Tanker Market Heats Up as Ship Owners Place New Orders and Existing Vessels Change Hands
The past week saw a surge in activity for the tanker sector of the shipping industry. Shipbroker Banchero Costa reported that tankers were the most in-demand category for new ship construction, with Greek ship owners leading the charge.
New Ship Orders
- Cardiff Ship Management placed an order with Jiangsu New Hantong for two Suezmax tankers, each with a deadweight tonnage (dwt) of 157,000. These vessels are expected for delivery in late 2026 and 2027, with a price tag of $83 million each.
- Tsakos ordered a 154,000 dwt shuttle tanker from Samsung, scheduled for delivery in August 2026.
- Polembros added a third Suezmax to their existing order with New Times for delivery in June 2024. This vessel will be unique, featuring dual-fuel capability for Liquefied Natural Gas (LNG) and equipped with a scrubber to reduce emissions.
- Latsco secured four LR2 tankers from Hyundai Vietnam, with deliveries spread between 2026 and 2027. These conventionally fueled tankers will also have scrubbers and are priced at $69.6 million each.
- Chemnav exercised an option for a 50,000 dwt MR2 tanker at K Shipbuilding, bringing their total order with the Korean yard to three. This LNG and methanol-ready vessel with a scrubber will cost approximately $47.8 million.
Existing Ship Sales
The secondhand market also witnessed significant activity, with several notable transactions:
- Chinese buyers acquired the Capesize “Castillo De Catoira” (174,000 dwt, built-in 2005) for a high price of $16 million.
- Safe Bulkers sold the Post-Panamax “Panayiota K” (92,000 dwt, built-in 2010) for $20.45 million, with delivery scheduled for April 2024.
- Other sales by Safe Bulkers include the scrubber-fitted Kamsarmax “Sanko Hawking” (83,000 dwt, built-in 2021) for $41.5 million and the Panamax “Paraskevi 2” (75,000 dwt, built-in 2011) for $20.3 million to Greek buyers, with delivery in July 2024.
- Greek buyers also purchased the Supramax “Aulac Vanguard” (56,000 dwt, built-in 2012) for a high price of $18 million.
Transactions across various ship sizes were reported:
- On the Supramax sector, the “Gant Muse” (56,000 dwt, built-in 2004) changed hands for $11.4 million.
- In the Handysize sector, European buyers acquired the “Western London” (39,000 dwt, built-in 2015) for around $19 million, while “Western Panama” (sister ship, built-in 2015) went to Vega Bulk buyers for $18.5 million. The “Rin Treasure” (28,000 dwt, built-in 2009) also found new owners for approximately $9 million.
Rising Prices in the Dry Market
Banchero Costa noted a firming trend in dry bulk market values, particularly for Capesize vessels, fueled by positive sentiment. Greek owner NGM Energy reportedly sold the “EPIC” (180,000 dwt, built-in 2010) for a rumored $32.5 million, exceeding the price of its sister ship “SEALINK” with scrubbers, which sold for $31 million in February.
Other Notable Sales
- Target Marine, a Greek owner, reportedly sold the “Andros Island” and “Syros Island” (both 63,000 dwt, built in 2016) together for $52 million, likely to another Greek buyer.
- Two TESS58 tankers, “Paradise Island” (58,000 dwt, built-in 2014) and “ASL Fortune” (58,000 dwt, built-in 2012), were sold by Japanese owners for $21.9 million and $19.3 million, respectively.
- Swire Bulk, a Singaporean owner, reportedly sold the sisterships “Liangchow” and “
Cardiff Ship Management secured an order for two 157,000 deadweight tonnage (dwt) Suezmax tankers from Jiangsu New Hantong, with deliveries scheduled to commence by the end of 2026 and 2027. Tsakos also made a notable move by placing an order for a 154,000 dwt shuttle tanker at Samsung, slated for delivery in August 2026. Polembros expanded its fleet with the addition of a third Suezmax vessel, which will be dual fuel LNG and scrubber fitted, ordered from New Times for delivery in June 2024. Latsco invested in four LR2 tankers at Hyundai Vietnam, set to be delivered between 2026 and 2027, with vessels conventionally fueled, scrubber fitted, and priced at $69.6 million each. Chemnav exercised an option for a 50,000 dwt MR2 tanker at K Shipbuilding, bringing the total number of vessels on order at the Korean yard to three. The vessel will be dual fuel LNG and methanol ready, scrubber fitted, with a reported price of $47.8 million.
In a separate development, shipbroker Xclusiv provided insights into the Sales and Purchase (S&P) market. Chinese buyers acquired the Capesize vessel “Castillo De Catoira” for a significant sum of over USD 16 million. Safe Bulkers announced the sale of the Post-Panamax vessel “Panayiota K” for USD 20.45 million, with delivery expected in April 2024. The scrubber-fitted Kamsarmax vessel “Sanko Hawking” was sold for USD 41.5 million. Safe Bulkers also offloaded the Panamax vessel “Paraskevi 2” to Greek buyers for USD 20.3 million, with delivery scheduled for July 2024. Greek buyers were also active in acquiring the Supramax vessel “Aulac Vanguard” for over USD 18 million. In the Supramax sector, the vessel “Gant Muse” changed hands for USD 11.4 million. Additionally, transactions in the Handysize sector included the sale of the vessels “Western London” and “Western Panama” for USD 19 million and USD 18.5 million, respectively, to European and Vega Bulk buyers. The “Rin Treasure” found new owners for around USD 9 million.
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