with the financial statements. Our responsibilities 
do not extend to any other information. 
Basis of audit opinion 
We conducted our audit in accordance with International 
Standards on Auditing (UK and Ireland) issued by the Auditing 
Practices Board. An audit includes examination, on a test basis, 
of evidence relevant to the amounts and disclosures in the 
financial statements and the part of the Remuneration Report 
to be audited. It also includes an assessment of the significant 
estimates and judgments made by the directors in the preparation 
of the financial statements, and of whether the accounting policies 
are appropriate to the group’s and company’s circumstances, 
consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the 
information and explanations which we considered necessary 
in order to provide us with sufficient evidence to give reasonable 
assurance that the financial statements and the part of the 
Remuneration Report to be audited are free from material 
misstatement, whether caused by fraud or other irregularity 
or error. In forming our opinion we also evaluated the overall 
adequacy of the presentation of information in the financial 
statements and the part of the Remuneration Report to be 
audited.
Opinion
In our opinion:
•	 the	Gr oup	financial	statements	give	a	true	and	fair	view ,	in	
accordance with IFRSs as adopted by the European Union, 
of the state of the Group’s affairs as at 29 February 2008 and 
of its profit and cash flows for the year then ended; 
•	 the	Par ent	Company	financial	statements	give	a	true	and	fair	
view, in accordance with IFRSs as adopted by the European 
Union as applied in accordance with the provisions of the 
Companies Act 1985, of the state of the parent company’s 
affairs as at 29 February 2008 and cash flows for the year 
then ended; 
•	 the	financial	statements	and	the	part	of	the	Remuneration	
Report to be audited have been properly prepared in 
accordance with the Companies Act 1985 and, as regards the 
group financial statements, Article 4 of the IAS Regulation; and 
•	 the	information	given	in	the	Report	of	the	Dir ectors	is	consistent	
with the financial statements. 
PricewaterhouseCoopers LLP  
Chartered Accountants and Registered Auditors 
West London 
13 May 2008 
Independent auditors’ report
to the members of Braemar Shipping Services plc
1  The maintenance and integrity of the Braemar Shipping Services plc website is 
the responsibility of the Directors; the work carried out by the auditors does not 
involve consideration of these matters and, accordingly, the auditors accept no 
responsibility for any changes that may have occurred to the financial statements 
since they were initially presented on the website.
2  Legislation in the United Kingdom governing the preparation and dissemination 
of financial statements may differ form legislation in other jurisdictions. 24  Braemar Shipping Services plc Annual Report 2008 
      Year ended Year ended 
      29 Feb 2008 28 Feb 2007 
Continuing operations  Notes    £’000 £’000
Revenue  2    100,964 73,831
Cost of sales  3    (28,267) (20,658)
      72,697 53,173
Operating costs      (58,729) (43,685)
Exceptional impairment of goodwill 12    –  (950)
Operating costs excluding impairment of goodwill     (58,729) (42,735)
 
Operating profit  2, 3    13,968 9,488
Finance income  6    391 335
Finance costs  6    (11) (16)
Share of profit after tax from joint ventures     370 207
 
Profit before taxation – continuing operations     14,718 10,014
Taxation  7    (4,797) (3,585)
Profit for the year – continuing operations     9,921 6,429
(Loss)/profit for the period from discontinued operations 8    (3) 43
Profit for the year      9,918 6,472
Attributable to:
Ordinary shareholders      9,772 6,367
Minority interest  28    146 105
Profit for the year      9,918 6,472
Earnings per ordinary share  10
Basic – continuing operations      48.99p 32.08p
Diluted – continuing operations      48.69p 31.65p
Basic – profit for the year      48.97p 32.29p
Diluted – profit for the year      48.68p 31.87p
Consolidated income statement 
for the year ended 29 February 2008 25  Braemar Shipping Services plc Annual Report 2008 
Balance sheets
as at 29 February 2008
        Group  Company
       As at As at  As at  As at 
      29 Feb 08 28 Feb 07  29 Feb 08  28 Feb 07 
Assets  Notes  £’000  £’000  £’000  £’000
Non current assets 
Goodwill  12  25,826 22,606 –  – 
Other intangible assets  13  2,315 1,582 –  – 
Property, plant and equipment  14  5,820 5,478 –  – 
Investments  15  1,890 1,538 41,832 35,927
Deferred tax assets  7  754 642 –  – 
Other receivables  16  155 81 72 81
     36,760 31,927 41,904 36,008
Current assets
Inventories  17  91 70 –  – 
Trade and other receivables  18  26,784 21,750 4,231 8,137
Derivative financial instruments  19  107 27 –  – 
Restricted cash  20  3,952 –  –  – 
Cash and cash equivalents  21  21,635 14,634 3,506 – 
     52,569 36,481 7,737 8,137
Total assets    89,329 68,408 49,641 44,145
Liabilities
Current liabilities
Short term borrowings  22  –  –  –  1,507
Derivative financial instruments  19  49 –  –  – 
Trade and other payables  23  39,540 29,011 3,410 538
Current tax payable    3,017 2,402 15 – 
Provisions  24  48 294 –  – 
Client monies held as escrow agent 20  3,952 –  –  – 
     46,606 31,707 3,425 2,045
Non-current liabilities
Deferred tax liabilities  7  681 283 –  – 
Trade and other payables  23  434 – – –
Provisions  24  81 169 –  – 
     1,196 452 –  – 
Total liabilities    47,802 32,159 3,425 2,045
Total assets less total liabilities   41,527 36,249 46,216 42,100
Equity
Share capital  25  2,061 2,023 2,061 2,023
Share premium    9,261 8,554 9,261 8,554
Shares to be issued  26  (2,527) (1,047) (2,527) (1,047)
Other reserves  27  20,687 21,020 21,742 21,742
Retained earnings    11,717 5,390 15,679 10,828
Group shareholders’ equity    41,199 35,940 46,216 42,100
Minority interest  28  328 309 –  – 
Total equity    41,527 36,249 46,216 42,100
The accounts on pages 24 to 52 were approved by the Board of Directors on 6 May 2008 and were signed on its behalf by:
Sir Graham Hearne, Chairman     J.R.V . Kidwell, Finance Director
The notes on pages 28 to 52 form part of these accounts.  26  Braemar Shipping Services plc Annual Report 2008 
Cash flow statements
for the year ended 28 February 2008
         Group  Company
       Year ended Year ended  Year ended  Year ended 
      29 Feb 08 28 Feb 07  29 Feb 08  28 Feb 07 
  Notes  £’000  £’000  £’000  £’000
Cash flows from operating activities 
Cash generated from operations  29  21,158  9,668  15,517 3,624
Interest received     391 335 2 – 
Interest paid     (11) (16) –  (3)
Tax paid     (4,587) (3,413) –  – 
Net cash generated from operating activities    16,951 6,574 15,519 3,621
Cash flows from investing activities 
Dividends received from joint ventures    –  263 –  – 
Acquisition of subsidiaries, net of cash acquired    (4,270) (1,844) (5,927)  – 
Purchase of property, plant and equipment    (1,032) (654) –  – 
Proceeds from sale of property, plant and equipment    57 25 –  – 
Purchase of investments     (38) –  –  (8)
Proceeds from sale of investments    200 –  200  – 
Other long term assets     (74) (23) 9  (23)
Net cash used in investing activities    (5,157) (2,233) (5,718) (31)
Cash flows from financing activities 
Proceeds from issue of ordinary shares    745 569 745  569
Dividends paid     (4,053) (3,595) (4,053)  (3,595)
Dividends paid to minority interest    (143) (100) –  – 
Purchase of own shares     (1,480) (50) (1,480)  (50)
Payment of principal under finance leases    –  (11) –  – 
Net cash used in financing activities    (4,931) (3,187) (4,788)  (3,076)
 
Increase in cash and cash equivalents    6,863 1,154 5,013  514
Cash and cash equivalents at beginning of the period    14,634 13,567 (1,507)  (2,021)
Foreign exchange differences     138 (87) –  – 
Cash and cash equivalents at end of the period    21,635 14,634 3,506 (1,507)
Balance sheet analysis of cash and cash equivalents
Cash and cash equivalents     21,635 14,634 3,506  – 
Short term borrowings     –  –  –  (1,507)
Cash and cash equivalents at end of the period    21,635 14,634 3,506 (1,507) 27  Braemar Shipping Services plc Annual Report 2008 
  Share Share Shares Other Retained  Minority Total 
 capital premium to be issued reserves earnings Total interest equity 
Group £’000  £’000  £’000  £’000  £’000  £’000  £’000  £’000
As at 1 March 2006 1,988 8,046 (997) 21,789 2,031 32,857 –  32,857
Cash flow hedges
– Transfer to net profit  –  –  –  40 –  40 –  40
– Fair value losses in the period –  –  –  17 –  17 –  17
Exchange differences –  –  –  (70)  –  (70)  –  (70)
Net income recognised directly in equity –  –  –  (13)  –  (13)  –   (13)
Profit for the year –  –   –   –   6,367  6,367  105  6,472
Total recognised income in the year –  –  –  (13)  6,367  6,354  105  6,459
Acquisition –  –  – –  –  –  304 304
Dividends paid –  –  – –  (3,595) (3,595) (100) (3,695)
Issue of shares 35 508 –  –  –  543 –  543
Purchase of shares –  –  (50) –  –  (50) –  (50)
Consideration to be paid –  –  –  (738) –  (738) –  (738)
Credit in respect of share option schemes –  –  –  –  309 309 –  309
Deferred tax on items taken to equity –  –  –  (18) 278 260 –  260
Balance at 28 February 2007 2,023 8,554 (1,047) 21,020 5,390 35,940 309 36,249
Cash flow hedges
– Transfer to net profit – – – (16) – (16) – (16)
– Fair value losses in the period –  –  –  107 –  107 –  107
Exchange differences –  –  –  383  –  383  –   383
Net income recognised directly in equity –  –  –  474  –  474  –  474
Profit for the year –  –  –  –  9,772  9,772  146  9,918
Total recognised income in the year –  –  –  474  9,772  10,246  146  10,392
Acquisition –  –  – –  –  –  16 16
Dividends paid –  –  –  – (4,053) (4,053) (143) (4,196)
Issue of shares 38 707 –  –  –  745 –  745
Purchase of shares –  –  (1,480) –  –  (1,480) –  (1,480)
Consideration to be paid –  –  –  (782) –  (782) – (782)
Credit in respect of share option schemes –  –  –  –  554 554 –  554
Deferred tax on items taken to equity –  –  –  (25) 54 29 –  29
Balance at 29 February 2008 2,061  9,261 (2,527) 20,687  11,717  41,199  328  41,527
    Share Share Shares Other Retained 
   capital premium to be issued reserves earnings Total 
Company    £’000 £’000  £’000  £’000  £’000  £’000
As at 1 March 2006   1,988 8,046 (997) 21,742 8,099 38,878
Profit for the year   –  –  –  –  6,015 6,015
Dividends paid   –  –  –  –  (3,595) (3,595)
Issue of shares   35 508 –  –  –  543
Purchase of shares   –  –  (50) –  –  (50)
Credit in respect of share option schemes   –  –  –  –  309 309
Balance at 28 February 2007   2,023 8,554 (1,047) 21,742 10,828 42,100
Profit for the year   –  –  –  –  8,350 8,350
Dividends paid   –  –  –  –  (4,053) (4,053)
Issue of shares   38 707 –  –  –  745
Purchase of shares   –  –  (1,480) –  –  (1,480)
Credit in respect of share option schemes   –  –  –  –  554 554
Balance at 29 February 2008   2,061  9,261  (2,527)  21,742  15,679  46,216
 
