Clarksons, the world's largest ship broker, reported 2010 profit grew 44 percent from a year ago as shipping markets benefited from a "slow but emerging recovery" in global trade.
The London-based company booked pre-tax profit of $52.8 million compared with $36.5 million in 2009 as revenue grew almost 15 percent to $328 million.
"Clarksons continues to gain from increased trading volumes against a backdrop of volatile freight rates in the first few weeks of 2011," said chief executive Andi Case.
The core broking business boosted profit to $66.9 million from $43.2 million as revenue jumped to $261 million from $218.2 million, driven by a strong performance in dry bulk and containers.
The recovery in the dry bulk market in 2009 continued into 2010 with global seaborne shipments exceeding three billion tons, driven by Chinese demand for raw materials.
International coal trade grew 13 percent to 110 million tons as Asian demand far exceeded reduced requirements of western economies.
Clarksons expects total dry bulk demand to increase 6 percent in 2011, but port congestion, changing trade patterns and an imbalance in world trade means capacity required to move the extra volume will rise 8 percent.
Fleet growth, estimated at 16 percent, will put increasing pressure on vessel rates.
Clarksons estimates global container traffic increased more than 12 percent in 2010 to almost 140 million 20-foot equivalent units from 2009 when volume shrank 8.9 percent from 2008 to 124 million TEUs.
Idled container ships now account for under 3 percent of the world fleet, down from around 11 percent in January 2010.
"We firmly believe that over the medium term the container market offers good opportunities for future growth," Clarksons said.
The London-based company booked pre-tax profit of $52.8 million compared with $36.5 million in 2009 as revenue grew almost 15 percent to $328 million.
"Clarksons continues to gain from increased trading volumes against a backdrop of volatile freight rates in the first few weeks of 2011," said chief executive Andi Case.
The core broking business boosted profit to $66.9 million from $43.2 million as revenue jumped to $261 million from $218.2 million, driven by a strong performance in dry bulk and containers.
The recovery in the dry bulk market in 2009 continued into 2010 with global seaborne shipments exceeding three billion tons, driven by Chinese demand for raw materials.
International coal trade grew 13 percent to 110 million tons as Asian demand far exceeded reduced requirements of western economies.
Clarksons expects total dry bulk demand to increase 6 percent in 2011, but port congestion, changing trade patterns and an imbalance in world trade means capacity required to move the extra volume will rise 8 percent.
Fleet growth, estimated at 16 percent, will put increasing pressure on vessel rates.
Clarksons estimates global container traffic increased more than 12 percent in 2010 to almost 140 million 20-foot equivalent units from 2009 when volume shrank 8.9 percent from 2008 to 124 million TEUs.
Idled container ships now account for under 3 percent of the world fleet, down from around 11 percent in January 2010.
"We firmly believe that over the medium term the container market offers good opportunities for future growth," Clarksons said.