Multiple fleet disposals drove elevated tanker transaction volumes in week 18, with LR2 and Aframax tonnage trading above benchmark, while dry bulk secondhand pricing remained under pressure across most size classes.
The week’s largest deal was the en-bloc sale of Suezmax tankers Front Ull (156,848 DWT, built 2014) and Front Idun (156,657 DWT, built 2015) from Frontline’s fleet at USD 140 million combined, or USD 70 million per vessel. Both are scrubber-fitted, built at Rongsheng in China, and the buyer was identified as Silk Searoad Maritime, a Greek-affiliated entity. Front Idun traded at benchmark while Front Ull came in modestly above. Baker Spirit (156,929 DWT, built 2009) sold separately at USD 53.5 million, in line with extrapolated levels for an older Suezmax.
Three LR2 tankers from Scorpio Tankers’ fleet, STI Madison, STI Park, and STI Sloane (each 109,999 DWT, built 2014 at Hyundai Samho, South Korea), sold for USD 65 million each. All are scrubber-fitted, and the buyer for STI Madison was Hercules Tanker Management, with the remaining two reported to Greek and undisclosed buyers. All three traded approximately 13% above the assessed benchmark of USD 57.4 million. Aframax pricing followed the same direction: Pusaka Borneo (108,459 DWT, built 2018, Tsuneishi, Japan) sold to Eurotankers for USD 77 million, a 10% premium to benchmark, and Southern Reverence (108,534 DWT, same yard) achieved USD 74.5 million with delivery June to August 2026. Both vessels carry scrubbers.
Three MR tankers from the same Scorpio Tankers portfolio, STI Opera, STI Aqua, and STI Regina (each 49,990 DWT, built 2014, Korea), sold to Turkish operator Besiktas Denizcilik at USD 35 million each, at or marginally above the USD 33.6 million benchmark. Pro Onyx (49,999 DWT, built 2019) sold for USD 40 million with a time charter attached through September 2026. At the larger end, two 2012-built VLCCs, C. Innovator and C. Progress (approximately 314,000 DWT each), sold for USD 60.3 million each, around 25% below the assessed benchmark of USD 80.4 million, reflecting the discount applied to older VLCC tonnage.
On the newbuilding side, Mercuria contracted two 307,000 DWT VLCCs at Dalian for USD 123 million each, delivery 2029, scrubber-fitted. Yangzijiang Maritime ordered four LR2 tankers at USD 75 million each for 2028 to 2029 delivery, and four methanol dual-fuel MR tankers at USD 46 million each for 2027 to 2028.
Capesize and Kamsarmax secondhand activity was characterised by discounts to assessed values. Bulk Joyance (175,636 DWT, built 2012, Jinhai Heavy) sold for USD 33 million, approximately 15% below benchmark. Elway (81,911 DWT, built 2012, Jiangsu Eastern) sold to Blue Seas Shipping for USD 16.2 million, around 26% below the USD 21.8 million assessed value. Sirocco (82,000 DWT, built 2014) traded at approximately USD 20 million, also below its USD 25.4 million benchmark. Pabur (76,167 DWT, built 2012, Ice Class 1C) sold at USD 16.5 million.
Ultramax pricing was firmer. Amis Power (64,012 DWT, built 2018, Tsuneishi Cebu) achieved USD 32.5 million at benchmark, and Amstel Tiger (60,454 DWT, built 2016, Japan) sold for USD 27.8 million, also at benchmark. Supramax results diverged: V Bravo (56,659 DWT, built 2012) sold at USD 14.1 million, approximately 27% below the USD 19.2 million assessed value, while Honcho (56,603 DWT, built 2011) traded at USD 13.4 million, around 21% below benchmark.
Handysize held up more clearly. Brave Star (38,241 DWT, built 2019, Kanda Zosensho) sold for USD 28.5 million on a three-year bareboat hire purchase basis, approximately 9% above the USD 26.2 million benchmark. Amateras Harmony (37,130 DWT, built 2021, Saiki) sold at approximately USD 29.7 million, at benchmark. On the newbuilding side, Mercuria ordered four Kamsarmax vessels at Jiangsu Rongsheng for USD 37 million each with 2028 delivery, and two Newcastlemax vessels at 210,000 DWT were contracted at Qingdao Beihai for H1 2030 at USD 80.5 million each.
Demolition markets held steady with regional differences. In India, indicative levels were USD 400 to 420 per light displacement tonne (LDT) for bulk carriers and USD 420 to 430 per LDT for tankers. Bangladesh quoted tanker rates as high as USD 480 to 490 per LDT, though sluggish steel plate demand and disruption from heavy rainfall limited throughput. Pakistan held at USD 420 to 460 per LDT, with local steel at approximately PKR 188,000 per tonne. Turkey quoted USD 270 to 280 per LDT.
Two Stolt chemical tankers recycled in India attracted elevated per-LDT realizations reflecting their stainless steel construction: Stolt Cedar (36,634 DWT, built 1994, 11,452 LDT) achieved USD 912 per LDT, and Stolt Sea (22,198 DWT, built 1999, 8,045 LDT) fetched USD 853 per LDT. Two older bulk carriers, Hao Hung 66 (34,021 DWT, built 1996) and Hao Hung 01 (21,989 DWT, built 1988), sold as-is in Vietnam at USD 439 per LDT each.
