Shipping earnings hit $85k a day—why the boom won’t stop
ClarkSea Index soars 12% in a week to $84,951 per day, crushing the 2007 peak as war reshapes global routes.
Global shipping earnings have hit a new historic high, with the ClarkSea Index—a key benchmark for the industry—rising 12% in just one week to an average of $84,951 per day. This marks the fifth consecutive record-breaking week for the index, which tracks daily earnings across tankers, bulk carriers, containerships, and gas carriers, weighted by fleet size. The data covers roughly 80% of the world’s shipping capacity, offering a comprehensive view of the sector’s performance.
This year’s average earnings are already 70% higher than in 2023 and 87% above the ten-year trend, far surpassing the previous peak of $50,714 per day set during the 2007 supercycle. The surge is being driven by a combination of strong demand and geopolitical disruptions reshaping global trade routes.
Crude tankers lead as conflicts force longer voyages: shipping earnings
The most dramatic gains have come from crude tankers, where earnings have soared due to extended detours around conflict zones. Very Large Crude Carriers (VLCCs) saw weekly rates jump 21% to $804,601 per day, while Suezmax and Aframax tankers climbed 17% and 46%, respectively. The wars in Europe and the Middle East have made key shipping lanes—such as the Middle East Gulf, Red Sea, and Black Sea—high-risk areas, forcing vessels to take longer routes. This has increased ton-miles, tightening supply and pushing rates higher.
Natural Gas
A shipping broker noted in a recent report that the current boom is “universal,” benefiting all sectors as demand remains strong and ships adapt to avoid danger zones. “All shipping sectors have been unwitting beneficiaries of war,” the report stated.
Not all segments are thriving, however. Dry bulk earnings have softened, with Capesize rates falling 16% to $31,130 per day and overall bulker earnings dipping 3% to $22,319.
Containers hold firm as gas carriers split fortunes
Container shipping continues to show resilience, with the Shanghai Containerised Freight Index standing at 3,664 points, a 215% increase compared to the same period last year. Meanwhile, gas carriers present a mixed picture: Very Large Gas Carriers (VLGCs) are enjoying record earnings of $209,000 per day on the US Gulf-Japan route, but LNG carriers have seen modern spot rates drop 19% to $34,250.
Analysts suggest the current cycle, now in its fifth or sixth year, is being sustained by persistent geopolitical tensions. “There’s still more life in this party yet,” one broker remarked, indicating that as long as conflicts continue, shipping earnings may keep defying expectations.
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