Freight Market

Tanker

VLCC | Atlantic drove the rebound

VLCC freight improved across the main routes this week. In the Atlantic, TD15 (West Africa/China) rose to WS113 and TD22 (US Gulf/China) was assessed at $14.3m, keeping the West basin firmly higher.

In the Pacific, TD3C (MEG/China) increased to WS112, confirming the rebound into the week’s close.

 

Suezmax | Mediterranean surged

 

Suezmax strengthened in the West, with the Mediterranean posting the largest move. In the Atlantic, TD20 (Nigeria/UK Continent) rose to WS166.11 and TD27 (Guyana/UK Continent) to WS158, pointing to firmer West Africa and Atlantic levels. In the Pacific, TD23 (MEG/Med via Suez) gained to around WS105, while the Mediterranean benchmark TD6 (CPC/Augusta) surged to WS224.

 

Aframax | Atlantic rates climbed

 

Aframax rates climbed sharply in the Americas, with Europe firmer and Pacific exports higher. In the Atlantic, TD26 (EC Mexico/US Gulf) rose to just over WS301 and TD9 (Covenas/US Gulf) to almost WS287, while TD25 (US Gulf/UK Continent) improved to WS250. In the Pacific, TD28 (Vancouver/ China) increased to $2.9m and TD29 (Vancouver/PALP) to WS218, keeping export routes firmer on the week.

 

LR | MEG strengthened

 

LR clean rates climbed again in the MEG, led by gains in both LR2 and LR1. In the Atlantic, TC16 (ARA/West Africa) held around WS150, keeping West of Suez broadly steady. In the Pacific, LR2 TC1 (MEG/Japan) rose to WS216 and TC20 (MEG/UK Continent) improved to $4.7m, while TC15 (Med/East) edged up to $4.4m. LR1 TC5 (MEG/Japan) firmed to WS226 and TC8 (MEG/UK Continent) to $3.6m.

 

MR | MEG jumped

 

MR remained split, with the US Gulf holding strong and the MEG moving sharply higher. In the Atlantic, TC14 (US Gulf/UK Continent) remained firm at WS204, TC21 (US Gulf/Caribbean) stayed at $850,000, and TC2 (ARA/US Atlantic Coast) improved to WS121. In the Pacific, TC17 (MEG/East Africa) rose to WS292, marking a jump in MEG MR levels.

 

Sale & Purchase

Secondhand sales Dry

 

Dry bulk S&P activity this week spanned a wide range of sizes and age profiles, pointing to a healthy and well-functioning transaction market. Buyers remained active across both modern, eco-fitted tonnage and older vessels with fresh surveys, highlighting a pragmatic approach driven by trading flexibility and nearterm earnings visibility.

At the larger end, the VLOC sale of Berge Moldoveanu (208k dwt, 2020, Bohai Shipbuilding Heavy Industry) to South Korean interests at USD 75 million underlined continued appetite for modern, scrubber-fitted units. With SS/DD recently completed, the vessel offers immediate trading optionality, a theme that continues to resonate strongly among buyers in the larger bulk segments.

In the Capesize market, Frontier Kotobuki (175k dwt, 2011, Namura) was transferred to Global Chartering for USD 31.4 million, also following completion of SS/DD. The deal reflects steady demand for mid-aged Capes with known employment profiles, particularly from industrial end-users seeking control over freight exposure rather than pure asset play.

Activity in the Kamsarmax segment highlighted clear price differentiation based on age and specification. Fjeld Svea (82k dwt, 2013, SPP Shipbuilding) achieved USD 20 million from Norwegian buyers, while the slightly older Fjeld Freia (82k dwt, 2011, STX Offshore & Shipbuilding) changed hands at USD 16 million. Together, these sales reinforce the market’s sensitivity to vintage, yard quality, and remaining commercial life, while also confirming that well-maintained, midaged tonnage continues to attract interest.

Further down the size range, the Ultramax segment remained active, with buyers clearly favouring modern designs. Eizabeth M II (64k dwt, 2020, Nantong Xiangyu) confirmed a price level of USD 30.2 million with Chinese buyers following an earlier failed delivery, while the newbuilding Xiang Hang 59 (64k dwt, 2025, Sainty) fetched USD 34 million from Turkish interests. Both vessels are scrubber-fitted, underlining the premium attached to fuel-efficient designs and environmental compliance, particularly in the younger age brackets.

At the smaller end, the Supramax sale of Maria F (53k dwt, 2002, Sanoyas Hishino Meisho) at USD 7.8 million, with DD recently passed, points to steady underlying demand for older units that offer immediate employability. On the candidates front, a growing number of vintage Supramaxes are now emerging as sales candidates, suggesting that some owners are testing the market while values remain supported. This increase in older tonnage availability may offer buyers more choice, though fresh surveys and trading readiness continue to be key differentiators.

 

Sale & Purchase

Secondhand sales Tanker

 

The tanker S&P market remained firmly active this week, with momentum clearly concentrated at the larger end of the spectrum and pricing continuing to surprise on the upside. VLCCs remained firmly in the spotlight, as buyers showed little hesitation in paying up for modern, compliant tonnage, suggesting that confidence in the forward earnings outlook remains well intact.

In the VLCC segment, South Korea’s Sinokor continued its aggressive expansion, adding 6 more units in its fleet. These transactions further underline Sinokor’s clear preference for fuel-efficient, scrubber-fitted tonnage that aligns with tightening environmental and regulatory standards. Market discussions increasingly point to Sinokor building one of the largest VLCC platforms globally, with its owned fleet alone projected to reach around 45 units by late 2025. When factoring in chartered-in exposure, its total VLCC footprint could exceed 80 vessels, highlighting a rapid concentration of capacity among a handful of major players. Should this trajectory materialise, the six largest VLCC owners would collectively control close to 30% of the global fleet, an unprecedented level of ownership concentration for a segment of roughly 900 vessels.

Alongside Sinokor, Trafigura also remained active, securing the modern eco -design Sherical (313k dwt, 2022, Imabari) for a reported USD 130 million. This price once again confirms that modern VLCCs are trading well above historical norms, with recent deals decisively resetting market expectations. Additional VLCC transactions, both modern and older, are also circulating this week, suggesting that last week’s aggressive pricing has not deterred buyers. On the contrary, the Trafigura–Sinokor buying pattern appears intact, with values now clearly detached from pre-rally benchmarks.

The fundamentals continue to do much of the heavy lifting. Crude oil on the water has now hit the highest level seen since the pandemic sustaining tonne-mile, something that owners are clearly factoring into both freight and asset price expectations. At the same time, the gradual tightening around the sanctioned “dark fleet,” especially in the VLCC segment, is increasingly viewed as a tailwind for the compliant market. As non-compliant units are pushed out of trading and sooner or later toward recycling, utilisation for mainstream tonnage is expected to improve.

Moving down the size spectrum, the Suezmax market also demonstrated firm undertones. At the time of writing, the list of interested buyers chasing a limited pool of open candidates is lengthening, leaving sellers in a strong negotiating position and allowing values to hold firm despite vessel age.

In contrast, activity in the smaller segments remained more selective. The sale of Hamburg Star (74k dwt, 2005, New Century) and Samc Swan (9k dwt, 2019, Nantong Tongbao) illustrates that pricing in the smaller sizes continues to be shaped by vessel age, trading flexibility, and regional deployment rather than broader macro optimism. These deals point to a functioning secondary market, where older or niche units still find employment, albeit at more restrained levels.