The used ship market in 2025 is shaped by a mix of rising prices, evolving regulations, and global trade shifts. Shipowners, investors, and brokers are navigating a landscape where secondhand vessel values are hitting new highs, but overcapacity concerns, geopolitical influences, and environmental policies are creating uncertainty. With newbuild deliveries increasing and demand fluctuating, understanding these dynamics is crucial for making informed buying and selling decisions.
📈 Elevated Secondhand Ship Prices
The secondhand ship market has seen a surge in vessel prices, particularly in the dry bulk and tanker sectors. Increased demand, trade route disruptions, and a preference for readily available ships over long newbuild wait times have driven up values.
Dry Bulk Carriers
- Prices for 5-year-old Capesize bulk carriers have climbed to approximately $64 million, a 17% increase from early 2024.
- 10-year-old Capesize bulkers are now valued at $45 million, reflecting a 27% rise over the past year.
- The overall strength in bulk carrier prices is driven by steady commodity demand, especially in iron ore and coal trade routes.
Container Ships
- The container ship market has remained strong through early 2025, but growing concerns about fleet overcapacity could put downward pressure on secondhand values in the coming months.
- New vessel deliveries are outpacing scrapping rates, leading to excess tonnage in certain trade lanes.
Tanker Market
- Prices for older tankers remain high due to continued demand from sanctioned trade routes, particularly Russia’s shadow fleet operations.
- With over 600 aging tankers reportedly involved in Russian crude oil transport, competition for secondhand tankers has increased, keeping values elevated.
While secondhand prices remain at or near their highest levels in years, the potential for softening in late 2025 depends on freight rate trends, global trade demand, and how the industry handles overcapacity risks.
⚓ Overcapacity Concerns
The surge in new ship deliveries is raising alarms about overcapacity in the global fleet. While demand remains strong in some sectors, the number of new vessels entering service could outstrip cargo volumes, leading to lower freight rates and potential declines in secondhand ship values.
More Ships, Same Demand
- A large wave of newbuilds ordered during the post-pandemic shipping boom is now hitting the water. This is particularly evident in the container and bulk carrier segments, where deliveries are rising faster than cargo demand.
- Overcapacity often leads to lower charter rates as more ships compete for the same amount of cargo, affecting profitability for shipowners and making it harder to sell secondhand vessels at peak prices.
Container Shipping Under Pressure
- The container ship market is facing an influx of new ultra-large vessels, many of which were ordered when demand peaked in 2021-2022.
- Freight rates have already begun to soften on key trade routes, which could slow secondhand transactions as buyers wait to see how the market reacts to excess tonnage.
Bulk and Tanker Markets Holding Up—For Now
- While bulk carriers and tankers are also seeing an increase in fleet size, demand for commodities and energy transport is still supporting current freight rates.
- If economic growth slows or trade restrictions impact oil and gas shipments, oversupply in these sectors could become a bigger issue.
With secondhand vessel prices still high, some shipowners are accelerating sales of older vessels before the market adjusts. Those looking to buy must weigh the risks of acquiring tonnage that could see lower earnings potential in an oversupplied environment.
🌍 Geopolitical Influences
Geopolitical events continue to shape the used ship market in 2025, driving demand for certain vessel types while adding uncertainty to global trade. The impact of sanctions, trade tensions, and regional conflicts is being felt across multiple shipping sectors, influencing both prices and availability of secondhand ships.
Sanctions and the Shadow Fleet
- Russia’s shadow fleet, consisting of over 600 aging tankers, has played a significant role in keeping secondhand tanker prices elevated.
- Sanctions on Russian oil exports have increased demand for older vessels operating outside traditional regulatory frameworks, making it harder for buyers to find compliant tankers at reasonable prices.
- Some governments are tightening compliance and monitoring of these vessels, potentially leading to increased scrapping and a shift in secondhand market dynamics.
Trade Policies and Tariffs
- The ongoing trade disputes between major economies, including U.S.-China tensions, are causing uncertainty in global shipping demand.
- New tariffs or supply chain shifts could alter trade patterns, affecting demand for specific ship types. For example, an increase in regional manufacturing could reduce long-haul container demand, impacting secondhand container ship values.
- Protectionist policies in certain regions could lead to higher operational costs, making older ships less attractive if they require significant retrofitting to meet regulatory standards.
Conflict-Driven Demand for Specific Vessels
- Ongoing instability in the Red Sea and the Black Sea has altered some shipping routes, increasing demand for tanker tonnage serving alternative corridors.
