Global shipping earnings have reached another extraordinary milestone, with Clarksons Research’s cross-sector ClarkSea Index surging 12% in a week to an unprecedented $84,951 a day, its fifth consecutive all-time high.
The index, a widely followed overall earnings barometer, measures average daily earnings across tankers, bulk carriers, containerships and gas carriers, weighted by vessel numbers in each sector. It covers approximately 80% of global shipping capacity, providing a broad measure of the industry’s fortunes.
The latest reading dwarfs the previous shipping supercycle’s 2007 peak of $50,714 a day. This year’s average is running 70% above 2025 and 87% ahead of the ten-year trend.
Crude tankers are driving the latest surge. Average VLCC earnings jumped another 21% last week to $804,601 a day, while suezmaxes climbed 17% to $724,398 and aframaxes surged 46% to $393,951.
Elsewhere, dry bulk has softened, with capesize earnings retreating 16% to $31,130 and overall bulker earnings slipping 3% to $22,319.
Containers remain exceptionally resilient. The Shanghai Containerised Freight Index stands at 3,664 points, 215% higher year-on-year.
VLGCs are enjoying record earnings, reaching $209,000 a day on the US Gulf-Japan route, although LNG carriers remain the conspicuous laggard, with modern spot earnings down 19% to $34,250.
Discussing today’s sky-high earnings, broker Hartland noted in a new report: “Wars in Europe and the Middle East have rendered the Middle East Gulf, Red Sea and Black Sea unsafe for shipping, not that shipping is much deterred. The present boom is universal, transcending shipping sectors, as demand remains robust and ton-miles have been added as ships detour around war zones by taking longer routes home. All shipping sectors have been unwitting beneficiaries of war.?
Researchers at another broker Affinity stated in a recent report: “With this cycle now being well into at least its 5th or 6th year, it might seem the wrong time for newbuilding demand to be so robust. But this cycle is being driven by the geopolitical environment which show no signs of abating…There’s still more life in this party yet.”
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Sam Chambers
Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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