Statements of changes in equity 
for the year ended 29 February 2008 28  Braemar Shipping Services plc Annual Report 2008 
Notes to the financial statements
General information
The Group and Company financial statements of Braemar Shipping Services plc for the year ended 29 February 2008 were authorised 
for issue in accordance with a resolution of the Directors on 6 May 2008. Braemar Shipping Services plc is a Public Limited Company 
incorporated and domiciled in England and Wales.
The term ‘Company’ refers to Braemar Shipping Services plc and ‘Group’ refers to the Company and all its subsidiary undertakings 
and the employee share ownership plan trust.
1. Accounting policies
a) Basis of preparation
The financial statements of the Group and the Company have been prepared in accordance with International Financial Reporting 
Standards (IFRS) as adopted by the European Union. 
The financial statements have been prepared under the historic cost convention except for the derivative financial instruments, 
which are measured at fair value. 
The Group and Company financial statements are presented in pounds sterling and all values are rounded to the nearest thousand 
pounds (£’000) except where otherwise indicated.
The accounting policies adopted are consistent with those of the previous year except as follows:
The Group and Company have adopted the following new and amended IFRS and IFRIC interpretations during the year. Adoption of 
these revised standards and interpretations did not have any effect on the financial performance or position of the Group or Company. 
They did however give rise to additional disclosures.
The principal effects of these changes are as follows:
Revised guidance on implementing IFRS4 ‘Insurance contracts’, reflects the changes made to IFRS4 by IFRS7, ‘Financial Instruments: 
Disclosures’ and affects the disclosure section of the guidance.
IFRS 7, ‘Financial instruments: Disclosures’, and the complementary amendment to IAS 1, ‘Presentation of financial statements – 
Capital disclosures’, introduces new disclosures relating to financial instruments and does not have any impact on the classification and 
valuation of the Group or Company’s financial instruments, or the disclosures relating to taxation and trade and other payables. The new 
disclosures are included throughout the financial statements.
IFRIC 8, ‘Scope of IFRS 2’, requires consideration of transactions involving the issuance of equity instruments, where the identifiable 
consideration received is less than the fair value of the equity instruments issued in order to establish whether or not they fall within the 
scope of IFRS 2. This standard has not had any impact on the Group or Company’s financial statements.
IFRIC 9, ‘Reassessment of embedded derivatives’, states that the date to assess the existence of an embedded derivative is the 
date that the entity first becomes a party to the contract, with reassessment only if there is a change to the contract that significantly 
modifies the cash flows the cash flows. This interpretation has not had any impact on the Group or Company.
IFRIC 10, ‘Interim financial reporting and impairment’, prohibits the impairment losses recognised in an interim period on goodwill 
and investments in equity instruments and in financial assets carried at cost to be reversed at a subsequent balance sheet date. 
This standard has not had any impact on the Group or Company’s financial statements.
IFRIC11, ‘IFRS2 – Group and treasury share transactions’, provides guidance on whether share‑based transactions involving treasury 
shares or involving group entities (for instance, options over a parent’s shares) should be accounted for as equity‑settled or cash‑settled 
share‑based payments.
Responsibility statement
The Board is responsible for preparing the financial statements. To the best of its knowledge:
•	 the	financial	statements,	pr epar ed	in	accor dance	with	the	applicable	set	of	accounting	standar ds,	give	a	true	and	fair	view	of	the	
assets, liabilities, financial position and profit or loss of the listed Company and the undertakings included in the consolidation taken 
as a whole;
•	 the	Chairman’ s	statement,	Chief	Executive’ s	Review	of	the	Business	and	the	Report	of	the	Dir ectors	include	a	fair	r eview	of	the	
development and performance of the business and the position of the Company and the undertakings included in the consolidation 
taken as a whole, together with a description of the principal risks and uncertainties that they face; and
•	 the	Company	is	r esponsible	for	all	information	drawn	up	and	made	public.
b) Statement of compliance
The Group and Company financial statements have been prepared in accordance with IFRS adopted by the European Union as they 
apply to the accounts of the Group and the Company for the year ended 29 February 2008 applied in accordance with the provisions 
of the Companies Act 1985. No income statement is presented for Braemar Shipping Services plc as provided by Section 230 of the 
Companies Act 1985. 
The principal accounting policies adopted in the presentation of these financial statements are set out below.
c) Basis of consolidation
The consolidated financial statements incorporate the accounts of the Group and the Company made up to 28 February each year 
or 29 February in a leap year. 29  Braemar Shipping Services plc Annual Report 2008 
The results of subsidiaries are consolidated using the purchase method of accounting, from the date on which control of the net assets 
and operation of the acquired company are effectively transferred to the Group. Similarly, the results of subsidiaries divested cease to 
be consolidated from the date on which control of the net assets and operations are transferred out of the Group.
The interest of minority shareholders is stated at the minority’s proportion of the value of the assets and liabilities recognised and is 
presented separately within total equity in the consolidated balance sheet.
Investments in joint ventures and associates and where the Group has significant influence are equity accounted and carried in the 
balance sheet at cost plus post‑acquisition changes in the Group’s share of net assets of the associate or joint venture, less any 
impairment in value. The income statement reflects the Group’s share of the post tax result of the joint venture or associate.
All intra‑group transactions, balances, income and expenses are eliminated on consolidation.
d) Use of estimates and critical judgements
The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and 
assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts 
of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of 
the amount, events or actions, actual results ultimately may differ from those estimates. Principal areas where the assumptions and 
estimates have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial 
year are estimated impairment of goodwill (see note 12) and provisions (see note 24).
e) Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the Company and the 
revenue can be reliably measured.
Revenue of the Group consists of commission arising from tanker and dry cargo charter broking, sale and purchase broking, offshore 
broking, financial consultancy arrangement fees, fees for the supply of technical and agency services, fees for environmental services 
and income for the supply of bunkers. The policies for accounting for revenue are as follows:
i) Shipbroking – income is recognised when the company has a contractual entitlement to commission, normally the point at which 
there is completion of contractual terms between the principals of a transaction.
ii) Logistics – agency income is recognised at the point when the ship sails from the port. Forwarding and logistics income is 
recognised on a delivered shipment basis. Where the Group acts as a principal rather than as agent, the revenue and costs are 
shown gross.
iii) Technical – fee income is recognised as invoiced for work performed and/or in accordance with the agreement.
iv) Environmental – revenue is recognised at the contractual rates, as labour hours are delivered and direct expenses incurred.
v) Bunker trading – revenue was recognised when sales and purchases of bunkers were contracted.
Revenue of the Company consists of dividends from investments. Dividend income from investments is recognised when the 
shareholders’ legal rights to receive payment have been established.
f) Discontinued operations
The Group classifies an operation as discontinued when either it has disposed of these operations or the operation has ceased trading. 
For the period the operation remains in the Group’s ownership, its results of operations are reflected in a single line item after loss for the 
year from continuing operations in the income statement. The operation’s prior year results are restated in the same way.
g) Foreign currencies
The functional currency of the Group is pounds sterling. Transactions in currencies other than pounds sterling are recorded at the 
rates of exchange prevailing on the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such 
transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currency 
are recognised in the income statement.
In order to hedge its exposure to certain foreign exchange risks, the Group enters into derivative financial instruments contracts; 
mainly forward contacts (see the following page for details of the Group’s accounting policies in respect of such derivative financial 
instruments).
Assets and liabilities of overseas subsidiaries and associates are translated into pounds sterling at the exchange rates ruling at the 
balance sheet date. Trading results are translated at the average rates for the period. Exchange differences arising on the consolidation 
of the net assets of overseas subsidiaries are dealt with through the foreign currency translation reserve, whilst those arising from 
trading transactions are dealt with in the income statement. On disposal of a business, the cumulative exchange differences previously 
recognised in the foreign currency translation reserve relating to that business are transferred to the income statement as part of the 
gain or loss on disposal.
h) Taxation
The taxation expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the income 
statement because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items 
that are never taxable or deductible. The Group and Company’s liability for current tax is calculated using rates that have been enacted 
or substantively enacted by the balance sheet date.
Full provision is made for deferred taxation on all taxable temporary differences. Deferred tax assets and liabilities are recognised 
separately on the balance sheet. Deferred tax assets are recognised only to the extent that they are expected to be recoverable.  30  Braemar Shipping Services plc Annual Report 2008 
Notes to the financial statements
continued
1. Accounting policies continued
Deferred taxation is recognised in the income statement unless it relates to taxable transactions taken directly to equity, in which 
case the deferred tax is also recognised in equity. The deferred tax is released to the income statement at the same time as the taxable 
transaction is recognised in the income statement. Deferred taxation on unremitted overseas earnings is provided for to the extent a tax 
charge is foreseeable.
i) Goodwill
On the acquisition of a business, fair values are attributed to the net assets (including any identifiable intangible assets) acquired. 
Goodwill arises where the fair value of the consideration given exceeds the fair value of the net assets acquired. Goodwill is recognised 
as an asset and is reviewed for impairment at least annually. Impairments are recognised immediately in the income statement. 
Goodwill is allocated to cash generating units for the purposes of impairment testing. On the disposal of a business, goodwill relating 
to that business remaining on the balance sheet is included in the determination of the profit or loss on disposal. Goodwill written off 
to reserves prior to 1998 has not been reinstated and will not be included in determining any subsequent profit or loss on disposal. 
As permitted by IFRS1 goodwill on acquisitions arising prior to 1 March 2004 has been retained at prior amounts and will be tested 
annually for impairment.
j) Other intangible assets
Intangible assets acquired as part of a business combination are stated in the balance sheet at their fair value at the date of acquisition 
less accumulated amortisation and any provisions for impairment. The amortisation of the carrying value of the capitalised forward order 
book and customer relationships is charged to the income statement over an estimated useful life of two to ten years. The carrying 
values of intangible assets are reviewed for impairment at least annually or when there is an indication that they may be impaired. 
k) Property, plant and equipment
Property, plant and equipment are shown at historical cost less accumulated depreciation and any impairment in value.
Depreciation is provided at rates calculated to write off the cost, less estimated residual value of each asset, on a straight line basis over 
its expected useful life as follows (except for long leasehold interests which are written off over the remaining period of the lease):
Motor vehicles – three years
Computers – four years
Fixtures and equipment – four years
l) Investments
Investments in associates and joint ventures where the Group has significant influence are accounted for under the equity method of 
accounting in the consolidated financial statements. Investments are carried in the balance sheet at cost plus post acquisition changes 
in the Group’s share in the net assets of associates and joint ventures, less any impairment in value. The income statement reflects the 
Group’s share of the results of the operations of associates and joint ventures.
Investments in associates and joint ventures together with any other unlisted investments where the Group has no significant influence 
is booked at cost less any impairment in value.
Investments in the Company are shown at cost less impairment.
m) Impairment
The carrying amount of the Group’s assets other than financial assets within the scope of IAS 39 and deferred tax assets, are reviewed 
each balance sheet date to determine whether there is an indication of impairment. If any such indication exists, the assets recoverable 
amount is estimated. The recoverable amount is determined based on value in use calculations, which requires the use of estimates. 
An impairment loss is recognised in the income statement whenever the carrying amount of the assets exceeds its recoverable amount.
Where an impairment loss subsequently reverses, the carrying amount of the assets with the exception of goodwill and other intangibles 
is increased to the revised estimate of its recoverable amount. This cannot exceed the carrying amount prior to the impairment charge. 
An impairment recognised in the income statement in respect of goodwill and other intangibles is not subsequently reversed.
n) Derivative financial instruments and hedging 
Derivatives are initially recognised at fair value and are subsequently re‑measured at their fair value at each balance sheet date. Recognition 
of the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if it is, the nature of the item 
being hedged. Changes in the fair value of derivatives that do not qualify for hedge accounting are recognised immediately in the income 
statement. The Group designates derivatives that qualify for hedge accounting as a cash flow hedge where there is a high probability of 
the forecast transactions arising. The effective portion of changes in the fair value of these derivatives are recognised in equity. The gain or 
loss relating to the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are dealt with in 
the income statement at the same time as the gains or losses on the hedged items. When a forecast transaction is no longer expected to 
occur, the cumulative gains or losses that were reported in equity are immediately transferred to the income statement. 
When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but 
the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised 
in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the 
cumulative unrealised gain or loss recognised in equity is recognised immediately in the income statement.
The fair value of forward foreign exchange contracts, which are traded in active markets, is based on quoted market prices at the 
balance sheet date. 
o) Inventories
Inventories are valued at the lower of cost and net realisable value.  31  Braemar Shipping Services plc Annual Report 2008 
p) Trade and other receivables
Trade and other receivables are recognised and carried at the lower of their original value and recoverable amount. Provision is made 
where there is evidence that the balances will not be recovered in full. In respect of amounts due to customers in relation to the logistics 
business, these are released to the income statement if they become more than three years old.
q) Cash and cash equivalents
Cash and short term deposits included in the balance sheet comprise cash in hand and short term deposits with an original maturity 
of three months or less.
Cash and cash equivalents included in the cash flow statement includes cash and short term deposits, net of bank overdrafts.
Restricted cash comprises cash balances where the Group is holding cash as escrow agent for certain clients, pending completion 
of transactions in which the Group acted as broker. The amounts are held in designated accounts and any interest is due to the clients. 
r) Provisions
Provisions are recognised when the Group has a present obligation (legal or otherwise) as a result of a past event and it is probable that 
an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of 
the amount of the obligation. If material, the provisions are discounted using an appropriate current pre‑tax interest rate.
s) Share‑based payments
The fair value at the date of grant of share‑based remuneration, principally share options, is calculated using a binomial pricing model and 
charged to the income statement on a straight line basis over the vesting period of the award. The charge to the income statement takes 
account of the estimated number of shares that will vest. All share‑based remuneration is equity settled. The balance sheet entry is included 
in reserves. Shares issued in respect of the deferred bonus plan are valued at the market value on the date the shares are purchased.
The Company reflects the fair value of the share‑based payments as an investment in its subsidiaries.
The Group took advantage of the transitional provisions IFRS 2 “Share‑ based Payments” in respect of equity settled awards on transition 
to IFRS and has applied IFRS2 only to equity settled awards granted after 7 November 2002 that had not vested before 1 January 2005. 
t) Commissions payable
Commissions payable to clients are recognised in trade creditors due within one year on the earlier of the date of invoicing or the date 
of receipt of cash.
u) Pension scheme arrangements
The Group operates several defined contribution pension schemes. The assets of the schemes are held separately from those of the 
Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund.
v) Leasing
Operating leases are charged to the income statement as an expense on a straight‑line basis over the lease term. Operating lease 
income is recognised in the income statement as it is earned.
w) Exceptional items
Items that are material in size and unusual or infrequent in nature are presented as exceptional in the income statement. The Directors 
are of the opinion that the separate recording of exceptional items provides helpful information about the Group’s underlying business 
performance.
x) Segmental analysis
The Group’s primary segmental analysis is based on its four business segments: Shipbroking, Logistics, Technical and Environmental. 
This is consistent with the way the Group manages itself and with the format of the Group’s internal financial reporting.
The secondary analysis is presented according to the geographic markets comprising UK and Australia and the rest of the world.  
The Group’s geographical segments are determined by the location of the Group’s assets and operations.
Costs are allocated between segments on an actual basis.
y) New standards and interpretations not applied
During the year, the IASB and IFRIC have issued the following standards and interpretations with an effective date after the issue of 
these financial statements:
International Accounting Standards (IAS/IFRS) Effective date
IAS1 Presentation of Financial Statements 1 January 2009
IAS23 (revised) Borrowing Costs 1 January 2009 (prospective)
IAS32 Financial Instruments: Presentation 1 January 2009
IFRS 2 (amended) Share‑Based Payment Vesting Conditions and Cancellations 1 January 2009
IAS27 (revised) Consolidated and Separate Financial Statements 1 July 2009
IFRS 3 (revised) Business Combinations 1 July 2009
International Financial Reporting Interpretations Committee (IFRIC)
IFRIC 13 Customer Loyalty Programmes 1 July 2008
IFRIC 14 IAS19 The limit on a deferred benefit asset, minimum funding requirements and their interaction 1 January 2008
The Directors are reviewing the effect of these standards and interpretations but do not anticipate their adoption will have a material 
impact on the Group’s financial statements in the period of initial application. 32  Braemar Shipping Services plc Annual Report 2008 
Notes to the financial statements
continued
2. Segmental information
a) Business segments
For management purposes, the Group is currently organised into four operating divisions – Shipbroking, Logistics, Technical and 
Environmental. These divisions are the basis on which the Group reports its primary segment information. Unallocated common costs 
principally relate to Board costs.
      Revenue  Profit for the period
    2008  2007  2008  2007 
     £’000 £’000  £’000  £’000
Shipbroking    52,794 40,530 12,993 10,593
Logistics
1
    27,874 23,449 953 911
Technical 
2
    9,467 6,623 728 553
Environmental    10,829 3,229 1,836 225
Segment revenue/operating profit excluding impairment   100,964 73,831 16,510 12,282
Impairment – Shipbroking    –  –  –  (950)
Segment revenue/operating profit after impairment   100,964 73,831 16,510 11,332
Unallocated common costs      (2,542) (1,844)
Finance income (cost) – net      380 319
Share of profit after tax from joint ventures     370 207
Profit before taxation      14,718 10,014
Taxation      (4,797) (3,585)
Profit for the period attributable to shareholders from continuing operations    9,921 6,429
1
 The results for Fred. Olsen Freight Limited for the period from the date of acquisition to 29 February 2008 are included in Logistics 
(see note 30).
2
 The results for Falconer Bryan Pte Limited for the period from the date of acquisition to 29 February 2008 are included in Technical 
(see note 30).
      Depreciation and amortisation and 
     Capital additions impairment of intangible assets
    2008 2007 2008 2007 
    £’000 £’000 £’000 £’000
Shipbroking    579 1,873 445 1,285
Logistics    2,145 592 324 314
Technical    2,884 54 174 9
Environmental    51 951 310 144
Operating group    5,659  3,470  1,253  1,752
There are no sales between the business segments. 
Capital additions comprises additions to property, plant and equipment, goodwill and other intangibles including additions resulting from 
business acquisitions.
 Assets  Liabilities  Net assets/(liabilities)
   2008  2007  2008  2007 2008  2007 
   £’000  £’000  £’000  £’000  £’000  £’000
Shipbroking  42,914  38,762  26,720  17,366  16,194  21,396
Logistics  13,409  7,134 15,619  8,240  (2,210)  (1,106)
Technical  7,258  1,575  873  90  6,385 1,485
Environmental  1,469  2,099  892 925 577  1,174
Operating group – continuing operations 65,050  49,570  44,104  26,621  20,946  22,949
Discontinued operations  –  2,024  –   2,853  –  (829)
  65,050  51,594  44,104  29,474  20,946  22,120
Cash and cash equivalents  21,635  14,634  –   –   21,635 14,634
Taxation  754  642  3,698  2,685  (2,944)  (2,043)
Share of joint ventures  1,180  755 –  –  1,180  755
Other investments  710  783  –  –  710  783
Group  89,329  68,408  47,802  32,159  41,527  36,249
Segment assets consist primarily of intangible assets (including goodwill), tangible fixed assets, receivables and other assets. 
Receivables for taxes, cash and cash equivalents and investments have been excluded. Segment liabilities relate to the operating 
activities and exclude liabilities for taxes and short term borrowings. 33  Braemar Shipping Services plc Annual Report 2008 
b) Geographical segment – by origin
The Group manages its business segments on a global basis. The operations main geographical area is the United Kingdom. 
The United Kingdom is the home country of the parent.
 Revenue  Capital additions  Assets
   2008  2007  2008  2007 2008  2007 
   £’000  £’000  £’000  £’000  £’000  £’000
United Kingdom  89,148 69,522 2,750 3,457 58,432 45,715
Australia  4,656 2,795 40 8 961 3,744
Rest of World (principally South East Asia) 7,160 1,514 2,868 5 5,657 111
Operating group – continuing operations 100,964 73,831 5,658 3,470 65,050 49,570
c) Revenue analysis
All revenue arises from the rendering of services and in relation to discontinued operations, the provision of goods in respect of bunker trading.
3. Operating profit
Operating profits from continuing operations represent the results from operations before share of profits of joint ventures, finance 
income, finance costs and taxation.
This is stated after charging/(crediting):
      2008 2007 
  Notes    £’000  £’000
Cost of Sales 
Freight and haulage      18,749 15,249
Payments to sub contractors      7,038 5,409
Cost of materials      2,480  –
      28,267  20,658
 
