Bulker and tanker S&P activity hits five-year highs in January 

Greece’s Xclusiv Shipbrokers noted in its latest weekly report that last month was the most active January in the past five years for both markets. The broker recorded 71 bulk carriers changing hands, compared with 52 in January 2025, while 87 tankers were sold versus just 20 a year ago.

In the dry bulk segment, Supramax/Ultramax vessels led transactions, accounting for 38% of all deals, while VLCCs dominated the tanker sector, with an almost 43% share.

Analysts highlighted that deals accelerated despite high secondhand prices. Bulk carrier asset values have risen to 25% year-on-year across all sizes and ages, while tankers have seen gains of up to 43%.

“Strong secondhand levels don’t stop deals when the alternatives are worse,” Xclusiv commented. “Replacement costs remain elevated, shipyard slots are still constrained, and many owners prefer to lock in optionality immediately by buying trading tonnage rather than facing long delivery times,” the broker added.

On the selling side, strong spot and time charter earnings, combined with firmer forward sentiment, “create the perfect moment to crystallise returns, especially for assets that have rerated,” Xclusiv noted.

Positive market momentum

Meanwhile, the market environment has remained supportive. 

The dry bulk market usually begins the year with a few optimistic fixtures before weakening later in January, but this year it has held firm.

According to Xclusiv Shipbrokers, the Capesize spot market ended January around 15% higher than it started, while Panamaxes posted gains of 36%. Smaller segments were mixed: Supramax bulk carriers remained essentially flat, while Handysize vessels recorded a 10% decline.

On a January average basis, 2026 is running materially above 2025 across all sizes: roughly +111% in Capesize, +65% in Panamax, +45% in Supramax, and +32% in Handysize vessels.

In the tanker market, the VLCC spot market saw significant strength, roughly doubling over the month (+104%), while Aframaxes climbed about 86% and Suezmax tankers rose 24%.

“Sanctions, longer routeing, and fleet availability are keeping tanker earnings supported into 2026,” Xclusiv explained.

Macro trends are also underpinning market momentum. January Baltic data points to an improving freight tone in both dry and tanker markets, with crude segments jumping and parts of the clean market holding firm.