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The Iran war already has a winner: The world’s largest shipbroker notching record earnings from the ‘exceptional volatility’ in the Strait of Hormuz
['Sasha Rogelberg', 'August', 'Min Read']
Yahoo News - Latest News & Headlines
As traffic in the Strait of Hormuz continues to be disrupted during the monthslong Iran war, one company is benefiting from the global trade chaos.
Clarksons, 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 U.K.-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 Clarksons.
That includes Yemen's Houthi movement blockading Saudi Arabian maritime traffic near the Bab el-Mandeb Strait.