Clarksons shares ride wave of an improving shipping market

 
Marion Dakers
SHARES in ship broker Clarksons were buoyed 8.75 per cent yesterday after the firm forecast better-than-expected profits for the year.

The world’s biggest shipping services firm said it had enjoyed a strong end to 2013, particularly in its ship sales business.

“The global shipping markets continue to be challenging although the recent improvement in rates in some of our markets is encouraging,” the firm said in a statement.

The shipping industry delivered around 1.5 tonnes of cargo per person on earth last year – totalling more than 10bn tonnes. However, volumes have fallen steeply since the credit crunch.

Panmure Gordon analyst Gert Zonneveld raised his adjusted profit forecast from £22.5m to £24.5m following yesterday’s update ahead of full results in March, noting that several important shipping markets are showing signs of improvement.

Shares in Clarksons, which rose 70 per cent last year, closed at 2,174p.