Shares in Clarkson PLC (LSE:CKN) fell 17% after the shipping services group reported an excellent set of results but warned of the geopolitical uncertainty as US tariffs cloud the outlook.
Chief executive Andi Case hailed record results for 2024 as he called it "another year of disruption, complexity and opportunity for global shipping markets".
But he added: "The geo-political outlook remains uncertain as we enter 2025, with ongoing regional conflicts and trade tensions creating uncertainty for markets reflected by freight rates and asset values currently lower than 2024.
"The resolution or continuation of these events during the year will provide potential headwinds and tailwinds to the group's performance as we support our clients through this complexity."
Underlying profit before tax for 2024 came in at £115.3 million, up 6% year on year, following a January trading update that said PBT would be no less than £115 million.
The dividend was upped 7% to 109p as the FTSE 250-listed group reported a US$231 million forward order book for invoicing in 2025, up from US$217 million a year earlier.
Analysts at Peel Hunt said: "We take geopolitical uncertainty to mean Trump's tariffs and the threats of charges on Chinese-built, owned, and operated vessels entering US ports."