Clarksons’ Shipping Markets 2024 Review

Clarksons Research has released its latest annual review of shipping markets, including full year 2024 data points, tracking key developments across another dynamic year for the shipping industry.

Summarising the annual review, Steve Gordon, Global Head of Clarksons Research, commented: “With our average day rate index, the ClarkSea, averaging $24,964/day (+6% y-o-y, +30% 10-year trend), a strong earnings environment persisted across 2024 as the shipping industry managed disruption and complexities across the world’s supply chains.

And despite an easing of rates and S&P prices in some markets in Q4, underlying fleet renewal helped drive the most active newbuild market since 2007.”

Key finds of the Review include:

Firm freight and earnings levels across most major segments in 2024, though the market tone has softened recently in some sector;

“Solid” growth in seaborne trade volumes of 2% to reach 12.6bt, growth in tonne-miles the largest for 15 years at 6% with disruption (e.g. Red Sea re-routing) a key driver;

World fleet up 3% to 2.4bn dwt, though significant variation by segment;

Shipyard output and new orders up to the highest levels since 2007, with newbuild contracts up 34% y-o-y to 66m CGT;

‘Managing disruption’ and ‘going green’ remain key themes going into early 2025.