Staff costs  4    43,322  28,632
Depreciation on tangible fixed assets  14    687  518
Amortisation of other intangible assets 13    452  284
Impairment of goodwill  12    114  950
Operating lease rentals: 
– Land and buildings      608  568
– Other      170  93
Loss/(profit) on sale of tangible assets     57  (12)
Profit on sale of investment      (89)  – 
Movements in bad debt provisions     146 145
Auditors’ remuneration   5    295  292
Other operating costs      12,789  12,453
Net foreign exchange losses/(gains)     178 (238)
Revenue from non‑ recurring commission sharing  
arrangements of £968,000, after attributable expenses     (464) –
4. Staff costs
a) Staff costs for the Group during the year (including Directors)
          2008 2007 
    Notes     £’000  £’000
Salaries and wages         37,077  24,080
Other pension costs   31     1,732  1,577
Social security costs         3,959  2,666
Share‑based payments   25      554  309
          43,322  28,632
No staff costs were incurred by the Company.
The numbers above include remuneration and pension entitlements for each Director. Details are included in the Remuneration Report 
on page 22. 34  Braemar Shipping Services plc Annual Report 2008 
Notes to the financial statements
continued
4. Staff costs continued
b) Average number of full time employees
          2008  2007 
          No.  No.
Shipbroking         211  205
Logistics         176  149
Technical         82  18
Environmental         65  39
Bunker trading         1  2
          535  413
The Company had no employees. The Directors’ remuneration is borne by Braemar Seascope Limited.
c) Key management compensation (including Directors)
The remuneration of key management including the eight Directors of the Company is set out below. Further information about the 
remuneration of individual Directors is provided in the Remuneration Report on page 22.
          2008 2007 
         £’000  £’000
Salaries and short‑term employee benefits        2,668  2,110
Post‑employment benefits          55 86
Share‑based payments          69 17
          2,792   2,213
Number of key employees         8  9
Gains made by directors on exercise of share options are disclosed in the Remuneration Report on page 22.
5. Auditors’ remuneration
A more detailed analysis of auditors’ services is given below:
     Group  Company
    2008  2007  2008  2007 
     £’000 £’000  £’000  £’000
Audit services 
–  Fees payable to the company auditor for audit of the Company  
and Group financial statements   162 111 5 5
Fees payable to the Group’s auditor and its associates for other services:
– The audit of the Company’s subsidiaries pursuant to legislation   76 72 –  – 
– Other services    105 25 –  – 
– Tax services    57 84 –  – 
     400  292  5   5
Included in fees payable to the auditors are amounts of £295,000 (2007: £292,000) which have been charged to operating profit (see 
note 3). £105,000 (2007: £nil) has been capitalised in the balance sheet in connection with business combinations.
6. Finance income/(costs) – net
          2008 2007 
         £’000  £’000
Finance income: 
– Interest on bank deposits         391  335
Total finance income         391  335
 
Finance costs: 
– Interest payable on bank loans and other loans        (11)  (16)
Total finance costs         (11)  (16)
 
Finance income/(costs) – net         380  319 35  Braemar Shipping Services plc Annual Report 2008 
7. Taxation
a) Analysis of charge in year
      2008 2007 
         £’000  £’000
Current tax 
UK Corporation tax charged to the income statement        4,611 3,697
UK adjustment in respect of previous years        23 (68)
Overseas tax on profits in the year        388 96
Overseas adjustment in respect of previous years        –  (16)
Total current tax         5,022 3,709
Deferred tax 
UK current year origination and reversal of timing differences     (251) (69)
UK adjustment in respect of previous years        (2) (1)
Overseas current year origination and reversal of timing differences     30 (22)
Overseas adjustment in respect of previous years        –  (32)
Effect of change of tax rate from 30% to 28%     (2) –
Total deferred tax         (225) (124)
 
Taxation         4,797 3,585
       2008 2007 
Tax on items charged to equity       £’000  £’000
Current tax liability credit on exercised stock options        (192) (242)
Deferred tax debit/(credit) on stock options        111 (37)
Deferred tax debit on cash flow hedges        27 19
Effect of change of tax rate from 30% to 28%     25 –
Tax credit in the statement of changes in equity     (29) (260)
 
      2008 2007 
Reconciliation between expected and actual tax charge       £’000  £’000
Profit before tax         14,718 10,014
Profit before tax at standard rate of UK corporation tax of 30% (2007: 30%)       4,415 3,004
Expenses not deductible for tax purposes        522 760
Tax calculated at domestic tax rates applicable to profits in overseas subsidiaries    (42) –
Joint venture income not subject to UK tax        (117) (62)
Effect of change of tax rate from 30% to 28%        (2) – 
Prior year adjustments         21 (117)
Total tax charge for the year         4,797 3,585
b) Deferred tax asset
          As at As at 
          29 Feb 2008 28 Feb 2007 
Analysis of the deferred tax asset       £’000 £’000
Accelerated capital allowances
(includes £72,000 (2007: £nil) of overseas accelerated capital allowances )    308 114
Short term timing differences          
(includes £16,000 (2007: £108,000) of overseas short term timing differences)    446 528
          754 642
 
