Profit warning sparks Clarkson’s largest share price fall in 25 years

Profit warning sparks Clarkson’s largest share price fall in 25 years

A profit warning from Clarkson gave the shipbroker its biggest daily fall in 25 years. Just over a month after saying there were signs of recovery in the shipping markets, Clarkson said clients were once again postponing transactions.

Clarkson said a “challenging environment in shipping and offshore capital markets” led to transactions being pushed back and fewer purchases.

The British broking powerhouse also cited lower freight rates in the tanker market and the slump in the value of the US dollar for the profit warning.

“Together these have resulted in financial performance that is below that previously expected by the board,” it said. “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.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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