Braemar expands into Africa as part of strategic expansion

(Sharecast News) - Braemar announced the opening of its first office in Africa as part of its strategic push into new markets on Monday, establishing a presence in Cape Town, South Africa. The London-listed firm said the move would support its recently-announced strategic framework, including operational and financial growth targets through to financial year 2030.

It said the Cape Town office would initially focus on tanker chartering, and would be led by industry veterans Bryn Ressell and Clinton Schultz, supported by Monica Solomons.

Ressell would bring over 35 years of experience in the oil and shipping sectors, while Schultz and Solomons had 27 and 20 years of experience respectively in broking and shipping operations.

"We are delighted to be joining Braemar and launching the South African office," said Bryn Ressell, head of Braemar South Africa.

"Combining Braemar's global footprint and experience, with our in-depth knowledge of the local market, we look forward to working with our new colleagues and servicing our clients."

The new location took Braemar's global network to 19 offices across 14 countries, and fulfilled a key part of the group's expansion goal to establish operations in one new jurisdiction by the 2026 financial year.

"This is an exciting milestone for Braemar as we expand into Africa for the first time," commented group CEO James Gundy.

"Our new Cape Town office reflects our commitment to broadening our reach into key strategic markets and delivering against our strategic framework.

"I'm delighted to welcome Bryn, Clinton and Monica to the group and we are excited by the opportunity this presents and look forward to continuing to build upon our presence in the region."

At 0948 BST, shares in Braemar were up 0.93% at 216p.

Reporting by Josh White for Sharecast.com.