Vintage tonnage drives tanker S&P amid rising grey fleet demand

BRS Shipbrokers’ latest monthly report shows that tankers over 15 years old accounted for roughly 78% of all secondhand sales between January and October 2025. Analysts said the figures highlight sustained demand for older ships able to operate within, or near, sanctioned trades.

According to BRS, buyers from China, Greece and the UAE have been particularly active. Chinese owners represent around 26% of all secondhand acquisitions, and a similar share of purchases involving vintage vessels over 15 years old. Greek and Emirati buyers each account for around 10% of total sales, with an equivalent proportion involving older tonnage.

In total, BRS recorded 337 tanker transactions in the first 10 months of 2025 – a 22% decline compared with the same period of 2024. “This retreat reflects a mix of factors, such as owners holding onto tonnage amid strong earnings, limited vessel availability and a tightening regulatory landscape that discourages speculative trades,” analysts said.

Growing demand for grey vessels

Grey tonnage continues to play a central role in S&P activity. BRS reported the net number of ships added to the grey fleet has risen by more than 200 units since January, an increase of around 22%.

“This increase in vintage S&P activity reflects the surge in the sanctioning of tankers since the beginning of the year, with many buyers of Russian, Iranian and Venezuelan oil using non-sanctioned tonnage,” analysts noted.

BRS estimates that 262 vessels over 15 years old have changed hands so far this year, including around 130 ships identified as sanctioned.

The share of unidentified buyers has also expanded. So far in 2025, unknown entities account for over 11% of all purchases, compared with 9% in the same period last year. Prior to 2024, their share typically hovered around 1–2%.

Fleet renewal under pressure

BRS said that limited modern tonnage, firm newbuilding prices and ongoing grey-fleet absorption have supported asset values, yet transaction volumes remain subdued and liquidity thin.

“These dynamics are delaying fleet renewal,” analysts warned. “The longer older vessels remain active, the sharper the adjustment could be once freight markets or sanctions shift.”

If sanctions were relaxed or global trade flows normalised, many of these overage units could be pushed toward a sudden wave of scrapping – exposing how unprepared the fleet may be for timely renewal, the report concluded.