News in English

The global sanctioned fleet now totals 1,387 vessels, dominated by 1,004 tankers

The global sanctioned fleet now totals 1,387 vessels, dominated by 1,004 tankers — a striking 72% of the overall count — with an average age of 20.4 years.

Gas tankers and general cargo ships follow with 65 and 206 units respectively, while containers and bulkers make up the rest. The age profile remains distinctly vintage: a high-risk segment long detached from mainstream commercial standards, operating largely beyond regulated insurance, vetting, and classification frameworks in trades linked mainly to Russia, Iran, and Venezuela.

Within tankers, the sanctioned composition underscores how deeply these trades have reshaped global tonnage balance. Aframax/LR2s form the core with 320 vessels, equal to 26.8% of the active fleet in that class — the highest exposure among all segments. Suezmaxes follow with 17.1%, and VLCCs with 16.1%, while MR1s, MR2s, and Panamax/LR1s show smaller but still material shares between 6% and 13%. Across all tanker classes, sanctioned vessels now represent 12.8% of the total active fleet of 7,820 ships. By age, the distribution has tilted even further toward older units: 335 tankers lie in the 17- to 20-year range and 494 exceed 20 years, meaning roughly 82% of sanctioned tankers fall into vintage territory.

The age breakdown highlights the structural imbalance. Only 175 sanctioned tankers are 16 years old or younger, compared with 829 aged 17 years or more. In contrast, the active fleet counts 4,814 younger and 3,006 older ships. This means sanctioned vessels make up just 3.6% of the younger fleet but a substantial 27.6% among units older than 17 years — up from 26.1% previously. The concentration is even more pronounced among large crude carriers: for ships above 17 years, sanctioned tonnage accounts for 60.6% of the Aframax/LR2 fleet, 51.5% of the Suezmax fleet, and 47% of the VLCC fleet, illustrating how the ageing end of the market is effectively dominated by restricted tonnage. This imbalance far exceeds replacement potential, as the orderbook-to-fleet ratio remains around 15.6%, offering limited offset. The sanctioned fleet thus acts as a hidden buffer that, once removed or idled, cannot quickly be substituted by new capacity.

Flag data reinforce the opacity of this system. Russia, Comoros, and Sierra Leone collectively host more than a quarter of sanctioned tankers, followed closely by Iran, Oman, and Panama. North Korean, Palauan, and Tanzanian (Zanzibar) registries also appear prominently, alongside a long tail of smaller flags from Gambia to Vanuatu. Such clustering in permissive jurisdictions reflects deliberate efforts to evade mainstream compliance and complicates beneficial-ownership tracing, illustrating the fragility of governance across this "shadow" ecosystem.

If sanctions were eventually lifted, re-entry of this fleet into the legitimate market would be far from seamless. The majority of vessels older than 17 years would face significant barriers securing charters, insurance, or class reinstatement. Prolonged operation outside regulated maintenance cycles, opaque dry-dock records, and lenient flag oversight have likely degraded both technical condition and safety standards. Many ships would move directly to lay-up or demolition, shrinking the effective active fleet just as sanctioned cargo volumes shift back into compliant trade. In such a scenario, the global tanker supply would tighten while transport demand rises — a structural setup for stronger freight rates and asset re-pricing. The outcome would be a bifurcated market: modern, insurable vessels commanding premium employment and values, while the ageing grey fleet recedes into obsolescence under the weight of its own past.

S&P Activity:

Dry:

On the Capesize sector, the "Mineral Subic" - 179K/2011 Hanjin Heavy was sold to Chinese buyers for USD 30.25 mills, while the slightly older "Rosemary" - 180K/2010 Daewoo changed hands for USD 28.3 mills to clients of Pioneer Logistics Pte, Singapore basis prompt delivery. The Scrubber fitted "AP Power" - 174K/2006 Bohai was sold for mid USD 14 mills. On the Kamsarmax segment, the "Fjeld Saga" - 83K/2013 Sanoyas found new owners for USD 20 mills , while the Panamax "Anthos" – 75K/2001 Hitachi was sold to Chinese buyers for USD 5.7 mills.

Among the Ultramax sizes, the "XCL Gemini" - 64K/2025 Jingjiang Nanyang and "Xiang Hang 57" - 63K/2025 Sainty were sold for USD 35 mills and USD 33.5 mills respectively, with the latter going to Greek buyers. On the Supramax sector, the "Atacama Queen" - 51K/2011 Imabari was sold to Asian interests for USD 14.5 mills, while the vintage "Xie Hai Yong Feng" - 52K/2001 Sanoyas fetched USD 6.8 mills to Chinese buyers. The "Seacon Manila" - 33K/2016 Shin Kochi was sold to Greek buyers for USD 17.1 mills.

Tanker:

The MR2 sector remained active this week with the "PTI Nile" - 50K/2016 SPP and her sister vessel "PTI Hudson" - 50K/2016 SPP sold enbloc for USD 66 mills basis TC attached at USD 18,750/day till end 2025 plus one-year chop at USD 19,250/day.

In the MR2 segment, the Ice Class 1A sisters "Seaways Gatun" - 48K/2007 HMD and "Seaways Huron" - 48K/2007 HMD were sold enbloc to European buyers for USD 12.5 mills each. The "Jag Pooja" - 49K/2005 Iwagi changed hands for USD 11 mills to undisclosed interests.

Xclusiv Shipbrokers Inc.