Large crude carrier values firmed sharply for a second consecutive week, with Middle Eastern buyers still chasing modern tonnage as regional disruption keeps the demand pipeline full.

The clearest signal came from Imperial Petroleum, which sold the 2008-built Suezmax Suez Protopia (160,400 DWT, Samsung) for USD 82.0m against a VesselsValue assessment of USD 74.34m — a USD 7.66m premium for an 18-year-old ship. Almi Tankers fared similarly, fetching USD 88.0m for the 2012-built Suezmax Almi Galaxy (157,800 DWT, Daewoo), some USD 4.5m above its USD 83.48m valuation.

The pattern did not hold across the entire crude segment. TransPetrol Maritime Services sold the 2016-built Aframax TP Affinity (114,100 DWT, Hyundai Samho) for USD 73.0m, roughly USD 7.7m below its USD 80.72m VV Value — evidence that the premium being paid is concentrated in Suezmax tonnage, where Middle Eastern interest is focused.

In the products segment, Seacon Tankers Shipmanage sold the 2006-built MR2 Ocean Sunrise (48,700 DWT, Imabari) for USD 17.5m, a USD 1.6m premium over its USD 15.88m valuation.

For owners of modern crude tonnage, the market offers a rare exit window at or above book value. For charterers and operators reliant on the Suezmax segment, asset inflation of this pace signals that replacement capacity will come at a rising cost, tightening the economics of fleet renewal.

Bulker values flat, Capesize pair trades at a discount

Dry bulk stood in contrast. Bulker sale-and-purchase values held stable across the board this week, with Handysize resales drifting lower on the back of soft pricing for the Sider Bellezza.

The largest dry deal of the week, the Capesize pair Houheng 5 and Houheng 6 (262,000 DWT each, built February and September 2017 at Guangzhou Shipyard International), went to an undisclosed buyer for a combined USD 144m — below the USD 151.28m VV Value. The discount on nine-year-old Capesize tonnage suggests buyers retain pricing leverage in the dry segment even as headline values hold steady.

In the mid-size classes, the 2017-built Ultramax Indigo Breeze (60,400 DWT, Mitsui Tamano) sold to Greek buyers for USD 30.5m against a USD 31.61m valuation, while Libera Corporation sold the 40,000 DWT Handysize resale Sider Bellezza (Naikai, 2026 delivery) for USD 38.5m, fractionally under its USD 38.63m VV Value. That resale transaction is the deal dragging Handy values lower.

EF Emma lifts container values

The container segment saw movement at the smaller end. The 1,698 TEU handy boxship EF Emma (built February 2008, Nordic Yards Warnemünde) sold for USD 24m — a USD 4.4m premium over its USD 19.6m valuation — lifting Handy and Sub-Panamax values across the board. Panamax and Post-Panamax values remained stable.

A 22% premium for an 18-year-old feeder is a striking print, and it points to sustained demand for regional and feeder capacity rather than the headline deep-sea fleet. Owners holding older tonnage in this size band now have a marked benchmark to trade against.

The divergence is the story of this week's market: crude and feeder container owners are realising premiums to valuation, while bulker sellers — including the Capesize pair — are closing at discounts. With Middle Eastern buying interest showing no sign of abating, crude values look set to extend their run, while dry bulk remains hostage to how the Handy resale market absorbs deals like the Sider Bellezza.