Suezmax and LR2 values firmed on the back of continued disruption to Middle Eastern trade flows, while dry bulk S&P activity was broad-based across all size classes and demolition markets held steady with thin reported volume.
Suezmax transactions provided the headline data points this week. Teekay Corp committed the “Baker Spirit” (156,929 dwt, 2009, Jiangsu, China) to Greek buyers at $53 million, a level well above the $42.5 million achieved by the same owner for the “Dilong Spirit” (159,000 dwt, 2009, Bohai, China) in January. A scrubber-fitted Suezmax, the “Gladiator” (149,944 dwt, 2008, Universal, Japan), changed hands at $65 million to undisclosed buyers. At the resale end, the 2026-built pair “Advantage Summit” and “Bhanu 1” (158,000 dwt each, Hyundai Heavy Industries, South Korea) was acquired by Greek buyers at $108.5 million each.
In the LR2 segment, TORM committed the scrubber-fitted “Torm Ganga” (119,950 dwt, 2010, Hyundai Samho, Korea) to Chinese interests at $53 million. The differential relative to the $34 million paid for the same vessel’s sister in September 2025 reflects the sustained tightening in LR2 availability following the migration of coated tonnage into dirty trades. An Aframax, the “Southern Reverence” (108,534 dwt, 2018, Japan), was committed at $75 million.
On the MR front, the “Antalya” (49,999 dwt, 2016, SPP, Korea) traded to Turkish buyers at $40 million. In the older MR2 space, the Ice Class 1B “Cers” (51,371 dwt, 2006, Shina, Korea) was sold at $14.5 million, and “Wonder Mimosa” (37,620 dwt, 2006, Hyundai Mipo, Korea) was committed at $12.8 million. An en-bloc pair of 2027-built MR2 newbuilding resales, “Horizon Andros” and “Horizon Syros” (50,000 dwt each, Zhoushan Changkong, China), was sold for $50 million each.
In newbuilding, Mercuria placed two scrubber-fitted VLCCs of 307,000 dwt at Dalian Shipbuilding at $123 million each for 2029 delivery, and Beacon Tankers contracted four Suezmax vessels of 158,000 dwt at Hengli at $83 million each, scrubber fitted, also for 2029. Ardmore Shipping ordered two 40,500 dwt MR tankers at Wuhu Shipyard at $44.9 million each, while Thenamaris placed four 50,000 dwt MR tankers at Hyundai Mipo at $53 million each, all scrubber fitted, for 2027–2028 delivery.
Kamsarmax activity was the most prominent feature of the dry bulk S&P market. Middle Eastern buyers acquired the 2023-built pair “Seacon Nola” (85,611 dwt, Huangpu Wenchong, China) and “Seacon Hamburg” (85,505 dwt, Huangpu Wenchong, China) en-bloc for $72.7 million. The “Sirocco” (82,000 dwt, 2014, Sainty, China) was committed at around $20 million, compared with the excess $17 million achieved for 2013-built sister vessels earlier in the year. “Mandy Morn” (82,612 dwt, 2008, Tsuneishi Zhoushan, China) was acquired by Chinese buyers at region $14 million, and the “Avalon” (81,565 dwt, 2011, Sungdong, South Korea) changed hands at high $17 million.
In the Capesize sector, the “Bulk Joyance” (175,636 dwt, 2012, Jinhai, China) was sold for $33 million. Post-Panamax activity included the “Lestari Manjung” (93,200 dwt, 2011, Jiangsu, China) at $14 million and the geared “Ocean Fairy” (87,328 dwt, 2010, HudongZhonghua, China) at $16.5 million.
The Supramax and Ultramax segments saw several transactions across a wide age spread. The “Astra Perseus” (58,518 dwt, 2012, China) was reported sold to Union Commercial Inc. for $17 million. The modern 2021-built “Dominator” (63,652 dwt, Shin Kasado, Japan) achieved $38 million, while the sister pair “Bulk Colombia” and “Ecuador L” (57,937 dwt each, 2011, Tsuneishi Cebu, Philippines) were committed at mid-high $16 million each. The Japanese-built “Sea Credence” (55,640 dwt, 2010, Mitsui, Japan) traded to Chinese buyers at $16 million. Older tonnage cleared at lower levels, with “Jalma Topic” (51,966 dwt, 2006, Tsuneishi Cebu, Philippines) sold at excess $12 million and the 2001-built “Meraklis” (50,296 dwt, Mitsui, Japan) at $6.3 million.
Modern Handysize tonnage continued to attract firm pricing. “Amateras Harmony” (37,130 dwt, 2021, Saiki, Japan) achieved high $29 million, and “Brave Star” (38,241 dwt, 2019, Kanda, Japan) was committed at $28.5 million on a bareboat hire-purchase basis with a three-year option. The Ice Class 1C “Interlink Fortuity” (40,083 dwt, 2017, Taizhou, China) was sold for $21.7 million.
In newbuilding, Neda Maritime ordered two 182,000 dwt Newcastlemax vessels at Hengli for $76 million each for 2027 delivery against long-term charters. Capital Maritime contracted four scrubber-fitted 181,000 dwt Capesize units at Hengli for 2029 delivery, and Reederei Nord placed two plus two 211,000 dwt Capesize vessels at Wuhu Shipyard. Mercuria contracted four 82,000 dwt Kamsarmax newbuildings at Wuhu at $37 million each for 2028 delivery.
Demolition markets held broadly steady during the week with subdued reported volume. Bangladesh maintained its position as the most competitive recycling market, with indicative rates for tanker tonnage at $470–480 per ldt at Chattogram and $460–470 per ldt for dry bulk. Pakistan quoted tankers at $430–440 per ldt and bulk carriers at $420–430 per ldt. Indian yards at Alang offered $415–430 per ldt for tankers and $400–420 per ldt for bulk carriers. Rates in Aliaga, Turkey, remained the lowest in the basin at $285–310 per ldt across vessel types.
Reported transactions were limited. The bulker “Jenny Lucky” (7,176 ldt, 1992) was delivered to Gadani at $460 per ldt, and the LPG carrier “Gas Crusader” (1,526 ldt, 1996, Denmark) was delivered to Chattogram at $550 per ldt. Five older tankers were sent to South Asian yards with price terms undisclosed. Indian recyclers continued to face constraints from an unfavourable rupee exchange rate, and the approaching monsoon season has begun to slow beaching operations at Chattogram.
