Clarksons’ cross-sector earnings index set a fifth consecutive record last week as longer voyages keep vessel supply tight.

Tankers: Suezmax and Aframax period rates reach new highs
Suezmax earnings rose 17% last week to about $724,000/day and Aframax earnings 46% to about $394,000/day, as Hormuz shuttle voyages and split cargoes tie up mid-size tonnage. One-year timecharter rates are about $155,000/day for Suezmaxes and $99,000/day for Aframaxes, more than three times their 2025 averages. Five-year-old values have risen to $130m for Suezmaxes and $85m for Aframaxes, both above newbuilding prices. This strength comes from the fleet being used less efficiently, not from higher oil volumes, and should last while Gulf crude depends on shuttles and transfers.

LPG/VLGC: Record VLGC earnings lift one-year rates
VLGC earnings from the US Gulf to Japan set a third consecutive weekly record last week at about $209,000/day. Asian buyers keep replacing Middle East LPG with US cargoes, as US LPG is so much cheaper than in Asia that traders can pay record freight and still profit. One-year timecharter rates for a modern VLGC have risen to about $110,000/day, more than double the 2025 average. Longer US to Asia voyages need more ships for the same volume, which helps absorb an orderbook equal to almost 39% of the fleet.

PCTC: Car carrier charter rates nearly double 2025 levels
Six-to-12-month timecharter rates for a 6,500 CEU car carrier held at about $95,000/day in October, nearly double the 2025 average. Last week the EU and China agreed to limit Chinese hybrid exports to Europe to half or less of projected volumes over four years. This particular trade of hybrid cars from China to EU accounts for only 4% of global car carrier demand and may still grow. Chinese vehicle exports are up over 60% this year, with some still shipped in containers, so export growth is expected to absorb an orderbook of about 23% of the fleet.

Geopolitics: Attacks widen across the Gulf while Hormuz flows hold
At least 10 ships were damaged in Middle East attacks last week, and on 11 October a drone hit a tanker at Oman’s Sohar anchorage, a crude transfer hub. Gulf crude exports remain near pre-war levels, with about 10 million barrels per day crossing Hormuz and the rest bypassing it. President Trump has ruled out US strikes on Iran before the 3 November midterms. For shipping, what matters now is efficiency: a post-election deal would gradually release ships tied up in shuttles, while further attacks would keep capacity tight.

Sources: BRS Shipbrokers, Clarksons, Kpler, Reuters & Veson Nautical