Clarkson Share Discussion Threads

[support999] 02/9/2005 18:18

Nice end to the day with 500 share buy from a market maker at 880p. Still looking for £10 a share.

[andrbea] 02/9/2005 11:58

"Shipping brokers have reported that shipping rates have soared after European refiners booked 20 ships to send large amounts of gasoline to the US. International Energy Agency member countries in Europe are considering whether to release part of their strategic petroleum stocks. However, disruptions to crude supplies could come from Nigeria, the world's eighth largest crude exporter, where the main workers' union has threatened strike action."

[ddav] 02/9/2005 11:57

I believe CKN is very conservative in it's reporting - Bush has waived the rules against Multiple Global Tankers -- and opened the doors to container shipping.

[waggle] 02/9/2005 11:29

A CKN spokesman commented on the BBC yesterday that the demand for gasoline carrying container ships had quadrupled in a matter of days...and that this situation would continue for a period of 3 months...I certainly disagree with post 501!

[support999] 02/9/2005 11:18

Quite heavy trading in CKN shares this morning. I mentioned yesterday that there were large buy orders on SETS MM late in the day. Am still looking for £10 a share with this one.

DYOR

[rivaldo] 02/9/2005 08:23

BDI down 44 to 2,548 yesterday though.

[taurusthebear] 02/9/2005 06:58

September 02, 2005

Fuel prices soar as US rushes to fill petrol shortfall
By Carl Mortished, International Business Editor

THE transatlantic fuel crisis deepened yesterday as it emerged that Hurricane Katrina has left America with an acute gasoline (petrol) shortage that could continue for several months. Flood-hit US oil companies need to find one million barrels per day to keep the American market in balance and are now scouring the globe for alternative petrol supplies.

Fears of shortages sent wholesale gasoline futures rising further in New York trading yesterday and kept the squeeze on the Rotterdam market, where the price of a tonne of unleaded gasoline rose to a record $855.

The cost of wholesale gasoline in Europe has risen an unprecedented $150 per tonne over several days in anticipation of surging demand from across the Atlantic. Ship charterers are reporting a rush to secure vessels for US East Coast destinations.

The fuel crisis is rapidly acquiring a political dimension as President Bush responded to signs of panic buying by motorists with a call on Saudi Arabia to make more oil available to the US. However, a dip yesterday in crude oil below $69 a barrel demonstrated that America's problem was a deficiency of gasoline, not crude oil.

The US Energy Information Administration says that crude oil stocks are adequate, but gasoline was tight before Katrina struck. The hurricane's effects have now moved north, shutting a refinery in the Mid-West because of the closure of a pipeline from the Gulf of Mexico. "Hurricane Katrina may have a more lasting impact on refinery production and the distribution system," the government agency said.

Nine Gulf coast refineries are still out of action, with four others running at reduced rates, a cut in capacity of 2.2 million barrels of product output a day. According to Damian Kennaby, of Purvin & Gertz, an oil consultancy, that equates to a loss of 1.2 million barrels a day of gasoline supply. "This is really going to hit hard," he said. "There is very little spare capacity worldwide."

The suddenness of the fuel crisis in the US has caught Europe unawares. Several countries were preparing yesterday to release emergency stocks of petrol. The EU has 168 million barrels of supplies. Dominique de Villepin, France's Prime Minister, said yesterday that he would offer French consumers financial compensation to help them to cope with fuel price rises. "We have entered the post-oil era," he said.

The American search for fuel will affect the shipping market with a leap in demand for vessels. Mr Kennaby expects about ten extra tankers a week to be needed to ship gasoline to the US.

The surging price of oil products has dealt a further heavy blow to America's airlines, a sector ill-equipped to bear a rise in costs. The price of jet fuel has risen 21 per cent to $2.32 a gallon since August 26, the last day of trading before Katrina struck.

[support999] 01/9/2005 20:15

There were a lot of large buy orders at 845 placed near the close today. There was 2 buy bots and a large buy order at 845. Am still hopeful the share price will rise further.

[idioterna] 31/8/2005 23:07

sorry to say it but this looks like a profits warning........

[yogi] 31/8/2005 21:15

Roboco,

I didn't - suggest u look again!

[robcoo] 31/8/2005 09:21

Yogi
Why clutter up the board with the full announcement which anyone can get from the recent news section above?

