Surging VLCC rates have seen the cross-sector ClarkSea Index, a weighted average of tanker, bulk carrier, containership, and gas carrier earnings managed by Clarksons Research, reach a two-year high of $29,888 per day as of last Friday, 50% above the 10-year trend.
VLCC rates leapt last week, with some fixtures breaking through the $100,000 a day mark, highs not experienced since Russia launched its full-scale invasion of Ukraine, back in early 2022.
Like tankers, in dry bulk, it was the largest ship size that pushed the ClarkSea Index up last week, with capesize earnings posting a 10% week-on-week gain to reach $28,497 a day, the highest level since May 2024.
Container freight rates, however, nosedived with the Shanghai Containerized Freight Index down by 14% last week to the lowest level since December 2023.
In gas, LNG rates remain soft, while LPG is solid with average VLGC spot earnings on the Houston – Chiba route rising 6% week-on-week to $77,108 a day.
Clarksons Research is forecasting overall seaborne trade growth to slow to just 0.5% in 2025, reaching 12.8bn tonnes.
“After a soft start, more positive signals are emerging and tonne-mile trends are outperforming at 1.0%,” the broking outlet stated in its latest weekly report.
“Navigating the complexities from geopolitics, disruption events, tariffs, sanctions, energy transition (and energy security) are becoming increasingly important in weighing up the opportunities and risks ahead,” the company advised.
