Trading giant Trafigura saw profits cut sharply in the first half of the year after the end of extreme volatility that marked commodity trading in recent years.
The Swiss charterer and shipowner registered a net profit of $1.47bn in the six months to 31 March compared with $5.45bn the previous year.
The company said it remained one of its best performances on record, despite profits hitting their lowest half-year level since 2020.