Clarksons suffers 35pc first half profit drop to US$18.8 million

LONDON shipbroker Clarksons painted a gloomy picture for shipping markets after reporting its own first half 35 per cent profit drop to US$18.8 million.

Freight rates and asset values have dropped to unprecedented levels says its chief executive Andi Case but overall transaction numbers have risen year-on-year: "Nevertheless, in all areas of our business we believe we have at least maintained market share and in many areas our share has increased," he added.

Overall tonnage for the world's fleet is predicted to reach seven billion metric tons which is slightly less than the past four years results, said the shipbroker in a Journal of Commerce report.

(Source: www.schednet.com)