The medium range (MR) tanker sale and purchase sector is showing signs of heightened activity. A growing number of Korean-built MR tankers—both older and newer—are being put up for sale, leading to a saturated market of sale candidates. Yet, prices have held surprisingly steady, buoyed by persistent demand for tonnage.
Japanese shipping giant Nippon Yusen Kaisha (NYK) is among the notable sellers, having recently offloaded its 14-year-old zinc-coated, 47,000 dwt MR tanker World Navigator, built by Hyundai Mipo. According to data from shipbroker Clarksons, the vessel was sold to Greek interests for around $17m, with surveys due. The transaction marks a further softening in the market, following the $18m sale of a sister vessel under similar conditions just last month.
While the decline in pricing for older, non-eco MR tankers reflects weakening asset values, broker sources note that average secondhand prices remain relatively resilient. However, expectations of further price erosion persist amid oversupply and muted freight rates.
This month has seen a shift in deal structure. Unlike April, which was dominated by en bloc sales, May’s transactions have mostly involved individual vessels, with deals taking place across a geographically diverse set of buyers and sellers.
Clarksons also reports that average earnings for non-eco MR tankers currently sit at $19,321 per day—down significantly from the $27,589 daily average seen in 2024. Despite the softer earnings environment, market participants say fundamentals remain viable, sustaining a steady pace of transactions.
As the market adjusts to the dual forces of falling values and ongoing demand, industry players are watching closely to see whether the resilience in pricing will continue—or give way to broader corrections in the months ahead.
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