Clarksons Mid-Year Shipping Review Reveals Mixed Results Across Maritime Sectors

Clarksons Research has published its mid-year review of global shipping markets, painting a complex picture of moderate softening, segment-specific divergences, and persistent geopolitical headwinds. 

The firm’s cross-market day rate benchmark, the ClarkSea Index, eased 5% year-on-year (y-o-y) in the first half of 2025 to average $24,101 daily, but excluding the resilient container sector, the index declined 31%.

“Shipping continues to operate at the front line of geopolitical complexity,” said Global Head of Clarksons Research, Steve Gordon. “Container markets saw a 79% y-o-y surge, but tankers, bulkers, LPG and others all eased back from the highs of early 2024”.

Despite segmental softness, global seaborne trade volumes held steady at 12.6 billion tonnes per annum. Yet Chinese economic uncertainty and US trade policies introduced fresh volatility, contributing to subdued sentiment across shipping asset classes.

Below are the highlights of the review:

• Containers: the standout performer, the container market defied fears of tariff escalation and fleet expansion to post an 80% y-o-y rate increase, buoyed by continued Red Sea re-routing. Rates stood at 80% above the 10-year average, although Transpacific routes saw volatility amid evolving US-China trade dynamics.
• Tankers: although average tanker earnings remained solid at $29,692 daily, 23% above the 10-year trend, they declined 33% y-o-y from a buoyant 1H 2024. VLCC rates spiked briefly in June to ~$70,000 daily amid Middle East tensions before easing. OPEC+ production adjustments may support rates in 2H.
• Bulkcarriers: bulk earnings fell 31% y-o-y to $10,897 daily, affected by soft Chinese raw material imports and high inventory levels. Bauxite exports from Guinea offered a silver lining, especially for Capesize carriers facing regional congestion in Q2.
• LPG: VLGC rates on the Middle East–Japan route fell 22% y-o-y to $38,902 daily. US export limitations and elevated US-China tariffs contributed to volatility. However, ethane trade disruptions in June showed signs of easing following bilateral negotiations.
• LNG: spot LNG rates plummeted 56% y-o-y to $24,606 daily due to new vessel deliveries, project delays, and a shift in US LNG flows from Asia to Europe.
• Offshore: offshore markets moderated from their 2024 peak but remain robust, with Brazil notably strong. Offshore wind support vessel day rates stayed firm, and floating rig contracts for 2026 commencement reflect continued long-term optimism.
• Car carriers: charter rates averaged $55,000 daily, down 50% y-o-y but still 32% above the 10-year norm. Market correction followed accelerated fleet growth and subdued demand.

The global fleet expanded moderately at around 3.5% y-o-y, though unevenly by segment. Crude tankers saw limited growth, while LNG, container, and car carrier segments maintained large orderbooks.

Newbuild ordering fell 54% y-o-y following an exceptionally active 2024. Container tonnage still dominated (1.9 million TEU), while gas and tanker investment slowed. 

China’s share of orders by compensated gross tonnage dropped from 70% in 2024 to 52% in 1H 2025, though it remained the largest builder, contributing 48% of global output. Korea and Japan followed with 31% and 13% respectively.

Yard throughput held steady, but geopolitical uncertainty slowed fresh investment. Newbuild prices fell 1% in 1H but remained 29% above the decade-long average. The world fleet and orderbook combined were valued at $2.1 trillion.

Demolition volumes stayed historically low at 5 million DWT, 59% below trend, though an increase is anticipated amid ageing fleet demographics. 

Sale and purchase (S&P) activity totalled $19 billion across 56 million DWT, down 15% y-o-y. Prices softened for older tankers and bulkers but strengthened for modern vessels and container tonnage.

While the pace of the green transition has slowed, it remains central to industry transformation. In 1H 2025, 55% of newbuilding tonnage was alternative fuel-capable, with LNG the dominant choice. 

Over 12,400 ships, representing more than 42% of the global fleet by tonnage, are now equipped with at least one energy-saving technology.

Key policy milestones shaped the regulatory backdrop:

• The EU’s FuelEU Maritime regulation on marine fuel intensity came into effect in January, with compliance thresholds set to tighten over time.
• The International Maritime Organisation (IMO) secured agreement on its mid-term emissions reduction measures, combining technical and economic strategies to accelerate decarbonisation.

As the maritime industry enters the second half of the year, it remains uncertain how each sector will fare amidst the myriad challenges still present.

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