Tanker S&P: A Tale of Two Markets
The tanker Sale & Purchase market during September and October 2026 reveals an interesting divergence between vessels offered for sale and those actually changing hands, highlighting differences in investment appetite across vessel segments, age groups and shipbuilding countries.
Based on our data of tankers above 10,000 DWT, a total of 371 vessels were advised for sale during the two-month period, compared to 146 recorded transactions.
Although these figures do not represent a direct conversion rate between listings and sales, they provide valuable insight into the composition of supply and actual buying activity.
Looking at vessel segments, the contrast becomes particularly evident in the larger crude tanker categories. A total of 22 VLCCs and 28 Suezmaxes changed hands, compared to just 13 and 16 vessels respectively appearing in the for-sale dataset. Combined, these two segments accounted for 34% of all transactions but less than 8% of for sale available tonnage. Meanwhile, the MR2 segment recorded 42 sales against 125 vessels offered for sale, while smaller tankers accounted for another 167 listings but only 20 transactions.
This divergence suggests that buying activity is disproportionately concentrated in larger tankers, potentially reflecting stronger earnings expectations and investor confidence in crude transportation.
The age profile reveals another important distinction. Vessels aged 16–20 years dominate the for-sale market of the last 2 months, with 175 units, representing 47% of available tonnage, followed by 100 vessels aged 21 years and above, accounting for another 27%. Together, these categories represent 74% of advertised vessels, compared to 55% of completed transactions. Conversely, vessels aged 11–15 years represented 23% of sales against just 13% of listings,
while the 6–10-year category accounted for 8% of transactions but only 3% of supply. Additionally, five resale transactions were recorded, matching the number of resales for sale. These differences suggest that owners are increasingly seeking opportunities to dispose of ageing assets, while buyers demonstrate comparatively greater interest in younger tonnage.
Shipbuilding origin adds another dimension to this picture. South Korean-built tankers dominate activity, accounting for 146 advised for sale vessels and 68 transactions, representing approximately 39% and 47% of the respective markets.
Interestingly, 121 Korean-built tankers offered for sale are already over 15 years old, compared to 38 among those sold. Particularly notable is the 11–15-year category, where 23 Korean-built vessels changed hands against 22 units out in the market, underlining the strong presence of this age group in actual transactions.
Chinese-built tankers present a different profile. Of the 118 vessels for sale since 1st of September, 42 were resales or aged up to 10 years, while this group accounted for 24 of the 48 recorded Chinese-built sales. Japan, meanwhile, exhibits a significantly older profile, with 51 of its 56 for sale vessels exceeding 15 years, compared to 17 of its 21 sales.
Overall, the figures suggest a tanker S&P market characterized by selective investment rather than uniform buying appetite. While larger crude tankers attract substantial transactional activity, the considerable availability of ageing tonnage highlights owners' willingness to capitalise on current asset values. The different age profiles across Korean, Chinese and Japanese-built vessels further demonstrate that vessel specifications, age and trading potential remain central to investment decisions. Ultimately, the balance between available tonnage and buyer preferences will be instrumental in shaping secondhand values over the coming months.
Freight Market - Dry
Capesize: The Capesize C5TC average improved by USD 3k/day closing the week at USD 33,917/day. Trip from Continent to F.East is up by 3.1k/day at USD 68,111/day, Transatlantic R/V is higher by 1.7k/day at USD 31,313/day, and Bolivar to Rotterdam is higher by 1k/day at USD 35,192/day, while Transpacific R/V is increased by 3.3k/day at USD 40,155/day. Trip from Tubarao to Rotterdam is increased by 5.4k/day at USD 18,244/day, China -Brazil R/V is higher by 3.5k/day at USD 37,355/ day, and & trip from Saldanha Bay to Qinqdao is increased by 5.4k/day at USD 18,244/day.
Kamsarmax/Panamax: The Kamsarmax P5TC Timecharter average started the week at USD 18,981/day closing with a decline at USD 16,999/ day. Trip from Skaw-Gib to F.East is softer by 3.7k/ day at USD 22,842/day, Pacific R/Vis down by 1.7k/day at USD 19,612/day, while Transatlantic R/V is reduced by 3.5k/day at USD 14,232/day, and Singapore R/V via Atlantic is decreased by 1.k/day at USD 16,378/day.
Ultramax/Supramax: The Ultramax S11TC average closed the week about USD 0.3k/day lower than its opening at USD 23,569/day. The Supramax S10TC average closed the week about 0.3k/day lower than its opening at USD 21,535/day. The Baltic Supramax Asia S3TC average closed the week at USD 23,597/ day. N.China one Australian or Pacific R/V is improved at USD 24,575/day, USG to Skaw Passero is softer by 1.k/day at USD 29,888/day. S.China trip via Indonesia to EC India is down by 0.2k/day at USD 27,729/day, trip from S.China via Indonesia to S.China pays USD 18,047/day, while Med/B.Sea to China/S.Korea is reduced by 0.7k/day at USD 25,671/day.
Handysize: The Handysize HS7TC average closed the week reduced by 0.1k/day at USD 18,255/day. Skaw-Passero trip to Boston-Galveston reduced at USD 14,679/day, Brazil to Cont. pays 0.1k/day less at USD 29,933/day, S.E. Asia trip to Spore/Japan 0.1k/day is firmer at USD 17,888/day, China/ S.Korea/Japan round trip is increased by 0.1k/day at USD 17,975/day, and trip from U.S. Gulf to Cont. is reduced by 1.1k/day at USD 18,557/day, while N.China-S.Korea-Japan trip to S.E.Asia is increased by 0.2k/day at USD 18,675/day .