      2008 2007 
The movement in the deferred tax asset      £’000  £’000
Balance at beginning of year         642 510
Acquired         192 –
Movement to income statement         58 107
Movement to reserves         (138) 25
Balance at end of year         754 642
The closing deferred tax asset includes £43,000 (2007: £53,000) expected to reverse within the next 12 months of the balance sheet date. 36  Braemar Shipping Services plc Annual Report 2008 
Notes to the financial statements
continued
7. Taxation continued
c) Deferred tax liability
          As at As at 
          29 Feb 2008 28 Feb 2007 
Analysis of the deferred tax liability       £’000 £’000
Short term timing differences         (681) (283)
          (681) (283)
      2008 2007 
The movement in the deferred tax liability      £’000  £’000
Balance at beginning of year         (283) (139)
Acquisition in the year (see note 30)        (482) (217)
Reclassification to current tax liability        (56) – 
Movement to goodwill (see note 12)        –  61
Movement to reserves         (25) (5)
Movement to income statement         167 17
Exchange differences         (2) – 
Balance at end of year         (681) (283)
The closing deferred tax liability includes £126,000 (2007: £9,000) expected to reverse within the next 12 months of the balance sheet date.
No deferred tax has been provided in respect of temporary differences associated with investments in subsidiaries and interests in 
joint ventures where the Group is in a position to control the timing of the reversal of the temporary differences and it is probable that 
such differences will not reverse in the foreseeable future. Unremitted earnings may be liable to overseas taxes and/or UK taxation 
(after allowing for double taxation relief) if they were to be distributed as dividends. The aggregate amount of temporary differences 
associated with investments in subsidiaries and interests in joint ventures, for which a deferred tax liability has not been recognised is 
approximately £1.7 million (2007: £0.8 million).
8. Discontinued operations
In September 2007 the Group ceased bunker trading operations based in Australia. As a consequence of this decision, the results from 
bunker trading have been reflected in the financial statements as discontinued operations. The prior year results have been reflected in 
the same manner.
         Year ended  Year ended 
      29 Feb 2008 28 Feb 2007 
         £’000  £’000
Revenue        25,770 33,369
Cost of sales        (25,661) (32,871)
Gross profit        109 498
Operating costs        (131) (455)
Operating profit        (22) 43
Finance income        19 9
Profit before taxation        (3) 62
Taxation        –  (19)
Profit for the year        (3)  43
9. Dividends
Amounts recognised as distributions to equity holders in the year:
        2008  2007 
        £’000  £’000
Ordinary shares of 10 pence each 
Final of 12.25 pence per share for the year ended 28 February 2007 (2006: 11.5 pence per share)   2,451  2,255
Interim of 8.00 pence per share paid (2007: 6.75 pence per share)      1,602  1,340
        4,053 3,595
In addition, the Directors are proposing a final dividend in respect of the financial year ended 29 February 2008 of 15.0 pence per 
share which will absorb an estimated £3.0 million of shareholders’ funds. It will be paid on 25 July 2008 to shareholders who are on the 
register of members on 27 June 2008. The proposed final dividend is subject to approval by the shareholders at the Annual General 
Meeting and has not been included as a liability in these financial statements.
The right to receive dividends on the shares held in the ESOP has been waived (see note 26). The dividend saving through the waiver 
is £95,000 (2007: £59,000). 37  Braemar Shipping Services plc Annual Report 2008 
10. Earnings per share
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number 
of ordinary shares outstanding during the year, excluding 685,014 ordinary shares held by the employee share trust (2007: 331,495 
shares) which are treated as cancelled.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive 
ordinary shares. The Group has one class of potential dilutive ordinary shares being those options granted to employees where the 
exercise price is less than the average market price of the Company’s ordinary shares during the year.
In addition, the Directors have presented an additional measure of earnings per share‑based on earnings from continuing operations 
attributable to shareholders excluding impairment of goodwill to allow comparison of underlying trading performance on a consistent basis.
   2008  2008  2008  2007  2007  2007 
  Earnings  Weighted average  Per share amount  Earnings  Weighted average  Per share amount  
Continuing operations  £’000s number of shares pence £’000s number of shares pence
Adjusted earnings  9,775  19,953,231  48.99 7,274  19,715,846  36.90
Impairment of goodwill  –   –   –   (950)  –   (4.82)
Profit for the period attributable to shareholders 9,775  19,953,231  48.99  6,324  19,715,846  32.08
Effect of dilutive share options  –   122,061  (0.30)  –   264,693  (0.43)
Fully diluted earnings  9,775  20,075,292  48.69  6,324  19,980,539  31.65
Total operations 
Profit for the period attributable to shareholders 9,772  19,953,231  48.97  6,367  19,715,846 32.29
Effect of dilutive share options  –   122,061  (0.29)  –   264,693  (0.42)
Fully diluted earnings  9,772 20,075,292  48.68  6,367  19,980,539  31.87
Basic and diluted earnings per share on the loss from discontinued operations is (0.01) pence for the financial year ended 29 February 
2008 (0.22 pence from earnings for the financial year ended 28 February 2007).
11. Profit for the financial year
In accordance with the exemptions allowed by section 230 of the Companies Act 1985, the Company has not presented its own profit 
and loss account. Of the results for the year to 29 February 2008 a profit of £8,350,000 (2007: profit of £6,015,000) has been dealt with 
in the accounts of the Company.
12. Goodwill
Group          £’000
Cost 
At 1 March 2006          29,053
Adjustment to previously reported goodwill         (30)
Additions          1,106
At 28 February 2007          30,129
Adjustment to previously reported goodwill         (140)
Additions (see note 30)          3,474
At 29 February 2008          33,463
 
Accumulated amortisation and aggregate impairment 
At 1 March 2006          6,573
Impairment recognised in the year         950
At 28 February 2007          7,523
Impairment recognised in the year         114
At 29 February 2008          7,637
 
Net book value at 29 February 2008         25,826
 
Net book value at 28 February 2007         22,606
During the year ended 28 February 2007 the Group acquired certain assets of Hi‑bar Limited with a net assets fair value of £45,000 
for a consideration of £359,000 (cash paid £134,000, with a deferred consideration of £225,000) resulting in goodwill on acquisition of 
£314,000. During the year ending 29 February 2008 the post‑acquisition criteria relating to the deferred consideration has completed 
and the total consideration has been reduced by £200,000. The remaining goodwill of £114,000 has been impaired as a consequence 
of the performance of the Hi‑bar business being unable to support its carrying value. 38  Braemar Shipping Services plc Annual Report 2008 
Notes to the financial statements
continued
12. Goodwill continued
In the year ended 28 February 2007, the Group acquired 41% of Gorman Cory Limited with a net asset fair value of £214,000 for a 
consideration of £241,000 resulting in goodwill on acquisition of £27,000. In the year ended 29 February 2008, the fair value adjustment 
of £63,000 relating to the deferred tax liability of £150,000 in respect of customer contracts has been recognised. As a consequence 
goodwill arising on the acquisition of Gorman Cory Limited has increased from £27,000 as at 28 February 2007 to £90,000 as at 
29 February 2008.
Details of the acquisitions which took place during the year ended 29 February 2008 can be found in note 30.
During the year ended 28 February 2007, an impairment charge of £950,000 in respect of Braemar Seascope Pty Limited was charged 
to the income statement. The impairment resulted from the activities of the company performing below expectations at acquisition. The 
recoverable amount for the cash generating unit was measured based on a value in use calculation. A pre‑tax discount rate of 12.6% 
was used in the value in use calculation. 
All goodwill is allocated to cash‑generating units. The allocation of goodwill to cash‑generating units is as follows:
        2008 2007 
        £’000 £’000
Braemar Seascope Limited       18,113  18,113
Braemar Seascope Pty Limited       3,099  3,099
Wavespec Limited      204 204
Geo A Morrisons & Co (Leith) Limited     171 171
Planetwide Group Limited      627 627
Gorman Cory Limited      90 27
DV Howells Limited      48 51
Hi‑bar      – 314
Falconer Bryan Pte Limited      1,890 –
Fred. Olsen Freight Limited      1,584 –
        25,826  22,606
These cash generating units represent the lowest level within the Group at which goodwill is monitored for internal management purposes.
All recoverable amounts were measured based on value in use. The forecast cash flows were based on the approved annual budget 
for the next financial year and management projections for the following 4 years which are based on estimated growth rates for revenue 
and costs. Management believe any improvements in the cash flow are achievable. Cash flows have been used over a period of five 
years as management believes this reflects a reasonable time horizon for management to monitor the trends in the business. After 
five years a terminal value is calculated using a long term growth rate assumption of 2.0%. The cash flows were discounted using 
a discount rate of 9% for UK based operations and 12.6% for overseas based operations which approximate to the Group’s weighted 
average cost of capital.
The Company has no goodwill.
13. Other intangible assets
Group          £’000
Cost 
At 1 March 2006          749
Additions           1,404
At 28 February 2007          2,153
Additions (see note 30)          1,185
At 29 February 2008          3,338
 
Amortisation
At 1 March 2006          287
Charge for the year          284
At 28 February 2007          571
Charge for the year          452
        1,023
Net book value at 29 February 2008         2,315
 
Net book value at 28 February 2007         1,582 39  Braemar Shipping Services plc Annual Report 2008 
In arriving at a valuation of customer relationships the Group has estimated attrition rates for non‑contractual customer relationships 
and a discount rate has been applied to these amounts. During the year ended 29 February 2008, the Group capitalised the value of 
the customer relationships following the acquisition of the 100% interest in Falconer Bryan Pte Limited (£835,000) and the value of the 
customer relationships following the acquisition of the 80% interest in Fred. Olsen Freight Limited (£350,000). Amortisation of these 
assets is charged to the income statement on a straight‑line basis over five years. 
During the year ended 28 February 2007, the Group capitalised the value of the customer relationships following the acquisition of the 
50% interest in Braemar Container Shipping and Chartering Limited (£442,000) and DV Howells Limited (£180,000). Amortisation of 
these assets is charged to the income statement on a straight‑line basis over ten and five years respectively. A further £282,000 has 
been capitalised for the forward book of Braemar Container Shipping and Chartering Limited. This is charged to the income statement 
over a period of five years. In addition the Group capitalised contracts to the value of £500,000 in relation to the acquisition of Gorman 
Cory Limited. The contracts have an expected life of five years.
The Company has no intangible assets.
14. Property, plant and equipment
     Fixtures & 
  Motor vehicles   Computers  equipment  Long leasehold  Short leasehold  Total 
Group  £’000  £’000  £’000  £’000  £’000  £’000
Cost or fair value 
At 1 March 2006  10  703  955  4,618  271  6,557
Additions at cost  89  381  181  3  –  654
Acquisitions  160  15  161  –   –  336
Disposals  (19)  –   (34)  –   –  (53)
Exchange differences  (1)  (14)  (23)  –   –   (38)
At 28 February 2007  239  1,085  1,240  4,621  271  7,456
Additions at cost  152 555 267 48 10  1,032
Acquisitions (see note 30)  1 56 40 11 –  108
Disposals  (51) (72) (31) (7) –  (161)
Exchange differences  3 35 110 4 –  152
At 29 February 2008  344  1,659  1,626  4,677  281  8,587
Accumulated depreciation 
At 1 March 2006  2 426 628  420  47  1,523
Charge for the year  62  155  196  85  20  518
Disposals  (8)  –   (32)  –   –  (40)
Exchange differences  –   (5)  (18)  –   –  (23)
At 28 February 2007  56  576  774  505  67  1,978
Charge for the year  106 328 141 91 21  687
Disposals  (29) (12) (6) –  –  (47)
Exchange differences  3 35 110 1 –  149
At 29 February 2008  136  927  1,019  597  88  2,767
 
Net book value at 29 February 2008 208  732  607  4,080  193  5,820
 
Net book value at 28 February 2007 183  509  466  4,116  204  5,478
At 29 February 2008, the Group had no contractual commitments for the acquisition of property, plant and equipment (2007: £nil).
The Company has no tangible fixed assets. 40  Braemar Shipping Services plc Annual Report 2008 
Notes to the financial statements
continued
15. Investments
     Joint Unlisted  
       ventures  investments  Total 
        £’000 £’000  £’000
Group 
Goodwill       340  –   340
Share of net assets/cost       488  783  1,271
At 1 March 2006       828  783  1,611
Conversion of joint venture to subsidiary 
– Share of net assets       (4)  –   (4)
Exchange differences       (13)  –   (13)
Share of joint ventures profits retained      207  –  207
Dividends received       (263)  –   (263)
Goodwill       340  –   340
Share of net assets/cost       415  –   415
At 28 February 2007       755  783  1,538
Exchange differences       55  –   55
Additions       –   38  38
Share of joint ventures profits retained      370  –  370
Disposals       –   (111)  (111)
Goodwill       340  –   340
Share of net assets/cost       840  710  1,550
At 29 February 2008       1,180  710  1,890
All Company investments are accounted for at cost less impairment.
     Joint Unlisted  
      Subsidiaries ventures  investments  Total 
       £’000 £’000 £’000  £’000
Company 
Cost 
At 1 March 2006    36,394  412  641  37,447
Share‑based payments    309  –   –   309
Additions     8  –   –   8
At 28 February 2007    36,711  412  641  37,764
Share‑based payments    554 –  –   554
Additions    5,973 –  –   5,973
Reclassification
1
/disposals    (513) –  (109)  (622)
At 29 February 2008    42,725  412  532  43,669
 
Impairment 
At 1 March 2006    887  –   –   887
Write down of investment in Braemar Seascope Pty Limited   950  –   –  950
At 28 February 2007 and 29 February 2008   1,837  –   –  1,837
 
Net book value at 29 February 2008   40,888  412  532 41,832
 
Net book value at 28 February 2007   34,874  412  641  35,927
1
 Represents a reclassification of an investment balance to an intercompany balance.
The Company invested £554,000 (2007: £309,000) in the subsidiaries of the Group in respect of share‑based payment charges 
incurred in the year (see note 25).
In addition, the Company acquired all issued share capital of Falconer Bryan Pte Limited (Nevis) for a consideration of £5,927,000 
(see note 30) and increased the value of its interest in Braemar Seascope Pte Limited by £46,000. 41  Braemar Shipping Services plc Annual Report 2008 
A list of principal operating subsidiary and joint venture undertakings is as follows:
a) Subsidiaries
Particulars of principal subsidiary undertakings are as follows:
   Percentage of ordinary Percentage of ordinary 
Name of company Country Principal activity shares directly owned shares indirectly owned
Braemar Seascope Limited England & Wales Shipbroking  100%
Braemar Seascope Valuations Limited England & Wales Valuations  100%
Braemar Seascope Pty Limited  Australia Shipbroking 100% 
Braemar Seascope Pte Limited Singapore Shipbroking 100% 
Cory Brothers Shipping Agency Limited England & Wales Ship agents 100% 
Gorman Cory Limited England & Wales Ship agents  41%
Fred. Olsen Freight Limited England & Wales Ship agents  80%
Wavespec Limited England & Wales Marine consultants 100% 
Falconer Bryan Pte Limited Nevis Marine consultants 100% 
Falconer Bryan Pte Limited Singapore Marine consultants  100%
Asian Energy Services Limited Singapore Energy consultants  100%
Falconer Bryan Sdn Bhd Malaysia Marine consultants  49%
PT Falconer Bryan Indonesia Marine consultants  100%
Falconer Bryan Vietnam Co Limited Vietnam Marine consultants  100%
DV Howells Limited England & Wales Environmental services 100% 
All subsidiaries have been owned as at 28 February 2007 and 29 February 2008 respectively with the exception of Falconer Bryan Pte 
Limited (Nevis), Falconer Bryan Pte Limited (Singapore), Asian Energy Services Limited, Falconer Bryan Sdn Bhd, PT Falconer Bryan, 
Falconer Bryan Vietnam Co Limited and Fred. Olsen Freight Limited which were acquired during the year ended 29 February 2008.
The financial statements of the principal subsidiary undertakings are prepared to 29 February 2008 except for PT Falconer Bryan and 
Falconer Bryan Vietnam Co Limited for which, as permitted under IAS 27, the results to 31 December 2007 have been consolidated on 
the basis that the results to 29 February 2008 would not be materially different.
The Group acquired 49% of Falconer Bryan Sdn Bhd on 7 July 2007 and 41% of Gorman Cory Limited on 1 March 2006 (see note 30). 
From acquisition, the Group has the power to govern the financial and operating policies of these entities so as to obtain benefits from 
their activities and therefore has effective control. The Group has therefore accounted for these entities as subsidiaries.
b) Joint ventures
Particulars of the joint venture companies which have been equity accounted are as follows:
   Percentage of ordinary Accounting 
Name of company Country Principal activity shares owned reference date
Braemar Quincannon Limited  England & Wales Shipbroking 50% 28 February
Braemar Seascope India (Private) Limited India Shipbroking 50% 31 March
Braemar Quincannon Pte Limited  Singapore Shipbroking 50% 31 December 
The share capital of Braemar Quincannon Pte Limited is owned by the Company. All other Joint ventures are indirectly owned by the Group.
In relation to the Group’s interest in joint ventures, the assets, liabilities, income and expenses are shown below:
        2008  2007 
        £’000  £’000
Current assets       1,126  508
Non‑current assets       42  33
Current liabilities       (328)  (124)
Non‑current liabilities       –   (2)
        840  415
 
