Braemar, a London-based shipbroking firm, is pursuing potential acquisitions following a 16 percent increase in revenue amid ongoing conflict between the United States and Iran. The company reported revenue of £74.3 million for the six months ending August 31, reflecting heightened demand and rising chartering costs driven by regional instability.
Grant Foley, who became Braemar’s chief executive in July, said in his first interview since taking the role that the company is actively exploring takeover opportunities to expand its operations. Foley outlined an ambitious target to grow the business to £200 million in revenue by 2030. Founded in 1971, Braemar offers services including vessel sales, investment advice, risk consultancy, and primarily shipbroking — facilitating negotiations between ship owners and charterers and earning commissions on completed deals.
Foley attributed the surge in profits to the disruptions caused by multiple conflicts impacting key shipping routes, particularly the ongoing war between the United States and Iran. “We’re dealing with three theatres of war at the moment,” Foley said, referencing the Ukraine-Russia conflict, hostilities involving the Houthis in the Red Sea, and the Middle East conflict.
The confrontation escalated sharply after Iran closed the Strait of Hormuz on February 28 in response to U.S.-Israeli strikes, significantly disrupting a critical chokepoint through which roughly 20 percent of the world’s fuel supply passes daily. This closure brought tanker traffic in the Strait to a near halt, forcing freight rates to surge amid tightened supply and increased risk.
Initially caught off guard by the closure, the shipping industry struggled to adapt to rapidly changing conditions, Foley explained. Braemar, which employs 388 staff across 14 countries including 23 in Dubai, faced operational uncertainties, particularly as the city was targeted by Iranian missile strikes early in the conflict. Approximately half of the Dubai-based staff temporarily relocated but have since returned.
Despite ongoing volatility and “erratic” communications from the White House complicating long-term planning, traffic through the Strait has gradually started to recover seven months into the conflict. Foley acknowledged the challenges but emphasized his enthusiasm for navigating the complex environment and driving growth amid geopolitical tensions.
Braemar’s financial performance marks a turnaround following last year’s suspension of its shares and delayed financial reporting amid an investigation into historical payments. Funds connected to the inquiry were frozen by the UK National Crime Agency, but the company’s recent results suggest it is regaining stability while capitalizing on market disruptions caused by the conflict.