Sale and purchase activity in the tanker market has accelerated sharply this year, with Clarksons Research logging 409 vessels totaling 44.5 million deadweight tons and $13.9 billion in value sold so far—a 27% increase in tonnage over the 2024 run rate, though dollar volume rose only 3% due to declining secondhand prices. This divergence reflects persistent demand for tankers despite softer pricing, as owners reposition assets in a market strained by regulatory pressures and supply constraints. The trend underscores broader dynamics in shipping, where tonnage volume signals confidence even as values adjust.
Tankers Lead Resilient S&P Activity
Clarksons’ five-year-old tanker secondhand price index has averaged 10% lower in 2025 than in 2024, yet levels have climbed 5% since September, hinting at stabilization. VesselsValue data for December shows tanker values holding steady across most sectors, with VLCCs posting the strongest gains: 20-year-old 310,000 dwt units rose 7.27% month-on-month from $40.28 million to $43.21 million. This uptick stems from tight availability of compliant vessels, driving buyers toward older tonnage amid demands for eco-friendly fleets under IMO regulations.
Headline deals reinforce the momentum. NYK sold the 19-year-old VLCC Towada for $45.7 million, while Cido Shipping offloaded the 14-year-old sister VLCCs Mermaid Hope and Mercury Hope en bloc for $120 million. Such transactions highlight how owners capitalize on demand for mid-life assets, balancing scrapping cycles and newbuild delays that keep supply in check.
Bulk Carriers Hold Steady Despite Low Volume
Bulker S&P has lagged, with only 14 carriers traded in the first half of December, even as freight markets and time charter rates remain robust. Values stayed stable, but capesize vessels saw notable lifts: 20-year-old 180,000 dwt units gained 5.42% since early December, moving from $18.08 million to $19.06 million per VesselsValue. These shifts reward holders of aging fleets, where operational efficiencies and high freight rates boost appeal.
Notable sales include NGM Shipping’s disposal of the 14-year-old Japanese-built capesize Pacifist for $32 million—a strong gain from its $19 million acquisition five years prior, illustrating opportunistic plays in a segment with favorable economics. NYK Bulkship also sold the 2012-built 107,000 dwt NBA Rembrandt for $18.7 million, reportedly to ArcelorMittal Shipping, following the sistership NBA Rubens’ $15 million sale in September. These moves reflect strategic fleet renewal amid steady demand for dry bulk transport.
Container Market Cheers Firm Prices
Container S&P mirrors charter market strength, which has held at elevated levels all year—35% above 2024’s one-year time charter average—despite a 45% year-over-year drop in global 40ft container rates, per Drewry. Alphaliner notes a cheerful close to 2025, with demand across most sizes and firm prices prevailing.
Global Ship Lease acquired the middle-aged 8,568 teu sister ships Cypress, Koi, and Lotus A en bloc for $90 million, including a time charter back to CMA CGM. This deal exemplifies how stable charter income supports secondary market liquidity, enabling lessors to expand amid trade route resilience and vessel scarcity.
