THE tanker sale and purchase market has been considerably quieter this year compared with last year’s levels, but asset prices have remained relatively stable since the beginning of the year.

According to Xclusiv Shipbrokers’ data in the first four months of 2025, a total of 129 tanker sales were recorded, marking a 34% drop from the 194 vessels sold during the corresponding period in 2024.

The medium range two segment and chemical tanker segment saw the steepest declines, which were down 52% and 43% respectively, while the panamax and medium range one segment also registered sharp falls in number of sales.

Conversely, the aframax/long range two segment remained stable while the suezmax segment registered an increase in sales, from 11 sales in the first four months of 2024 to 17 in the corresponding period this year.

The very large crude carrier segment saw a slight fall in sales transactions, Xclusiv Shipbrokers data shows.

“Interest in larger crude carriers remains resilient despite the broader slowdown,” said Xclusiv Shipbrokers Dimitris Roumeliotis. “Overall, the market in early 2025 appears more cautious, with fewer deals and a focus on selective strategic acquisitions.”

Recent tanker sales included the Shandong Landbridge Group-controlled very large crude carriers Landbridge Glory (IMO: 9828778) and Landbridge Wisdom (IMO: 9828780).

Built in 2019 and 2020 respectively, the 307,000 dwt ships were purchased by Oman’s Asyad Shipping for $205m en-bloc.

In the medium range segment, Dubai-based Gulf Energy Maritime is said to have sold the 15-year-old, 46,600 dwt, Gulf Elan (IMO: 9335109) to undisclosed buyers for $16m.

Meanwhile, Japan’s Fuyo Kaiun has sold its 2007-built MR tanker Tamiat Navigator (IMO: 9422237), also to undisclosed buyers, for a reported $18m.

Tanker asset values have remained relatively stable since the beginning of the year although suezmaxes have shown recent signs of firming.

However, Roumeliotis told Lloyd’s List that despite a strengthening in freight rate earnings in the past few weeks this has not translated into any meaningful upward shift in asset prices yet.

“Looking at earnings performance, the improvement is undeniable,“ said Roumeliotis. “Based on Baltic Exchange time charter equivalents rates for VLCCs have risen by 47% since late January with suezmax up by 122% and aframax earnings gaining 87.5% in the same period.”

Despite these sharp freight rate increases, asset values across all tanker segments have shown only marginal movement. This suggests that the market is taking a wait-and-see approach before repricing tonnage.

“While time charter equivalents have improved significantly, asset prices remain grounded, likely held back by low transaction volume and selective buyer appetite. Also the broader macro backdrop remains uncertain mainly due to US tariffs and port fees,” Roumeliotis said.

He added that as US Trade Representative port levies were less aggressive than first feared, and were expected to affect a minority of the tanker fleet trading to and from US ports, more clarity about the proposals meant confidence in long-term tanker investment was gradually returning.

Meanwhile, Lloyd’s List Intelligence data shows a sharp increase in the sale of tankers for recycling in the first four months of 2025, compared with the record low levels of the same period of 2024.

A total of 23 tankers have been sold for scrap since January of a combined 600,000 dwt. This compares to only 103,000 dwt recycled in the same period of 2024.

However, a broad-based upturn in tanker recycling across all segments appears unlikely due to the relative strength of the tanker markets.

“Freight rates remaining at generally healthy levels will support continued vessel employment with most shipowners still preferring to keep older tonnage trading as market sentiment remains resilient in both the crude and product tanker sectors,” said Roumeliotis.

Furthermore, recycled steel pricing is under pressure from new steel which would formerly have been imported to the US, but is now being displaced to other markets due to US tariffs.

The Indian ship recycling industry has already had to contend with Chinese steel dumping shocks.

Ship recycling prices could become less attractive and provide shipowners with fewer incentives to sell old ships for demolition, unless forced by regulation or commercial obsolescence.