Income       1,439  1,562
Expenses       (900)  (1,185)
        539  377
Taxation       (169)  (170)
Share of post tax results       370  207
The joint ventures have no significant contingent liabilities to which the Group is exposed. 
c) Unlisted investments
The Group’s unlisted shares principally include 1,000 (16.7%) ordinary £1 shares in London Tankers Brokers Panel and 7,500 (25%) 
ordinary £1 shares London Ship Valuation Panel. These have been treated as investments and not equity accounted as the Company 
does not have significant influence as all investors in these companies have equivalent proportional influence.
The unlisted investments are shown at cost because their fair value cannot be measured reliably. 42  Braemar Shipping Services plc Annual Report 2008 
Notes to the financial statements
continued
16. Other receivables
Other receivables of £155,000 (2007:£81,000) comprised £72,000 (2007: £81,000) in respect of non‑interest bearing loans to 16 
(2007:16) employees of Braemar Seascope Limited repayable over three years and £83,000 (2007: £nil) in respect of security deposits 
with landlords and other service providers in the Falconer Bryan businesses. 
17. Inventories
Inventories of £91,000 (2007: £70,000) comprised raw materials and consumables.
18. Trade and other receivables
     Group  Company
    2008  2007  2008  2007 
     £’000 £’000  £’000  £’000
Trade receivables    24,055  19,181  –   – 
Provision for impairment of trade receivables   (716)  (482)  –  – 
Trade receivables – net    23,339  18,699  –   – 
Amounts due from subsidiary undertakings   –   –   3,627  7,526
Other receivables    1,782  1,284  604  611
Prepayments and accrued income   1,663  1,767 –  – 
     26,784  21,750  4,231  8,137
Included in the total trade receivable balance is £10.0 million (2007: £10.0 million) denominated in US dollars. The majority of the 
remaining balances are denominated in pounds.
The Directors consider that the carrying amount of trade receivables approximates to their fair value.
Terms associated with the settlement of the Group’s trade receivables vary across the Group but in general are settled in less than 
90 days. As at 29 February 2008 trade receivables of £524,000 (2007: £299,000) which were over twelve months old were treated as 
impaired and have been provided for. Amounts over twelve months old at 29 February 2008 that have not been provided for have been 
recovered since that date.
In addition, a provision of £192,000 (£183,000) has been made for specific trade receivables less than twelve months overdue.
The ageing profile of trade receivables as at 29 February 2008 is as follows:
      2008 2007 
      £’000 £’000
Up to 3 months      19,155 16,647
3 to 6 months      3,212 1,329
6 to 12 months      969 778
Over 12 months      719 427
Total      24,055 19,181
The Company has no trade receivables (2007: £nil). Amounts due from subsidiaries are unsecured, bear no interest and are repayable 
on demand.
Movements on the group provision for impairment of trade receivables were as follows:
      2008 2007 
      £’000 £’000
At 1 March      482 335
Provision for receivables impairment     475 352
Receivables written off during the year as uncollectable     (20) –
Acquisitions      108 69
Amounts previously impaired collected in period     (329) (274)
At 29 February/28 February      716 482
The other classes within trade and other receivables do not contain impaired assets. 43  Braemar Shipping Services plc Annual Report 2008 
19. Derivative and other financial instruments
a) Currency risk
The Group’s currency risk exposure arises as a result of the majority of its shipbroking earnings being denominated in US dollars while 
the majority of its costs are denominated in pounds sterling. The Group manages the exposure to currency variations by spot and 
forward currency sales and other derivative currency contracts. 
At 29 February 2008 the Group held forward currency contracts to sell US$12.0 million at an average rate of US$1.93/£ and two 
variable forward window agreements to sell US$0.5 million per month with upper and lower strike prices of US$1.9735 – US$2.10 for 
the months March – February 09 and US$1.8605 – US$1.9995 for the months March 08 – February 09.
During the year ended 28 February 2007, the Group also had the right to sell US$1.1 million for Australian $’s at a rate of US$0.78 =  
AU $1, in each of the months March 07 through to July 07.
The fair value/carrying value of the derivative financial instruments of the Group are as follows:
     2008  2007
       Book value  Fair value  Book value  Fair value 
     £’000 £’000  £’000  £’000
Forward currency contracts 
Assets      107  107  17  17
 
Currency options 
(Liabilities)/assets      (49)  (49)  10  10
The net fair value of forward currency contracts, that are designated and effective as cash flow hedges, amounts to an asset of 
£107,000 (2007: £17,000), the fair value adjustment for which has been deferred in equity.
Amounts of £16,000 (2007: £40,000 charge) have been credited to the income statement in respect of forward contracts which have 
matured during the period. There are no cash flows for which hedge accounting was used but is no longer.
Amounts of £59,000 (2007: £47,000) have been charged to the income statement in respect of currency options that have matured 
during the period. 
The fair value of financial instruments is based on quoted market prices at the balance sheet date.
The effect on equity and profit before tax of a 1% increase in the average US dollar exchange rate in the year, with all other variables 
being equal, is approximately £0.3 million adverse (2007: £0.2 million). A 1% decrease in the average US dollar exchange rate is 
approximately £0.3 million favourable (2007: £0.2 million).
b) Interest rate risk
The Group minimises its exposure to interest rate risk by pooling sterling cash balances across the UK group (see note 21).
The following table sets out the carrying amount, by maturity, of the Group’s financial instruments which are exposed to interest rate risk:
         2008  2007 
         Within one year  Within one year 
2008        £’000 £’000
Floating rate: 
Cash and cash equivalents (see note 21)       21,635  14,634
         21,635  14,634
        2008  2007 
         Within one year  Within one year 
Company        £’000 £’000
Floating rate: 
Cash and cash equivalents (see note 21)       3,506  – 
Short term borrowings (see note 22)       –   (1,507)
         3,506  (1,507)
Cash balances are generally held on overnight deposits at floating rates depending on cash requirements and the prevailing market 
rates for the amount of funds deposited.
The other financial instruments of the Group are non‑interest bearing.
The effect on equity and profit before tax of a 1% increase or decrease in the interest rate, all other variables being equal, is 
approximately £0.1 million (2007: £0.1 million).
c)  Banking Facilities
At 29 February 2008 the Group had an overdraft facility for £3.0 million (2007: £3.0 million). At 29 February 2008 none of the facility had 
been drawn (2007: £nil). The Company and its subsidiaries have provided cross guarantees and fixed and floating rate charges over 
their assets to secure the above overdraft facility. 44  Braemar Shipping Services plc Annual Report 2008 
Notes to the financial statements
continued
19. Derivative and other financial instruments continued
d)  Credit risk
There are no significant concentrations within the Group or Company (see note 22 for details of bank offset arrangement).
The concentration of credit risk with respect to trade receivables are limited due to the diversity of the Group’s customer base.  
The Directors believe there is no further credit risk provision required in excess of normal provisions for doubtful receivables, estimated 
by the Group’s management based on prior experience and their assessment of the current economic environment. The Group seeks 
to trade only with credit‑worthy parties and as a result does not experience significant exposure to bad debts. The maximum exposure 
is the carrying amount as disclosed in note 18.
20. Restricted cash
Restricted cash comprises cash balances totalling £4.0 million (2007: £nil), where the Group is holding cash as escrow agent for certain 
clients, pending completion of transactions in which the Group acted as broker. The amounts are held in designated accounts and any 
interest is due to the clients. Restricted cash is denominated in US dollars.
21. Cash and cash equivalents
Cash and cash equivalents comprise £21.6 million held by the Group (2007: £14.6 million) and £3.5 million held by the Company 
(2007: £nil). Included in cash and cash equivalents at 29 February 2008 is an amount of £3.8 million which was held in the client 
account of the Company’s appointed legal representative at the balance sheet date and was used to acquire the 100% share capital of 
Steege Kingston on 3 March 2008 (see note 35).
The carrying amount of these assets approximates their fair value.
22. Short term borrowings
       Company
        2008  2007 
        £’000  £’000
Short term borrowings         –  1,507
The Group has no short term borrowings.
Short term borrowings comprises the net bank overdraft facility repayable on demand or within 12 months. The Group operates a pooled 
banking facility for all sterling current account balances across the UK group and has the legal right of offset. The Company’s short term 
borrowings reflect the Company’s contribution to the pooling arrangement. The bank overdraft bears interest based on LIBOR. 
The Directors consider the carrying amount approximates the fair value of these liabilities.
23. Trade and other payables
     Group  Company
    2008  2007  2008  2007 
Current liabilities    £’000 £’000  £’000  £’000
Trade payables     15,184  15,518  –  – 
Amounts owed to subsidiary undertakings    –   –   3,398 525
Other taxation and social security    720  709  –  – 
Deferred consideration     1,748  1,123  –  – 
Other payables     1,676  166  12  13
Other accruals and deferred income    20,212  11,495  –  – 
     39,540  29,011  3,410  538
The average credit period taken for trade payables is 29 days (2007: 26 days). The Directors consider that the carrying amount of trade 
payables approximates to their fair value.
     Group  Company
    2008  2007  2008  2007 
Non‑current liabilities    £’000 £’000  £’000  £’000
Deferred consideration     434  –  –  – 
Deferred consideration due after more than one year represents the estimated option price of acquiring the remaining 20% of the share 
capital of Fred. Olsen Freight Limited (see note 30) less an estimate of the amount to be recovered in respect of the cost of acquiring 
80% of Fred. Olsen Freight Limited. This amount is expected to be £186,000 and has been deducted from goodwill (see note 30).
The amounts included within current liabilities are expected to be settled in less than twelve months. The amount included within 
non‑current liabilities will be settled in more than twelve months although the exact timing is uncertain (see note 30). 45  Braemar Shipping Services plc Annual Report 2008 
24. Provisions
     Onerous Employee  
         lease entitlements  Total 
          £’000  £’000  £’000
At 1 March 2007         418  45  463
Foreign exchange         –  (1)  (1)
(Released)/charged in the year         (86) 17  (69)
Utilised in the year         (332) (33)  (365)
Reclassified from accruals         –  101  101
At 29 February 2008         –  129  129
The onerous lease provision was in respect of the shortfall in rent until expiry of a property lease and was utilised in full during the year 
when the lease was terminated.
Employee entitlements relate to statutory long service leave in Braemar Seascope Pty Limited and the Falconer Bryan group.
The maturity profile of the provisions is as follows:
      2008  2007 
          £’000  £’000
Within one year         48  294
Current liabilities         48  294
 
Between one and two years         45  169
Between two and three years         36  – 
Non‑current liabilities         81  169
 
Total provisions           129  463
The Company has no provisions.
25. Share Capital
      2008  2007  2008  2007 
Group and Company     number  number  £’000  £’000
a) Authorised 
Ordinary shares of 10 pence each    34,903,000  34,903,000  3,490  3,490
 
