We present an optimized Floyd-Warshall (Floyd-Warshall) algorithm that computes the All-pairs shortest path (APSP) for GPU accelerated clusters. The Floyd-Warshall algorithm due to its structural similarities to matrix-multiplication is well suited for highly parallel GPU architectures. To achieve high parallel efficiency, we address two key algorithmic challenges: reducing high communication overhead and addressing limited GPU memory. To reduce high communication costs, we redesign the parallel (a) to expose more parallelism, (b) aggressively overlap communication and computation with pipelined and asynchronous scheduling of operations, and (c) tailored MPI-collective. To cope with limited GPU memory, we employ an offload model, where the data resides on the host and is transferred to GPU on-demand. The proposed optimizations are supported with detailed performance models for tuning. Our optimized parallel Floyd-Warshall implementation is up to 5x faster than a strong baseline and achieves 8.1 PetaFLOPS/sec on 256~nodes of the Summit supercomputer at Oak Ridge National Laboratory. This performance represents 70% of the theoretical peak and 80% parallel efficiency. The offload algorithm can handle 2.5x larger graphs with a 20% increase in overall running time.