Shipping firm at end of line

Britain’s oldest shipping firm, Stephenson Clarke, has gone into liquidation after nearly 300 years of trading as a result of the prolonged economic downturn.

The Newcastle-based company, established in 1730, recently sold the last of its ships and tried to cut costs in the face of falling rates for dry bulk shipping, but has ceased trading with the loss of nine jobs and appointed
liquidator Tait Walker.

A spokesman said: “Whilst previous economic downturns have been weathered, the current market is one of the worst experienced for many years with no upturn forecast for at least 12 to 18 months.”

The firm thrived during the industrial revolution, shipping coal to London and later diversifying into other commodities such as grain and steel, but struggled as freight rates slumped.