Suezmax and LR1 sales headlined tanker secondhand activity in Week 14, while Capesize and Handysize dry bulk values edged higher week on week and demolition prices across the Indian Subcontinent firmed as Bangladeshi yards returned from the Eid holiday period.
The Suezmax sector produced several transactions in Week 14. The 163,292 dwt “Seacross,” built at Hyundai Samho in 2006 with ice class 1B notation, sold to undisclosed interests at $43.5 million. Two further Suezmaxes changed hands en bloc: “Cap Felix” (158,765 dwt, 2008, South Korea) and “Sienna” (149,847 dwt, 2007, Japan) sold for $95 million combined. In the Aframax sector, “Asia Ascend” (115,444 dwt, 2004, Samsung Korea) sold to Chinese buyers at $32 million, and “Talurex” (115,984 dwt, 2011, South Korea) was paired with the LR2 “Solvante” (110,295 dwt, 2009, Japan) in an en bloc sale at $105 million. Three LR1 tankers changed hands: “PM Monarch” (76,543 dwt, 2007, Dalian China) at $20 million, “Shahrazad” (74,999 dwt, 2009, Hyundai Mipo Korea) at low $20 million, and “Sea Raker” (70,426 dwt, 2005, Universal Japan) at $14 million on a delivered basis. In the MR segment, scrubber-fitted sister vessels “STI Black Hawk” and “STI Brooklyn” (each 49,990 dwt, 2015, Hyundai Mipo and Spp Korea respectively) each sold at $35 million, “Jag Prakash” (47,848 dwt, 2007, Stx Korea) achieved $17.5 million on a forward delivery basis, and the ice-class II “Rinella M” (40,441 dwt, 2006, Constanta Romania) sold at $13 million. Benchmark secondhand values were unchanged week on week, with a five-year VLCC assessed at $139.5 million, a five-year Suezmax at $87.5 million, a five-year Aframax at $72 million, and a five-year MR2 at $46.5 million.
Newbuilding activity was substantial, particularly in the VLCC segment. Pan Ocean contracted one 319,000 dwt VLCC at Qingdao Beihai in China at $122 million for 2029 delivery, and Chinese owner CMES placed an order for ten scrubber-fitted 306,000 dwt VLCCs at Dalian for $125 million each, scheduled for 2028–2030 delivery. On the Suezmax side, Yasa Shipping ordered 2+2 vessels of 158,000 dwt at GSI in China for 2028–2029 delivery at an undisclosed price, Swiss Maritime Capital contracted two 157,000 dwt units at DH Shipbuilding in Korea at $90 million each for 2028–2029, and Laskaridis Shipping placed a scrubber-fitted 157,000 dwt Suezmax at the same yard at $89.2 million for 2029. Delia Shipping contracted two 115,000 dwt Aframax tankers at Hyundai Subic in the Philippines at $76 million per unit for 2028–2029 delivery.
Two wide-beam Post-Panamax bulkers sold in the week: “Seacon Vancouver” (85,688 dwt, 2023, Huangpu Wenchong China) and “Seacon Oslo” (85,507 dwt, 2023, Huangpu Wenchong China) each changed hands at $36 million, with deliveries scheduled between July and November 2026. The Kamsarmax sector saw three transactions: “Donghae Star” (82,861 dwt, 2012, Stx Korea) achieved low $17 million, “John M Carras” (82,057 dwt, 2012, Daewoo Korea) sold at $18.2 million to Greek interests, and “Diamantina” (82,139 dwt, 2010, Tsuneishi Zhoushan China) changed hands at around $19 million. On the Panamax side, “Xin Dong Guan 13” (76,116 dwt, 2012, Hudong-Zhonghua China) sold at $15.2 million, and “Tailwinds” (73,624 dwt, 2004, Jiangnan China) went to Chinese buyers at $8.5 million. Four Supramax transactions were reported: “Aquavita Bay” (55,757 dwt, 2014, JMU Japan) at excess $20 million, “XO Copenhagen” (58,107 dwt, 2010, China) at $16.3 million to Chinese buyers, “Platon” (58,502 dwt, 2011, Spp Korea) at $15.4 million, and “Mercury Ocean” (53,452 dwt, 2008, Iwagi Japan) at $13 million to Chinese interests. The Handysize segment was active across a wide range of sizes: “Berge Hallasan” (37,945 dwt, 2016, Naikai Japan), an open-hatch box-shaped design, sold at $21.3 million; “DL Olive” (35,194 dwt, 2013, Spp Korea) at $15.3 million; “Atlantic Spirit” (35,053 dwt, 2013, Nanjing China) at mid-high $12 million; “Taokas Wisdom” (31,943 dwt, 2008, Hakodate Japan) at $10 million; and “Ithaca Patience” (28,349 dwt, 2010, Shimanami Japan) at high $9 million. Secondhand values moved higher for the larger and smaller size classes: a five-year Capesize was assessed at $70 million, up from $68 million the previous week, a five-year Kamsarmax held at $36.5 million, a five-year Ultramax at $36.5 million, and a five-year Handysize at $29 million, up from $27.5 million.
In newbuilding, Chinese owner Erasmus Shipinvest was reported behind a 4+4 order for 82,000 dwt Kamsarmax vessels at Jiangsu New Hantong for 2028 delivery at an undisclosed price.
Demolition prices across the Indian Subcontinent firmed in Week 14, with Bangladesh leading gains as recyclers returned from the Eid holiday with renewed appetite and yard capacity gradually reopened. Dry bulk vessels were quoted at approximately $380–420 per ldt in India, $420–450 per ldt in Bangladesh, $405–430 per ldt in Pakistan, and $270–300 per ldt in Turkey. Tanker recycling rates ran marginally higher: approximately $395–430 per ldt in India, $445–460 per ldt in Bangladesh, $415–440 per ldt in Pakistan, and $280–310 per ldt in Turkey. The 43,769 dwt bulk carrier “Ocean Rosemary,” built in 1996, achieved $470 per ldt to Bangladeshi breakers. Pakistan firmed on the back of tighter domestic scrap supply following a suspension of imports from the Middle East, re-establishing itself as the sub-continent’s second most competitive recycling market. Turkey remained subdued, with lira weakness compressing USD-equivalent steel values and keeping offers largely unchanged despite modest gains in local scrap prices. Vessel availability was limited across all markets, with owners broadly reluctant to commit tonnage at current levels.
