The world’s biggest ship broker has said that geopolitical turmoil from war and Donald Trump’s tearing up of US foreign policy have hurt its revenues, sending its share price tumbling by almost a fifth on Monday.
Clarksons, which is listed on London’s FTSE 250 index of mid-sized companies, said the rates charged by shipping companies had dropped since the start of 2025, hit by concerns over the impact of tariffs.
Trump has imposed tariffs on the US’s largest trading partners, Mexico, Canada and China, only to then temporarily withdraw levies on Canada and Mexico. He has also threatened steep tariffs on the EU, another key goods trade partner, and announced tariffs on all steel and aluminium imports to begin later this week.
The company said: “Following a year of extensive political change, [and] ongoing conflicts in the Middle East and Russia-Ukraine, adding further complexities, markets have softened as economies grapple with the immediate impacts of this phase of change.”
Andi Case, the chief executive, said: “2025 has started with more uncertainty than most due to political change, ongoing regional conflicts, increased trade tensions, tariffs and sanctions, inflation and changing monetary policy across global economies.”
China introduced previously announced tariffs on imports worth about $22bn (£17bn) on Monday, including soya beans, pork, beef and seafood.
Shares in the company fell 20% on Monday, to the lowest since early November.
The company, which employs 2,000 people across 24 countries, was founded in 1852, during the age of sail, and then shifted to steamships. It grew to a dominant position in the global ship-broking market in tandem with the oil industry, which relies on ever-larger tankers to fuel the world economy.
Clarksons makes money by taking a percentage of the fees charged by shipowners to customers, as well as providing port services and advising companies on shipping issues. That means some disruptions to global shipping can benefit it, such as attacks by Houthi rebels in the Red Sea off the coast of Yemen in late 2023 and early 2024.
Sales rose by 3% to £661m in 2024, while underlying profits edged up to £115m, a company record.
However, the extent of the geopolitical turmoil has pushed down freight rates in recent weeks.
The company says the environment should improve over the next few years. It raised its dividend for 2024 to 109p a share, an increase of 7% compared with 2023. It was the 22nd consecutive year with an increased dividend, a rarity on London’s financial markets through the turmoil of the global financial crisis, the Brexit vote and the coronavirus pandemic.
