Clarksons has stated that it expects its underlying profit before tax for the full year to not be less than £135m in the year to 31 December.

The shipping services firm said that trading in August and September has been very strong, and with the ongoing geopolitical complexity adding further volatility across commodity and freight markets.

As a result, Clarksons has seen record freight rates in some areas, and this has then passed through to asset prices.

It added that its broking division has also delivered revenues "significantly ahead" of previous expectations, while also adding to its forward order book.

With trading conditions remaining "very volatile", the board now expects its underlying profit before tax to be no less than £135m in the year to 31 December.

Following the trading update, Clarksons’ share price increased by over 7% in early trading to a record high, although this growth has now reduced to around 3.6% at time of writing.

---