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Xclusiv Shipbrokers Inc.: Greek owners have maintained a dominant presence in the S&P arena

Beyond Posidonia: Tracking the Pulse of Greek Tanker Transactions: Following our previous analysis of dry bulk Sale & Purchase and newbuilding activity during the first five months of 2026, with particular emphasis on the role of Greek interests, we now turn our attention to the tanker market. The tanker S&P market has displayed remarkable momentum since the beginning of the year. Between January and May, a total of 318 tankers changed hands, almost double the volume recorded during the corresponding period of 2025. Activity was broadly spread across vessel classes, with VLCCs leading the market with 76 transactions, representing 24% of all sales. MR2 tankers followed closely with 74 deals (23%), while Suezmax vessels accounted for 39 transactions, or 12% of total activity.

Greek owners have maintained a dominant presence in the S&P arena, particularly on the selling side. Greek-controlled interests topped the list of sellers with 61 vessel disposals, representing approximately 19% of all tanker transactions concluded during the period. In value terms, these sales are estimated at USD 2.8 billion out of a total market value of roughly USD 13.7 billion, corresponding to a 20% share. Such figures suggest a deliberate strategy of asset monetization, taking advantage of firm secondhand values across several tanker segments. Greek sales were concentrated primarily in the VLCC sector with 18 vessels, followed by 13 Suezmaxes and 9 MR2 tankers. Nearly half of all vessels sold were between 16 and 20 years old, highlighting a preference for divesting older tonnage, improving fleet age profiles and unlocking capital for future investments. On the acquisition side, Greek buyers remained active, albeit more selective. A total of 40 tankers were purchased for an estimated consideration of around USD 2 billion, placing Greece second only to South Korea, whose owners acquired 55 vessels. The MR2 segment attracted the strongest Greek interest with 16 purchases, followed by 12 Suezmax acquisitions. Unlike their sales activity, Greek purchases focused mainly on vessels aged 11–15 years, while a meaningful number of acquisitions also involved modern tonnage in the 0–5-year category, reflecting a balanced approach between asset value and remaining earnings potential.

Turning to the newbuilding market, contracting activity remained exceptionally strong throughout the first five months of 2026. A total of 280 tanker orders were placed worldwide, representing an estimated investment of about USD 24.5 billion. Greek owners emerged as the dominant force, accounting for 111 vessels, equivalent to nearly 40% of all tanker contracts signed during the period. In value terms, Greek investment reached approximately USD 10.2 billion, representing more than 41% of global tanker newbuilding expenditure. Ordering activity was heavily concentrated in crude tanker segments. Of the 111 vessels ordered by Greek interests, 44 were VLCCs and 36 were Suezmaxes, together accounting for more than 72% of their total contracting activity. Greek owners also ordered 13 Aframax/LR2 vessels and 17 MR2 tankers, maintaining meaningful exposure to the product tanker market while clearly prioritizing crude transportation assets.

Overall, the data reinforces the continued leadership of Greek shipping interests across the global tanker market. The combination of extensive fleet renewal, selective secondhand acquisitions and well-timed disposals demonstrates a disciplined and forward-looking investment strategy. With a significant portion of the global tanker fleet expected to face aging-related replacement requirements over the coming years, Greek owners appear well positioned to remain among the most influential participants in both the S&P and newbuilding markets, helping shape fleet development trends across the major tanker segments.

Dry S&P Activity:

Activity in the dry bulk market this week was spread across all size segments, with a balanced mix of vintage and modern tonnage changing hands. On the Capesize sector, the "KERKIS" - 177K/2007 Namura was sold to Chinese buyers for USD 25.5 mills. Moving down to the Kamsarmax segment, Greek buyers acquired the "VULCANIA" - 82K/2015 Jiangsu Newyangzi for low USD 26 mills, basis TC attached to Oldendorff at 105% BPI for 11–14 months. In the Panamax sector, the "PROTEAS" - 76K/2005 Tsuneishi was sold for USD 11.75 mills. On the Supramax sector, the "AFRICAN TERN" - 58K/2013 DACKS achieved high USD 19 mills, with SS/DD due in June 2028. Finally, the Handysize segment saw steady activity, with the "SAFI FORTUNE" - 28K/2009 Imabari sold to Turkish buyers for high USD 9 mills with SS/DD due in September 2029/January 2028.

Tanker S&P Activity:

This week's tanker S&P activity was led by firm interest in the Aframax/LR2 segments, with a mix of modern and vintage tonnage changing hands, alongside some smaller units. On the LR2/Aframax sector, the modern LR2 Scrubber fitted "SHANHAIGUAN P110K-70" - 115K/2026 Shanhaiguan was sold to Ditas for USD 90 mills. In the same segment, the "SEAMUSIC" - 113K/2009 New Times was reported sold for USD 53.5 mills, while the "SAMOS" - 105K/2010 Sumitomo changed hands at USD 44.5 mills basis October cancelling. Further down, Panamax/LR2 activity included the enbloc sale of the sister vessels "CAPE TEMPEST" - 74K/2008 New Times and "CAPE TAURA" - 74K/2007 New Times, concluded at USD 43.5 mills enbloc. Additionally, the "NAVE ARIADNE" - 75K/2007 STX was sold for USD 22.5 mills. On the MR segment, the "SANDPIPER PACIFIC" - 52K/2013 Sungdong was sold for region USD 32 mills. Finally, in the small tanker space, the "GB VENTURE" - 14K/2010 Yangzhou Kejin was acquired by Vietnamese buyers for USD 10.5 mills.

Xclusiv Shipbrokers Inc.