[andrbea] 31/8/2005 08:56

probably marked down on the subtle profits warning
but in reality all they said was they can't look into the future (on freight rates)

I like the geographical spread of Clarkson (Dubai, Singapore, Shanghai,..)


press coverage at:

[rivaldo] 31/8/2005 08:07

Not bad, but I've sold. Only 46p of EPS in a booming H1 means CKN are highly unlikely to make the broker's 100p EPS forecast. Unless there's renewed bid interest I can't see much upside with freight rates having fallen so much, whereas the downside could see the shares back to £7.50 or £8 imo.

But I'm probably wrong!

[james111] 31/8/2005 08:03

looks good to me!!

[james111] 31/8/2005 08:02

Interim Results

RNS Number:6176Q
Clarkson PLC
31 August 2005


CLARKSONS


Interim results for the six months ended 30 June 2005

Clarkson PLC ('Clarksons'), the world's leading shipping services group, today
announces interim results for the six months ended 30 June 2005.

* Revenue #57.7 million (2004: #41.7 million).

* Underlying profit before tax (excluding the profit on the sale of fleet
interests) #12.0 million (2004: #10.1 million).

* Underlying earnings per share (excluding the earnings attributable to the sale
of fleet interests) 46.2p (2004: 42.2p).

* Interim dividend increased to 10.0p (2004: 9.0p).

Tim Harris, Chairman of Clarkson PLC, commented:

"I am delighted to announce a record interim result.

"The result reflects the significant growth of our businesses worldwide."

31 August 2005

For further information please contact:
Richard Fulford-Smith, Chief Executive, Clarkson PLC: 0774 704 3139
Rob Ward, Finance Director, Clarkson PLC: 020 7334 0000


Overview

Clarksons has generated a record interim pre-tax profit of #23.0 million.
Included within this figure is 100% of the #11.0 million profit on the sale of
the two combination carriers in which it had a 58% interest. Clarksons'
underlying pre-tax profit excluding the ship sales still comfortably exceeds the
corresponding period of last year. Earnings per share, which include 31.3 pence
per share attributable to the sale of fleet interests, were a record 77.5 pence
per share compared with 42.2 pence for the first half of 2004. Revenue, which is
unaffected by the vessel sales, has increased to #57.7 million from #41.7
million during the comparable period last year.

The result reflects the significant growth of our businesses worldwide. The
company has grown both organically and through acquisition.

The company's successful strategy of growing its shipbroking activities
globally, following our customers to where the business is best served and
broadening our product range is, and will continue to be, instrumental in
building market share and maintaining our ability to generate good results for
our shareholders.

Review of operations

Shipbroking

The ClarkSea Index (which tracks average earnings across the shipping market)
averaged US$28,100 during the first half of 2005 which compares to US$29,800 for
the whole of 2004.

Despite the falling dry bulk markets, our increasingly international spread has
meant that it has been a good half year for our dry cargo teams. Our acquisition
of Ferrobulk in Genoa in March 2005 has been successfully integrated and is
performing ahead of expectations. The expanding offices in Greece and China are
also generating excellent results.

Our deep sea, product, chemicals and gas teams, operating from Houston, London
and Singapore have performed well, increasing their overall presence in this
market. In May 2005 we strengthened our liquid petroleum gas team. With the
benefit of the support of Clarkson Research division, we continue to offer an
unrivalled service to all our energy sector clients.

Sale and purchase had an excellent first six months of 2005 with notable success
in a number of major corporate transactions. The new sale and purchase teams in
Greece and China are doing well. Whilst newbuilding capacity in shipyards is
reported to be limited before the end of 2008 we continuously benefit from
excellent relationships with key shipyards and owners which have assisted us in
completing a number of transactions for relatively early deliveries.

Futures

2005 is proving to be a more challenging year for the futures broking market.
The futures broking team is considering other ways of distinguishing from
competitors the services it offers clients in the FFA market including the
initiation of alternative clearing facilities to key players in the dry bulk FFA
market.

Research

Research has had a strong first half of 2005. The group continues to work on
leveraging the information it has available on a global basis with a view to
improving communications between the Clarkson offices worldwide. Research has
successfully integrated the Oilfield Publications Limited operation which it
acquired in December 2004. Shipping Intelligence Network (SIN 2005) was launched
in June 2005 representing a substantial upgrade to the previous version.

