Shipping earnings have pushed deeper into record territory, with Clarksons' cross-sector ClarkSea Index posting a third consecutive all-time high of $66,421 per day — up another 3% last week and more than 50% since the end of August.

The benchmark now sits at nearly three times its long-term average, with the 2026 year-to-date average running 60% higher year on year. Clarksons said earnings across a number of major sectors remain at "exceptional or strong levels."

Tankers drive the market

Tankers remain the principal engine. Clarksons reported global VLCC earnings averaging above $600,000 a day last week, with voyages around Hormuz reaching $800,000 to $1.5m per day. Ship-to-ship crude movements through the strait have climbed above 7.5m barrels per day, while freight costs now account for around 15% of the value of a barrel, versus a historical norm of about 2%.

MB Shipbrokers puts eco VLCC spot earnings at $740,692 a day, alongside suezmaxes at $334,811 and aframaxes at $205,170. The broker points to Middle East operational risks, lower Atlantic ballasting availability and longer voyages as Asian refiners source barrels further afield.

Alex Saverys, who heads Belgian tanker giant CMB.TECH, told the Financial Times last week: "In 50 years, we'll be looking back on 2026. This is truly a unique situation. I don't think I'll ever see a market like this again in my lifetime. It's a once-in-a-generation event."

Gas carriers and car carriers at records

Gas shipping is adding substantially to the record. Clarksons said Friday that VLGC earnings are now at record levels. Recent Houston-Japan VLGC earnings reached about $189,700 a day, while Middle East Gulf-Japan climbed above $219,000, as tight vessel availability and disrupted energy flows squeeze the market.

Car carriers, a niche component of the weighted ClarkSea Index, are also back at around record freight rate levels.

Dry bulk: capacity absorbed, not cargo added

Dry bulk is making a significant contribution in a different way. Maritime Strategies International noted in a recent report that dry bulk trade itself is expected to grow only 2.2% in 2026, yet it calculates required deadweight demand rising 4.9%, as higher ballast ratios, port delays and diversions around Suez and Panama consume effective fleet capacity.

The commercial logic for owners is straightforward: ships steaming longer distances or waiting at anchors earn the same day rate as vessels hauling incremental cargo. For charterers, that means rate strength is structural rather than demand-driven — capacity is being absorbed faster than it can be delivered.

Containers show the same disruption dividend

Containers display a similar pattern. Sea-Intelligence calculates that 8.5% of the global containership fleet — around 3m TEU — is currently absorbed by delays, compared with a pre-pandemic baseline of only 2.2%. The analyst does not expect the congestion to clear fully before the Chinese New Year peak in January.

For shippers and forwarders, that idle capacity translates into sustained upward pressure on freight rates through the peak season. Carriers, by contrast, continue to harvest the disruption dividend: every day of delay removes tonnage from supply while nominal fleet growth continues.

With no sign of the delays clearing before January's Chinese New Year peak, and tanker risks around Hormuz unresolved, the earnings super-cycle looks set to extend into the new year.