In the first half of 2026, the global secondhand ship market hit a historic high. According to Clarksons Research, the secondhand ship price index rose 12% to 212.4 points in H1 2026, the highest level since October 2008, with total secondhand vessel trading volume reaching approximately USD 35 billion. However, the market showed pronounced divergence across segments: bulk carriers saw both volume and price gains, tanker prices approached 20-year highs, while trading in secondhand containerships cooled markedly.

1. Overall Market: Secondhand Ship Price Index Hits 17-Year High

According to Clarksons Research's Mid-Year 2026 Shipping Market Review & Outlook, global secondhand vessel trading volume reached an all-time high in the first half of 2026, with the Clarksons secondhand price index rising 12% to 212.4 points. Total secondhand trading in H1 reached approximately USD 35 billion; over the same period, newbuilding orders totalled approximately USD 133 billion, and the combined value of the global fleet and orderbook reached approximately USD 2.5 trillion.

Tightening supply further pushed prices up. Industry observers note that scrapping has become the most significant missing variable on the supply side: demolition benchmark prices for VLCCs and Suezmax tankers rose only 9% year-on-year, while assessed values of 20-year-old vessels surged 78%–90%. With freight earnings and old vessel values simultaneously elevated, scrapping activity is expected to remain exceptionally limited.

The domestic Chinese market also remained at high levels. According to data from the Shanghai Shipping Exchange, the average Shanghai Ship Price Index (SPI) stood at 1,263.49 points in August, up 0.58% month-on-month; domestic secondhand vessel trading volume declined versus the previous month, but total transaction value rose.

• Clarksons secondhand ship price index: 212.4 points, up 12% from the start of the year — the highest since October 2008
• Total global secondhand vessel trading in H1 2026: USD 35 billion
• Average year-on-year increase in bulk carrier secondhand prices in 2026: +25%

2. Bulk Carriers: Higher Volume and Prices, the Trading Mainstay

Bulk carriers have been the most active segment in the secondhand market this year. According to shipbroker Xclusiv, 496 secondhand dry bulk vessel transactions were completed globally from January to July 2026, up 16% from 428 in the same period of 2025. In terms of pricing, bulk carrier asset values rose an average of 25% year-on-year: a 10-year-old Capesize bulk carrier is currently valued at approximately USD 56 million, up 23% from USD 45.5 million a year earlier; prices of 10-year-old Kamsarmax and Ultramax vessels have risen 25% and 33% respectively since August 2025, while Handysize prices rose 17%.

The fundamental driver of this rally is improved freight earnings. Since the start of 2026, Baltic Exchange time-charter equivalent (TCE) earnings have risen 62% for Kamsarmax vessels, 38% for Capesize, 50% for Ultramax and 29% for Handysize. Brokers point out that scarce high-quality secondhand tonnage, well-capitalized owners and sustained preference for modern energy-efficient ships have jointly supported asset values.

Price increases of secondhand bulk carriers by vessel type (Capesize: year-on-year increase for 10-year-old vessels; Kamsarmax, Ultramax, Handysize: increases since August 2025. Source: Xclusiv Shipbrokers)

Trading structure: growing interest in mid-size tonnage. Handysize and Supramax vessels remained the mainstays, with 114 and 111 vessels sold respectively, together accounting for nearly 45% of total transactions; Kamsarmax recorded 65 transactions and Ultramax 60 — nearly doubling from 33 in the same period last year. Post-Panamax bulk carrier transactions rose from 11 to 32. Brokers at Xclusiv note that buying demand in 2026 has become more diversified, with significantly increased attention to the mid-size bulk carrier segment.

By age profile, vessels aged 11–15 years remained the investment of choice, with 193 transactions in the first seven months, accounting for nearly 39% of total trading. Demand for younger tonnage strengthened notably: transactions of vessels aged 5 years or younger rose from 24 to 43, and those aged 6–10 years from 47 to 71. Trading in older vessels also expanded, with vessels aged 16–20 years rising from 94 to 131 transactions.

Recent reported transactions include: the 2022-built 182,000 DWT Capesize bulk carrier Princess Eternity, sold at USD 78 million; the 2019-built 61,000 DWT Ultramax Gramos, purchased by a Greek buyer at USD 34.5 million; and the 2016-built Kamsarmax BBG Wuzhou, sold at USD 29 million.