     2007  2006  2007  2006 
     number  number  £’000  £’000
b) Issued
Fully paid ordinary shares of 10 pence each 
As at start of year     20,231,341  19,876,768  2,023  1,988
Shares issued and fully paid     368,497 339,173  38  34
Shares issued and unpaid     7,420  15,400  –  1
As at end of year     20,607,258  20,231,341  2,061 2,023
During the year ended 29 February 2008, 107,850 shares were issued at 137.5 pence, 16,750 shares were issued at 181.5 pence and 
142,600 shares were issued at 245.0 pence as part of the 1997 Executive Scheme.
In addition, 108,717 shares were issued at 199.0 pence as part of the Save as You Earn (SAYE) Scheme. 
Of the 375,917, 7,420 shares remained unpaid at 29 February 2008. Payment was received after the balance sheet date.
During the year ended 28 February 2007 77,900 shares were issued at 137.5 pence and 77,250 shares were issued at 181.5 pence 
as part of the 1997 Executive Scheme. A further 198,875 shares were issued at 148.0 pence and 548 shares issued at 314.0 pence 
as part of the SAYE scheme. Of the 354,573, 15,400 shares remained unpaid at 28 February 2007. Payment was received after the 
balance sheet date.
In connection with the acquisition of Steege Kingston Partnership Limited on 3 March 2008, 306,513 shares were issued after the 
balance sheet date (see note 35).
The Company has one class of ordinary shares which carry no right to fixed income. 46  Braemar Shipping Services plc Annual Report 2008 
Notes to the financial statements
continued
25. Share Capital continued
c) Capital redemption reserve 
      2008  2007 
        £’000  £’000
Group and Company
Beginning and end of year       396 396
The capital redemption reserve arose on previous share buy‑backs by Braemar Shipping Services plc and is included in Other reserves 
(see note 27).
d) Share‑based payments
i. Share options
The Company operates a discretionary share option scheme, the Braemar Shipping Services Group 1997 Executive Option Scheme 
(The 1997 Executive Scheme) under which options are granted by the Remuneration Committee. The scheme is open to all UK 
employees and Executive Directors and the exercise price of the options granted is at the market price at date of grant.
The Company also operates a Save As You Earn Scheme (SAYE). The scheme is open to all UK employees and executive Directors and 
options were granted at a 20% discount to the prevailing market price. 
Details of the share options in issue and the movements in the year are given below: 
 Year option  Number at    Number at  Exercise  Exercisable  
Share scheme granted  1 March 2007  Granted  Exercised  Lapsed  29 February 2008  price (pence)  between
1997 Executive  
Scheme 
  2002  111,600 –  (107,850) –  3,750  137.5  2005 – 2012
  2003  38,750 –  (16,750) (4,000) 18,000  181.5  2006 – 2013
  2004  218,000 –  (142,600) –  75,400  245.0  2007 – 2014
     368,350 –  (267,200) (4,000) 97,150  
SAYE 
  2004  124,244 –  (108,717) (15,527) –  199.0 2007 – 2008
  2005  55,625 –  –  –  55,625 314.0  2008 – 2009
  2006  152,325 –  –  –  152,325 314.0  2009 – 2010
  2007 –  88,016 –  –  88,016  355.2  2010 – 2011
     332,194 88,016 (108,717) (15,527) 295,966     
 
     700,544 88,016 (375,917) (19,527) 393,116 
Share options granted in 2002 under the 1997 Executive Scheme are subject to a performance condition that the growth in the 
Company’s average adjusted earnings per share (EPS) over a period of no less than three financial years must exceed the growth in the 
retail price index (RPI) over the corresponding period by no less than 3% per annum compounded. Each of the options granted under the 
1997 Executive Scheme has satisfied the applicable performance condition to allow the options to vest. The base measurement period 
for the remaining options will be the average of the adjusted EPS (as published in the Group’s annual report and accounts) for the three 
financial years immediately preceding the grant of the relevant option. Exercise of an option is subject to continued employment. 
Options are valued using a binomial pricing model. The fair value per option granted and the assumptions used in the calculation are 
as follows:
         SAYE SAYE
Grant date        21 Nov 07 05 Dec 06
Share price at grant date        456.30p 403.75p
Exercise price        355.20p 314.00p
Number of employees        95 109
Shares under option        88,016 152,325
Vesting period (years)        3.1 3.0
Expected volatility        25.00% 25.00%
Option life (years)        3.6 3.5
Risk free rate        4.47% 4.65%
Expected dividends expressed as a dividend yield       5.00% 4.70%
Possibility of ceasing employment before vesting       5.00% 5.00%
Expectation of meeting performance criteria       100.00% 100.00%
Fair value per option        110.56p 102.57p
The expected volatility is based on historical volatility over the last 4 years. The risk free rate of return is based on LIBOR.  47  Braemar Shipping Services plc Annual Report 2008 
A reconciliation of option movements during the year is shown below:
     2008 2008 2007 2007 
      Weighted  Weighted 
     average  average 
    Number exercise price  Number exercise price
Outstanding at 1 March    700,544 236.69p 922,854 191.06p
Granted    88,016 355.20p 152,325 314.00p
Exercised    (375,917) 198.03p (354,573) 153.25p
Lapsed    (19,527) 195.42p (20,062) 199.70p
Outstanding at 29 February/28 February   393,116 302.24p 700,544 236.69p
Exercisable at 29 February/28 February   97,150 229.09p 150,350 148.84p
        2008  2007 
        Contractual  Contractual
Weighted average remaining life (years)      3.8 4.3
The weighted average share price for share options exercised in the year is 415.81 pence.
ii. Deferred bonus plan
During 2005 the Company put in place a Deferred Bonus Plan (the Plan) whereby part of the annual performance‑related bonus is 
delivered in shares, on a discretionary basis, to staff including Executive Directors. Under the Plan the shares are held in an employee 
trust for three years after which the employee beneficiary will become absolutely entitled to the shares provided they remain in 
employment. Shares are valued at the share price at the date of grant. As at 29 February 2008 467,250 deferred shares had been 
awarded to employees (2007: 259,750), of which 4,000 deferred shares have lapsed during the year (2007: 20,000 deferred shares).
iii. Long term incentive plan (LTIP)
The Company established an LTIP in 2006. LTIP awards take the form of a conditional right to receive shares at nil cost. The awards 
normally vest over three years and are subject to a performance condition based on adjusted earnings per share (EPS). If EPS has 
increased by RPI plus 4%, the awards vest up to 50% of the amount awarded and if EPS has increased by 10% they vest up to 100% 
with a sliding scale in between. In May 2007 awards over 80,000 shares were made and remain outstanding at 29 February 2008.
The total charge for the year relating to all employee share‑based payment plans was £554,000 (2007: £309,000), all of which related 
to equity‑settled share‑based payment transactions (see note 4).
26. Shares to be issued
Group and Company          £’000
At 1 March 2006          997
Share capital acquired in the year         50
At 28 February 2007          1,047
Share capital acquired in the year         1,480
At 29 February 2008          2,527
Shares to be issued are a deduction from shareholders’ funds and represent a reduction in distributable reserves.
An employee share ownership plan (ESOP) was established on 23 January 1995.The ESOP has been set up to purchase shares in 
the Company. These shares, once purchased, are held on trust by the Trustee of the ESOP , Close Trustees Guernsey Limited, for the 
benefit of the employees. As at 29 February 2008, the ESOP had purchased 685,014 (2007: 331,495) ordinary shares of 10 pence 
each at a total cost of £2,527,000 (2007: £1,047,000) including stamp duty associated with the purchase. The funding of the purchase 
has been provided by the Company in the form of an interest‑free loan and the trustees have contracted with the Company to waive 
the ESOP’s right to receive dividends. The fees charged by the trustees for the operation of the ESOP are paid by the Company 
and charged to the income statement as they fall due. The shares owned by the ESOP had a market value at 29 February 2008 of 
£3,082,563 (2007: £1,342,554). The distribution of these shares is determined by the Remuneration Committee and 523,250 shares 
had been allocated at 29 February 2008 (2007: 202,250). 48  Braemar Shipping Services plc Annual Report 2008 
Notes to the financial statements
continued
27. Other reserves
  Capital  Deferred  
  redemption Merger consideration Translation Hedging  
  reserve reserve reserve reserve reserve Total  
  £’000  £’000  £’000  £’000  £’000  £’000
Group 
As at 1 March 2006  396  21,346 –   75  (28)  21,789
Cash flow hedges 
– Transfer to net profit   –   –   –   –   40  40
– Fair value gains in the period  –   –   –   –   17  17
Exchange differences  –   –   –   (70)  –   (70)
Consideration to be paid  –   –   (738)  –   –   (738)
Deferred tax on items taken to equity –   –   –   –   (18)  (18)
Balance at 28 February 2007  396  21,346  (738)  5  11  21,020
Cash flow hedges 
– Transfer to net profit   –   –   –  –  (16)  (16) 
– Fair value gains in the period  –   –   –  –  107  107
Exchange differences  –   –   –  383 –  383
Consideration to be paid  –   –   (782) –  –  (782)
Deferred tax on items taken to equity –   –   –  –  (25)  (25)
Balance at 29 February 2008  396  21,346  (1,520)  388  77  20,687
     Capital 
     redemption Merger 
           reserve  reserve  Total 
           £’000  £’000  £’000
Company 
As at 1 March 2006, 28 February 2007 and 29 February 2008       396  21,346  21,742
The hedging reserve comprises the effective portion of the cumulative net change in fair value of cash flow hedging instruments relating 
to hedged transactions that have not yet occurred of £107,000 asset (2007: £17,000 asset) net of the deferred tax liability of £30,000 
(2007: £6,000 asset).
The translation reserve contains all foreign exchange differences arising from the translation of the Group’s net investment in oversees 
subsidiaries and joint ventures.
The deferred consideration reserve contains the estimated cost of acquiring the remaining 59% of Gorman Cory Limited (see note 30). 
The merger reserve arose principally in 2001 in relation to acquisitions of Braemar Shipbrokers and Braemar Tankers.
The Group’s retained earnings contains the cumulative share‑based payment charges of £1,264,000 (2007: £710,000) put through the 
income statement relating to share‑based payments (see note 25) and the related deferred tax of £523,000 (2007: £469,000).
28. Minority interest
             Group 
             £’000
Balance at 1 March 2006            – 
Acquisition (see note 30)            304
Profit attributable to shareholders for the year         105
Dividends paid            (100)
As at 28 February 2007            309
Acquisitions (see note 30)            16
Profit attributable to shareholders for the year         146
Dividends paid            (143)
As at 29 February 2008            328
Minority interest represents 59% of Gorman Cory Limited acquired on 1 March 2006 and 20% of Fred. Olsen Freight Limited (see note 
30) not owned by the Group. The 59% interest of Gorman Cory Limited was acquired on 5 March 2008 (see note 35). 49  Braemar Shipping Services plc Annual Report 2008 
29. Cash generated from operations
     Group  Company
    2008  2007  2008  2007 
     £’000 £’000  £’000  £’000
Profit before tax for the year from continuing operations    14,718  10,014  8,363  6,015
(Loss)/profit before tax for the year from discontinued operations   (3) 62 – –
Adjustments for:
– Depreciation     687  518 –   – 
– Amortisation     452  284  –   – 
– Goodwill impairment charge     114  950  –   950
– Loss/(profit) on sale of property, plant and equipment   57  (12)  –   – 
– Profit on sale of investment     (89) –  (89)  – 
– Interest income     (391) (335) (2)  – 
– Interest expense     11 16 –  3
– Share of profit of joint ventures     (370) (207) –  – 
– Share‑based payments     554 309 –  – 
Changes in working capital: 
– Stocks     (21) 7 –  – 
– Trade and other receivables     143 (3,874) 4,419  (3,184)
– Trade and other payables     5,630 2,098 2,826  (160)
– Provisions     (334) (162) –  – 
Cash generated from operations     21,158  9,668  15,517  3,624
30. Business combinations
The following acquisitions have taken place during the year ended 29 February 2008:
a) Fred. Olsen Freight Limited
On 24 December 2007 the Group acquired 80% of the share capital of Fred. Olsen Freight Limited for a consideration of £2.0 million.
The provisional fair value of the assets acquired was:
      Fair value 
          Book value  adjustments  Fair value 
          £’000  £’000  £’000
Property, plant and equipment         58 –  58
Other intangible assets         –  350 350
Deferred tax assets         177 –  177
Trade and other receivables         2,362 –  2,362
Trade and other payables         (3,627) – (3,627)
Current tax payable         (124) –  (124)
Deferred tax liability     – (98) (98)
Cash         1,421 –  1,421
Net assets         267 252 519
Minority interest           (104)
Net assets acquired by the group          415
 
