Clarksons confident of continued progress

Clarksons, the world’s leading integrated shipping services group, yesterday announces its Interim Management Statement published in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 1 July 2010 to 9 November 2010 Trading
The trading performance outlined at the time of the Group’s interim results in August has been maintained during the period. The strength of Clarksons’ global offer and breadth of our operations across shipping and its related markets has positioned us well, and trading since the start of the second half has continued in line with the Board’s expectations.
Broking
There has been a softening in some freight rates since the half year end and as previously highlighted, a sustained shift from time charter to spot market business, reflecting the disconnect between current rates and expectations for the speed and sustainability of the global recovery.
Levels of new business written by our expert teams and market share have increased across nearly all of our broking divisions. 2010 has seen particularly strong performances from our Dry Bulk, Offshore and Sale and Purchase businesses.
Financial
During the period Clarkson Investment Services has started to produce revenues, including one completed project advising on a $105 million investment into a Middle East oilfield services business. The team continues to secure and work on a number of mandates.
Support
Port and agency has performed well over the period and continues to trade at record levels. Logistics is one of the Group’s non-core activities and during the period we were pleased to complete the sale of MT Hermien to Panre Agility Corporation for a total cash consideration of $7.3m. In line with the previously outlined strategy, this sale represents the final stage in the exit of Clarksons from ship-owning activities.
Research
Clarksons’ market leading research continued to show growth during the period. Shipping Intelligence Network, our flagship database which recently celebrated its 10th anniversary with a complete re-launch, has continued its consistent growth, reinforcing the essential position that research plays within Clarksons’ offering.
Outlook
This performance is testament to the strength of Clarksons’ market leading teams and the breadth of our truly global operations, and continues on from our first half results. Whilst the ongoing prevalence of spot broking continues to be indicative of market volatility and there remains uncertainty over the strength of the dollar, the Board is confident that the Group will show continued progress for the remainder of the year.
Source: Clarksons