Clarkson Plc’s share price crashed Monday after the London-based shipbroker announced that profits for the year are now forecast to come in below expectations.

Clarkson’s blamed the “challenging environment” in shipping and offshore.

The warning caused company’s share price to tank nearly 30% before rebounding slightly on Monday.

Clarkson’s shares trade on the London Stock Exchange under the ticker “CKN”.

The trading update from Clarkson’s is posted in full below:

“During the first quarter, Clarksons faced certain headwinds. 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. Further, the group has suffered from lower freight rates within the tanker market and a fall in the value of the US Dollar, the predominant trading currency of the group’s banking and broking businesses.

Together these have resulted in financial performance that is below that previously expected by the Board. Consequently, whilst it is still too early to determine the exact impact, profits for both the first half and the full year are now anticipated to be materially below those of last year.”