UK's Clarkson forecasts annual profit above market view on freight rate surge
UK's Clarkson forecasts annual profit above market view on freight rate surge Oct 6 (Reuters) - Clarkson CKN.L, the world's largest shipping services provider, forecast annual underlying pretax profit ahead of market view on Tuesday, boosted by elevated freight rates amid geopolitical tensions.
The company said it expected underlying profit before tax for the full year ending December 31, 2026, to be not less than £135 million ($178.32 million), above company-compiled average analyst estimates of £115.2 million and 49% higher than a year earlier
Higher freight rates triggered by the Middle East conflict and the Strait of Hormuz closure lifted Clarkson, which posted record first-half profit in August
The company reported strong trading in August and September, and said it had seen "record freight rates" in some areas which had passed through to asset prices
Clarkson said its broking division delivered revenues significantly ahead of previous expectations and added to the forward order book
The financial unit's performance also exceeded expectations, the shipping firm said
($1 = 0.7571 pounds)
(Reporting by Simone Lobo in Bengaluru; Editing by Subhranshu Sahu)
((Simone.Lobo@thomsonreuters.com, +919920570373))