Second-hand values held steady through the opening week as markets absorbed geopolitical uncertainty and reshaped trading patterns, while newbuilding activity remained muted and demolition demand picked up sharply across recycling centres worldwide.
The tanker secondhand market opened with a significant transaction in the largest segment, a marker of confidence despite macroeconomic headwinds. Two Very Large Crude Carriers, DHT Europe and DHT China, both around 317,700 dwt and built in 2007 at Hyundai Samho, were sold en bloc at $101.6 million. The transaction included a structured time charter at $1.1 million per month with Exxon extending through the first quarter of 2027, indicating confidence in placement for the pair and providing income stability through an uncertain period.
Dry bulk secondhand values showed resilience as first-quarter momentum supported active replacement demand from operators. The Capesize segment saw the 2019-built Seacon Shanghai at 80,811 dwt trade at $26.7 million, a transaction point reflecting active buyer appetite for modern tonnage in the largest dry bulk class despite broader freight rate uncertainty. The trade provided a reference point for the modern Capesize curve at a time when operators continue to evaluate fleet modernisation options.
Demolition sales activity expanded as end-of-life economics came into clearer focus and aging tonnage was repositioned. The 1993-built Bulk Carrier Chang Ming Yang at 99,761 dwt sold for $380 per light displacement tonne into China, a representative price for vessels of that age and size in the current market. A second Bulk Carrier, Rui Tiger at 70,136 dwt from 1995, was reported without a disclosed price, suggesting either confidential terms or a deal still pending final confirmation. The General Cargo vessel Gold Origin at 8,300 dwt and built in 2005 transacted at $330 per LDT, reflecting the softer pricing typical for smaller general cargo tonnage in the demo market.
Price variance across recycling jurisdictions reflected both the underlying commodity value of scrap steel and the day-to-day availability of purchase tonnage at each location. Higher pricing in Bangladesh relative to Pakistan and Turkey suggested stronger buyer competition at South Asian facilities and better market access. Turkish scrapyard weakness late in the week indicated temporary softening in Turkish demand for tonnage, likely reflecting inventory management following earlier strong activity. The week demonstrated that demo pricing remains responsive to local supply and demand dynamics at each recycling centre.
