FTSE 250 movers: Clarkson slips on softer rates warning

by | Aug 7, 2023

(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.

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Me Group International (MEGP) 152.60p -2.93%
4Imprint Group (FOUR) 5,200.00p -2.80%
Clarkson (CKN) 2,795.00p -2.61%
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Bakkavor Group (BAKK) 102.50p -2.38%
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