Clarksons Research has published its annual review of global shipping markets, presenting full-year 2025 data and highlighting how the industry navigated a year marked by rising geopolitical complexity and supply-chain uncertainty.
Commenting on the findings, Steve Gordon, Global Head of Clarksons Research, said that despite significant geopolitical headwinds, shipping markets delivered a strong performance in the second half of the year. Trade volumes proved largely resilient, while market sentiment, asset pricing and transactional activity improved notably towards the end of 2025.
According to the review, the cross-segment ClarkSea Index rose 7% year-on-year to an average of $26,836 per day, supported by firmer tanker, gas and dry bulk markets in the latter half of the year. Seaborne trade expanded by 1.1% to 12.9 billion tonnes, with stronger momentum in the second half helping to offset disruptions linked to tariffs and geopolitical tensions.
Tonne-mile demand remained underpinned by continued Red Sea re-routing and extended “long-haul” Russian oil flows, although an increasingly complex sanctions regime added fresh challenges, particularly for tanker markets.
On the supply side, newbuild ordering declined 27% year-on-year, despite a robust final quarter. China consolidated its dominance, accounting for 63% of global orders, while overall shipyard output increased by 6% compared with 2024.
The report notes that progress towards a clear global decarbonisation consensus has stalled, even as investment in green and alternative technologies continues across segments.
Looking ahead, Clarksons Research expects geopolitical risks and policy uncertainty to remain key influences on shipping markets in 2026, alongside evolving fundamentals within individual sectors.
