Clarkson trading in line but conditions tough

13th May 2009 15:37

Shipping services firm Clarkson said trading conditions have continued to remain challenging as the global recession hits asset values and freight rates. "Notwithstanding this backdrop, the Group is trading in line with management's expectations for the current year," it said.Spot revenues in the broking division continue to be affected by significantly reduced freight rates, though this has been partially offset by the strength of the dollar against sterling. The Clarkson Shipping Hedge Fund has returned to positive performance for the year to date.Port & Agency and Technical Services activities have shown modest revenue growth during the year to date and trade in line with expectations."Although it continues to be difficult to anticipate how the broad number of markets in which we operate will react to developments in global economies and financial markets over the coming months, there is little doubt that Clarkson is benefiting from the breadth of its global services and network, its forward order book, and the relative strength of the dollar," said Clarkson.