Logistics

Logistics has a 58% equity stake in Pasir Bulk Carriers (Pasir) in Singapore.
During the first half of 2005, Pasir sold its two 75,000 dwt combination
carriers. Pasir's profit on sale arising on these two vessels was #11.0 million;
#3.4 million after tax is due to the minority shareholders in Pasir.

Following this successful transaction, Clarkson Logistics continues to identify
investment projects which provide innovative marine transport solutions to
industry and commerce, with particular focus on the growing economy of Hong Kong
and the Pearl River Delta. The company has recently entered into a long term
agreement to transport jet fuel to Hong Kong International Airport, for which a
modern specialised tanker will be required, commencing employment in October. A
combination of the group's financial strength and global presence makes us well
placed to take advantage of such opportunities as they arise.

Its other principal investment, Channel Freight Ferries (CFF), continues to
operate a regular daily service between Southampton and Radicatel. In May 2005
we acquired the 'CFF Seine' for €4.7 million, thereby guaranteeing the
continuity of service for CFF. Over the coming months there are likely to be
substantial changes to the provision of freight services in and around the
Western Channel. We will watch these developments closely.

Financial

These interim statements have been prepared in accordance with accounting
policies which are consistent with International Financial Reporting Standards
(IFRS). Details of the effects of the transition to IFRS were released on 25
August 2005 and are available on the Clarkson PLC website (www.clarksons.com).
IFRS continue to evolve and may require further adjustments when the group
issues its first complete set of IFRS financial statements.

We estimate that the overall effective tax rate for the whole of 2005 will be
30% (2004: 32%) and we have applied this rate for the first half of the year.
The tax rate reflects the impact of disallowable trading expenses offset by
lower rates arising on the sale of the Pasir vessels.

As at 30 June 2005 the pension scheme deficit after tax had been reduced to #1.1
million representing approximately 1% of the scheme's assets, following a #10.0
million special contribution in January 2005.

Cash generation remains strong. This has enabled us to finance the payment of
#21.9 million in staff bonuses relating to 2004 and the #10.0 million special
contribution to the pension scheme referred to above.

The London office successfully moved in May 2005 to new offices on the River
Thames at St Magnus House.

Dividend

In light of the company's results the board has decided to increase the interim
dividend by 1.0p per share from 9.0p to 10.0p per share. The interim dividend
will be paid on Friday 23 September 2005 to shareholders on the register at
close of business on Friday 9 September 2005. This illustrates the board's
confidence in the company's ability to maintain a progressive dividend policy.

Directors

In May 2005 Bob Benton was appointed a non-executive director of the company.
Bob Benton is the group chief executive of Bridgewell Group Limited. Prior to
joining Bridgewell, Bob was chairman and chief executive of Charterhouse
Securities, global head of sales at ABN AMRO and was managing director of HSBC
James Capel.

Outlook

Historically high freight rates which peaked at the end of 2004 enabled us to
conclude business that will benefit the group during the remainder of 2005 and
beyond. Although historically high, freight markets are currently weaker than
they were in the first half of the year. While the demand for shipping services
will continue to grow strongly, it is not possible to forecast the timing or
exact balance between demand and supply which has such an immediate effect on
freight rates. Nor is it realistic to predict the relative strength of the US
dollar, the currency of international shipping, which has a significant effect
on our profitability.

Our recent strong results confirm our ability to grow globally, both organically
with new locations, new services and increased market share and by acquisition.
This international strength should enable us to continue to prosper as a
business whatever the short-term state of the market or currency. Our most
valuable asset is our staff. New offices in Athens, Dubai, London, Shanghai and
Singapore reflect the importance we place on continuing to service our customers
where their business is. We wish to ensure our employees achieve their business
potential in the best working environment. Our main overhead, being staff
remuneration, remains variable due to profit linked bonuses. We also enjoy a
substantial forward order book which underpins earnings from year to year.

It remains our aim to exploit the strong Clarkson brand through organic growth
and acquisition of related maritime service activities thereby ensuring that we
can continue to generate increased returns for our shareholders.

Your company is well placed to produce another excellent result in 2005. Whilst
2006 is unlikely to benefit from one-off asset sales, we are focussed on
enhancing the sustainable level of profitability of the group over the shipping
cycle.