Goodwill           1,584
            1,999
Consideration
Cash consideration paid           1,300
Cash consideration payable           662
Transaction costs           37
Total consideration           1,999
The Group has capitalised customer relationships at a value of £350,000. The expected life of the asset is 5 years. Included in the 
goodwill recognised above are certain intangible assets that cannot be individually separated and reliably measured due to their nature, 
including the workforce. 50  Braemar Shipping Services plc Annual Report 2008 
Notes to the financial statements
continued
30. Business combinations continued
The results of operations as if the acquisition had been made at the beginning of the period are as follows:
     Pre‑acquisition  Post‑acquisition  Pre‑acquisition 
     From 1 March  From 24 December From 1 March From 1 March 
    2007 to 23 2007 to 29 2007 to 29 2006 to 28 
    December 2007 February 2008 February 2008 February 2007 
     £’000  £’000 £’000 £’000
Revenue     8,536  1,617 10,153 9,168 
Operating profit    444  44 488 191 
Profit before taxation     669  50 719 383 
Profit after taxation    469  34 503 290 
The results for the pre‑acquisition period to 23 December 2007 are based on management accounts, which have not been audited. 
Fred. Olsen Freight Limited had no other recognised income and expenses in the period.
On completion of the acquisition of 80% of Fred. Olsen Freight Limited, the Group entered into a put and call option agreement to 
acquire the remaining 20% of the share capital of the company. The terms of the put option provide that the Group could be required 
to purchase the remaining portion of the business at any time up until 24 December 2015, but not earlier than 25 March 2009, and the 
call option allows the Group to exercise its right in any event on 24 December 2015 if the option has not been exercised by the vendors 
prior to this date. The Group has estimated the option price of the shares to be £0.6 million and this has been included in deferred 
consideration (note 23). The actual consideration to be paid will be determined by the earnings of the combined freight business for 
the calendar year immediately preceding the exercise of the put option. The deferred consideration is therefore payable in more than 
one year although the exact payment may take place at any time over the period to 2015. The call option has not been reflected in the 
financial statements as it is assessed to have nil value.
b) Falconer Bryan Pte Limited
On 7 July 2007 the Group acquired 100% of the share capital of Falconer Bryan Pte Limited for a cash consideration of £5.9 million.
The provisional fair value of the assets acquired was:
      Fair value 
          Book value  adjustments  Fair value 
          £’000  £’000  £’000
Property, plant and equipment       50 –  50
Other intangible assets       –  835 835
Deferred tax assets       16 –  16
Trade and other receivables       2,513 –  2,513
Trade and other payables       (620) – (620)
Current tax payable     (280) – (280)
Deferred tax liability     (1) (234) (235)
Cash       1,758 –  1,758
Net assets       3,436 601 4,037
Goodwill         1,890
          5,927
Consideration
Cash consideration         5,850
Transaction costs         77
Total consideration         5,927
The Group has capitalised customer relationships at a value of £835,000. The expected life of the asset is 5 years. Included in the 
goodwill recognised above are certain intangible assets that cannot be individually separated and reliably measured due to their nature 
including the workforce.
The results of operations as if the acquisition had been made at the beginning of the period are as follows:
    Pre‑acquisition  Post‑acquisition  Pre‑acquisition 
     From 1 March  From 7 July From 1 March From 1 March 
    2007 to 6 2007 to 29 2007 to 29 2006 to 28 
    July 2007 February 2008 February 2008 February 2007 
     £’000  £’000 £’000 £’000
Revenue       1,702 3,384 5,086 4,896
Operating profit      381 446 827 1,299
Profit before taxation       383 448 831 1,310
Profit after taxation      278 303 581 987 51  Braemar Shipping Services plc Annual Report 2008 
The results for the pre‑acquisition period to 6 July 2007 are based on management accounts, which have not been audited. 
The Falconer Bryan businesses acquired had no other recognised income and expenses in the period.
In respect of businesses acquired in the period ended 28 February 2007, the following adjustments have been made to the provisional 
fair values and consideration.
c) DV Howells and Hi‑bar Limited
On 29 September 2006 the Group acquired certain assets of Hi‑bar Limited for a consideration of £350,000. During the year ended 
29 February 2008 an additional amount of £25,000 was paid as further consideration for these assets and the liability of £200,000 for 
further consideration to be paid was released as an adjustment against the goodwill arising on acquisition. The release of the further 
consideration was consequent upon the inability of the Hi‑bar business to meet its post‑acquisition performance criteria on which the 
deferred consideration was based. As noted in note 12 this has also resulted in the impairment of the goodwill in relation to this business.
In addition an amount of £160,000 was paid as final consideration for certain assets of DV Howells Limited acquired on 22 March 2006.
d) Gorman Cory Limited
On 1 March 2006 the Group acquired a 41% interest in Gorman Cory Limited and an obligation to acquire the remaining 59% over 
a two‑year period based on the performance of the company. In the period ended 29 February 2008, the deferred consideration 
of acquiring the remaining 59% was adjusted to £900,000 from £738,000 at 28 February 2007. This amount was settled on 5 March 
2008 (see note 35).
In addition, the Group has recognised a deferred tax liability of £150,000 in relation to the fair value of customer contracts acquired. 
As a result the 59% minority interest has been reduced by £88,000.
31. Pensions
The Group participates in a number of defined contribution schemes. Contributions of £1,732,000 (2007: £1,577,000) were paid in 
the year and contributions of £nil were due to these schemes at 29 February 2008 (2007: £nil).
32. Financial commitments
a. Operating lease commitments
Future minimum rentals payable under non‑cancellable operating leases as at 29 February are as follows:
         Land and buildings   
       Lease minimum  Sublease  Net minimum 
    payments income lease repayments Other 
2008      £’000  £’000  £’000  £’000
Within one year      642 (63) 579 176
Between two and five years      950 (14) 936 128
Over five years      603 –  603 – 
       2,195 (77) 2,118 304
 
         Land and buildings   
       Lease minimum  Sublease  Net minimum 
    payments income lease repayments Other 
2007      £’000  £’000  £’000  £’000
Within one year      769  (132) 637  146
Between two and five years      1,444  (14)  1,430  169
Over five years      362 –   362  – 
       2,575  (146)  2,429  315
The Group leases various offices and a warehouse under non‑cancellable operating lease agreements. The leases have various terms, 
escalation clauses and renewal rights.
The Group also leases plant and machinery under non‑cancellable operating lease agreements.
There were no commitments under operating leases in the Company.
b. Other commitments
On completion of the acquisition of 80% of Fred. Olsen Freight Limited the Group entered into a put and call option agreement to 
acquire the remaining 20% of the share capital of Fred. Olsen Freight Limited (see note 30). 52  Braemar Shipping Services plc Annual Report 2008 
Notes to the financial statements
continued
33. Contingent liabilities
The Company has given a guarantee to HM Revenue and Customs in respect of duty deferment in the amount of £1.3 million 
(2007: £0.5 million). Further guarantees to HM Revenue and Customs and third parties total £1.0 million (2007: £0.5 million).
34. Related party transactions
During the period the Group entered into the following transactions with joint ventures and investments:
         2008     2007 
      Balance due     Balance due 
  Recharges to Dividends from/(to) Recharges to Dividends to/(from) 
Group  £’000  £’000  £’000  £’000  £’000  £’000
Delphis UK  –  –  24  –   –   24
Braemar Container Shipping & Chartering Limited a) –  –  –   973  264  – 
Braemar Quincannon Limited  –  –  65  32  –   75
Braemar Seascope India (Private) Limited –  –  50  –   –  – 
Braemar Quincannon Pte Limited –  –  18  –  –   – 
London Tankers Broker Panel  258 –  –   252 –   – 
London Central Cruise Moorings  23 –  –   23  –   – 
The nature of all recharges to related parties are carried out on an arms length basis.
Under the Merger Agreement dated 7 March 2001 between the Company and Braemar Shipbrokers Ltd, the vendors gave a joint and 
several indemnity to the Company for any warranty and tax indemnity claims up to an aggregate of £10 million. 
During the year ended 28 February 2006, the Company received an assessment for corporation tax and interest totalling £2.2 million 
which is recoverable under the indemnity and which is currently being appealed. Following receipt of the assessment the Company 
received funds of £1.6 million from the vendors which were paid to the Inland Revenue in order to prevent interest accruing. Such funds 
would become repayable to the vendors in the event that the appeal is successful. £0.6 million (2007: £0.6 million) remains outstanding 
pending the appeal result. The Company does not expect to incur any cost in respect of this assessment or these contingent liabilities.
The Chief Executive and a Director are Braemar Shipbrokers vendors and are therefore party to the transactions referred to above.
Key management compensation is disclosed in note 4. There are no other transactions with key management.
During the year the Company entered into the following transactions with subsidiaries and joint ventures:
         2008     2007 
  Funding    Balance due Funding    Balance due 
  to/(from) Dividends from/(to) to Dividends to/(from) 
 Company  £’000  £’000  £’000  £’000  £’000  £’000
Braemar Shipbrokers Limited  –  6,592 208  –   6,150  729
Braemar Seascope Limited  (2,873) –  (2,873)  –   –   4,885
Braemar Seascope Pty Limited  –  254 –   –   –   – 
Wavespec Limited  –  250 1,256  –   400  1,012
Cory Brothers Shipping Agency Limited –  500 1,013  –   500  500
DV Howells Limited  –  750 1,150  400  –   400
Portabella Limited  –  –  (525)  –   –   (525)
35. Post balance sheet events
On 3 March 2008 the Company acquired 100% of the share capital of Steege Kingston Partnership Limited. The initial consideration 
was £5.5 million satisfied by cash from existing resources of £4.2 million and the issue of 306,513 new ordinary shares in Braemar 
Shipping Services plc. Further consideration is due based on a multiple of the earnings before interest and tax in each of the two years 
post completion and these amounts will be settled wholly in cash. Total consideration is expected to be in the range £8.0 million – 
£8.5 million and the maximum consideration payable is capped at £12.0 million. The Directors are currently assessing the fair value of 
the net assets acquired.
In addition, on 5 March 2008, the Group acquired the 59% minority interest in Gorman Cory Limited for a consideration of £900,000. 53  Braemar Shipping Services plc Annual Report 2008 
    12 Months to  12 Months to  12 Months to  12 Months to  12 Months to 
   Feb 2004 
1
 Feb 2005 
2
 Feb 2006 
2, 3
 Feb 2007 
2
 Feb 2008 
2
 
 Continuing operations   £’000  £’000  £’000  £’000  £’000
Group revenue including share of joint venture  30,794  45,203  60,798  73,831  100,964
Less share of joint venture   (452)  –   –   –   – 
Group revenue   30,342  45,203  60,798  73,831  100,964
Total operating expenses (including cost of sales)  (25,877)  (37,412)  (50,938)  (64,343)  (86,996)
Goodwill amortisation   (1,065)  –   –   –   – 
Goodwill Impairment   –   (931)  –   (950)  – 
Other operating expenses   (24,812)  (36,481)  (50,938)  (63,393)  (86,996)
Operating profit   4,465  7,791  9,860  9,488  13,968
Interest (expense)/income – net   (356)  (25)  141  319  380
Share of profit from joint ventures and associates 
4
  13  365  243  207  370
Profit before taxation   4,122  8,131  10,244  10,014  14,718
Taxation   (1,723)  (2,699)  (3,100)  (3,585)  (4,797)
Profit after taxation   2,399  5,432  7,144  6,429  9,921
 
Dividends 
Interim   856  1,134  1,271  1,340  1,602
Final proposed 
5
   1,491  1,902  2,255  2,438  2,966
    2,347  3,036  3,526  3,778  1,602
 
Earnings per ordinary share – pence 
Basic   13.96p  29.50p  36.85p  32.08p  48.99p
Diluted   13.63p  28.59p  36.01p  31.65p  48.69p
1
 Prepared under UK GAAP .
2
 Prepared under IFRS.
3
 Restated for discontinued operations.
4 
Share of profit from joint ventures and associates shown net of tax from 2005 onwards.
5
 Proposed dividend not booked in accounts until paid from 2005 onwards.
 
Five year financial summary
Consolidated income statement 54  Braemar Shipping Services plc Annual Report 2008 
    As at 29  As at 28  As at 28  As at 28  As at 29 
   Feb 2004 
2
 Feb 2005 
2
 Feb 2006 
2
 Feb 2007 
2
 Feb 2008 
2
 
   £’000  £’000  £’000  £’000  £’000
Assets 
Non‑ current assets 
Goodwill   18,534  21,652  22,480  22,606  25,826
Other intangible assets   –   215  462  1,582  2,315
Property, plant and equipment   4,963  4,960  5,034  5,478 5,820
Investments   1,430  1,555 1,611  1,538  1,890
Deferred tax assets   229  309  510  642  754
Other receivables   103  95  58  81  155
    25,259  28,786  30,155  31,927  36,760
Current assets 
Inventories   –  –  –  70  91
Trade and other receivables   9,348 11,688  17,717  21,750  26,784
Derivative financial instruments   –  –  12  27  107
Restricted cash   –  4,434  –  –  3,952
Cash and cash equivalents   4,071  9,606  13,567  14,634  21,635
    13,419  25,728  31,296  36,481  52,569
 
Total assets   38,678  54,514  61,451  68,408  89,329
 
Liabilities
Current liabilities 
Short term borrowings   2,113  3,067  –  –  – 
Derivative financial instruments   –   –  99  –  49
Trade and other payables   12,728  17,092  25,490  29,011  39,540
Current tax payable   954 1,556  2,224  2,402  3,017
Dividends payable   (7)  21  –  –  – 
Finance leases   –  31  11  –  – 
Provisions   –  41  288  294  48
Client monies held as escrow agent  –  4,434  –  –  3,952
    15,788  26,242  28,112  31,707  46,606
Non‑ current liabilities 
Deferred tax liabilities   –  65  139  283  681
Trade and other payables   – – – – 434
Finance leases   –  8 –  –  – 
Provisions   330  110  343  169  81
    330  183 482  452  1,196
Total liabilities   16,118  26,425  28,594  32,159  47,802
 
