The tanker sales market experienced a notable downturn in activity during the first quarter of 2025, according to Xclusiv Shipbrokers. The total number of transactions decreased to 97 vessels, a significant drop compared to the 126 vessels sold in the same period of 2024. This decline suggests a growing caution within the market, potentially influenced by ongoing regulatory changes and the prevailing global economic climate.
Shifting Trends
Analysis of tanker sales in the first quarter of 2025 reveals significant shifts in buyer and seller nationalities, as well as preferences for vessel age and country of manufacture compared to the same period in 2024.
Buyer Nationality:
- China, a traditionally dominant buyer, significantly decreased its activity, purchasing only 12 tankers in Q1 2025 compared to 23 in Q1 2024.
- South Korea also saw a sharp decline in purchasing, from 13 ships in Q1 2024 to just one in Q1 2025.
- Greece maintained a strong presence in the market, purchasing 11 vessels, slightly down from 16 in the previous year, retaining its status as a major buyer.
- The United States, the United Arab Emirates, and Turkey demonstrated more stable buying activity with marginal fluctuations.
- India, Norway, and Vietnam entered or re-entered the market with a limited number of transactions.
- Overall, the data suggests a more fragmented and opaque market, with a growing proportion of transactions occurring under unknown or less conventional jurisdictions.
Seller Nationality:
- Greece remained the top seller, although its selling activity decreased slightly from 26 vessels in Q1 2024 to 23 in Q1 2025.
- Japanese sellers increased their market share, selling 6 vessels in Q1 2025 compared to only 3 in Q1 2024, potentially indicating changes in fleet management strategies among Japanese shipowners.
- South Korea and the United States significantly reduced their ship sale activities compared to the previous year.
Vessel Age:
- 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 declines were in the 6-10 year (from 21 to 8 sales) and 11-15 year (from 35 to 18 sales) age categories, indicating reduced interest in relatively younger used vessels.
- Sales of 0-5 year old vessels also fell by more than 50%.
- Interestingly, the 16-20 year age category remained stable with 47 vessels sold, suggesting continued demand for older, mid-aged vessels.
- Demand for tankers over 21 years old almost doubled, increasing from 10 to 18 sales.
Country of Manufacture:
- South Korea remained the dominant country of manufacture for sold tankers, although sales decreased significantly from 71 in Q1 2024 to 47 in Q1 2025.
- Transactions involving Chinese-built tankers also saw a notable decline, from 31 vessels in Q1 2024 to 19 vessels in Q1 2025. This decrease may be attributed to the USTR’s proposal to impose port dues on Chinese-built vessels, potentially making them less attractive to buyers who frequently call at US ports.
- Transactions involving Japanese-built tankers increased slightly, from 18 to 25 vessels.
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Source: NAFS
