Clarksons Reports Record First-Half Earnings Amid Strait of Hormuz Disruption

Shipbroker and maritime services giant Clarksons reported record first-half earnings on Monday, saying disruption caused by the Strait of Hormuz crisis helped fuel exceptional trading conditions across global shipping markets and is expected to push full-year results well above previous expectations.

The London-listed company reported underlying profit before tax of £61.5 million for the first six months of 2026, up 56% from £39.4 million a year earlier, while revenue climbed 39% to £413.5 million. Underlying earnings per share rose to 147.6 pence from 98.6 pence, and the company increased its interim dividend to 35 pence per share, marking its 24th consecutive annual dividend increase.

"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," Chief Executive Andi Case said.

The company now expects full-year results to be "materially ahead of market expectations," adding that unlike a typical year, earnings are unlikely to be weighted toward the second half because of the unusually strong first-half performance.

Clarksons said the closure of the Strait of Hormuz reshaped global trade flows, creating sharp increases in freight rates, longer voyage distances and elevated demand for chartering, derivatives and market intelligence. While the company expects a gradual reopening of the waterway during the second half of the year, it cautioned that restoring normal trade patterns and repositioning vessels will take time.

The company's broking division generated its strongest first half on record, with operating profit rising to £64.8 million from £41.8 million a year earlier. Tanker markets were among the biggest beneficiaries of the disruption.

Clarksons said average VLCC spot earnings on the U.S. Gulf-to-Far East route climbed 166% year over year during the first half to approximately $120,000 per day, as Asian buyers sought crude from longer-haul suppliers while vessels became trapped inside the Persian Gulf. Product tanker markets also strengthened, with average MR tanker earnings rising 86% from the same period last year.

The disruption also boosted gas shipping markets. LNG carrier spot rates averaged $77,300 per day during the first half, more than tripling from a year earlier as vessels waiting outside the Gulf and longer voyage distances offset reduced export volumes from the region. In the LPG sector, VLGC earnings briefly exceeded $200,000 per day during the height of the market disruption.

Container shipping also remained strong despite weaker U.S. imports tied to tariffs. Clarksons said continued Red Sea diversions, congestion and slower sailing speeds tightened vessel supply, while the Shanghai Containerized Freight Index finished the first half at its highest level outside the pandemic-era surge.

Beyond shipping, Clarksons' financial division nearly matched its entire 2025 revenue in just six months, benefiting from active debt and equity capital markets, while its research business reported continued growth as customers sought data and analysis amid heightened geopolitical uncertainty. The company highlighted increased demand for intelligence products tracking the Strait of Hormuz closure and broader shipping disruptions.

Despite the recent gains, Clarksons said the outlook remains closely tied to geopolitical developments, particularly the future of the Strait of Hormuz, the Suez Canal and evolving sanctions regimes.

"We remain measured in our outlook, recognizing that instability in the Middle East remains elevated, and that it takes time for markets to stabilize and for the full impact of geopolitical changes to unfold," Case said.