Tanker values hold firm but have room for further rises
CRUDE oil tanker and product tanker asset values have firmed of late and remain at historically elevated levels, while analysts suggest that secondhand prices could be well positioned for further growth.
“Tanker values across all vessel types have remained broadly stable, supported by steady earnings and limited availability of quality tonnage — despite some fluctuations in freight levels, sentiment remains firm, with owners showing confidence in the current market fundamentals,” said Xclusiv Shipbrokers analyst Eirini Diamantara.
The third quarter of 2025 proved particularly robust for most tanker segments with the Baltic medium range Atlantic Basket averaging daily rates of $28,747, the highest level since 3Q24. The Baltic MR Pacific Basket reached $23,501 per day — its best performance since 2Q24.
As of late October, rates remain firm with the MR Atlantic at $30,707 per day and the MR Pacific at $21,647 per day.
In the crude tanker segment, the Baltic Suezmax time charter equivalent in the third quarter reached its strongest level since 4Q23, at $48,720 per day, while the Baltic very large crude carrier TCE reached $46,963 per day, marking its highest point in more than five years.
Suezmax rates have since climbed and this week reached $70,424 per day while VLCCs have hit $82,608 per day.
“With asset values holding steady at elevated levels, and earnings showing resilience the market is well-positioned for a potential upward correction towards the end of 2025,” Diamantara told Lloyd’s List.
She noted that limited newbuilding slots, tight secondhand availability, and sustained demand fundamentals could all contribute to renewed appreciation in tanker prices should current trading conditions persist.
Since the beginning of October, the tanker sale and purchase market has been robust with a total of 37 reported deals so far.
“The majority of recent sales involved younger ships, underlining buyers’ strong preference for modern, fuel-efficient tonnage,” said Diamantara.
Some half of sales so far in October have been for ships of 10 years of age or below with demand being especially concentrated on the Aframax/long range two segment.
“Buyers continue to favour modern, eco-design tankers built between 2015 and 2020, as these offer an attractive balance between acquisition cost, fuel efficiency, and immediate trading potential,” noted Diamantara.
Meanwhile, interest in older vessels has persisted in the crude oil tanker segments. “Older Suezmaxes and VLCCs tend to attract buyers operating in less regulated or higher-risk trades, maintaining a steady level of demand for such units,” said Diamantara.
She observes that the tanker sale and purchase market continues to display a two-tier structure with strong competition for modern, efficient units among established owners, and sustained appetite for vintage tonnage from more opportunistic players.
Recent sales in the VLCC segment included the 2016-built sister vessels Landbridge Fortune (IMO: 9727211) and Landbridge Prosperity (IMO: 9727223).
The 308,000 dwt, scrubber-fitted, pair were constructed by China’s Dalian Shipbuilding Industry for Hong Kong’s Landbridge Group and were sold to undisclosed buyers for a reported $85.8m each.
In the suezmax segment, Greek shipowner Metrostar is said by brokers to have sold the four year old sisterships Crude Levante (IMO: 9899363) and Crude Zephyrus (IMO: 9899375). The 157,000 dwt vessels, which were built by New Times Shipbuilding in China, were sold for $78m apiece.
Other recently reported sales included the 2007-built long range one Chemtrans Cancale (IMO: 9372858). The 73,600 dwt vessel was sold by Germany’s Karl-Heinz Kramer to undisclosed buyers for circa $12m.
The outcome of the International Maritime Organization’s Net-Zero Framework discussions last Friday is expected to have a muted but broadly positive effect on the sale and purchase market, believes Diamantara.
“The delay and dilution of regulatory clarity effectively extends the trading horizon for existing tonnage, particularly in the crude and dry bulk sectors, where older and non-eco units had started to feel regulatory pressure,” Diamantara said.
By softening the near-term decarbonisation path, the IMO has given shipowners a degree of relief, especially those with mid-age fleets that remain commercially viable but were increasingly being viewed as “transitional”,
“In practical terms, the absence of binding emission-intensity thresholds or carbon-pricing mechanisms means that asset depreciation linked to environmental compliance risk is postponed or pushed back for at least one year,” she explained.
Diamantara believes this reprieve could stabilise or even lift secondhand values in the short term, as buyers regain confidence that today’s ships will not become prematurely obsolete.
At the same time, uncertainty surrounding the IMO’s eventual regulatory direction appears to be tempering enthusiasm for newbuilding commitments.
“Until the IMO establishes a clear long-term pathway, capital is likely to remain concentrated in the secondhand market, reinforcing liquidity and supporting values across most segments,” she noted.
Diamantara concluded that the lack of a firm NZF outcome last week has effectively “paused the green transition clock” — a pause that, at least for now, appears to favour the secondhand market.
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