3. Tankers: VLCC Secondhand Prices Approach 20-Year Highs

The tanker market has been equally buoyant. According to shipbroker sources, the 300,000 DWT VLCC DONOUSSA, owned by Belgian shipping group CMB.TECH, has been sold for approximately USD 123 million. If confirmed, the price would be significantly above prevailing market valuations for VLCCs of similar age, pushing large tanker secondhand prices toward their highest levels in nearly two decades — a case of "a 10-year-old vessel selling at close to newbuilding prices."

Shortly before, ADNOC L&S, a subsidiary of Abu Dhabi National Oil Company, purchased the 15-year-old VLCC Olympic Leopard for USD 115 million — a price estimated to be only around 10% below the cost of building a new VLCC in China. The gap between older tankers and environmentally compliant newbuildings has been compressed to historically rare levels, underscoring intense demand for tonnage.

The sell-side has been equally active. According to Veson Nautical, Greece's five largest tanker sellers completed transactions worth approximately USD 1.71 billion in 2026, as Greek owners lock in capital gains and renew their fleets at elevated price levels.

4. Containerships: Trading Cools, Entering a "Reluctance-to-Sell" Phase

In contrast to the booming bulk carrier and tanker markets, the secondhand containership market has cooled markedly. According to the latest Alphaliner statistics, 126 full containerships were sold globally in H1 2026, totaling approximately 351,734 TEU — down 37% in the number of vessels and 31% in capacity from 199 ships and 513,000 TEU in H1 2025.

Notably, prices have remained firm despite the decline in transactions. Market analysis suggests the containership market has entered a "reluctance-to-sell" phase: sellers are generally unwilling to offload at low prices before an expected improvement, and the widening gap between buyer and seller price expectations has compressed trading volume.

Changes in segment trading volume in H1 2026 (Bulk carriers: year-on-year change in transactions, January–July, Xclusiv; Containerships: year-on-year change in transactions, H1, Alphaliner)

5. Who Is Buying and Selling: Chinese Buyers Lead, Greek Owners Dominate the Sell-Side

Xing Yue, General Manager of Clarksons Research China and Chief Market Analyst, noted that China and Greece remained the most active participants in the secondhand market in H1 2026, with Chinese owners predominantly purchasing older secondhand tonnage; the rapid rise in secondhand asset values has also driven a notable increase in the resale of newbuilding orders.

In the bulk carrier segment specifically: among identifiable buyers, Chinese buyers acquired 98 bulk carriers, ranking first, followed by Greek buyers with 66. On the sell-side, Greek owners sold 100 vessels, accounting for roughly one-fifth of global dry bulk secondhand trading; Chinese owners' sales rose from 63 to 81 vessels, while Japanese owners' sales fell from 66 to 55.

6. Risk Alert: Caution Advised When Chasing Highs

As prices continue to climb, concerns about an asset bubble are intensifying. According to calculations by maritime consultancy MSI: if an Ultramax bulk carrier aged 5 years is purchased at USD 38 million in 2026 and sold after five years of operation, it would need to fetch approximately USD 39 million at exit for the investor to achieve a 10% annualized equity return — the vessel would be five years older, yet the selling price would need to be USD 1 million higher. The scope for further asset appreciation has been largely exhausted.

Three key concerns in the current high-price environment:

• Supply-side pressure: the global fleet continues to expand while scrapping remains very limited; deliveries of major vessel types will keep increasing in H2 2026, adding sustained supply-side pressure.
• Newbuilding capacity: the newbuilding market remains red-hot; caution is warranted against long-term oversupply from rapid shipyard capacity expansion.
• Compliance and financing variables: financial institutions advise close attention to fleet age structure, order delivery schedules and international maritime environmental regulations; owners buying at elevated levels should balance short-term operating returns against medium- and long-term cyclical risks.

Conclusion: Seize the Cycle Rationally, Allocate Tonnage Prudently

The 2026 secondhand ship market offers owners a rare window to reposition at high valuations, while demanding stricter risk control from those chasing gains.

As a company specialized in ship trading services, China Winner Shipping Holdings Limited. will continue to track market data and provide shipowners and buyers with professional vessel valuation, transaction facilitation and compliance advisory services. For information on specific vessel segment market conditions or our trading services, please contact us through our official website.