Good afternoon and welcome to Markets Desk.
Clarkson, the world's largest shipbroker, is posting record earnings as the Iran conflict continues to choke traffic through the Strait of Hormuz. The London-based firm reported its best-ever operating profit of sixty-four point eight million pounds for the first half of the year, up more than fifty-five percent from a year ago, a stark reminder that in wartime, logistics middlemen often win first.
On the commodities side, sugar is catching a bid, with New York world sugar hitting a three-week high and London white sugar climbing nearly two percent. Forecasts pointing to tighter global supplies are driving the move, and traders are watching whether this extends into a broader soft commodities rally heading into the back half of the year.
Meanwhile, prediction market platform Kalshi is back in the headlines for reasons it would rather avoid. Former congressman George Santos, recently released from prison on fraud convictions, was ordered by the Commodity Futures Trading Commission to pay thirty-five thousand dollars for manipulative trading on the platform. Santos responded by threatening to shut Kalshi down entirely, a threat the markets are not taking seriously, but regulators almost certainly are.
That's the tape. Markets Desk, signing off the floor.
