Clarksons profits jump amid improved markets

Shipping services group Clarksons has reported that its revenues are up 14 percent to GBP101 million (US$155.6 million) compared to GBP88.9 million (US$136.75 million) for the same period in 2009.

Operating profit increased by 62 percent to GBP18.8 million (US$28.92 million).

The result reflects improved shipping markets in the first half of the year, both in terms of chartering rates and asset values across broking and financial activities, according to the company.

"Uncertainty remains as to the speed and sustainability of global economic and trade growth," said Andi Case, CEO of Clarksons.

"Nevertheless Clarksons has produced a strong set of results, ahead of the board's expectations, for the first six months of 2010."

Asian demand for commodities was a continued important feature for the market in the first half, boosting the company's results.

The period also saw increased confidence in the longer-term prospects of many markets, with rising commodity prices and building costs increasing from a level seen by many as the low point, according to the company.

"We have seen an increase in the volume of newbuilding contracts being placed, as well as rising prices both in newbuilding and secondhand across most sectors, despite the continued limited availability of debt financing," said the company in its bourse statement.

{WISroYQ symbol='CKN.L'}

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