Global Shipping Earnings Index Reaches New All-Time High

Global shipping earnings have set a new record, with Clarksons Research's cross-sector ClarkSea Index rising by 12% in one week to reach an all-time high of $84,951 per day. This marks the fifth consecutive all-time high for the index, which provides an overall earnings barometer by measuring average daily earnings across tankers, bulk carriers, containerships, and gas carriers, weighted by vessel numbers in each sector.

The ClarkSea Index covers approximately 80% of global shipping capacity. The current reading surpasses the 2007 peak of $50,714 per day from the previous shipping supercycle. This year's average earnings are reportedly 70% above 2025 levels and 87% ahead of the ten-year trend, according to Splash247.

Sectoral Performance

Crude tankers are identified as a primary driver of the latest surge. Average Very Large Crude Carrier (VLCC) earnings increased by 21% last week to $804,601 per day. Suezmax earnings climbed by 17% to $724,398, while Aframax earnings saw a significant rise of 46% to $393,951. Conversely, the dry bulk sector has experienced a softening, with Capesize earnings retreating by 16% to $31,130, and overall bulker earnings slipping by 3% to $22,319.

Containerships have demonstrated resilience, with the Shanghai Containerised Freight Index standing at 3,664 points, marking a 215% increase year-on-year. In the gas carrier segment, Very Large Gas Carriers (VLGCs) are reportedly achieving record earnings, reaching $209,000 per day on the US Gulf-Japan route. However, Liquefied Natural Gas (LNG) carriers are noted as a laggard, with modern spot earnings decreasing by 19% to $34,250.

Geopolitical Influences and Outlook

Brokerage firm Hartland noted in a report that ongoing conflicts in Europe and the Middle East have rendered the Middle East Gulf, Red Sea, and Black Sea unsafe for shipping. This has led to longer routes and increased ton-miles as vessels detour around conflict zones. Hartland suggested that all shipping sectors have been "unwitting beneficiaries of war," contributing to the current boom. The firm described the present boom as universal, transcending various shipping sectors, with robust demand continuing.

Researchers at another broker, Affinity, stated in a recent report that while the current cycle is in its fifth or sixth year, newbuilding demand remains strong. They indicated that the cycle is largely influenced by the geopolitical environment, which shows no signs of abating. Affinity concluded that there is "still more life in this party yet," suggesting the high earnings period may continue.