Dry bulk carried the bulk of second-hand activity this week, tanker sales concentrated in the LR2 segment, and the demolition market stayed range-bound with Bangladesh and Pakistan absorbing most of the tonnage on offer.
Tanker S&P activity was thinner than the dry bulk sector but included two sizeable LR2 sales. The Velos Emerald, a 115,042 dwt unit built in 2008, found buyers at USD 50 million. In the same size bracket, an Aframax/LR2 unit of just under 110,000 dwt and 2009-built changed hands for USD 47.5 million, going to Trafigura. On the VLCC side, the Algeria Prosperity, a 318,445 dwt unit built in 2012, was reported sold to clients of Sinokor, with the price kept undisclosed. A 2021-built unit of nearly 112,000 dwt also changed hands at an undisclosed price. Among the smaller tankers, a 19,861 dwt stainless-steel product carrier built in 2017 sold for USD 30 million, while a small coastal tanker of just over 5,000 dwt was sold through an online auction for USD 1.1 million.
On the newbuilding front, tanker ordering remained active. A South Korean owner contracted a pair of 319,000 dwt ammonia-ready VLCCs at USD 122.3 million each. A Turkish owner booked a pair of 157,000 dwt Suezmax-type tankers at USD 92.3 million each, and a Chinese buyer ordered four 50,000 dwt product tankers at USD 45.7 million each. A Japanese owner separately contracted a pair of methanol-ready 50,000 dwt product tankers, with the contract price undisclosed.
Dry bulk was the most active segment of the week, with sales spread across Capesize, Kamsarmax, Ultramax, Supramax and Handysize tonnage. Two Capesize units of roughly 179,000 dwt changed hands: one built in 2012 sold for USD 37.5 million, and another sold in the same size range for USD 37.0 million. A third Capesize unit, built in 2010, sold for USD 34.5 million. On the Kamsarmax side, the sister vessels Nord Antares and Nord Andromeda, both 82,258 dwt and built in 2022, sold for USD 37.5 million each, while a 2012-built Kamsarmax of 82,113 dwt sold for USD 22.0 million to Greek buyers. A Post-Panamax unit of just under 100,000 dwt, delivered in 2021, sold for USD 36.0 million.
In the Ultramax segment, a 2023-built unit of 66,628 dwt sold for USD 41.6 million, among the highest prices paid for the size this year, while two 2010/2011-built Ultramaxes of around 61,000-62,000 dwt each sold in the low USD 22 million range. Supramax activity included a pair of 55,848 dwt sister vessels built in 2012 sold en bloc at USD 19.0 million each, a 2010-built unit at USD 16.8 million, a 2011-built unit at USD 16.2 million, a 2009-built unit sold to Indian buyers at USD 13.0 million, and a 2008-built unit at USD 11.0 million. On the Panamax side, a 2008-built unit of 75,239 dwt sold for USD 11.7 million.
Handysize tonnage also traded. A 2014-built unit of 37,707 dwt sold for USD 20.1 million, a 2011-built unit of 32,289 dwt sold for USD 9.5 million, and an older 2006-built unit of 28,414 dwt sold to Chinese buyers for USD 6.65 million. A mini-Capesize unit of 114,531 dwt, built in 2012, was sold to Greek buyers with the price undisclosed, and a 57,982 dwt Supramax built in 2010 sold to Vietnamese buyers for USD 16.0 million.
Newbuilding ordering in dry bulk was led by a Chinese owner’s commitment to six 343,000 dwt VLOCs at USD 121.3 million each, entering 25-year time charters to carry Brazilian iron ore to China, with deliveries from March 2029. A separate Chinese owner ordered four 210,000 dwt Newcastlemax bulkers, and a Greek owner contracted three firm plus one optional Newcastlemax of 211,000 dwt at USD 77.5 million each. Handysize newbuilding interest also continued, with two owners separately booking pairs of bulkers in the 26,000 to 42,000 dwt range at prices between USD 33.0 million and USD 35.25 million each.
The demolition market held a steady tone across the sub-continent this week. Bangladesh took the bulk of the tonnage sold, with a general cargo vessel of 3,288 ldt fetching USD 475 per ldt, a tanker of 4,055 ldt sold at USD 495 per ldt, a bulk carrier of 6,301 ldt sold at USD 440 per ldt, and a larger tanker of 16,708 ldt sold at USD 522 per ldt. India took one unit, a chemical tanker of 3,305 ldt, at USD 445 per ldt.
Buying appetite in Bangladesh has firmed as flood-related disruption at Chattogram eases, though compliance screening has tightened following a case in which an arriving tanker was hit with sanctions after clearance but before beaching, leaving recyclers more selective and favouring bulk carriers and clean-history tonnage. Pakistan continues to face a shortage of scrap candidates, keeping local buying appetite firm despite limited tonnage on offer, while reduced scrap flows from Iran add further support. India’s steel plate market firmed on tighter cutting capacity through the monsoon period, and the sector received a notable regulatory boost this week when the European Commission opened public consultation on recommending two Alang yards for inclusion on its approved list of ship recycling facilities, a step that would extend EU-flagged access to the Indian market for the first time. Turkey remained structurally uncompetitive against South Asian buyers, with purchasing rates unchanged and a weakening lira continuing to erode local buying power.
