Clarkson PLC (LSE:CKN) saw record profits as its ship-broking arm got a boost from energy supply concerns and the disruption in the Red Sea.
Profits in 2023 rose to £108.8 million (from £100.1 million) while revenues climbed 6% to £639 million.
Energy-related markets performed strongly in 2023, said the City-based group, including gas, tankers and specialised products "supported by concerns around energy security and a focus on renewable alternatives".
Freight rates in dry cargo and containers were more challenging although these remained above historical levels and saw improvement into 2024 following disruption to Red Sea trade routes.
“Increased scale and complexity of global trade, higher asset utilisation and environmental concerns created the backdrop for strong asset pricing and another successful year for the sale and purchase team,” added the statement.
In a confident outlook, Andi Case, chief executive, commented: “Supply and demand dynamics and the impact of the green transition, which is still in its early stages, ongoing trade disruptions and other geopolitical, economic and environmental challenges will require more insights, experience, advice and connectivity than ever before”.
The dividend for the year rises to 102p, up 9.7% and the 21st consecutive year of dividend growth.