The global tanker sale and purchase market has seen a notable slowdown in 2025 compared to last year’s robust levels, according to Xclusiv Shipbrokers. Despite the decline in transaction volumes, asset values have remained largely stable since the beginning of the year.
From January to April 2025, only 129 tankers changed hands — a significant drop from the 194 deals recorded during the same period in 2024, representing a 34% decrease.
MR2 and Chemical Tankers See Sharpest Declines
Among the various tanker segments, the medium range two (MR2) and chemical tanker sectors experienced the steepest declines in sales volume, down by 52% and 43%, respectively. The panamax and medium range one (MR1) segments also saw sharp reductions in transactions.
In contrast, the aframax/long range two (LR2) segment maintained steady activity, while the suezmax sector actually saw an uptick in sales — increasing from 11 vessels sold in early 2024 to 17 in the first four months of this year.
The very large crude carrier (VLCC) segment registered a slight decline in sales activity, according to data from Xclusiv Shipbrokers.
Notable Transactions Include High-Profile VLCC Deals
Recent high-value tanker sales include the acquisition of two VLCCs controlled by Shandong Landbridge Group: the Landbridge Glory (IMO: 9828778) and Landbridge Wisdom (IMO: 9828780), both built between 2019 and 2020. Oman’s Asyad Shipping purchased the pair en-bloc for $205 million.
In the medium range segment, Gulf Energy Maritime of Dubai reportedly sold the 15-year-old, 46,600 dwt Gulf Elan (IMO: 9335109) to undisclosed buyers for $16 million. Meanwhile, Japan’s Fuyo Kaiun offloaded its 2007-built MR tanker Tamiat Navigator (IMO: 9422237) for $18 million, also to unidentified purchasers.
Despite the overall dip in trading activity, tanker asset prices have remained relatively firm throughout the year so far. Notably, suezmax values have recently shown signs of strengthening, suggesting potential pockets of demand resilience.
Recycling Activity Rises But Industry Outlook Remains Cautious
According to Lloyd’s List Intelligence, there has been a marked increase in the number of tankers sent to recycling yards in the first four months of 2025. A total of 23 tankers, amounting to approximately 600,000 dwt, were scrapped — a substantial rise from the mere 103,000 dwt recycled in the same period last year.
However, analysts believe a widespread increase in recycling activity across all tanker segments is unlikely.
Shipowners are also facing pressure from falling recycled steel prices, which have been undercut by cheaper new steel exports displaced from the U.S. due to tariffs. This trend has already affected the Indian ship recycling industry, which is grappling with the impact of Chinese steel dumping.
As a result, recycling prices may become less attractive, reducing the financial incentive for owners to scrap older tonnage — unless regulatory changes or commercial obsolescence force their hand.
