Shipbroking giant issues a profit warning

APRIL 23, 2018 — Back in March, Andi Case, CEO of London headquartered shipbroking giant Clarksons, was saying, "We believe 2018 will be a year of continued growth as early indicators of recovery are showing across our core markets."

Today, though, the company issued the following statement:

"During the first quarter, Clarksons faced certain headwinds. The challenging environment in shipping and offshore capital markets has led to transactions being pushed back within the financial segment and has compounded a quiet period in sale and purchase activity for the group across shipping and offshore. Further, the group has suffered from lower freight rates within the tanker market and a fall in the value of the U.S. dollar, the predominant trading currency of the group's banking and broking businesses.

"Together these have resulted in financial performance that is below that previously expected by the Board. Consequently, whilst it is still too early to determine the exact impact, profits for both the first half and the full year are now anticipated to be materially below those of last year."

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