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Shipbroker Clarkson rides ‘supply shortage’ wave

·1-min read
The shipping industry has faced an economic tempest  (CCO/pxhere.com)
The shipping industry has faced an economic tempest (CCO/pxhere.com)

Heavyweight shipbroker Clarkson benefitted from a “supply shortage in the global shipping fleet” as international ports experienced long periods of inaction from conflict, economic instability and coronavirus.

Releasing its interim results, the company said that trading across the sector had slowed due to an increase in “macro-economic headwinds” and “inflation pressures”, but that its “international footprint” and market position had allowed it to benefit from the changes.

In the first half of the year, revenue at the business increased to £266.7 million from £190.1 million for the same period the previous year. It also steered a pre-tax profit of £42.2 million during the period propelling up from £27.5 million, an increase of 53.5%.

Underlying earnings per share increased by 54.5% to 98.9 pence, compared to 64 pence in 2021.

Andi Case, CEO of Clarkson, said that the business would continue to benefit from its “international footprint, leading market position, diverse offering and a deep understanding of the energy transition”.

He added: “I am pleased to report that Clarkson has had a strong first six months of 2022, with a positive performance across all divisions. The outlook for the business remains strong due to the structural supply shortage in the global shipping fleet.”

The London-listed company was founded in 1852 and has delivered 19 years of consecutive dividend growth and employs 1,700 people in 52 different offices across its four shipping divisions.