Fewer Tanker Sales During the First Quarter
Fewer tankers exchanged hands during the first quarter of 2025. In its latest weekly report, shipbroker Xclusiv said that “the tanker sales market experienced a noticeable decline in overall activity during Q1 2025, with total transactions reducing to 97 vessels compared to 126 vessels sold in Q1 2024. This decline may indicate broader market caution driven by regulatory changes and global economic factors. The MR2 tanker category saw the most pronounced decrease, with sales falling significantly from 36 vessels in Q1 2024 to only 15 vessels in Q1 2025. Despite the general downturn, some vessel categories experienced heightened activity. Aframax/LR2 tanker sales increased modestly from 23 vessels in Q1 2024 to 27 vessels in Q1 2025. Additionally, the Suezmax segment doubled in transactions, rising from 6 vessels to 12 vessels but this doesn’t necessarily highlight a market trend as four out of the 12 were bought by the same buyer. Conversely, transactions for VLCC/ULCC vessels declined from 18 to 12, indicating cautiousness around the largest, most operationally complex ships”.
Source: Xclusiv
According to Xclusiv, “on the buyers’ nationality side, China, traditionally a dominant buyer, reduced its activity significantly, dropping from 23 tanker vessels in Q1 2024 to just 12 in Q1 2025. Similarly, South Korea saw a steep decline from 13 to only 1 vessel. In contrast, Greece maintained strong activity with 11 purchases, only slightly down from 16 previously, sustaining its position as a key player. Countries like the United States, UAE, and Turkey demonstrated steadier performance with marginal variations, while several others—including India, Norway, and Vietnam—entered or re-entered the market with limited transactions. Overall, the data points to a more fragmented and opaque market, with a growing portion of transactions occurring under undisclosed or less traditional countries. From the sellers’ perspective, Greece remained the leading nationality, though its activity slightly dropped from 26 to 23 vessels. Japanese sellers increased their market participation from 3 vessels to 6 vessels, potentially indicating shifts in fleet management strategies among Japanese shipowners. However, South Korea and the United States notably reduced their vessel-selling activities compared to the previous year”.
The shipbroker noted that “tanker sales declined across most age groups in Q1 2025 compared to Q1 2024, with total transactions falling from 126 to 97. The most significant drops were seen in the 6–10 year-old and 11–15 year-old segments, which fell from 21 to 8 and from 35 to 18 sales respectively—indicating reduced interest in relatively newer secondhand tonnage. Sales of vessels aged 0–5 years also declined by over 50%. Interestingly, the 16–20 year-old segment remained steady at 47 ships sold, suggesting continued appetite for older, mid-life vessels. Additionally, demand for tankers over 21 years old nearly doubled, rising from 10 to 18. Regarding the country of built, South Korea remained dominant, though vessel sales dropped substantially from 71 in Q1 2024 to 47 in Q1 2025. Similarly, China-built tanker transactions saw a notable decline from 31 vessels in Q1 2024 to 19 vessels in Q1 2025. This reduction may have been influenced by the USTR’s proposal to impose a port-call tax specifically targeting Chinese-built ships, making these vessels less attractive for buyers who frequently call at U.S. ports. Japan-built tanker transactions increased slightly from 18 to 25 vessels”.
Source: Xclusiv
“In summary, Q1 2025 reflects a cautious and strategic market shift, reflecting reactions to geopolitical and regulatory developments such as potential taxes on certain shipbuilding origins”, Xclusiv concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide
