The shipping markets experienced extraordinary volatility in Week 09, with crude tanker values reaching levels unseen since 2020 and dry bulk activity demonstrating broad strength across all vessel sizes. Geopolitical tensions, structural supply constraints and the migration of restricted tonnage back into mainstream markets created a perfect storm driving both freight rates and asset values to multi-year peaks.
The VLCC secondhand market firmed in Week 09 as geopolitical uncertainty drove buyer demand for compliant modern tonnage. A 300,000 dwt, 2006-built unit achieved USD 51–52 million, reflecting tightening supply of available vessels at this price point. Modern VLCC tonnage continued to command premiums relative to older units, with the gap between 2006-era and post-2010 vessels widening on tighter availability. MR2 secondhand values held firm at USD 44 million for modern 2020-built units, underpinned by consistent cargo demand across product trades. Aframax and LR2 segments recorded steady inquiry, though limited reported transactions during the week constrained price discovery across those sub-segments.
Capesize secondhand values held around USD 26 million for 2006-era tonnage, with older units trading at a discount. Kamsarmax values for 2014-built units reached USD 26.8 million, while older 2008-built Kamsarmaxes traded around USD 13.6 million. Ultramax 2014-built vessels of 63,000 dwt commanded USD 23 million. Supramax tonnage of 55,000 dwt built around 2014 traded at approximately USD 14.5 million. Handysize activity was steady, with 2015-built 40,000 dwt units achieving USD 19.5 million and 34,000 dwt units at USD 18.5 million.
Demolition markets across both tanker and bulk segments demonstrated stability with minimal activity. Indicative South Asian pricing held firm at approximately USD 410/LDT in Bangladesh and Pakistan for both asset classes, with Indian yards slightly lower at USD 390–410/LDT. Turkish yards remained well below regional competition at USD 270–280/LDT. The week saw minimal deal flow, suggesting owner conviction in sustained higher employment levels continues to defer scrap recycling decisions.
