World-leading shipping broker Clarkson (LON:CKN) reported a significant drop in profits for both the full year and the half year, citing the shipping industry’s “challenging environment” as the main cause.

Figures are now expected to be materially below expectations, as lower freight rates within the tanker market and a fall in the value of the US Dollar contributed to a weaker than expected performance.

“The challenging environment in shipping and offshore capital markets has led to transactions being pushed back within the financial segment and has compounded a quiet period in sale and purchase activity for the group across shipping and offshore,” the firm said.

Shares in Clarkson (LON:CKN) dived on the news, currently trading down 26.89 percent at 2,270.00 (0933GMT).