UK shipbroker Clarksons is still trading strongly as the green transition and tight ship supply drive activity, chairman Laurence Hollingworth said on Thursday.

He told the annual general meeting that the London-listed group has enjoyed a positive start to the year up to 10 May.

The broking division, which is a market leader in all key shipping sectors, continues to be the main driver of revenue and profit and has performed strongly during the period, Hollingworth said.

“Activity remains at similar levels to last year whilst rates in some markets have recently softened,” he added.

The financial division has performed in line with last year, he said, executing a number of deals in more challenging capital markets.

The research division is currently ahead of 2022, its growth trajectory driven by increased demand for sector research, particularly in relation to the energy transition.

“Despite the currently weaker US dollar, the board’s expectations for the year remain unchanged,” Hollingworth said, and the group has a positive medium-term outlook for shipping.

Clarksons posted its best-ever results in 2022, with a pre-tax profit of £101m ($126m). Dividends have grown for 20 years straight.

Pay vote for investors

Last May, the brokerage survived another substantial shareholder rebellion to push through its controversial pay policy again.

The remuneration report gained 62.77% of the votes, up from 60% in 2021.

The issue has been a recurring thorn in the group’s side for several years due to legacy contracts for chief executive Andi Case and finance and operations boss Jeff Woyda.

Remuneration committee chairman Tim Miller and chairman Laurence Hollingworth have been speaking to shareholders ahead of today’s vote.

The top two executives again waived part of their bonuses as overall pay rose after a record 2022.

Case and Woyda’s basic pay remained unchanged once more at £550,000 and £350,000, respectively.

But the CEO’s overall package jumped to £10.11m from £6.65m in 2021. This includes a bonus of £8.4m.

Woyda took home £3.27m, up from £2.04m in 2021, with £2.2m of the 2022 figure being a bonus.

They are handing back 8.5% of their bonuses, which will go into a pot to be divided among employees. This is the same percentage as in 2021, but the amount will be larger.