The ability to outperform in challenging market conditions is always to be sought after and is exemplified by Braemar Shipping Services (BMS). The £139.8 million cap saw underlying pre-tax profit almost double from £3.53 million to £6.96 million in the six months to the end of August.

Increases in both oil production and crude oil tonne miles transported over the last twelve months have had a beneficial effect on the tanker market and freight rates have consequently proved resilient throughout Braemar Shipping Services’ first half. Furthermore, market conditions are expected to remain similarly benign for the fourth quarter of 2015.

But it’s not just low oil prices and more of the stuff being shipped further that are helping Braemar. The group is also showing a strong performance in its liquefied natural gas (LNG) technical services business.

More negatively dry bulk continues to suffer from shipping oversupply and falling Chinese demand and exploration fall-off is affecting the group’s offshore business but tailwinds in tankers and technical should see further outperformance from the group.

It’s also worth bearing in mind that this set of results reflect the full consolidation of ACM, with which the group merged its shipbroking division last year.

Braemar’s nominated adviser Westhouse Securities rates the stock a ‘buy’ with a 575p target price, signalling the broker’s confidence in the sustainability of the 26p full year dividend which implies a yield of 4.5%.

With potential upside from a stronger dollar, further cost-savings in shipbroking and better rates in some shipping markets, Braemar looks well placed at 487.5p.