Clarkson sails into stormy seas

Ship broker Clarkson fell on Wednesday morning following a profits warning, which it blamed on global economic uncertainty reflected in reduced freight rates and lower asset prices.

Ship broker Clarkson fell on Wednesday morning following a profits warning, which it blamed on global economic uncertainty reflected in reduced freight rates and lower asset prices.

In a trading update, the company commented: "The short-term outlook for rates and values is uncertain, with demand/supply imbalance a brake on recovery and continued weakness in capital markets. Lower than anticipated activity in the second half, particularly in broking and financial, has resulted in a reduction in the board's expectations for the full year results. Nevertheless Clarksons remains well placed to cope with current conditions and gain from recovery when it arrives".

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