BEYOND THE NUMBERS
The tanker secondhand market is telling two very different stories. Owners are bringing ageing vessels to market in substantial numbers, yet buyers are directing their capital towards younger tonnage and larger crude carriers. Between September and October 2026, 371 tankers were reported for sale, against 146 recorded transactions. The disparity is not a measure of failed sales, but it exposes a deeper structural tension: the vessels owners are most willing to sell are not necessarily those investors are most eager to acquire. In a market where asset values, freight expectations and remaining trading life increasingly influence investment decisions, that distinction matters.
The figures compiled by Xclusiv Shipbrokers, Inc. and presented by TheSeaNation reveal a market shaped less by broad-based confidence than by calculated selectivity. VLCCs and Suezmaxes command a disproportionate share of transactions, while older vessels dominate advertised supply. South Korean, Chinese and Japanese-built tankers display markedly different age profiles, adding another layer to the investment equation. The central question is no longer simply how many tankers are changing hands, but which assets buyers believe will retain their commercial relevance and value. That judgement could prove decisive for secondhand prices in the months ahead.
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. According to data compiled by Xclusiv Shipbrokers, Inc., covering 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.
Ageing supply meets selective demand
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 vessels advised for sale 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 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.
The investment divide behind secondhand values
Overall, the figures suggest a tanker S&P market characterised 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.
S&P commentary: weekly transactions
Dry bulk sale & purchase 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.
Tanker sale & purchase 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.