Tim Harris, Chairman

Richard Fulford-Smith, Chief Executive

31 August 2005


Consolidated income statement
CONDENSED

Half year Half year Year to
to 30 June to 30 June 31 December
2005 2004 2004
#m #m #m
Revenue 57.7 41.7 87.4
Operating profit 10.8 8.7 17.5
Disposal of fleet interests 11.0 - -
Share of profits of associates 0.2 0.3 0.6
Finance income 3.6 3.6 7.3
Finance costs (2.6) (2.5) (5.0)
Profit before taxation 23.0 10.1 20.4
Taxation (6.9) (3.2) (6.4)
Profit after taxation 16.1 6.9 14.0
Attributable to:
Equity holders of the parent 12.7 6.7 13.7
Minority interests 3.4 0.2 0.3
16.1 6.9 14.0
Earnings per share 77.5p 42.2p 85.7p


Comparatives have been restated where necessary to reflect the requirements of
International Financial Reporting Standards.


Consolidated balance sheet
CONDENSED

30 June 30 June 31 December
2005 2004 2004
#m #m #m
Non-current assets 30.6 13.6 17.1
Current assets
Other current assets 22.5 14.3 17.0
Cash and cash equivalents 37.6 33.8 44.1
60.1 48.1 61.1
Current liabilities (45.4) (28.5) (40.9)
Net current assets 14.7 19.6 20.2
Total assets less current
liabilities 45.3 33.2 37.3
Non-current liabilities (3.1) (12.2) (9.2)
Net assets 42.2 21.0 28.1
Equity attributable to equity
holders of the parent 40.0 19.9 26.9
Minority interests 2.2 1.1 1.2
Total equity 42.2 21.0 28.1


Comparatives have been restated where necessary to reflect the requirements of
International Financial Reporting Standards.


Consolidated cash flow statement
CONDENSED

Half year Half year Year to
to 30 June to 30 June 31 December
2005 2004 2004
#m #m #m
Net cash flow from operating
activities
Operating activities 23.5 15.9 32.0
Prior year related bonus payments (21.9) (12.4) (12.4)
Investing activities
Dividends from associates - - 0.2
Returns on investments 0.8 1.1 2.0
Capital expenditure and financial investment 3.2 (0.4) (1.5)
Special contribution to pension scheme (10.0) - -
Acquisitions (2.6) - (3.3)
Financing activities
Dividends paid (2.6) (1.6) (3.1)
Borrowings 2.5 (0.6) (0.9)
(Decrease)/increase in cash
and cash equivalents (7.1) 2.0 13.0
Cash and cash equivalents
at start of period 44.1 32.0 32.0
Foreign exchange differences 0.6 (0.2) (0.9)
Cash and cash equivalents
at end of period 37.6 33.8 44.1


Comparatives have been restated where necessary to reflect the requirements of
International Financial Reporting Standards.


Consolidated statement of recognised income and expense
CONDENSED

30 June 30 June 31 December
2005 2004 2004
#m #m #m
Profit for the period 16.1 6.9 14.0
Net actuarial (loss)/gain on defined
benefit scheme (2.7) 1.4 2.6
Foreign exchange differences 1.0 (0.1) (0.4)
Total recognised income and
expense 14.4 8.2 16.2
Attributable to:
Equity holders of the parent 11.0 8.0 15.9
Minority interests 3.4 0.2 0.3
14.4 8.2 16.2
Reconciliation of total equity
CONDENSED
Total equity at start of period 28.1 14.4 14.4
Remeasurement of financial assets 0.1 - -
28.2 14.4 14.4
Total recognised income and expense 14.4 8.2 16.2
Issue of shares 6.7 - 0.5
Dividend paid (2.6) (1.7) (3.1)
ESOP share (purchases)/sales (2.1) 0.1 0.1
Monies paid to minorities (2.4) - -
Total equity at end of period 42.2 21.0 28.1


IAS 39 'Financial Instruments' was adopted with effect from 1 January 2005. The
opening equity for 2005 is increased by #0.1 million to reflect the
remeasurement of financial assets.

Comparatives have been restated where necessary to reflect the requirements of
International Financial Reporting Standards.


Notes to the interim financial report

1 Accounting policies and basis of preparation of interim report

The company issued an announcement on 25 August 2005 entitled 'Restatement of
2004 Report and Accounts'. A copy of this announcement is available from
www.clarksons.com. This announcement includes a description of the significant
accounting policies to be adopted under IFRS. These interim accounts have been
prepared using those accounting policies.

2 Taxation

The taxation charge is calculated by applying the directors' best estimate of
the annual effective tax rate to the profit for the period.

