Tanker and bulker S&P hits US$11.5Bn in one of the most active Q1s on record

In its latest weekly report, Xclusiv Shipbrokers described Q1 2026 as one of the most active S&P periods in recent memory. A total of 351 tankers and bulk carriers changed hands, representing an aggregate value of approximately US$11.5Bn.

“Activity was heavily front-loaded into January, which alone accounted for nearly 40% of total volume. This reflects a wave of positioning decisions as the new year opened against an already elevated geopolitical backdrop,” Xclusiv analysts noted.

In the tanker market, VLCCs unsurprisingly dominated activity, largely driven by the aggressive expansion of Sinokor and MSC. This VLCC trend was also evident in the newbuilding sector during Q1.

Xclusiv Shipbrokers reported that 164 tankers were sold for a combined value of roughly US$7.8Bn. Among these, 52 VLCCs changed ownership at an average price of US$81M, with modern vessels achieving notable premiums.

Analysts highlighted that units built between 2021 and 2022 were fetching approximately US$125-130M, “reaffirming that scrubber-fitted, eco-design vessels continue to command a premium even as earnings have moderated from recent peaks.”

Meanwhile, older vessels built between 2007 and 2010 were sold in the US$51-70M range, with buyers becoming increasingly selective regarding age and specifications.

Strong activity across all segments

Similarly high valuations were observed in the Suezmax segment, where 19 vessels were reported sold at an average price of US$63M. Newbuilding resales approached US$100M, while older tonnage (2005-2006-built) traded between US$25-40M, with shadow fleet owners remaining active buyers.

In the Aframax/LR2 segment, Xclusiv recorded 18 transactions at an average of US$49M. One standout deal involved the sale of three LR2 tankers built between 2023 and 2024 at around US$84M each, reflecting the tight supply of modern LR2 tonnage and sustained charterer demand on key East of Suez routes.

In smaller sizes, MR2 tankers were actively traded, with 38 units changing hands. Average prices rose from approximately US$19M in January to just over US$30M 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 companies.

Handysize lead dry bulk activity

Bulk carriers also saw strong demand in the secondhand market, with Xclusiv recording 187 vessels sold for a total of approximately US$3.7Bn.

Handysize vessels led in deal volume, with 40 units changing hands at an average price of US$14M. Supramaxes followed closely, with 39 vessels sold at an average of US$12M.

Younger Ultramax vessels were traded at an average of US$29M across 27 transactions. Fuel-efficient tonnage attracted the strongest interest, with vessels sold averaging just 5.9 years in age.

Larger Kamsarmax bulk carriers averaged US$21M, although modern units consistently exceeded US$30M. 28 Kamsarmax vessels were sold during the period.

In the largest segment, Xclusiv recorded 19 Capesize transactions at an average price of US$29M, with vessels averaging 17 years of age. Additionally, four Newcastlemax vessels changed hands, including a 2006-built unit sold for US$26M and a 2021-built vessel for US$76M – illustrating the age premium at its most pronounced.

According to Xclusiv data, Greek shipowners were also the leading sellers in the dry bulk segment, accounting for 44 transactions, “underlining their continued role as the market’s primary liquidity providers across both sectors.”