Business
Interim Management Statement
Interim Management Statement.
About this update from Clarkson Plc
[{"type":"text","content":"\n \nRNS Number : 4025S Clarkson PLC 07 November 2013 \n \n\n \n \n7 November 2013\n \n \nCLARKSON PLC\n \n(\"Clarksons\" or \"the Group\")\n \nInterim Management Statement\n \nClarksons, the world's leading shipping services group, today announces its Interim Management Statement published in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 1 July 2013 to 6 November 2013 (\"the period\").\n \nTrading\nClarksons trading has been encouraging over the period against global shipping markets which, although demonstrating some early signs of improvement still remain challenging. This is evidenced by the ClarkSea index which for the second half of 2013 to date was up 19% against the first half of the year and for the average of the year to date was flat against the same period in 2012. Trading in Q3 was up year on year.\n \nThe Group's performance has continued in line with the Board's expectations. Whilst the Group started the year with a forward order book $10m down on the previous year, the strength and breadth of our offer and expertise of our teams has enabled us to capitalise on the opportunities in our markets, achieving strong spot growth to mitigate the lower forward order book brought forward. \n \nBroking\nThe positive indicators of improvement in our markets highlighted at the half year have started to bear results and we have seen some improvement in rates and asset values. Our broking teams have worked hard to take full advantage, ensuring we are at the forefront of all activity and we have seen particularly good performances across offshore, tankers and specialised products as well as an improvement in new building contracts.\n \nFinancial\nAcross our derivatives broking business, the improvement in rates has resulted in strong volumes. Whilst rates softened again towards the end of the third quarter, year to date losses in derivative broking have seen a notable improvement year on year. This performance, built on a recovery in the market for a short period demonstrates the strategic rationale and opportunity for this area of our business. Clarkson Capital Markets has also performed well. Our teams are working on a number of active mandates a...