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Tanker earnings ease as holiday trading lingers
Clarksons’ numbers showed VLCC tanker earnings easing, mixed Suezmax tanker routes and softer clean MR tanker averages at the year-end
Clarksons’ data showed spot tanker markets ending 2025 on a softer footing, with the overall shipping market indicator, the ClarkSea Index, easing for a fifth consecutive week to US$28,090 per day.
In its weekly commentary, Clarksons referred to “a softer week across the tanker sector”, and said fleet-weighted average VLCC tanker earnings stood at US$43,895 per day, “well down from the highs of over US$100,000 per day seen late last year”.
This was just as DHT Holdings announced it had taken delivery of a VLCC newbuilding from Hanwha Ocean. DHT Antelope is the first of a series of four VLCC newbuildings to be delivered to the company during the first half of 2026. DHT Holdings reported that the newbuildings are fully funded.
The first of these will enter a weakening spot market, where Clarksons’ route estimates earnings on the 270,000-tonne Middle East Gulf to China route were estimated at US$38,690 per day, compared with US$64,757 per day a week earlier, while Middle East Gulf to west coast India were estimated at US$48,184 per day versus US$77,455 per day.
Clarksons reported, “Activity was limited, with small volumes rolling over from last year coming to the surface”, and said “Fundamentals still favouring charterers” had shaped early-January trading, with owners hoping that current low rates would support higher market activity.
Suezmax tankers also eased on several routes: Clarksons’ estimate for 130,000-tonne West Africa to UK Continent earnings was US$64,944 per day, down from US$81,907 per day, while 140,000-tonne Middle East Gulf to Mediterranean (via Suez) was estimated at US$49,907 per day versus US$60,386 per day.
Aframax tankers were mixed by basin: UK Continent cross-UK Continent earnings were estimated at US$89,813 per day, while Black Sea to Mediterranean earnings fell to US$45,487 per day from US$55,576 per day.
In the products tanker sector, the picture is split between firmer Middle East Gulf longhaul and softer Atlantic MR conditions.
Clarksons’ LR2 tankers earnings on the 75,000-tonne Middle East Gulf to Japan route increased to US$42,671 per day from US$40,697 per day, while LR1 tankers earnings on the Middle East Gulf to Japan were unchanged at US$31,426 per day. In the West of Suez clean MR market, Clarksons reported, “The MR market opened with a short burst of post-holiday enquiry, but activity faded.”
The clean MR tankers average earnings series eased to US$23,103 per day from US$24,215 per day, while the clean Handy tankers average earnings fell to US$28,935 per day from US$35,780 per day.
Dirty product activity remained subdued in Europe and Clarksons noted, “There has been very little activity in the Mediterranean and UKC Handy markets following the Christmas holidays”, and it described a build-up of tonnage as charterers held back from fixing.
Dirty Panamax tankers average earnings were estimated at US$26,117 per day.
Outside spot rates, Clarksons described the sale and purchase market as quiet, but it said full-year 2025 tanker sales rose 3% to 48M dwt.
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