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
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
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
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
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published