Freight Market - Wet
VLCC: average T/CE ended the week up by 68k/ day at USD 829,398/day. Middle East Gulf to China trip is up by 56.6k/day at USD 1,351,405/day. West Africa to China trip is up by 95.1k/day at USD 641,064/day and US Gulf to China trip is up by 52.4k/day at USD 495,725/day.
Suezmax: average T/CE closed the week softer by 68.3k/day at USD 570,090/day. West Africa to Continent trip is down by 16.8k/day at USD 387,888/day, Black Sea to Mediterranean is down by 119.8k/day at USD 752,291/day, and Middle East Gulf to Med trip is reduced by 2.2k/day at USD 733,867/day, while trip from Guyana to ARA is reduced by 23.5k/day at USD 393,333/day.
Aframax: average T/CE closed the week lower by 32.9k/day at USD 303,147/day. North Sea to Continent trip is down by 28k/day at USD 457,742/ day, Kuwait to Singapore is down by 24.1k/day at USD 400,807/day, while route from Caribbean to US Gulf trip is down by 8k/day at USD 217,646/ day. Trip from South East Asia to East Coast Australia is down by 28.9k/day at USD 200,166/day & Cross Mediterranean trip is down by 93.8k/day at USD 306,471/day. US Gulf to UK-Continent is reduced by 13.7k/day at USD 212,107/day and the East Coast Mexico to US Gulf trip is down by USD 8.9k/day at USD 241,589/day.
Products: The LR2 route (TC1) Middle East to Japan is this week lower by 30k/day at USD 291,884/ day. Trip from (TC15) Med to Far East has decreased by 14.7k/day at USD 99,649/day and (TC20) AG to UK Continent is down by 5.8k/day at USD 336,121/day. The LR1 route (TC5) from Middle East Gulf to Japan is down by 20.2k/day at USD 211,870/day, while the (TC8) Middle East Gulf to UK-Continent is down by 5.8k/day at USD 336,121/day and the (TC16) Amsterdam to Lome trip is improved at USD /day. The MR Atlantic Basket is increased by 4.2k/day at USD 82,052/day & the MR Pacific Basket earnings are lower by 5.5k/ day at USD 75,871/day. The MR route from Rotterdam to New York (TC2) is softer by 30.k/day at USD 291,884/day, (TC6) Intermed (Algeria to Euro Med) earnings are softer by20.2k/day at USD 211,870/day, (TC14) US Gulf to Continent is down by 1.6k/day at USD 46,788/day, (TC18) US Gulf to Brazil earnings are lower by 0.5k/day at USD 112,859/day, (TC23) Amsterdam to Le Havre is lower by 4.5k/day at USD 78,766/day while Yeosu to Botany Bay (TC22) is softer by 2.9k/day at USD 100,888/day and ARA to West Africa (TC19) is up by 5.8k/day at USD 73,734/day.
Sale & Purchase
Dry S&P Activity:
On the Capesize sector, Chinese buyers acquired the “Ladycharm” - 170K/2008 Daehan for USD 27 mills. Moving down the sizes, the Kamsarmax “Xing Shan” - 79K/2012 Jinhai Heavy was sold for USD 19.74 mills through auction. On the Panamax sector, the “Amoy Sunny” - 77K/2006 Imabari changed hands for USD 13.9 mills to Chinese buyers, while the “Bao Neng 16” - 74K/2001 Daewoo was sold for USD 9.294 mills through auction. On the Ultramax sector, the “Diamond Queen” - 61K/2013 Shin Kasado found new owners for USD 24.8 mills. On the Supramax sector, the “Charade” - 58K/2013 Tsuneishi Cebu was sold for USD 22.6 mills, while clients of ADNOC acquired the “Bahamas L” - 56K/2012 Mitsui for USD 22.25 mills. On the same sector, the “Unity Melody” - 56K/2012 Hyundai Mipo, the “Spar Gemini” - 53K/2007 Chengxi and the “HV Alice” - 52K/2003 Tsuneishi Cebu changed hands for USD 18.5 mills, USD 12.4 mills and region USD 9 mills, respectively. Furthermore, the “Guo Dian 16” - 47K/1997 Oshima was sold for USD 5.2 mills. Finally, on the Handysize sector, the “Bao Shine” - 32K/2013 Nanyang was sold for USD 13 mills.
Sale & Purchase
Tanker S&P Activity:
On the Suezmax sector, the “Fleves” - 159K/2012 Hyundai was sold for USD 110 mills, while the “Advantage Spice” - 157K/2010 Rongsheng changed hands for USD 97.5 mills. Moving down the sizes, Greek buyers acquired the Panamax “Albaro” - 75K/2007 Brodosplit for USD 24.4 mills. On the MR2 sector, the “Great Epsilon” - 49K/2020 New Times found new owners for region USD 49 mills basis delivery January 2027. On the same sector, the “Leon Wisdom” - 50K/2008 Hyundai Mipo and the “LS Neptune” - 51K/2007 SPP changed hands for USD 26.5 mills and USD 20.2 mills, respectively, with the first vessel acquired by clients of Wisdom. Furthermore, the “Ocean Thalia” - 51K/2004 STX, the ice classed “CSC Auspicious” - 46K/2008 Jinling and the “Rose Makis” - 46K/2005 Shin Kurushima were sold for USD 15 mills, USD 22 mills and USD 19 mills, respectively, with the latter basis delivery in Singapore. Finally, on the smaller tanker sector, the “OM Borneo” - 29K/2007 GSI was sold for USD 12 mills, while Chinese buyers acquired the “FG Rotterdam” - 20K/2012 Usuki for USD 24 mills. .
Full report: XCLUSIV SHIPBROKERS INC.