MR tankers are still enticing the most secondhand buyers this year, despite a drop in overall crude and product vessel sales.
In the first seven months, sales of all tankers of above 34,000 dwt for further trading totalled 286, down 36% from 2023, according to shipbroker BRS.
MRs represented 41% of these deals, up from 23% in the same period of last year.
July tanker sales halved to 22, but were still dominated by MRs, which comprised about half the ships sold, BRS said.
Asset values have been stable over the past month.
From the beginning of April, the biggest winners have been 10-year-old MR1s (up 7.8%) and 15-year-old MR2s, (up 7.4%).
And the shipbroker has noted a shift of interest from veteran tankers to newer units.
A total of 65 ships of above 20 years of age have been sold this year, down from 82 in the same period of 2023.
“However, the composition of the vintage classes has changed this year, with 40% of these related to MR2s, amid higher earnings to price yields,” BRS said.
The figure for 2023 was 29%.
Prices of these older MRs have risen by 3% year on year, the broker added.
Red Sea disruption favouring larger and more efficient ships, plus environmental regulations kicking in, means “owners of vintage vessels might be more willing to dispose of these [older] units”.
Supply of these veteran tankers could exceed demand in terms of sale and purchase, the company believes.
“In turn, owners of younger, more energy-efficient crude units are more likely to hold on to these assets,” it added.
Elderly asset values have been kept in check as a result, and the price premium between 10-year-old and 20-year-old vessels is growing.
BRS expects this trend to continue in the medium term.
