Braemar signs seven-year contract with the United Kingdom's Ministry of Defence

·    Tendered by the UK Ministry of Defence's Salvage and Marine Operations (SALMO) Team, the contract is worth up to £9.9m over the seven-year contract length.

·    Braemar won the contract after a competitive bid against other shipbrokers.

·    The contract covers sale and purchase (S&P), spot and period chartering and market intelligence for all SALMO's needs across the globe.

PRESS RELEASE - 19 May 2022 - Braemar, a leading global shipbroker, today announced that it has signed a seven-year contract with the UK's Ministry of Defence (MOD) to provide worldwide shipbroking services across all commercial maritime sectors.

Under the contract, Braemar will provide the MOD with access to its market-leading and highly regarded S&P, chartering and research departments across Braemar's 14 global offices. The seven-year contract encompasses all aspects of S&P, as well as spot and period chartering for routine and emergency response requirements globally.

Andy Liddell, Head of the SALMO team within Defence Equipment and Support, the MOD's procurement organisation, said: "I am pleased to confirm we have awarded the contract for shipbroker services to Braemar ACM Shipbroking following a competitive tendering process. This is an important contract which will provide a range of services to UK Defence, and we look forward to working with Braemar over the next seven years."

Edward Molyneux, Braemar's Global Head of Offshore Energy Services, commented, "The Ministry of Defence has exceptionally high standards and expects its partners to consistently deliver value for money. I'm therefore enormously proud that the Ministry of Defence has awarded Braemar the contract, which is a clear reflection of the breadth and depth of our global expertise and our reputation in the shipbroking sector."

Adrian Wooldridge, Braemar's Head of Projects, commented, "A contract of this breadth and depth is as complex as a symphony, and that requires a whole orchestra to do it justice. I'm very pleased by the multi-desk collaboration and sharing of expertise across the numerous functions that we operate in. Success is best when it's shared, and it was individual commitment to the group effort that enabled us to win this contract."

ENDS

About Braemar

Braemar provides expert advice in shipping investment, chartering, and risk management to enable its clients to secure sustainable returns and mitigate risk in the volatile world of shipping. Our experienced brokers work in tandem with specialist professionals to form teams tailored to our customers' needs, and provide an integrated service supported by a collaborative culture.

For more information, including our investor presentation, please visit https://www.braemar.com.

About UK Ministry of Defence

The Ministry of Defence works for a secure and prosperous United Kingdom with global reach and influence. The Ministry of Defence protects the UK's people, territories, values and interests at home and overseas, through strong armed forces and in partnership with allies, to ensure the UK's security, support its national interests, and safeguard prosperity.

For more information, please visit https://www.gov.uk/government/organisations/ministry-of-defence

About the contract

S&MOCB/3397 Chartering, Sale & Purchase Shipbroking Services. The Salvage and Marine Operations (SALMO) Team had a requirement to establish a seven-year Framework Agreement with a single Shipbroking Operator to provide shipbroking services, worldwide, across the commercial shipping sectors.

Contact

Nick Arthur

Head of Corporate Affairs at Braemar

+44 7732 874708

nick.arthur@braemar.com