Week 21 produced one of the busier S&P slates of the year: forty named sales across dry bulk and tanker, four Handysize newbuilds en bloc to Norden, a Suezmax resale pair to Teekay, and a quartet of CS-series MR resales sold en bloc with charters attached.
The MR2 segment carried most of the week’s activity. Four 50,000 dwt resales — CS Singapore, CS Houston, CS Fujairah and CS Rotterdam, all built 2026/2027 at Chengxi — were committed en bloc at USD 198 million to Greek interests, with twelve-month time charters attached at USD 21,500–23,800 per day. STI Condotti, the 110,000 dwt LR2 built 2014 at Hyundai Samho, was sold by Scorpio Tankers in excess of USD 70 million, a USD 5 million step up from the USD 65 million paid for sister STI Madison three weeks earlier. d’Amico Tankers committed High Tide, a 51,768 dwt MR built 2012 at Hyundai Mipo, to clients of Precious Shipping at USD 28.45 million. Vintage tonnage moved on softer numbers: Sunny Victory, a 46,803 dwt MR built 2005 at Hyundai Mipo, traded around USD 15–15.5 million, while VS Spirit (34,671 dwt, 2007 Dalian) sold at USD 14 million and VS Leia (38,461 dwt, 2006 GSI) at USD 11 million.
At the larger end, Las Palmas, a 306,000 dwt VLCC resale built 2026 at Hengli with scrubber fitted, was sold to Singapore-based Trafigura at USD 163 million. Twenty-four-year-old VLCC Abie (302,986 dwt, 2002 Samsung, scrubber fitted) was sold by High Strong International at USD 41 million, a discount of roughly USD 30 million to the USD 70 million paid for the seven-year-younger sister Haishen earlier in Q1. Teekay Tankers took two 158,000 dwt Suezmax resales built 2027 at Daehan — Olympic Star and Daehan 5118 — at USD 95 million each.
Newbuilding activity ran heavy in tankers. United Overseas Group ordered six firm plus four optional 319,000 dwt VLCCs at Wison New Energies at USD 125 million each, while Navios MLP placed four firm plus four optional 319,000 dwt VLCCs at Wuhu Nantong at USD 120.5 million each. Spanish owner Ibaizabal contracted two 158,000 dwt Suezmaxes at Hengli at USD 85 million each. Zodiac Maritime declared options on four 157,000 dwt Suezmaxes at Jiangsu New Hantong at USD 80 million each. Thenamaris booked three 113,300 dwt LR2s at Hengli at low USD 73 million each. Pan Ocean of Korea ordered four 300,000 dwt VLCCs at Hanwha Ocean, price undisclosed. Sishi Dingsheng of China ordered two 114,000 dwt crude tankers at Taizhou Kaiun at USD 70 million each for June 2029 delivery.
The week was led by Norden’s en bloc purchase of four 40,547 dwt Handysize newbuilds delivered 2024 at Jiangmen — Clacton, Eastbourne, Margate and Portsmouth — at USD 122 million for the package, or USD 30.5 million per vessel. The Kamsarmax segment saw heavy turnover. Joy (81,096 dwt, 2019 Chengxi) sold at USD 31 million to Chinese buyers. Blumenthal took Nord Polaris (81,791 dwt, 2016 Tsuneishi Cebu) at USD 28.25 million. Safe Bulkers committed Pedhoulas Commander (83,684 dwt, 2008 Sanoyas) at USD 14.7 million, and HC Pioneer (83,476 dwt, 2010 Sanoyas) cleared at USD 17.5 million on an as-is basis. Vintage Kamsarmax/Panamax tonnage moved on single-digit pricing: Kamares (74,444 dwt, 2004 Hudong-Zhonghua) at USD 8.6 million to Chinese interests; The Patron (79,444 dwt, 2010 Jinhai) at USD 13.2 million.
Two Ultramax sister vessels at Sainty — Qian Dao Hu (63,398 dwt, 2017) and Mo Gan Shan (63,326 dwt, 2014) — were sold via online bidding at USD 49.66 million en bloc, USD 24.83 million each. Beltiger (63,025 dwt, 2017 New Times) traded at USD 26.8 million. Huayang Rose and Huayang Lily, both 63,562 dwt 2016-built, were committed en bloc to Chinese buyers at USD 50 million. Among Supramaxes, Desert Victory (57,434 dwt, 2011 Hyundai Mipo) went to Vietnamese buyers at USD 15.4 million, Sety (55,753 dwt, 2010 IHI) to Chinese interests at USD 16.5 million, and Elpida GR (52,579 dwt, 2003 Toyohashi) traded around USD 8 million. MPP Carriers sold Tasan and Captain Ravi, two Ice-Class 1C 38,000 dwt Handysizes built 2009/2010 at Jiangsu, at USD 10 million each, with sister vessel AP Zaton (37,729 dwt, 2010) at USD 11 million. Asahi Ocean (32,085 dwt, 2013 Hakodate) sold at low USD 15 million to Vietnamese buyers.
Dry bulk newbuilding activity skewed toward Chinese yards. Safe Bulkers ordered one 182,000 dwt Newcastlemax and three 82,000 dwt Kamsarmaxes at undisclosed Japanese yards for 2029 delivery. Eurobulk committed two 82,000 dwt Kamsarmaxes with scrubbers at Hengli for USD 36.5–37 million each, 2028 delivery. Shanghai Time ordered two 82,000 dwt Kamsarmaxes plus one 64,000 dwt Supramax at Nantong Xiangyu for USD 37 million and USD 35 million respectively. Alpha Bulkers ordered two 181,000 dwt bulkers at Hengli for 2028 delivery, price undisclosed.
Subcontinent recycling markets held a stable tone heading into the June monsoon, with limited vessel supply absorbing pressure from softer Indian steel plate prices and a firmer US Dollar. Indian recyclers held in the USD 415–460/LDT band for dry tonnage, Bangladeshi yards in the USD 410–474/LDT range, and Pakistan in the USD 425–455/LDT range. Tanker prices ran USD 415–488/LDT across India, Bangladesh and Pakistan. Turkey remained restricted by Lira depreciation at USD 275–305/LDT and continued to focus on EU-regulated tonnage.
Three named sales went through. The tanker Maymei, a 44,936 dwt 1997-built South Korean unit with 9,728 LDT, was sold at USD 510/LDT to Chattogram. The general cargo vessel Grouse Arrow, 11,059 LDT built 1991 in Japan, was sold at USD 460/LDT for delivery to Alang. The 27,824 LDT FPSO Glas Dowr, built 1996 in Japan, was committed as-is Batam for redelivery to Chittagong at an undisclosed price. The Korean general cargo vessel Hanjin 3007 cleared at USD 415/LDT on an as-is South Korea basis. Cash buyer GMS received an OFAC specific license to recycle four US-sanctioned containerships — Yogi, Timon, Rantanplan and Bigli — opening a potential compliant route for sanctioned tonnage from the 1,800-vessel global shadow fleet.