3 Earnings per share

The earnings per ordinary share is based on earnings of #12.7 million (2004:
#6.7 million) and 16,414,998 (2004: 15,969,351) shares being the weighted
average number of ordinary shares in issue during the period. This is after
excluding 387,176 (2004: 273,963) weighted average number of shares owned by the
Executive Share Purchase Trust.

4 Segmental information

Revenue, group profit before taxation and net assets by class of business are
analysed as follows:

Revenue
30 June 30 June 31 December
2005 2004 2004
#m #m #m
Shipping services 53.7 39.4 82.4
Shipping logistics 4.0 2.3 5.0
57.7 41.7 87.4


Profit/(loss) before taxation
30 June 30 June 31 December
2005 2004 2004
#m #m #m
Shipping services 13.4 10.6 22.7
Shipping logistics 9.6 (0.5) (2.3)
23.0 10.1 20.4


Net assets
30 June 30 June 31 December
2005 2004 2004
#m #m #m
Shipping services 31.4 19.5 27.7
Shipping logistics 10.8 1.5 0.4
42.2 21.0 28.1


5 30 June 2004 reconciliations

Operating profit of #8.7 million includes #0.1 million arising from the
writeback of goodwill previously written off under UK GAAP and an adjustment of
#0.5 million on the difference between the UK GAAP pension charge and current
service cost under IFRS. Finance income and finance costs include IFRS pension
charge adjustments of #2.4 million and #2.5 million respectively. Taxation
increased by #0.1 million to reflect these increases in profitability.

Total equity of #21.0 million incorporates the net pension obligation of #7.2
million, the goodwill writeback of #0.1 million, an increase in the deferred tax
liability of #0.2 million and the reversal of the 2004 interim dividend of #1.4
million.

6 Accounts

The figures for the six months ended 30 June 2005 and 30 June 2004 are unaudited
and do not constitute full accounts within the meaning of Section 240(5) of the
Companies Act 1985. The statutory audited accounts (as prepared under UK GAAP)
for the year ended 31 December 2004, upon which the auditors have given an
unqualified report, have been delivered to the Registrar of Companies in England
& Wales.

[yogi] 31/8/2005 08:00

Good solid underlying H1 easily in line with expectations. Nice additional profit from one off ship sales. Should see some blue methinks:-)

CLARKSONS
Interim results for the six months ended 30 June 2005

Clarkson PLC ('Clarksons'), the world's leading shipping services group, today
announces interim results for the six months ended 30 June 2005.

* Revenue #57.7 million (2004: #41.7 million).

* Underlying profit before tax (excluding the profit on the sale of fleet
interests) #12.0 million (2004: #10.1 million).

* Underlying earnings per share (excluding the earnings attributable to the sale
of fleet interests) 46.2p (2004: 42.2p).

* Interim dividend increased to 10.0p (2004: 9.0p).

Tim Harris, Chairman of Clarkson PLC, commented:

"I am delighted to announce a record interim result.

"The result reflects the significant growth of our businesses worldwide."

31 August 2005

[rivaldo] 30/8/2005 20:54

Know what you mean Angora7, but that doesn't normally happen with CKN. The markets always seem to be surprised by CKN's numbers with a resulting mark-up. Let's hope for the same tomorrow - good luck all.

[angora7] 30/8/2005 16:31

I expect it will go down on good results tomorrow; seems to be the trend these days, but will recover strongly over the following weeks.

[support999] 30/8/2005 16:25

A bit of activity in the shares today. I am holding for the results. Have a nice profit but a £10 share price would be even better.

[rivaldo] 30/8/2005 09:58

Results tomorrow and up we go!

[grgkecer] 26/8/2005 18:20

andrbea - 23 Aug'05 - 15:12 - 471 of 484

...
maybe those same arguments of sector consolidation to cut costs, improve global reach and improve profits could be applied to the shipbrokers too?
eg clarkson could go after other brokers (Drewry, Braemar, Barry, Galbraith, etc?)

Anyone agree?

Drewry Shipping are independent consultants not involved in broking, Barry Rogliano Stalles appears to be a subsidiary of Euromar Shipping plc, and Galbraith's Ownership: Since 1987 Galbraith's directors and employees have been the major shareholders, just in excess of 23% is owned by Miller Insurance Investments Ltd.
That would appear to leave only Braemar. (Oh - and Cetera, whoever they are.)