The cross-sector ClarkSea Index, a weighted average of tanker, bulk carrier, containership and gas carrier earnings managed by Clarksons Research, hit a new high for 2025 on Friday, ahead of the decision by the US to strike Iran, something that will likely see the index, seen as a key shipping barometer, climb higher this week.
The ClarkSea Index rose on Friday by 7% week-on-week, the sharpest weekly gain for over 18 months, to an 11-month high of $26,916 a day, with the average in the year 23% above the 10-year trend. The gains came despite dry bulk rates flagging and containership prices on the transpacific suffering their biggest weekly declines on record.
Strong gains were registered in crude, product, LNG and LPG tanker rates led by the Middle East amid the Israel-Iran conflict. VLCC earnings on the Middle East-China route almost doubled week-on-week to over $60,000 a day, whilst LR2 Middle East to Asia earnings rose to over $50,000 a day. Overall average tanker earnings rose by 41% week-on-week to $36,910 a day, a 12-month high.
LNG carrier spot rates surged in both basins amid tightening tonnage availability and conflict in the Middle East. The average spot rate for a 174,000 cu m vessel increased by 77% week-on-week to $50,500 a day, the highest level since October last year.
Sharp increases in VLCG spot rates were also recorded amid the escalating conflict in the Middle East, with operators in Asia either refusing to call in the Middle East or requesting a premium. Earnings on the Ras Tanura-Chiba route increased by 30% week-on-week to $67,450 a day.
With the US joining Israel in its war with Iran over the weekend, tanker earnings are widely predicted to spike this week, leading to new highs for the ClarkSea Index.
“Owners will be eager to return to their desks and see what the coming week brings, an outlook that contrasts sharply with typical summer conditions,” stated a tanker markets report published today by SEB, a Swedish investment bank.
