Dry bulk carried the week’s secondhand momentum while tanker sale and purchase activity stayed thin, and newbuilding orders across bulk, tanker and gas segments pointed to sustained fleet renewal appetite among Chinese and Greek owners.
Tanker secondhand activity was limited to a single reported transaction. The LR2/Aframax JAG LOKESH, built 2009 at HHI in South Korea and fitted with a scrubber, changed hands at USD 44.05 million to Y-Knot. The vessel carries coated tanks, a configuration that continues to command a premium in the LR2 bracket given the segment’s exposure to clean product trades. No further crude or product tanker sales were reported this week, a contrast to the steadier flow seen in dry bulk.
Newbuilding contracting told a different story. Pan Ocean ordered two 300,000 dwt VLCCs at CSSC Qingdao Beihai for USD 122.25 million each, delivery scheduled for 2030, with ammonia-ready specification built into the design. Advantage Tankers placed an order for two 158,000 dwt Suezmax tankers at Samsung Heavy Industries in South Korea at USD 88 million each, delivery due 2029, contracted against a long-term charter. A further tanker order for two 50,000 dwt MR units was placed at Qidong Qianyao Heavy Industries in China, with pricing undisclosed and delivery set for 2029.
Gas carrier ordering added to the tanker-adjacent newbuilding tally. Tsakos exercised an option at HD Hyundai in South Korea for a 175,000 cbm LNG carrier priced at USD 254.2 million, delivery due 2029. HMM contracted a 90,000 cbm LPG carrier at the same yard group, with Hyundai Samho named as the specific facility, priced around USD 118.2 million and also due for 2029 delivery. Both orders extend a pattern of Asian owners locking in gas carrier capacity well ahead of an anticipated expansion in LNG and LPG trade volumes later in the decade.
Dry bulk secondhand activity was broad and covered every size segment from Kamsarmax to Handysize. The clearest signal came from the Kamsarmax sector, where the 2024-built SCION MATHILDA, already delivered from Jiangsu New Hantong, sold to Castor Maritime at USD 41.9 million. The comparison with an older sister, the 2023-built ROSTRUM STOIC, sold a week earlier at USD 37.2 million, points to a firming premium for newer tonnage as buyers position for extended trading life. The 2012-built POLYNESIA QUEEN sold in the low USD 20 million range, while the 2009-built C.S. OLIVE and the scrubber-fitted 2007-built AC YOUTH changed hands at USD 17 million and USD 15 million respectively, a spread that reflects the steep discount applied to vessels approaching special survey.
Ultramax activity was equally active. The 2020-built WF ARTEMIS achieved USD 36.5 million, while the 2017-built LIVITA sold to Blue Fleet at USD 30.5 million and the 2011-built HAATO fetched USD 23.5 million from clients of ADNOC. In the Supramax bracket, the 2012-built EVEREST sold at USD 16.5 million, the 2011-built LAGONDA went to ADNOC at USD 18.2 million, and its sister AEGIR SELMER achieved USD 15.9 million. The 2003-built SEA ABIGAIL, the oldest unit reported in the segment, sold in the high USD 8 million range, underlining the steep age discount applied to vessels built before 2010.
Handysize activity remained firm across a wide age range. The scrubber-fitted 2015-built AFRICAN PIPER sold at USD 20 million, the 2014-built TANIA achieved USD 17 million, and the semi-boxed 2013-built ASAHI OCEAN sold to Greek buyers at USD 15 million. The 2014-built LILA TOCHIGI sold to Vietnamese buyers at USD 12.25 million, while the oldest Handysize reported, the 2003-built HTK LUCKY, changed hands at USD 6 million.
Newbuilding contracting in dry bulk was dominated by Chinese owners. Cosco Shipping placed a substantial order across four yards, comprising two 210,000 dwt Newcastlemaxes at Qingdao Beihai and two more at Dalian Shipbuilding, both priced at USD 82 million each, alongside twenty 87,000 dwt Kamsarmaxes split between COSCO Heavy Industry Dalian and Chengxi Shipyard at USD 47 million each, contracted against a twenty-year charter to Huifeng. Polaris ordered two firm and two optional 210,000 dwt bulk carriers at Hengli Shipbuilding for USD 80 million each, tied to a time charter with Vale. Enesel contracted two 181,000 dwt bulk carriers at Hengli for USD 77 million each. AKIJ Resource Group booked four 64,000 dwt Ultramaxes at Nantong Xiangyu at USD 35 million each.
Ship recycling activity was quiet this week, with only two vessels reported sold for scrap. The 1996-built general cargo vessel PINE ARROW, of Polish flag and 12,574 ldt, sold to India at USD 438 per ldt, including 150 tonnes of IFO and 37 tonnes of MGO on board. The 1995-built reefer vessel, also Polish-flagged and carrying 5,685 ldt, sold to India at USD 565 per ldt. Both units originated from the same Stocznia yard in Poland.
The limited volume reflects broader softness across the subcontinent. Indian recycling activity remained under pressure from monsoon conditions and a cautious domestic steel market, which has narrowed the pricing flexibility available to recyclers. Bangladesh held a more cautious tone as well, with buying interest concentrated mainly on small and mid-sized tankers. Pakistan’s market stayed comparatively steady, supported by stable local steel plate levels and a modest flow of dry bulk arrivals, while easing domestic inflation offered some relief to recycler sentiment. Turkish recycling activity remained limited, constrained by the persistent price gap to subcontinent destinations.
