TANKER asset prices have been showing signs of bifurcation in 2025 as the largest crude carriers and the product tanker sector continue to command historically firm valuations, while mid-sized crude carrier values have come under pressure.       

Asset prices of crude tankers are showing a clear divergence between vessel classes with the largest vessels maintaining strong valuations while suezmaxes and aframax units are experiencing notable price corrections.

“Crude tanker values show a market that has split between VLCCs and the mid-sized segments. Compared with last summer, VLCCs remain firm at historically high levels,” said Xclusiv Shipbrokers analyst Eirini Diamantara. 

In contrast, values for mid-sized crude oil tankers have softened. Suezmax values have fallen by between $6m and $9m across the age curve since August 2024, while aframax units have dropped by up to $11m, depending on age.  

“The drivers are clear — long-haul dislocation and sanctions-driven trade continue to support VLCC earnings and values, while buyers lean toward younger or mid-aged ships,” noted Diamantara.

VLCC sale-and-purchase deals have slowed overall as more shipowners are holding on to their vessels rather than selling them. A total of 38 sales were recorded between the beginning of January and the end of August 2025 compared to 54 sales in the same period in 2024, Xclusiv Shipbroker’s data shows.

Suezmax volumes are slightly higher year-to-date with 34 deals but clearing at lower price levels, while aframax sales have fallen to 44 from 61 with buyers now leaning toward younger or mid-aged vessels. 

“The story of 2025 so far is that VLCCs have held their ground while suezmax and aframax units have seen a significant correction from last year’s peaks,” said Diamantara.

Product tanker values have seen a modest uptick recently, buoyed by a combination of firm market fundamentals and growing optimism across the sector. 

Despite volatility in freight markets, time charter equivalents remain far above historical norms.

“While freight markets remain volatile, time charter equivalents continue to trade well above historical averages, reflecting both resilient demand for refined products and the structural shifts reshaping global trade flows,” said Diamantara.

She said a key factor in supporting product tanker values has been the reconfiguration of supply routes.

“The relocation of refining capacity toward the Middle East and Asia has altered traditional trading patterns, while sanctions on Russian refined products have redirected volumes to longer-haul destinations,” Diamantara said.

The changes have increased average voyage lengths, generating additional tonne-miles and tightening vessel supply. This is reflected in earnings across both MR and LR segments.

For medium-range tankers, the Atlantic Basket stands at 60% above the 10-year average while the Pacific Basket is 25% above its long-term mean.

In the long range one space, the TC1, Middle East Gulf-Japan, route TCE is reported at 32% higher than the five-year average while TC15, Mediterranean-Far East, is 77% above its five-year norm.

Tanker sales have experienced something of a slowdown in 2025, with a total of 275 vessels changing hands since the start of the year — a 16% decline compared to the same period in 2024.

Despite the overall market contraction, certain segments have shown resilience. The medium range tanker segment led the market in transaction volume, accounting for 78 sales, or 28% of total activity.

Meanwhile, 44 aframax/LR2 tankers and 38 VLCCs were sold. In contrast to the broader trend, the suezmax segment saw a marked increase in activity, with 34 ships sold. This was double the number recorded in the first eight months of 2024.

Recent tanker sales reported by shipbrokers in the past week included the 2009-built suezmax Samurai (IMO: 9378876). The 150,000 dwt ship was sold by Greece’s Dynacom to Indian buyers for $39m.