Clarksons hails encouraging start, says trading in line

Shipping services provider Clarksons said on Friday that it has had an encouraging start to the year and is trading in line with its expectations.

Clarksons said its broking business continues to benefit from its "best in class position" in all markets, the transaction volume flow the company sees and the data and market intelligence its technology systems provide.

The broking business has seen increased spot negotiations during the period, helping to offset the lower forward order book from reduced period and newbuilding activity previously reported. This improvement reflects a general upturn in activity across most market segments and an increase in dry cargo rates, the group said.

Clarksons said stronger global financial markets have led to increased activity levels in its financial division, with its improved performance in the second half of 2016 carrying on into this year.

The group's port services business, which has been hit in recent years by the continued downturn in the North Sea oil and gas industry, remains challenged but is trading as expected. Meanwhile, demand for its market insights, data and research is continuing to drive growth in the research business.

At 1430 BST, Clarksons shares were up 0.2% to 2,925p.