Clarkson on course

10th Nov 2010 12:51

Shipping services group Clarkson said trading in the second half of the year has been sailing along much as outlined in its August trading update, in line with the board's expectations.On the broking side of the business there has been a softening in some freight rates since the half year end. The trend towards spot market business and away from time charter has been sustained.Levels of new business written by the company have increased across nearly all of its broking divisions with a resultant increase in market share. 2010 has seen particularly strong performances from our Dry Bulk, Offshore and Sale and Purchase businesses, the company said.On the financial side of operations, Clarkson Investment Services has started to produce revenues, including one completed project advising on a $105m investment into a Middle East oilfield services business. The team continues to secure and work on a number of mandates. The support division's port and agency business has performed well and continues to trade at record levels. Meanwhile, the group's research businesses continued to grow in the second half of the year."Whilst the ongoing prevalence of spot broking continues to be indicative of market volatility and there remains uncertainty over the strength of the dollar, the board is confident that the group will show continued progress for the remainder of the year," the company said.