The ClarkSea Index has hit a record high for five consecutive weeks, reaching an unprecedented $84,951 per day.

Specifically, as of October 9, the ClarkSea Index rose another 12% to $84,951 per day, setting a record high for the fifth consecutive week. So far this year, the index’s average is 70% higher than the $50,714 per day recorded in 2007 and 87% higher than its 10-year average.

Clarksons said tankers remain the key driver pushing the index higher. As of October 9, VLCC spot-market charter rates had risen to $805,000 per day, setting another record high. Meanwhile, VLGCs are also currently at record levels, with earnings on the VLGC US Gulf-to-Japan route reaching $209,000 per day.

In addition, the dry bulk business has weakened somewhat, with Capesize bulk carrier earnings falling 16% to $31,130 per day, while overall dry bulk carrier earnings fell 3% to $22,319 per day.

Shipbroker Hartland said, “The Russia-Ukraine conflict and the Middle East war have made shipping in the Persian Gulf, Red Sea and Black Sea unsafe, but shipping operations have not stalled. The current boom is broad-based, including most segments, because demand remains strong, and tonne-miles are increasing as ships take longer routes to bypass war zones. All shipping segments are beneficiaries of the war.”

An analyst at another shipbroker, Affinity, noted, “As this boom cycle enters its fifth or sixth year, newbuilding orders being so strong seems ill-timed. But this cycle is driven by the geopolitical environment, and uncertainty shows no sign of easing... Therefore, this feast remains vibrant.”