Clarkson all at sea as freight rates fall
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.
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.
The ship broking business actually managed to grow volumes but the dry cargo and container divisions were hurt by falling rates for freight.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
‘Inheritance tax insurance’ enquiries are soaring – but is it worth it?
Premiums for whole of life insurance can run to £5,000 a month to cover a £300,000 inheritance tax bill, with policies costing more the older you take them out.
-
MPs warn over Lifetime ISAs which could leave savers out of pocket
The Treasury Committee has highlighted confusion around the Lifetime ISA withdrawal charge, which risks consumers losing “a significant part of their savings”