In early 2025, the global maritime industry is facing a new kind of supply crunch—not in cargo, but in ships themselves. Specifically, secondhand tonnage is getting harder to find, with availability tightening across nearly every major vessel segment. Shipowners who once relied on the resale market to upgrade fleets or expand capacity are now competing in a high-demand, low-supply environment.
From bulkers to tankers, the secondhand market is experiencing a drought fueled by record-high charter earnings, regulatory uncertainty, and reluctance among shipowners to part with valuable tonnage. For buyers and charterers alike, this means tougher competition, rising prices, and strategic recalibration.
So, what’s causing the squeeze—and how should industry players respond?
🔥 What’s Happening Right Now?
The current secondhand ship market is marked by intense demand and rapidly diminishing supply. In the tanker segment, for instance, sale-and-purchase activity has slowed not due to lack of interest, but a lack of available ships. Charter rates remain historically strong, and many owners are holding tight, preferring to ride the revenue wave rather than exit.
Several developments have accelerated the shortage:
- Tonnage Tightening: Available secondhand ships—especially in the 10-15 year age bracket—are drying up quickly. Brokers report that well-maintained ships are snapped up within days of listing.
- Fewer Listings: Some ship types have seen a 30–40% drop in secondhand listings compared to the same period last year.
- Soaring Prices: The imbalance is driving up prices. For example, a 15-year-old Aframax tanker is now commanding up to 20% more than it did in early 2023.
- Hot Sectors: Tankers and bulkers are seeing the most strain, while containers are relatively calmer after the 2021–2022 surge.
In short, it’s a seller’s market—but most sellers aren’t selling.
⏳ Why Owners Are Holding Off on Selling
One of the biggest reasons secondhand supply is so tight? Shipowners see more upside in keeping their vessels active than in cashing out.
High Charter Earnings
Daily rates in the tanker and bulker sectors remain lucrative. Some owners are securing multi-month or even year-long charters at levels that easily outperform what a sale would bring.
MS Tip (ShipMarket Insight):
“Why sell a ship for $30 million if it can generate $12 million in charter revenue this year alone?”
Regulatory Uncertainty
Upcoming environmental compliance rules—like CII and EEXI—have created a climate of hesitation. Some owners are waiting to see how enforcement plays out before selling tonnage that may soon require expensive retrofitting.
Difficulty Replacing Ships
Even if owners did want to sell, finding a replacement is tough. Newbuild slots are limited, and delivery times stretch into 2027 and beyond. For many, keeping an older—but fully operational—vessel is the safer bet.
Rising Asset Values
In many cases, ships are gaining value faster than they’re depreciating. This asset inflation makes selling feel premature, especially for older tonnage that’s still earning well.
🚢 Impact on Buyers and Charterers
The tightening secondhand market isn’t just a seller story—it’s reshaping strategies for buyers, charterers, and fleet managers across the board.
Higher Prices, Tighter Margins
With limited inventory and increased competition, secondhand ship prices have surged across several sectors. Buyers looking for workhorse tonnage—especially in the mid-age range—are paying a premium, often without time for thorough due diligence.
Intense Competition for Quality Vessels
High-quality vessels rarely make it to the open market. Instead, they’re sold privately to prequalified buyers or through tightly brokered deals. Smaller operators and newcomers are being pushed out, unable to compete with cash-ready buyers or existing fleet owners looking to consolidate.
Long-Term Chartering Over Buying
Facing limited purchasing options, many operators are shifting toward long-term time charters instead of acquisitions. While this offers flexibility, it also exposes them to volatile charter rates and less control over vessel configuration and compliance planning.
Compliance Risks for Buyers
Some vessels hitting the market are older tonnage that may not be compliant—or cost-effectively upgradable—for evolving IMO environmental regulations. Buyers under pressure to acquire may overlook these issues, only to be hit with retrofitting costs down the line.
MS Tip
“Buying a non-compliant ship in 2025 might mean scrapping it by 2027—or spending millions to upgrade.”
