Clarksons, the world's biggest shipbroker and shipping services company, reported first half operating profit dipped 35 percent from a year ago as shipping markets weakened on reduced global trade.
The London-based firm booked an $18.8 million operating profit in the six months to June 30 against $28.7 million in the same period in 2008.
Revenue contracted to $144 million from $191 million, reflecting weaker shipping markets, both in chartering rates and asset values across broking and financial services.
"The impact of the onset of global recession has left no shipping market untouched, with both freight rates and asset values falling to levels not seen for some years," said chief executive Andi Case.
"Overall transaction numbers have risen compared to the same period last year, albeit at rates that are substantially lower," said Case. “Nevertheless, in all areas of our business we believe we have at least maintained market share and in many areas our share has increased."
Clarksons said that while the market recovery is still uncertain, it expects more than seven billion metric tons of cargo to be shipped in 2009 -- slightly less than the average for the past four years.
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