- Insurance costs for ships operating in high-risk areas have risen, making newer, more insurable ships more attractive than older secondhand vessels.
Geopolitical shifts are creating both opportunities and risks in the used ship market. While some sectors, such as tankers, are benefiting from sanctions-driven demand, others are facing regulatory and trade uncertainty that could impact long-term valuations.
⚠️ Environmental Regulations
Stricter environmental policies are reshaping the used ship market, particularly as regulators push for lower emissions and more sustainable shipping practices. Older vessels that do not comply with IMO regulations, carbon tax policies, and emission reduction targets are becoming less attractive, while fuel-efficient and retrofitted ships are in higher demand.
IMO 2025 Regulations and Compliance Costs
- The International Maritime Organization (IMO) continues to implement stricter emissions controls, including tougher Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII) ratings.
- Ships that fail to meet new efficiency standards may require costly retrofits or risk being restricted from certain trade routes.
- Low-rated vessels are facing declining resale value, while energy-efficient ships are commanding a premium in the secondhand market.
Carbon Tax Impact on Older Ships
- Several regions, including the European Union, Singapore, and parts of North America, have introduced carbon pricing mechanisms that penalize high-emission vessels.
- Older ships that consume more fuel are becoming less profitable to operate, reducing their attractiveness to buyers.
- Some shipowners are opting to sell or scrap non-compliant vessels early, leading to a shift in the availability of secondhand tonnage.
Shift to Alternative Fuels and Green Retrofits
- Buyers are increasingly looking for vessels that can operate on LNG, methanol, or ammonia, as these fuels align with long-term decarbonization goals.
- Ships that have been retrofitted for fuel efficiency, such as those equipped with air lubrication systems or wind-assisted propulsion, are seeing stronger resale demand.
- Investors and financiers are favoring eco-friendly ships, limiting access to financing for older, high-emission vessels.
Environmental regulations are rapidly dividing the secondhand market into compliant and non-compliant vessels, with significant pricing disparities. Shipowners must weigh the costs of compliance upgrades versus selling before further regulations reduce vessel value.
⚙️ Technological Advancements
Rapid technological developments in ship design, automation, and digitalization are influencing the secondhand market in 2025. Buyers are increasingly prioritizing vessels with smart systems, fuel efficiency upgrades, and automation capabilities, while older ships lacking these features are becoming less desirable.
Digitalization and Smart Ships
- Modern ships are integrating AI-driven navigation, real-time fuel optimization, and predictive maintenance systems, making operations more efficient.
- Secondhand ships that lack digital retrofitting capabilities are losing value as buyers opt for vessels that can support advanced data analytics and remote monitoring.
- Shipping companies investing in Internet of Things (IoT) technology for fleet tracking and performance optimization are focusing on acquiring smart-ready ships.
Automation and Crew Reduction Trends
- The push for autonomous and semi-autonomous vessels is reducing demand for high-crew-requirement ships.
- Buyers are favoring vessels with integrated automation systems that reduce crew costs and improve operational efficiency.
- Ports and terminals are upgrading to fully automated docking and cargo handling, making older, non-compatible ships less competitive.
Retrofitting for Fuel Efficiency and Compliance
- New technologies such as air lubrication, hull optimization, and wind-assisted propulsion are being incorporated into modern ship designs.
- Secondhand ships that can be easily retrofitted are commanding higher prices, while those requiring major structural modifications are becoming less attractive.
- The market for digital twin technology, which allows shipowners to create virtual models of their vessels for performance monitoring, is growing, increasing demand for ships with onboard digital infrastructure.
As buyers seek vessels that align with automation, AI-driven efficiency, and fuel-saving technology, older ships without these capabilities face increasing obsolescence. Shipowners looking to sell must either invest in retrofits or risk steep declines in resale value.
The 2025 used ship market is defined by rising secondhand prices, overcapacity risks, geopolitical shifts, environmental pressures, and rapid technological advancements. While demand remains strong in some sectors, buyers are becoming more selective, prioritizing compliance, efficiency, and future-ready features over outdated tonnage.
For sellers, timing is key—high values today may not last if overcapacity and regulatory costs weaken the market. Buyers, meanwhile, must evaluate long-term profitability, ensuring that vessels purchased now will remain viable in an era of digitalization and decarbonization.
The market is evolving quickly. Those who adapt early will benefit the most.