🌍 Regional and Sector-Specific Observations
Not all markets are equally tight—and understanding where the pressure points are can offer strategic clarity.
Tankers and Bulkers: The Hottest Segments
The strongest squeeze is in the tanker and dry bulk segments. Medium-range (MR) tankers and Supramax bulkers are especially hard to find, with some brokers reporting near-zero listings in specific size/age combinations. High freight rates are encouraging owners to hold onto revenue-generating assets rather than cash out.
Container Ships: Calmer Waters—for Now
The container ship secondhand market has cooled somewhat after the post-pandemic boom. Many operators already expanded fleets during 2021–2022, and current spot rates don’t justify aggressive purchases. That said, well-positioned feeder vessels are still in demand.
Asia-Based Buyers Staying Aggressive
Chinese and Indian buyers continue to dominate the remaining secondhand sales, often submitting offers above asking price. In particular, Chinese leasing firms and Indian tanker operators are active buyers, viewing secondhand tonnage as an immediate revenue asset.
Older Ships Going to Niche Buyers
While institutional owners shy away from pre-2008 vessels due to regulatory pressure, some smaller regional players are scooping up older tonnage for use in less-restricted trades or as conversion platforms.
💡 What’s Next? (Expert Opinions + Forecasts)
The current secondhand tonnage shortage is unlikely to reverse overnight, but several indicators could shift the balance in the coming months and years.
Regulatory Clarity Could Trigger Listings
As IMO and EU regulations like CII and ETS become more enforceable—and retrofitting costs become clearer—some owners may opt to offload non-compliant tonnage rather than invest in upgrades. This could unlock a wave of older ships hitting the market in 2025–2026.
Charter Market Softening May Encourage Sales
If charter rates begin to normalize, especially in the tanker and bulker segments, some owners may reconsider the economics of holding versus selling. A dip in earnings could open the window for more secondhand transactions.
More Scrapping, But Not Enough
Scrapping rates have picked up, especially for pre-2005-built ships, but it’s not enough to ease the squeeze. The market may bifurcate into compliant, high-value secondhand vessels and older, borderline-viable tonnage relegated to niche trades or lay-up.
Experts Predict: Two-Tier Market Ahead
Several brokers and analysts suggest we’re heading toward a two-tier secondhand market—modern, compliant ships with strong resale value, and non-compliant vessels that face a declining buyer pool. Navigating this split will require sharper due diligence.
📊 Strategic Moves to Consider (for Shipowners, Buyers, Brokers)
With fewer deals on the table and more risk baked into every decision, industry players need to act strategically.
For Buyers:
- Move fast and have financing ready—good ships rarely stay listed long.
- Consider joint ventures or lease-to-own options to compete with cash buyers.
- Be cautious with older tonnage—especially if it needs EEXI or CII upgrades.
For Charterers:
- Lock in longer-term charters now if you’re in high-demand segments. Rates could spike further if tonnage remains constrained.
- Vet owners carefully to ensure vessels meet upcoming compliance benchmarks.
For Sellers:
- If your vessel is modern and compliant, you’re sitting on a high-value asset.
- Consider off-market deals—discreet sales may fetch better terms without public pressure.
- If planning to sell in 2026–2027, monitor regulation enforcement carefully—it could affect valuation drastically.
MS Tip
“The buyers who win in 2025 will be the ones who’ve already done their homework—and have their offer ready before the vessel even hits the listing.”
The secondhand tonnage market in 2025 isn’t just tight—it’s transforming. The traditional rules of ship buying and selling no longer apply in the same way. Owners are holding, buyers are scrambling, and the old vessels still on the market may carry more baggage than they’re worth.
Success in this market requires speed, insight, and a clear understanding of both commercial and regulatory headwinds. Whether you’re looking to acquire, charter, or reposition your fleet, the name of the game in 2025 is adaptability. The secondhand ship may be harder to find—but the right strategy makes it possible to still win the deal.