Total assets less total liabilities   22,560  28,089  32,857  36,249  41,527
Equity 
Share capital   1,862  1,945  1,988  2,023  2,061
Share premium   7,505  7,505  8,046 8,554  9,261
Shares to be issued   (65)  (637)  (997) (1,047)  (2,527)
Other reserves   18,727  21,938  22,381  21,020  20,687
Retained earnings   (5,469)  (2,662)  1,439  5,390  11,717
    22,560  28,089  32,857  35,940  41,199
Minority interest   –  –  –  309  328
Total equity   22,560  28,089  32,857  36,249  41,527
1
 Prepared under UK GAAP restated to reflect own shares purchased as part of reserves rather than included in the investment 
carrying value.
2
 Prepared under IFRS.
3
 Prepared under UK GAAP restated to reflect non‑current debtors.
Five year financial summary
Consolidated balance sheet 55  Braemar Shipping Services plc Annual Report 2008 
Shareholder information
Registered Office 
35 Cosway Street
London
NW1 5BT
Braemar Shipping Services plc  
Company number: 2286034
Registrars 
Capita Registrars 
Northern House 
Woodsome Park 
Fenay Bridge 
Huddersfield 
West Yorkshire 
HD8 OLA 
Telephone: 0870 162 3100 
Corporate stockbroker 
Charles Stanley Securities 
25 Luke Street 
London 
EC2A 4AR 
Legal advisor 
Nabarro 
Lacon House 
84 Theobald’s Road 
London 
WC1X 8RW 
Bankers 
The Royal Bank of Scotland plc
Shipping Business Centre 
5‑10 Great Tower Street 
London 
EC3P 3HX 
Independent auditors 
PricewaterhouseCoopers LLP 
The Atrium 
1 Harefield Road 
Uxbridge 
UB8 1EX 
Timetable 
AGM:  18 June 2008 
Ex dividend date for 2007/8 final dividend:  25 June 2008 
2007/8 Final Dividend record date:  27 June 2008 
2007/8 Final Dividend payment date:  25 July 2008 
2008/9 Interim Results announcement:  October 2008 56  Braemar Shipping Services plc Annual Report 2008 
Shipbroking  
 
Braemar Seascope 
 
35 Cosway Street 
London NW1 5BT 
United Kingdom 
Telephone: +44 (0) 20 7535 2650 
Email: www.braemarseascope.com 
 
25 Carden Place 
Aberdeen AB10 1UQ 
United Kingdom 
Telephone: +44 (0) 1224 628470 
Email: aberdeen@seascope.co.uk 
 
Piazza Matteotti 55 
19038 Sarzana 
Italy 
Telephone: +39 0187 610173 
Email: drycargo@braemarseascope.com 
 
1006, Samarth Vaibhav 
Near Lokhandwala Andheri 
Mumbai 400 053 
India 
Telephone: +91 22 6529 2440 
Email: mumbai@braemarseascope.co.in 
 
A‑13 Defence Colony 
New Delhi 110 024 
India 
Telephone: +91 11 4155 2501 
Email: delhi@braemarseascope.co.in 
 
80 Robinson Road #22‑04 
Singapore 068898 
Telephone:  
Containers +65 6536 5702 
Dry Cargo +65 6533 0198 
Offshore +65 6410 9013 
Email: singapore@braemarseascope.com.au 
 
440‑442 The Bund 12 
Zhong Shan Dong Yi Road 
Shanghai 200002 
China 
Telephone: +86 21 6321 2233 
Email: shanghai@braemarseascope.com 
 
Room 1901‑1902  
Building B, Winterless Center 
No 1 Xidawang Road 
Chaoyang District 
Beijing  
China 
Telephone: +86 10 6538 8985 
Email: beijing@braemarseascope.com 
 
Unit 4 Churchill Court 
335 Hay Street 
Subicaco 
Perth  
Australia 
Telephone: +61 8 9388 0536 
Email: perth@braemarseascope.com.au 
 
432 St. Kilda Road 
Melbourne 
Victoria 3004 
Australia 
Telephone: +61 39 867 2177 
Email: melbourne@braemarseascope.com.au 
 
Braemar Quincannon Singapore 
80 Robinson Road #22‑04 
Singapore 068898 
Telephone: +65 6533 0069 
Email: ship@braemarquincannon.com.sg 
 
Braemar Quincannon Shanghai 
440‑442 The Bund 12 
Zhong Shan Dong Yi Road 
Shanghai 200002 
China 
Telephone: +86 21 6329 1817 
Email: chartering@bqshai.com 
Technical 
 
Wavespec Limited  
 
Fullbridge Mill  
Fullbridge  
Maldon  
Essex CM9 4LE 
Telephone: +44 (0) 1621 840447 
Email: inbox@wavespec.com 
 
Falconer Bryan Pte Ltd 
 
10 Anson Road 
#33‑16 International Plaza 
Singapore 079903 
Telephone: +65 6222 9282    
Email: surveys@falconer‑bryan.com 
 
Suite 8.3, Level 8 
Menara Genesis, No. 33 
Jalan Sultan Ismail 
50250 Kuala Lumpur 
Malaysia 
Telephone: +603 2141 2494    
 
Wisma Kodel, 2nd Floor 
Jalan H. R. Rasuna Said Kav. B‑4 
Jakarta 12920 
Indonesia 
Telephone: +62 21 527 6306    
E‑mail:  
surveys@falconer‑bryan.co.id 
surveys@falconer‑bryan.com.my  
 
Taman Kota Baloi  
Blok D, No. 11 
Kelurahan Tanjung Uma 
Kecamatan Lubuk Baja 
Batam 29445 Kepri 
Indonesia  
Telephone: +62 778 743 7399    
Email: surveysbatam@falconer‑bryan.com 
 
Suite 550 Petrovietnam Towers 
8 Hoang Dieu Street 
Vung Tau  
S.R. Vietnam 
Telephone: +84 64 832 178    
Email: surveys@falconer‑bryan.com.vn 
 
Suite 15 & 16 West Sands Building 
42‑44 Parliament Place 
PO Box 130  
West Perth 6872 
West Australia 
Telephone: +61 8 9226 2855    
Email: surveys@falconer‑bryan.com.au 
 
Shanghai Bund International Tower 
99 Huangpu Road, 1101  
Shanghai 200080 
China 
Telephone: +86 21 6309 5610    
Email: surveys@falconer‑bryan.com.cn 
 
Suite 518  
Chiwan Petroleum Building 
No. 5 Chiwan Road, Shekou  
Shenzhen 
China 518068  
Telephone: +86 755 2668 7350    
Email: surveysshekou@falconer‑bryan.com.cn 
 
405 Vyapar Bhavan 
49 P . D’Mello Road 
Carnac Bunder 
Mumbai 400 009 
India 
Telephone: +91 22 2373 6246 
Email: surveys@falconer‑bryan.co.in 
 
32/38 Leman Street 
Suite 507  
Frazer House 
London E1 8EW 
Telephone: +44 (0) 20 7173 6285    
Email: surveys@falconer‑bryan.co.uk
 
Steege Kingston 
 
3rd Floor 
11‑13 Crosswall 
London EC3N 2JY 
Telephone: +44 (0) 20 7265 1566 
Email: www.steegekingston.co.uk 
 
Suite 1105 (Penthouse) 
Dorchester Square 
1333 ‑ 8th Street SW 
Calgary AB  
T2R 1M6 
Telephone: +1 403 538 5450 
Email: www.steegekingston.ca 
 
10000 Memorial Drive 
Suite 100 
Houston TX  
77024 
United States of America  
Telephone: +1 (713) 688 5353 
Email: www.steegekingston.com 
 
Carr. Picacho‑Ajusco No. 2, Oficina 6 
Col. Jardines en la Montaña 
Delegación Tlalpan  
C.P . 14210 
Mexico D.F.  
Telephone: +52 (55) 5485 3639 
Email: www.steegekingston.com.mx 
 
138 Cecil Street 
#09‑04 
Cecil Court 
Singapore 069538 
Telephone: +65 6225 5772 
Email: www.steegekingston.com.sg Environmental 
 
DV Howells 
 
The Docks  
Milford Haven 
Pembrokeshire SA73 3AQ  
Telephone: +44 (0) 1646 697041 
 
Office 35 
The Business Centre  
Bow Bridge Close 
Templeborough 
Rotherham S60 1BY 
Telephone: +44 (0) 1709 837522  
Email: operations@dvhowells.com  
 
Harwell Innovation Centre 
B173 Curie Avenue 
Harwell International Business Centre 
Didcot 
Oxfordshire 0X11 0QG 
Telephone: +44 (0) 1235 838575  
Email: hns@dvhowells.com 
 
6 Harold Close 
Harlow 
Essex CM19 5TH 
Telephone: +44 (0) 1279 424644  
Email: stansted@dvhowells.com 
 
Kilda Road 
North Muirton Industrial Estate 
Perth 
Scotland PH1 3DZ 
Telephone: +44 (0) 1738 580841  
Email: perth@dvhowells.com 
 
Empire Wharf 
The Docks 
Falmouth TR11 4NR 
Telephone: +44 (0) 1326 312849  
Email: falmouth@dvhowells.com 
 
The Cory Building 
Avonmouth 
Bristol BS11 9DH 
Telephone: +44 (0) 1179 826316  
Email: info@dvhowells.com 
 
Unit 7 
Trade Croft Industrial Estate 
Portland 
Dorset DT5 2AF 
Telephone: +44 (0) 1305 820214  
Email: info@dvhowells.com 
 
Unit 6  
Hoyer Industrial Estate 
517 Leeds Road 
Huddersfield HD2 1YJ 
Telephone: +44 (0) 1484 536449  
Email: huddersfield@dvhowells.com 
 
7A Gabaro Close 
Victoria Island 
Lagos  
Nigeria 
Telephone: 
+234 803 4544485 
+234 803 9600364 
Email:  
info@dvhowells.com 
nigeriaresponse@dvhowells.com  
 
Rua Comandante Bula 
Bloco 85  
R/C Viana/Villa, 
Luanda 
Angola 
Telephone: + 244 912 550558 
Email:  
info@dvhowells.com 
angolaresponse@dvhowells.com  
 
Logistics 
 
Cory Brothers  
 
Cory House  
21 Berth  
Tilbury Docks  
Essex RM18 7JT 
Telephone: +44 (0) 1375 843461  
Email: corythames@cory.co.uk 
 
South Office 3  
Royal Portbury Dock  
Portbury  
Bristol BS20 7XQ 
Telephone: +44 (0) 1275 374631  
Email: corybristol@cory.co.uk  
 
The Docks  
Falmouth  
Cornwall TR11 4NR 
Telephone:  
+44 (0) 1326 214090  
+44 (0) 1326 313816  
Email: coryfalmouth@cory.co.uk 
 
PD House  
Parker Avenue  
Felixstowe  
Suffolk IP11 4RP 
Telephone: +44 (0) 1394 674822 
Email: coryflx@cory.co.uk  
 
Suite 5  
Epoch House  
Falkirk Road  
Grangemouth FK3 8WW 
Telephone: +44 (0) 1324 473382 
Email: corygrangemouth@cory.co.uk 
 
Powell Duffryn House  
Cliff Quay  
Ipswich  
Suffolk IP3 0BG 
Telephone: +44 (0) 1473 217979  
Email: coryips@cory.co.uk 
 
The Deep Business Centre  
Hull HU1 4BG 
Telephone: +44 (0) 1482 382840 (24 hours)  
Email: coryhull@cory.co.uk  
 
Suite 3, Marlin House  
Kings Road  
Immingham DN40 1RW 
Telephone: +44 (0) 1469 576282  
Email: coryimmingham@cory.co.uk 
 
Inc Nigg Oil  
Service Base Terminal  
Shore Road  
Invergordon IV18 0EX 
Telephone: +44 (0) 1349 853590 (24 hours)  
Email: coryinvergordon@cory.co.uk 
 
Railway House  
Thamesport  
Isle of Grain  
Kent ME3 0EP 
Telephone: +44 (0) 1634 271858  
Email: coryiog@cory.co.uk 
 
90 Giles Street  
Leith  
Edinburgh EH6 6BZ  
Telephone: +44 (0) 131 5610512  
Email: coryleith@cory.co.uk 
 
Room 105 
Cotton Exchange Building  
Old Hall Street  
Liverpool L3 9LQ 
Telephone: +44 (0) 151 227 5161  
Email: liverpoolsales@cory.co.uk 
 
16 Belasis Court  
Belasis Hall Technology Park  
Billingham  
Teesside TS23 4AZ 
Telephone: +44 (0) 1642 567930  
Email: corytees@cory.co.uk  
 
Dynefor House  
Gorsewood Drive  
Hakin  
Milford Haven SA73 3EP 
Telephone: +44 (0) 1646 692472  
Email: corymhaven@cory.co.uk 
 
Unit 110  
TEDCO Business Centre  
Viking Industrial Park  
Jarrow 
Tyne & Wear NE32 3DT 
Telephone: +44 (0) 191 4283376  
Email: corytyne@cory.co.uk 
 
Alexandra Dock  
Newport  
South Wales NP20 2NP 
Telephone: +44 (0) 1633 266351  
Email: corynewport@cory.co.uk 
 
BT Hunters Boulevard  
Magna Park  
Lutterworth LE17 4XV 
Telephone: +44 (0) 1455 207737  
Email: logistics@cory.co.uk 
 
Building 49  
Main Road  
Sheerness Docks  
Kent ME12 1RS 
Telephone: +44 (0) 1795 667971  
Email: corysheerness@cory.co.uk 
 
Jubilee House  
201/202 Berth  
Western Avenue  
Southampton SO15 0HH 
Telephone: +44 (0) 2380 704454  
Email: corysoton@cory.co.uk  
 
Potash Terminal  
Teesdock  
Teesport  
Middlesbrough TS6 6UD 
Telephone: +44 (0) 1642 468331 (24 hours)  
Email: cory@clevelandpotash.co.uk
This annual report is printed  
on FSC‑certified paper.  
Designed and produced by  
greymatter williams and phoa.  
Printed by Granite.
TT-COC-002238 Braemar Shipping Services plc 
35 Cosway Street 
London  
NW1 5BT