Market Commentary:<\/p>\n
The first quarter of 2026 delivered one of the most active S&P periods in recent memory, with 351 transactions recorded across tankers and dry bulk, representing a combined investment of approximately $11.5 billion. Activity was front-loaded into January, which alone accounted for nearly 40% of total volume, reflecting a wave of positioning decisions as the new year opened against an already elevated geopolitical backdrop.<\/p>\n
The tanker market was the unambiguous headline story, generating 164 transactions worth roughly $7.8 billion \u2014 with VLCCs accounting for a disproportionate share of both deal count and capital deployed. VLCC activity was extraordinary by any measure: 52 vessels changed hands at an average of $81 million, with modern units commanding significant premiums. A landmark package sale in mid-January saw eight 2016-built VLCCs trade at $104.2 million each, a clear benchmark for quality vintage tonnage. At the top end of the market, 2021-2022 built units fetched between $125 million and $130 million, reaffirming that scrubber-fitted, eco-specified vessels continue to command a premium even as earnings have moderated from recent peaks. Older units (2007 to 2010 vintage) cleared in the $51-70 million range, with buyers increasingly discerning on age and specification. Suezmax recorded 19 deals averaging $63.2 million, with newbuilding resales from Greek principals providing notable datapoints at approximately $99-100 million. Two pre-delivery contracts from Cyprus at $80 million each highlighted continued investor appetite for forward positions in this segment. Older 2005-2006 built units moved at $25-40 million, where the shadow fleet remains an active buyer. Aframax\/LR2 produced 18 transactions averaging $49.2 million. The standout was a trio of 2023-2024 built LR2s changing hands at $84 million each, a level that reflects both the tightness in modern LR2 supply and sustained charterer demand on key East of Suez routes. MR2 was the most active mid-size segment with 38 deals, and notably, average prices climbed from $19.1 million in January to $30.3 million by March, driven by a shift toward younger, more competitive tonnage as the quarter progressed. Greek owners were the most active sellers across all tanker classes, accounting for 32 transactions, followed by Singaporean and Bermudan.<\/p>\n
Dry bulk posted 187 transactions totalling approximately $3.7 billion, with March emerging as the strongest month, with 71 deals worth $1.39 billion, suggesting renewed confidence as the quarter closed. Handysize led in deal count with 40 transactions at an average of $14.2 million, while Supramax followed closely with 39 deals averaging $12.4 million, a segment where Greek sellers again dominated, offloading older tonnage averaging 17 years of age. Ultramax was the standout in value terms: 27 vessels traded at an average of $29.3 million against an average age of just 5.9 years, reflecting strong interest in modern, fuel-efficient mid-size bulkers. Kamsarmax produced 28 deals averaging $21.2 million, with modern units (2018-2020 built) consistently clearing above $30 million. Capesize activity was measured at 19 transactions averaging $28.7 million for vessels averaging nearly 17 years, buyers remain price-sensitive in a segment where freight rates have yet to provide sufficient support for aggressive asset acquisitions. Newcastlemax saw just four deals, though the spread, from $26 million for a 2006-built to $76.3 million for a 2021-built, illustrates the age premium at its most acute.<\/p>\n
Greek principals were the dominant sellers in dry bulk as well, accounting for 44 transactions, underlining their continued role as the market’s primary liquidity providers across both segments.<\/p>\n
S&P Activity:<\/p>\n
Dry:<\/p>\n
This week saw a firm flow of activity across the Kamsarmax, Panamax and handysize segments, with a notable volume of modern and vintage units changing hands. On the Kamsarmax sector, the modern vessels \u201cSEACON VANCOUVER\u201d – 85K\/2023 CSSC Huangpu and\u00a0\u201cSEACON OSLO\u201d – 85K\/2023 CSSC Huangpu were both sold for USD 36 mills each. Greek buyers acquired the \u201cJOHN M CARRAS\u201d – 82K\/2012 Daewoo for USD 18.2 mills, while the \u201cDIAMANTINA\u201d – 82K\/2010 Tsuneishi Zhoushan achieved USD 19 mills. In the Panamax sector, the\u00a0\u201cN AMALTHIA\u201d – 75K\/2006 Universal was sold for USD 10.3 mills, while Chinese buyers acquired the \u201cTAILWINDS\u201d – 73K\/2004 Jiangnan Shipyard for USD 8.5 mills. The Supramax \u201cAQUAVITA BAY\u201d – 55K\/2014 JMU was sold for excess USD 20 mills, while the 3-year older \u201cPLATON\u201d – 58K\/2011 SPP was sold for USD 15.4 mills. The Handysize segment continued to attract strong interest. Nova Marine acquired the logs fitted and Open Hatch \u201cBERGE HALLASAN\u201d – 38K\/2016 Naikai for USD 21.3 mills basis purchase option declaration. The \u201cNANAIMO BAY\u201d – 34K\/2016 Namura was sold for excess USD 19 mills. Further deals include the logger \u201cSTAMFORD PIONEER\u201d – 32K\/2012 Taizhou Maple at USD 8.5 mills, while the ice-classed loggers \u201cCOSCO KUNLUNSHAN\u201d – 32K\/2010 Fujian Mawei and \u201cJIN WANG LING\u201d – 32K\/2010 Guangzhou Huangpu were sold for USD 8.2 mills each. Finally, smaller Handies saw steady demand with the \u201cITHACA PATIENCE\u201d – 28K\/2010 Shimanami achieving high USD 9 mills.<\/p>\n
Tanker:<\/p>\n
This week saw a healthy flow of activity across the suezmax and MR segments. Notably, two Suezmax units, \u201cCAP FELIX\u201d – 159K\/2008 Samsung and \u201cSIENNA\u201d – 150K\/2007 Universal were sold enbloc for a combined price of USD 95 mills. In the LR1 \u201cPM MONARCH\u201d – 77K\/2007 Dalian achieved USD 20 mills. On the MR2 sector, activity was led by modern scrubber fitted tonnage, with the sister vessels \u201cSTI BLACK HAWK\u201d – 50K\/2015 HMD and \u201cSTI BROOKLYN\u201d – 50K\/2015 SPP both sold for USD 35 mills each, with delivery expected in Q2 2026. Finally, in the smaller sizes, the ice class II \u201cRINELLA M\u201d – 40K\/2006 Santierul Naval was sold for USD 13.5 mills, while the \u201cYC AZALEA\u201d – 20K\/2004 Shin Kurushima changed hands for USD 10.75 mills.<\/p>\n","protected":false},"excerpt":{"rendered":"
Market Commentary: The first quarter of 2026 delivered one of the most active S&P periods […]<\/p>\n","protected":false},"author":23,"featured_media":273912,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[273,298],"tags":[307],"class_list":["post-275657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritimes-news","category-seagoing-maritimes-news","tag-featured-en"],"yoast_head":"\n