The hot shipping markets have helped push the value of the world merchant shipping fleet to a new high of $1.2trn, according to Clarksons.

The figure is up 26% in the year-to-date on the back of improving asset values.

This is in contrast to the past decade when values fluctuated only fairly moderately.

The value of the orderbook has also risen 11% this year to $251bn on the back of the uptick in contracting volumes and newbuilding prices.

“The sharp increase in the value of the world shipping fleet has largely been driven by rising asset values, amid hot S&P markets and dramatically improved market conditions in many sectors,” said Clarksons.

“With many ship types yielding impressive returns in 2021 so far, it’s not surprising that asset values in many cases have moved rapidly upwards.”

The Clarksons Secondhand Price Index has increased 70 points since January to reach 163 points, its highest level since asset values crashed in late 2008.

“Containership secondhand prices have increased particularly sharply in 2021 so far, with some benchmark asset values doubling or even tripling, while bulk carrier values are also up notably amid firm market conditions,” the shipbroker said.

In the longer-term, fleet growth is also said to have contributed to rising aggregate values, with the merchant fleet now 65% larger in gross tonnage terms than at the start of 2010.

The main cargo shipping sectors such as containerships, bulkers and tankers account for the majority of the value of the world fleet at around $700bn, or 58%.

Outside these three sectors, ship-shaped offshore assets, worth $156bn, and cruiseships and passenger ferries, worth $130bn, make up the next largest proportions of total asset value.

Clarksons said expanding fleets in ‘higher value’ ship types over recent years have had an impact on the world fleet’s value.

“Containerships, LNG carriers and cruiseships now account for 34% of the total value, up from 21% at the start of 2015,” the shipbroker said.

Notably, Clarksons said the value of the containership fleet has increased rapidly from $126bn at the start of the year to an estimated $247bn as of August 2021.