We maintain our BUY rating and 4,500p target price; c.20% potential upside to the current share price. Maritime markets are likely to be choppy in the near term with slowing demand and trade dislocation, but chronic capacity shortages underpin strong medium-term market dynamics. Prompted by Clarkson’s cautious outlook statement earlier this week we now assume a small decline in revenue and profit this year with growth resuming in 2026E. Our PBT is unchanged in 2026E. The main cut is applied to t ....
