Given the many headwinds, global trade has been remarkably resilient. Braemar and Clarkson (CKN, BUY) have suffered from lower chartering rates, vessel valuations and transaction volumes but the fall-off in activity now appears to have abated. Braemar has reported a solid H1 pre close update. As expected, revenue is down year-on-year, but the order book is at healthy levels ($73.8m), chartering rates are improving and vessel sale & purchase activity is increasing. We make minor changes to our fo ....