As traffic in the Strait of Hormuz continues to be disrupted during the months-long Iran war, one company is benefitting from the global trade chaos.
Clarkson, the world’s largest shipbroker, reported its best-ever operating profit of £64.8 million ($87 million) for the six months ending June 30, a more than 55% increase from a year ago. The UK-based company founded in 1852 saw a nearly 40% increase in revenue to £413.5 million ($555.5 million).
CEO Andi Case attributed the jump to worldwide changes in supply chains as a result of the Iran war, increasing demand for companies like Clarkson. Shipbrokers are third-party firms that liaise between ship-owners, such as Maersk, and cargo-holders, like retailers.
“Clarksons delivered a record first half performance, reflecting both the investment into our underlying business and the exceptional volatility caused by the disruption to global trade from global conflict including the situation in the Strait of Hormuz,” Case wrote in a statement on Monday. “We expect the full year performance of the Group to be materially ahead of market expectations.”
He added that the disruptions have “created a pronounced shock across global shipping markets” that have reshaped trade routes and caused a “period of operational dislocation” followed by an increase in both freight rates and hedging activity.
