Sinokor’s bloc purchase of four Suezmaxes at $82 million each and a scrubber-fitted VLCC at $78.4 million headlined a busy week for tanker secondhand activity, while dry bulk transacted steadily across multiple size classes and Indian Subcontinent demolition prices held firm.
The most significant secondhand activity in Week 13 centred on a block of four Suezmax vessels acquired by Korean buyers at $82 million per unit: “Aegean Marathon” (158,914 dwt, 2016, Hyundai), “Aegean Vision” (158,871 dwt, 2017, Hyundai), and two 2017-built sisters from Sungdong at 157,540–157,781 dwt, both scrubber fitted. The same buyer also took the scrubber-fitted VLCC “Kondor,” 296,714 dwt built at Shanghai in 2012, at $78.4 million, with drydock due in April. In the MR segment, a 49,999 dwt MR2 built in 2012 at Hyundai Mipo sold for $27.6 million, a 2006-built MR1 of 38,554 dwt went to Indian buyers at $9 million, and a scrubber-fitted ice-class MR1 of 37,515 dwt from 2005 changed hands at $10 million. Secondhand values were broadly flat week on week, with a five-year VLCC assessed at approximately $139 million, a five-year Suezmax at $99.5 million, a five-year Aframax at $73.6 million, and a five-year MR2 at $47 million.
Newbuilding activity was heavy across all tanker size classes. Three 320,000 dwt VLCCs were contracted at Hanwha Ocean in Korea for Greek account at $129 million each for 2029 delivery, and four scrubber-fitted 319,000 dwt VLCCs were placed at Yantai CIMC Raffles in China for Norwegian account at $125 million each for 2028. Two scrubber-fitted 158,000 dwt Suezmax units were ordered at SWS in China for a Greek owner at $83 million each for 2029 delivery, and a single 157,000 dwt Suezmax was contracted at DH Shipbuilding in Korea at $89.5 million for 2029. Six 50,000 dwt MR2 product carriers were split across Hyundai Mipo and Hyundai Vietnam for a Dubai-based owner at $52 million per unit for 2028 delivery. Assessed Korean yard newbuilding prices stood at $129.3 million for a VLCC, $87.9 million for a Suezmax, $75.1 million for an Aframax, and $49.8 million for an MR2.
The Capesize “Frontier Garland,” 181,480 dwt built at Imabari Japan in 2011, sold to Greek buyers at $36.6 million. A 2022-built wide-beam Post-Panamax of 85,035 dwt from CSSC in China changed hands at $33.3 million. On the Kamsarmax sector, “Talimen,” 81,056 dwt built in 2016 at Jiangsu Jinling with drydock due June 2026, sold for $25.6 million, and a 2009-built Panamax of 77,171 dwt built at Oshima in Japan sold to Chinese buyers at $15.1 million. The Ultramax “Jin Rui,” 63,800 dwt built in 2014 at Jiangsu, sold to Chinese interests at $24 million for July–August 2026 delivery. Four Supramax transactions were reported: a 58,107 dwt 2010-built vessel at $16.3 million, a 57,360 dwt 2012-built unit at $14 million, a 55,561 dwt 2009-built vessel at $13.4 million, and a 53,177 dwt 2011-built unit at $13 million. A 35,194 dwt Handysize built in 2013 in South Korea sold for $15.3 million. Dry bulk secondhand values were unchanged week on week, with a five-year Capesize assessed at $69 million, a five-year Kamsarmax at $36.9 million, a five-year Ultramax at $36.6 million, and a five-year Handysize at $29.7 million. Prompt resale assessments stood at $80.6 million for a Capesize, $42.5 million for a Kamsarmax, $41.9 million for an Ultramax, and $35.5 million for a Handysize.
In newbuilding, Norwegian owner Seatankers contracted 4+4 scrubber-fitted 211,000 dwt Capesize vessels at Panjin Dajin in China at $73.5 million each for 2028–2029 delivery. Turkish operator Ciner placed an order for six 63,500 dwt bulk carriers at New Dayang in China at $34 million per unit for 2028–2029, and Chinese owner NASCO was reported behind two further 63,500 dwt bulkers at China Merchants Jinling for 2028 delivery. Assessed Chinese yard newbuilding prices stood at $75 million for a Capesize, $36.5 million for a Kamsarmax, and $34 million for an Ultramax.
Demolition prices across the Indian Subcontinent held firm in Week 13, with Bangladesh strengthening to take the lead over neighbouring markets, supported by an improving domestic political backdrop following the Eid holiday period. Dry bulk vessels were quoted at approximately $380–390 per ldt in India, $410–420 per ldt in Bangladesh, $405–410 per ldt in Pakistan, and $270 per ldt in Turkey. Tanker recycling rates ran marginally higher: approximately $395–410 per ldt in India, $430–445 per ldt in Bangladesh, $415–430 per ldt in Pakistan, and $280 per ldt in Turkey. Reported sales included the 50,379 dwt bulk carrier “Kuljak Arrow,” a 2003-built vessel, sold to Indian breakers at $445 per ldt, and the 172,549 dwt Capesize “Jin Jiang” from 2000, which achieved $433 per ldt to Bangladesh inclusive of 400 tonnes of bunkers. The 43,769 dwt Handymax “Ocean Rosemary,” built in 1996 in South Korea, sold to Bangladeshi breakers at approximately $430–470 per ldt, representing a meaningful increase compared to levels seen at the start of the year. With tanker charter earnings at historically elevated levels and dry bulk sentiment broadly positive, the volume of vessels coming forward for recycling remained limited.
