Secondhand ship prices are no longer at fever-pitch highs. In several segments, values have cooled just enough to reopen the buy box for owners with dry powder. The opportunity isn’t “everything is cheap”, it’s selective: the right vintage, spec, and fuel profile at the right moment in the rate cycle.
⛏️ Dry Bulk Pulse
Cooling sentiment is creating openings, especially for mid-vintage Supramax/Handymax where liquidity remains decent. Buyers are prioritizing clean survey status and fuel efficiency over sheer age.
- Selective softening on older tonnage with average eco profile.
- Modern eco and scrubber-fitted units still command a premium.
- Due diligence on cargo history and coatings is paying dividends.
🛢️ Product Tankers Reality Check
After a blistering run, some vintage MR/Handy deals are clearing at more reasonable levels. Quality, yard pedigree, and remaining special survey window drive the spread.
- Good survey runway still adds noticeable value.
- Eco MRs remain sticky in price; older non-eco units are more negotiable.
- Pool placement prospects influence bids more than usual.
📦 Containers: Two-Speed Market
Charter coverage in some sizes stays firm, but sale prices depend heavily on remaining charters and fuel profile. Buyers focus on time-charter backstops and yard-proven eco designs.
- Charter-attached tonnage can still transact at richer levels.
- Speculative buys skew to efficient feeders and 2–6k TEU workhorses.
- DD timing and slot utilization history are key filters.
🔥 LNG & Niche Gas
Still a highly specialized market. Modern tri-fuel and X-DF tonnage retains pricing power; older steam units see more negotiation but require careful technical vetting.
- Charter cover and boil-off performance drive valuation.
- Financing terms and technical MLCs can be decisive.
- Transition risk: emissions regimes favor newer propulsion tech.
🚗 RoRo / PCTC Momentum
Automotive flows support valuations, but buyers remain selective on ramp configuration, deck strengths, and emissions profile. Clean class position matters.
- Premiums for flexible ramps and higher lane meters.
- Green upgrades improve residuals and charterability.
- Supply remains tight; auctions can move fast.
💸 Financing & Lease Terms
Rates and covenants remain the swing factors. Sale-leaseback and Chinese leasing are still active but more selective on age, eco features, and counterparty strength.
- Better terms for eco designs and scrubber-ready units.
- Longer charter cover lowers equity checks.
- Tightening DSCR and balloon structures on older tonnage.
📊 Regulation & Scorecards
CII/EEXI scores, ETS exposure, and fuel readiness now shape resale value. A marginally better rating can unlock charter demand and cheaper financing.
- Documented efficiency upgrades support higher bids.
- Route profile affects CII outcomes — disclose data.
- Bio/methanol-ready notes improve exit options.
🧭 Where the Deals Hide
Value shows up in motivated schedules: end-of-charter disposals, survey-due windows, and owners rebalancing fleets. Speed matters — good candidates move quickly.
- Look for clean class records and transparent DD history.
- Target vessels with practical upgrade pathways.
- Bundle financing + TC support to win close bids.
We’ve seen how the secondhand market is shifting from record-high valuations to a more nuanced landscape where timing, vessel specs, and market segment matter more than ever. We’ve watched certain sectors soften while others hold strong, and we know that acting on the right opportunity can make all the difference. We’ll keep tracking these moves, sharing insights, and helping you spot where the real value lies so you can move with confidence in a changing market.
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