Global Shipping Earnings Break 2007 Record as Tankers Push ClarkSea Index to $64,569 a Day
September 21, 2026
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Global shipping earnings have moved beyond the peak of the 2007 shipping boom, with Clarksons Research's cross-sector ClarkSea Index reaching $64,569 per day for the week ending September 18, up 14% in one week and 27% above the previous record of $50,714 set in December 2007. Crude tankers are driving the latest surge, with global average VLCC earnings reaching a record $643,000 per day, Suezmaxes around $375,000 and Aframaxes about $184,000. The strength is broader than oil shipping, however: average bulk-carrier earnings have reached $24,233 per day, VLGCs are approaching $220,000 on some routes, 6,500-CEU car carriers are assessed around $85,000 per day, and containership charter and transpacific freight markets remain elevated.
Global Shipping Earnings · September 2026
Shipping's Cross-Sector Earnings Benchmark Sets a New Record
$64,569
ClarkSea Index · per day
Previous Record
$50,714/day
Above 2007 Peak
+27.3%
Weekly Move
+14%
Record Date
Sept. 18
2007 Peak vs 2026
The ClarkSea Index is a fleet-weighted measure of earnings across major commercial vessel sectors. It is a market benchmark, not the actual profit earned by every individual ship.
The new benchmark is $13,855 per day above the old record.
Global Average VLCC
$643K
Record daily earnings after another roughly 40% weekly increase.
Suezmax Tanker
$375K
Crude-tanker dislocation is spreading well beyond the VLCC class.
MEG-Japan VLGC
$219K
Very limited prompt gas-carrier tonnage is supporting exceptionally strong rates.
6,500-CEU PCTC
$85K
Car-carrier earnings remain elevated as Chinese vehicle exports absorb capacity.
Avg. Bulk Carrier
$24,233
Clarksons puts the sector 63% above its ten-year earnings average.
Reading the numbers:
Daily tanker and gas-carrier figures are earnings assessments, while charter benchmarks and freight rates in other sectors can use different methodologies. ClarkSea combines representative vessel earnings using fleet-sector weightings and should not be interpreted as the average accounting profit of a shipowner.
Tankers · Gas · Containers · Bulk · Car Carriers
Shipping Earnings Board
Several sectors are trading at unusually high levels simultaneously, but the forces supporting each market are very different.
Scroll sideways for the complete earnings comparison
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| Sector | Benchmark | Current Level | Recent Move | Primary Earnings Driver | Current Constraint | Potential Reversal Trigger |
|---|---|---|---|---|---|---|
| VLCC Crude tanker | Global average earnings | RECORD $643,000/day | Approximately +40% in the latest week. | Hormuz disruption, longer voyages, Saudi crude logistics, shuttle tankers, STS transfers and a shortage of owners willing to expose vessels to high-risk Gulf employment. | Effective fleet availability is much tighter than the physical fleet count because ships are waiting, repositioning or tied up in less efficient voyages. | A sustained normalization of Hormuz traffic, restoration of Saudi bypass capacity and lower security costs could rapidly release effective tonnage. |
| Suezmax Crude tanker | Global average earnings | EXTREME $375,000/day | Strong spillover from the VLCC market. | Charterers are splitting crude stems, using smaller tanker classes and paying aggressively for available tonnage. | Limited ships in position for prompt cargoes and severe east-of-Suez dislocation. | Additional VLCC availability or reduced cargo splitting would ease demand pressure. |
| VLGC LPG carrier | Middle East Gulf → Japan | NEAR RECORD $219,297/day | Houston-Japan rose 23% week on week to $189,711/day. | Tight prompt tonnage, longer voyages and positioning pressure ahead of Northern Hemisphere winter demand. | Clarksons reported the US position list effectively empty through the end of October. | New vessel deliveries, weaker LPG arbitrage or softer winter demand could loosen the market. |
| PCTC 6,500 CEU car carrier | One-year charter assessment | STRONG $85,000/day | Around +30% over three months. | Rapid Chinese vehicle exports are absorbing capacity faster than near-term vessel deliveries can relieve it. | Chinese outbound cargo growth and weak return cargoes require more ship capacity for every round voyage. | Newbuilding deliveries and changes in automotive trade policy are the main medium-term variables. |
| Containership 8,500 TEU HARPEX class | Charter assessment | ELEVATED $79,000/day | Stable at the September 18 HARPEX assessment. | High cargo rates, network disruption, fuel costs and demand for deployed vessel capacity continue to support charter markets. | Market strength varies substantially by trade. Transpacific spot freight is much stronger than Asia-Europe. | Added capacity, normalization of chokepoints and post-Golden Week demand softness could reduce pressure. |
| Dry Bulk Clarksons sector average | Average bulk-carrier earnings | ABOVE TREND $24,233/day | 63% above the ten-year average. | Strong long-haul commodity flows and the seasonal strengthening period are supporting fleet utilization. | Capesize strength is doing substantial work, while Panamax, Supramax and Handysize conditions remain more moderate. | Fleet growth is expected to outpace demand growth in some forecasts for 2027, creating a potential supply-side headwind. |
Additional Market Markers
Asia → US East Coast
$11,259 / FEU
Xeneta spot rate on September 17, up 324.7% since February 28.
Asia → US West Coast
$7,960 / FEU
Up 323.6% from the pre-Hormuz-crisis reference.
Drewry WCI
$4,500 / FEU
Global composite increased 1% in the week to September 17.
Capesize
~$51K / Day
Baltic 182,000-dwt earnings basis on September 17.
2025 PCTC Avg.
$49,375 / Day
Current 6,500-CEU assessment is roughly 72% above that full-year average.
Ship Universe Owner Earnings Tool
Vessel Earnings Run-Rate Analyzer
Apply current market earnings to a vessel, adjust utilization and operating cost, and estimate the cash-generation effect if today's rate environment lasted 30, 90 or 365 days.
USD / day
days
%
Adjust for off-hire, waiting, repositioning or non-earning days.
USD / day
USD
Optional financing, insurance, security or other scenario cost.
USD M
Gross Scenario Earnings
$18.33M
daily rate × days × entered utilization
Operating Cost
$360K
daily vessel OPEX across the full scenario period
Modeled Operating Contribution
$17.97M
gross scenario earnings less entered operating and fixed costs
Effective Net / Calendar Day
$599K
modeled contribution divided by scenario calendar days
Vessel Value Recovered
13.8%
modeled contribution versus entered vessel value
Annualized Gross Run Rate
$223M
simple annualization at the entered rate and utilization
Scenario Cash Stack
Shows the relative scale of gross earnings, operating expense and modeled operating contribution.
Selected Vessel
VLCC
Test how quickly the economics change if today's elevated market persists for a short period, or enter a normalized daily rate to compare the downside.
Daily Rate
$643K
Utilization
95%
Scenario
30 Days
OPEX
$12K/day
Model limitation:
The preset rates come from different commercial benchmarks. Tanker and gas-carrier figures may be time-charter-equivalent earnings after voyage expenses, while containership and car-carrier numbers can represent period charter assessments. The calculator is intended for scenario comparison, not accounting profit. Financing, depreciation, commissions, taxes, drydock, off-hire, war-risk premiums and voyage-specific expenses may materially alter actual owner cash flow.
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