In 2025, tanker sale and purchase (S&P) activity has shown robust health, with Clarksons Research logging 409 vessels totaling 44.5 million deadweight tons (dwt) and $13.9 billion in value sold so far—a 27% increase in dwt terms over the 2024 run rate, though only 3% higher in dollars amid softer secondhand prices. This resilience signals strong demand for tonnage in a market navigating pricing volatility and regulatory pressures.
Key Drivers in Tanker Transactions
Clarksons’ five-year-old tanker secondhand price index averaged 10% lower in 2025 than 2024, yet ticked up 5% since September, reflecting stabilizing sentiment. VesselsValue data highlights VLCC stability in December, with 20-year-old 310,000 dwt units gaining 7.27% month-on-month to $43.21 million, driven by tight supply of eco-compliant vessels amid IMO regulations tightening sulfur and carbon rules.
- Headline deals: NYK sold the 19-year-old VLCC Towada for $45.7 million.
- Cido Shipping offloaded 14-year-old VLCCs Mermaid Hope and Mercury Hope en bloc for $120 million.
These moves underscore owners locking in values before potential freight softening, as prolonged high rates from geopolitical disruptions in oil trade bolster older asset appeal.
Broadening Trends Across Dry Bulk and Containers
Bulk carrier S&P lags with just 14 deals in early December, despite firm freight and charter rates. Capesize values rose notably, 20-year-old 180,000 dwt ships up 5.42% to $19.06 million, fueled by China’s steel demand and fleet renewal delays.
- NGM Shipping flipped the 14-year-old Japanese-built Pacifist cape for $32 million, bought five years ago for ~$19 million—highlighting lucrative gains.
- NYK Bulkship sold the 2012-built 107,000 dwt NBA Rembrandt to ArcelorMittal Shipping for $18.7 million.
Container S&P ends 2025 cheerfully, per Alphaliner, mirroring a 35% higher charter market versus 2024 averages—despite 45% lower spot rates (Drewry). Global Ship Lease acquired middle-aged 8,568 teu sisters Cypress, Koi, and Lotus A en bloc for $90 million with CMA CGM charter back, betting on sustained e-commerce volumes.
Implications for Global Shipping Outlook
Healthy tanker S&P amid softer prices points to volume-driven optimism, but dollar stagnation warns of overcapacity risks if newbuild deliveries accelerate post-2026. Broader stability in bulker and boxship segments ties to resilient global trade, yet decarbonization mandates could spike compliant tonnage premiums, pressuring non-upgraded fleets. Owners face a balancing act: capitalize now or invest in green tech for long-term viability in an energy-transitioning world.
