Shipbroker Clarkson has called the start of a “recovery” across its long-depressed market for hiring out ships to transport commodities across the world, as it also reported a healthy set of annual results.
Revenues at Clarkson rose 6 per cent to £324m in 2017. Its pre-tax profits dipped 5 per cent to £45m, although this reflected its one-off sale in 2016 of a stake in maritime trading house Baltic Exchange. Excluding this, as well as a writedown related to Clarkson’s 2014 purchase of Norwegian competitor Platou, underlying pre-tax profits increased 12 per cent to £50.2m.
The shipping market, which entered the doldrums in 2011-2012 as China’s infrastructure-led GDP growth slowed and the appetite for commodities reduced, was now showing “early indicators of recovery” Clarkson’s chairman James Hughes-Hallett said.