Two Newcastlemax bulk carriers sold en bloc at excess $90 million each in Week 16, while tanker secondhand activity was led by a VLCC sale at approximately $59 million and four LR1 transactions, and Indian Subcontinent demolition prices firmed further with Bangladesh approaching $500 per ldt ahead of the monsoon season.
The VLCC “Kasagisan” (302,478 dwt, 2006, Mitsui Japan) sold to Chinese buyers at approximately $59 million on an as-is basis within the Arabian Gulf to Japan range. The scrubber-fitted Suezmax “Stena Surprise” (158,491 dwt, 2012, Sungdong Korea) was confirmed sold to Greek interests at around $61 million. The scrubber-fitted Aframax “P. Aliki” (105,304 dwt, 2010, Hyundai Korea) sold to Singapore-based interests connected to Trafigura at $42.65 million for third-quarter 2026 delivery. Four LR1 tankers changed hands: “PM Imperial” (76,574 dwt, 2007, Dalian China) at $20 million; “Cape Tampa” (73,719 dwt, 2009, New Times China) at approximately $22 million; “Pan Cake” (72,735 dwt, 2006, Dalian China) at $19 million on the basis of freshly passed surveys; and “Ever Victory” (70,426 dwt, 2005, Universal Japan) at $15.5 million. In the MR segment, “Optimal Ace” (49,999 dwt, 2006, Stx Korea) sold at $16.5 million; “Easterly Canyon” (36,677 dwt, 2009, Hyundai Mipo Korea), an IMO 2 product tanker, went to Greek buyers at $19 million; and the scrubber-fitted ice-class 1B “East Coast” (37,515 dwt, 2005, Hyundai Mipo Korea) achieved $11.7 million. The stainless-steel chemical and oil carrier “MTM Shanghai” (19,885 dwt, 2006, Fukuoka Japan) sold to Chinese buyers at excess $14 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 orders were concentrated in VLCCs and Aframaxes. JP Morgan, Advantage Tankers, and Mercuria Energy contracted a combined eight 307,000 dwt VLCCs at Dalian in China at $123 million each for 2028 and 2029 delivery, and YZJ Maritime placed eight 319,000 dwt units at Jiangsu Hantong at the same price for 2028 to 2030. Mercuria contracted two 115,000 dwt Aframaxes at Dalian at $75 million each for 2029, and Yangpu Zhongxin Shipping placed five LNG dual-fuel 114,000 dwt Aframaxes at Yangzhou Ryuwa at $70 million each for 2028 to 2029 delivery. Hainan Cosco Shipping Energy contracted two 74,900 dwt crude tankers at Cosco Qidong at $70 million each for October 2028.
The headline dry bulk transaction in Week 16 was the en bloc sale of the Newcastlemax sisters “RTM Cartier” (205,507 dwt, 2012, HHIC Philippines) and “RTM Zheng He” (205,431 dwt, 2012, HHIC Philippines) to Chinese buyers at excess $90 million each. The Capesize “Lowlands Spirit” (182,820 dwt, 2019, Imabari Japan) sold at $65.5 million. The Post-Panamax “Ohshu Maru” (92,075 dwt, 2011, Namura Japan) went at $16.2 million, and the Panamax “Alexandros Petrakis” (76,596 dwt, 2008, Shin Kasado Japan) sold to Chinese interests at around $13.3 million. Two Ultramax resale vessels, “New Dayang NDY1315” and “New Dayang NDY1316” (each 64,100 dwt, 2027, New Dayang China), changed hands at $36.5 million apiece. The 2016-built “FJ Star” (61,225 dwt, Shin Kurushima Japan) sold at around $26 million, and “Amore” (61,453 dwt, 2012, Shin Kasado Japan) achieved $20.4 million. Three Supramax transactions were reported: “Sunny Royal” (58,772 dwt, 2011, Kawasaki Japan) at $18.5 million; “Honour” (57,050 dwt, 2010, Cosco China) at low to mid $13 million to Chinese interests; and the open-hatch “Phoenix K” (54,881 dwt, 2007, Oshima Japan) at $14 million. In the Handysize segment, “Astro Orion” (37,388 dwt, 2017, Avic China) sold to Greek buyers at $21 million, and the Hyundai Mipo-built sisters “Stradion” (36,863 dwt, 2011, South Korea) and “Dorysia” (36,863 dwt, 2010, South Korea) sold en bloc to Vietnamese interests at approximately $26 million combined. Secondhand values were unchanged week on week, with a five-year Capesize assessed at $70 million, a five-year Kamsarmax at $36.5 million, a five-year Ultramax at $36.5 million, and a five-year Handysize at $29 million.
No new dry bulk newbuilding orders were widely reported in the week.
Demolition prices on the Indian Subcontinent firmed further in Week 16, with Bangladesh the strongest market as recyclers built inventory ahead of the June monsoon season and a persistent shortage of available tonnage underpinned values. Dry bulk vessels were quoted at approximately $400 per ldt in India, $435 per ldt in Bangladesh, $445 per ldt in Pakistan, and $270 per ldt in Turkey. Tanker recycling rates ran higher: approximately $415 per ldt in India, $460 per ldt in Bangladesh, $460 per ldt in Pakistan, and $280 per ldt in Turkey, with prices for larger, attractively sized tonnage approaching $500 per ldt in Bangladesh. Reported sales included the 2004-built gas carrier “Hongkong Energy” (31,341 ldt) sold as-is in Malaysia at $510 per ldt to Bangladeshi breakers, and three woodchip carriers committed en bloc as-is at Hong Gai, Vietnam at $439 per ldt each, with Bangladesh the widely anticipated destination. Three Norwegian-flagged stainless-steel product tankers sold to Indian breakers at prices ranging from $853 to $965 per ldt.
