Tariff impact on global trade is perhaps becoming more readable. We believe this is reflected in solid H1 earnings from Clarkson. Profit was down year on year, with lower Broker volumes and FX headwinds, but in line with our estimates. Guidance for stronger trading in H2 is credible, given the strengthened USD, a resumption of delayed broking transactions and an H2 weighted orderbook. Our full year estimates are unchanged and indicate an H1-H2 adjusted PBT split of 46% to 54%: comfortable histor ....
