MR2 tankers lead secondhand sales

A flurry of secondhand tanker sales has emerged across various size segments this week, with MR2 units drawing the most buyer interest in the wet trades. Yet, while steady charter rates have supported asset values longer than expected, multiple brokerages now warn that prices—particularly for modern eco-design vessels—are on the verge of cracking.

Among the most noteworthy deals, Danish shipowner Norden has reportedly sold two 50,000 dwt eco MR tankers, the Nord Joy and Nord Jewel, for $37m each. Built in 2018 at Japan Marine United’s Maizuru Shipyard, the vessels are said to have attracted solid market attention despite a softening sentiment.

The sale price is nearly in line with a comparable transaction in April, when the 2018-built PS Atene—a Hyundai Mipo construction—changed hands for $37.3m. However, brokers suggest this may mark the peak, as eco-design asset values begin to feel downward pressure.

One brokerage source noted to Splash: “We have seen prices falling across the board, especially modern eco tonnage. The supply outweighs demand, and that is also shown by the owners’ willingness to test their breakeven levels with spot and forward deliveries.”

Meanwhile, vintage MR2 units are also seeing values decline—albeit less sharply. Japanese shipping major Nippon Yusen Kaisha (NYK) has just sold the World Navigator, a 14-year-old, zinc-coated, 47,000 dwt MR tanker built at Hyundai Mipo, for approximately $17m. The buyer, believed to be a Greek interest, has reportedly agreed to the deal with pending surveys.

This deal further highlights the gradual erosion in vintage tanker values, following the $18m sale of a sister ship under similar conditions just last month.

The growing divergence between eco and non-eco tonnage prices signals a shifting balance in the secondhand market. With more owners bringing tonnage to market and buyers showing restraint amid macro uncertainty, brokers suggest we may see an adjustment phase across all tanker classes.

In the short term, MR2s remain the most liquid segment, but how long this pricing resilience holds—especially for eco-design ships—remains a key watchpoint for market participants.