The market for second-hand tanker transactions is showing signs of fatigue after an exceptionally active first half of the year, during which sale-and-purchase (S&P) activity reached record levels.
Despite increased traffic through the Strait of Hormuz and expectations of renewed support for freight rates, shipowners and buyers appear to have adopted a wait-and-see approach as they assess geopolitical developments in the Persian Gulf and their impact on tanker markets.
Shipbrokers including Moundreas, Allied Shipbroking, Xclusiv Shipbrokers, Fearnleys and Clarksons have all reported a noticeable decline in activity over the past week, with negotiations continuing in several cases but relatively few deals being concluded.
Buyer interest has not disappeared, but market participants are waiting for a clearer picture of the next phase of the Middle East crisis and whether elevated freight rates will be sustained or begin to ease.
Fearnleys noted that tanker freight rates remain a key focus as developments continue around shipping access through the Strait of Hormuz. While the market has shown signs of correcting from the exceptionally high levels seen in recent months, earnings remain attractive for shipowners.
At the same time, continued activity in the newbuilding market has contrasted with a quieter second-hand market, as buyers monitor developments in the region.
Caution Driven by Geopolitical Uncertainty
The cautious mood also reflects shipowners’ desire to ensure that transit through the Strait of Hormuz remains safe as U.S.-Iran talks enter their third week.
Until the outlook becomes clearer, market participants believe vessels able to trade safely in and out of the Gulf are likely to continue benefiting from strong returns.
The subdued tone of the week was reflected in individual transactions. Allied described activity as relatively limited, with deals concentrated mainly in the VLCC and MR tanker segments.
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