Clarksons Research has more good news for shipowners this year, with many basking in strong or even record markets.
Managing director Steve Gordon said most shipping sectors remain in positive territory, despite an easing of overall conditions.
In the UK company’s six-month review, the boss said the cross-sector ClarkSea Index of major rates averaged a healthy $24,119 per day in the first half, down 38% year on year but still 40% above the 10-year trend.
There were strong earnings across energy shipping sectors including tankers, gas and offshore support vessels, with softer market conditions for container ships and bulk carriers.
Gordon said after contracting marginally in 2022, global trade has reverted to slow growth.
“China’s reopening has been helpful, although economic signals, and the prospects for stimulus, continue to be mixed,” Gordon added.
Vulnerabilities in the world economy remain, but the research division of broker Clarksons is projecting 2.3% growth in trade to 12.2bn tonnes in 2023.
Tonne-miles have been growing at 3.9% on an annualised basis, nearly double the long-term trend, with tankers faring even better than this.
Clarksons’ top marks went to tankers, with the crude and products carrier index a robust $46,024 per day to 30 June, 116% above trend and only marginally below the 20-year highs seen in the second half of last year.
Redistribution of trade flows due to the war in Ukraine has supported the sector.
The LPG carrier sector has seen its strongest-ever half-year period, with VLGCs at above $73,000 per day, as US exports rise.
Clarksons said LNG term-charter rates — but not spot levels — remain strong.
Car carrier rates ‘heroic’
And for the surviving offshore oil and gas shipping players, years of downturn have ended with utilisation improving. The North Sea platform supply index finished 73% above the long-term trend.
Gordon said car carrier rates continue their “heroic” run for the moment, but with lower liquidity.
These ships are trading at 275% above the 10-year trend at $110,000 per day.
On the negative side of the report card, the dry bulk market moved 15% below the trend, but Clarksons said hopefully this sets some groundwork for improvements next year.
And after being the “star pupil” in last year’s assessment, boxships have normalised as expected into a period of low freight fees as congestion returned to pre-Covid levels.
However, the company said it is not a dull market, with newbuilding orders, fleet-renewal needs, pockets of resilience in the charter market and all-time slow speeds all playing a part in shaping the outlook.
