Broking unit drives Clarkson H1 profit

7th Aug 2023 07:01

(Sharecast News) - Shipping services specialist Clarkson reported a sharp jump in first-half profit, driven by a strong performance in its broking division, but warned that it was starting to see rates softening in some sectors.

The company on Monday said pre-tax profit for the six months to June 30 came in at £52.2m, up from £42m a year earlier.

"The broking teams delivered a very strong first half, with standout performances from the tanker, specialised product, gas, offshore and sale and purchase sectors," Clarkson said in a statement.

"While mindful of the currency headwinds and softening rate environment, which are expected to result in a more balanced split between the first and second half, our expectations for the full year are unchanged."

The company added that energy-related markets had been key performers with geo-politics and energy security remained major trade themes, due to the war in Ukraine/

Softer conditions had also become prevalent within both the container market - where rates have again normalised - and the dry bulk market, hit by headwinds from the unwinding of congestion and lower demand, particularly in smaller ship sizes, after the Covid pandemic subsided.

Reporting by Frank Prenesti for Sharecast.com