Shipping Earnings Hit Third Straight Record as ClarkSea Reaches $66,421 a Day
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Global shipping earnings have pushed to another all-time high, with Clarksons Research's cross-sector ClarkSea Index reaching $66,421 per day for the week ending September 25, its third consecutive weekly record. The index rose another 3% after climbing 14% the previous week and 24% the week before that, leaving it more than 50% above its level at the end of August and nearly three times its long-term average. The latest reading is also about 31% above the previous pre-financial-crisis record of $50,714 per day set in December 2007. Crude tankers remain the largest driver, with global VLCC earnings still above $600,000 per day, but record or exceptionally strong conditions now extend into VLGCs, car carriers, dry bulk and parts of the container market.
Shipping Sets a Third Straight Earnings Record
The industry-wide benchmark has moved from a five-month high to a series of all-time records in only three weeks.
Tankers Lead, But This Is No Longer a One-Sector Rally
Different parts of shipping are tightening for different reasons, producing an unusually broad earnings environment even though the tanker market remains the dominant force.
| Sector | Latest Earnings Signal | Main Driver | Capacity Effect | What Could Cool It |
|---|---|---|---|---|
| Crude Tankers | EXTREME VLCC >$600K/day Some Hormuz-related voyages are producing approximately $800,000 to $1.5 million per day. | Middle East disruption, ship-to-ship transfers, longer voyages and reduced prompt vessel availability. | Ships remain occupied longer and Atlantic vessels are less readily available to ballast back toward Asian loading areas. | More normalized Hormuz transit, fewer STS operations, shorter voyages or a rebuilding of prompt vessel positions. |
| VLGC / LPG | RECORD LEVELS MEG–Japan >$219K/day Houston–Japan has recently been around $189,700 per day. | Tight prompt tonnage, disrupted energy flows and vessel positioning constraints. | The US position list became extremely tight, forcing charterers to secure ships farther forward. | Additional newbuilding deliveries, weaker LPG arbitrage or improved fleet positioning. |
| Dry Bulk | MULTI-YEAR STRONG $24,233/day Average bulk-carrier earnings were 63% above the 10-year average on September 18. | Longer-haul trading patterns, congestion and reduced vessel productivity are magnifying modest cargo growth. | MSI estimates 2.2% cargo growth translates into 4.9% required deadweight demand growth after operational effects. | Faster port turnaround, shorter routing, improved canal conditions or rapid fleet supply growth. |
| Containers | DISRUPTION PREMIUM ~3M TEU Absorbed Sea-Intelligence estimates roughly 8.5% of the global containership fleet is currently tied up by delays. | Port congestion, network disruption, longer effective voyages and elevated transpacific freight. | Capacity physically exists but becomes commercially unavailable while vessels are trapped in delayed rotations. | Congestion clearance, schedule normalization and continued delivery of large numbers of new containerships. |
| Car Carriers | AROUND RECORD LEVELS ~$85K/day 6,500-CEU PCTC rates are about 30% higher than three months ago. | Rapid Chinese vehicle exports continue to absorb available long-haul car-carrier capacity. | Limited near-term deliveries and poor return-cargo balance increase the number of vessel-days needed per exported vehicle. | Heavy newbuilding deliveries from 2028 onward or slower Chinese vehicle export growth. |
How Far Can ClarkSea Fall and Still Match 2007?
Apply a hypothetical market correction to today's record and compare the result with shipping's previous nominal earnings peak.
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