Affinity S&P Report - Q2 2026

Secondhand tanker activity surged in Q1 2026, with 172 sales, the highest since Q1 2023, supported by record freight earnings and geopolitical disruption. VLCC transactions dominated amid peak spot earnings, pushing asset values to cycle highs and lifting total deal value to a record USD 7.24 Bn.

Dry bulk secondhand activity remained robust in Q1 2026, with 159 sales, supported by a strong freight market and rising Chinese iron ore demand. Asset prices firmed across segments, while total transaction value exceeded USD 3 Bn, sharply higher year-on-year.

Tanker demolition activity remained active in Q1 2026, though scrapping stayed limited despite an ageing fleet, as strong freight markets discouraged owners from recycling. In the dry bulk sector, however, demolition sales remained flat in the last quarter, at 15.