Secondhand transactions in the bulk carrier and tanker markets fell by nearly 20% in Q1 2025, with middle-aged and older vessels dominating sales
Xclusiv Shipbrokers research analysts Dimitris Roumeliotis and Eirini Diamantara told Riviera a total of 293 bulk carriers and tankers changed ownership between January and March 2025, compared with 364 vessels during the same period last year.
Bulk carrier sale and purchase (S&P) activity declined by approximately 18% to 196 vessels, down from 238 in Q1 2024. Meanwhile, tanker transactions dropped by 23%, with 97 vessels changing hands compared with 126 last year.
Both markets started the year sluggishly but saw a gradual rise in activity, peaking in March. In the dry bulk sector, transactions increased from 56 vessels in January to 70 in March. Similarly, the tanker market saw an uptick from 20 S&P deals in January to 39 in March.
Market sources suggest geopolitical uncertainties continue to be the main factor behind shipowners’ cautious approach to shipping investments. The proposed US port fee on Chinese-built vessels has added complexity to market sentiment, with early indications of a shift in vessel preferences based on origin. There is growing interest in Japanese and South Korean-built tonnage, but it remains uncertain whether this trend will evolve into a stable development, potentially leading to a two-tier market.
Dry bulk market trends
In the bulk carrier sector, Handysize, Supramax and Panamax vessels led the S&P activity, with 50, 38 and 36 transactions, respectively. Notably, the Panamax segment, along with small bulk carriers, was the only category to see gains compared with Q1 2024. In contrast, Capesize S&P activity plummeted, with just 16 vessels sold, half of the 32 recorded last year.
When analysing vessel age, ships aged 11-15 years were the most sought-after, accounting for 45% (89 vessels) of total sales. Ships aged 16-20 years followed, representing 25% (48 vessels). Meanwhile, vintage vessels aged 21-25 years made up 15% of transactions, and modern tonnage (0-10 years old) accounted for just 12%. This is a notable shift from last year when younger bulk carriers held a 24% market share, while vintage tonnage accounted for only 7%.
Interestingly, seven vessels over 26 years old changed hands in Q1 2025, reflecting the prolonged operational lifespan of older assets.
