Shipping services firm Clarkson has seen profits fall sharply as the global economic slowdown has left too many ships with too few goods to transport.
Clarkson delivered revenues of £88.0m in the first six months of 2012, against £88.6m in the same period of 2011, but underlying profit before tax was £11.0m, down from the £13.5m posted last year.
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Average vessel earnings across the industry were 23% down on 2011 according to Clarkson's own ClarkSea Index. The value of boats has also declined 20% year-on-year and a whopping 60% from the peak in 2008.
Clarkson's underlying earnings per share came in at 39.8p (2011: 52.6p) while the interim dividend has been maintained at 18p per share.
Chief Executive Andi Case said his firm had shown "immense resilience". The market was less forgiving, the shares were down 4.95% at 09:18.
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