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Secondhand Suezmax Tankers in High Demand Amid Rising Market
The secondhand Suezmax market is heating up as rising crude tanker earnings spark renewed buying interest worldwide. Activity has surged across both modern and vintage tonnage, with sales proceeding briskly despite growing international scrutiny of the so-called dark fleet operating outside established sea freight compliance frameworks.
Active Sale and Purchase Market
Values for older tankers remain unpredictable yet solid, largely influenced by survey timing, onboard specifications, and vessel condition. The latest notable sale saw Turkish owner Denizcilik divesting the 20-year-old Ottoman Nobility (150,000 dwt, built 2005, Hyundai Heavy) for around $27 million, roughly in line with previous market transactions.
Greek shipping magnate George Procopiou has also taken advantage of the firming market. His company Dynacom sold the Samurai (169,000 dwt, built 2008, scrubber-fitted, Universal Shipbuilding) for approximately $39 million to undisclosed interests. The vessel, now renamed Gregal, has switched to the Sierra Leone flag and been registered under a Liberia-based single-ship company. Industry sources suggest that Indian interests are behind the purchase.
Indian Buyers Lead the Surge
Indian shipowners have become the most active buyers in the Suezmax segment in recent months. The Shipping Corporation of India (SCI) is reportedly circulating a tender to acquire two modern secondhand tankers, while Great Eastern Shipping has been active on both the buying and selling sides.
A few weeks earlier, Seven Islands Shipping, another Mumbai-based player, doubled its Suezmax fleet by acquiring the 2009-built Constantios for about $40 million. These moves underscore India’s growing role in the global sea freight and energy transportation network, as refiners and traders seek to secure tonnage amid changing geopolitical and sanctions landscapes.
Sea Freight Outlook
The renewed appetite for secondhand Suezmaxes reflects a broader recovery in global sea freight markets, where tanker demand is driven by shifting oil flows, freight rate increases, and regional supply imbalances. While the dark fleet continues to operate in the background, mainstream shipowners are capitalizing on firm charter rates and limited yard availability for newbuilds, reinforcing the value of quality secondhand tonnage.
Analysts note that sustained strength in crude tanker rates, combined with increasing Indian and Middle Eastern participation, could keep the Suezmax resale market buoyant through 2025.
