Clarkson has reported record interim results after geopolitical disruption, stronger freight markets, and increased transaction activity lifted revenue and profit across its shipping-services operations.
Revenue rose by 39% to £413.5 million during the six months to 30 June, compared with £297.8 million in the corresponding period of 2025.
Underlying profit before tax increased by 56% to £61.5 million. Statutory pre-tax profit, after £5.9 million of acquisition-related costs, reached £55.6 million, up from £37.5 million.
Underlying earnings per share rose to 147.6p from 98.6p. The board increased the interim dividend to 35p a share, extending the shipping-services group’s record of annual dividend growth into a 24th consecutive year.
The company said its full-year result was now expected to be materially ahead of market expectations following an exceptional first-half performance.
Andi Case, chief executive of Clarkson, said: “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.”
The results reflect complex conditions in maritime trade. Conflict in the Middle East has altered energy flows, increased voyage distances, changed vessel availability, and raised demand for specialist market intelligence and broking advice.
Cargoes have been redirected towards alternative ports and longer routes, increasing the number of vessel days required to move comparable volumes. Slower vessel speeds and ships being trapped or delayed around the Gulf have also restricted effective capacity.
Longer journeys can support charter rates even when total cargo volumes decline because ships are occupied for more time. That relationship, known as tonne-mile demand, is a central driver of shipping-market earnings.
Clarkson operates across shipbroking, finance, support services, and research. That breadth allows it to earn fees from physical chartering and vessel transactions while providing market data, investment banking, and advisory services.
The company’s record result does not mean every maritime segment is equally strong. Tankers, bulk carriers, containerships, gas carriers, offshore vessels, and vehicle carriers each respond differently to commodity demand, fleet supply, sanctions, port congestion, and changes in trade policy.
Dry-cargo markets strengthened during the first half, supported by longer-haul iron ore, bauxite, coal, and grain movements. Clarkson said average Capesize spot earnings rose by 70% year on year to more than $28,000 a day, while Panamax earnings increased by 75% to approximately $17,000.
Crude-tanker markets also experienced periods of exceptional strength. The redirection of cargo from the Middle East towards longer-haul supply sources increased demand for large vessels, while ships caught inside or waiting outside the Gulf reduced available capacity.
Container markets benefited from continuing diversions away from the Red Sea, congestion, lower vessel speeds, and a strong peak cargo season. Clarkson said the diversion effect was adding approximately 12% to container tonne-mile demand.
The secondhand vessel market recorded more than 1,200 ship transactions with an estimated value above $35 billion during the first half. Newbuilding orders were also strong, with at least $132 billion of contracts placed.
High ordering activity will eventually add capacity, but delivery schedules remain long and new-vessel prices elevated. Owners must also decide how quickly to replace older ships when future fuel rules, propulsion technologies, and supporting infrastructure remain uncertain.
The company ended June with £154.6 million of free cash resources. Its balance sheet has enabled continued investment, including acquisitions intended to expand technology, research, and geographic reach.
Shipping markets remain closely linked to geopolitical events. A normalisation of routes could release vessel capacity and reduce some freight rates, while continuing conflict or trade fragmentation would sustain demand for broking, information, and risk-management services.
Clarkson’s first-half figures show that market complexity has translated into higher earnings across its integrated platform. The second half will indicate how much of that performance reflects durable demand and how much depends on exceptional disruption.
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