Dry freight improved unevenly in Week 45: the Baltic Dry Index rose 3.4% to 2,805 as Capesize and Panamax earnings advanced, while Supramax weakened. Tanker freight corrected sharply from exceptional levels, with the Baltic Dirty Tanker Index down 21.9% to 5,480 and the Baltic Clean Tanker Index off 7.5% to 2,636. Handysize bulkers and MR tankers dominated weekly secondhand deal counts, against October’s wider shift in investment towards tankers.
October’s change was in the mix of sales, rather than the overall pace. Allied QuantumSea’s monthly research records 168 secondhand vessel transactions, just 2% above September. Tankers accounted for 82 sales, up 61% year on year, while dry bulk fell 30.5% to 57. Disclosed spending across all vessel sectors nevertheless dropped to approximately US$4.7bn from US$6.6bn in September; tankers attracted US$2.94bn against US$1.11bn for bulkers.
During January–October 2026, dry bulk still led by volume, with 644 sales against 572 tankers. Tanker purchases, however, rose 68% year on year, versus 7% for bulkers, and attracted about US$20.8bn in disclosed capital compared with US$11.3bn in dry bulk. The distinction between transaction counts and disclosed investment is important, particularly because many tanker sale prices were not reported.
Greek interests bought 91 vessels in each sector through October but directed approximately US$4.5bn towards tankers versus US$2.1bn to bulkers. Chinese buyers favoured bulkers: 148 ships and US$2.5bn, against 28 tankers and around US$0.6bn. Greek bulk investment was relatively more concentrated in younger vessels. With Strait of Hormuz uncertainty affecting tanker employment and freight expectations, buyers must distinguish lasting trade demand from earnings shaped by exceptional operating conditions.
Capesize TCE earnings gained 5.8% to $35,892/day and the BCI rose 5.3% to 4,344. Pacific miner business was reported around $13.25–13.30/ton on C5 West Australia–Qingdao, although that route lost 11% over the week. Atlantic C2 Tubarao–Rotterdam gained 31%, while the C8 transatlantic assessment reached $43,425/day on Friday. Rio Tinto reportedly fixed 170,000 tons Dampier–Qingdao at $13.30/ton for 22–24 November loading.
Panamax TCE earnings rose 6.1% to $18,030/day, with the BPI up 6.0% to 2,003. Improved transatlantic bids and US Gulf fronthaul enquiry narrowed prompt Atlantic choices; P1A Atlantic rounds gained 12%. Australian minerals and Indonesian stems supported the Pacific, despite quieter North Pacific grain demand. The 82,160 dwt Hermes Century was reported fixed at $26,250/day, via the US East Coast to South Korea with coal.
Supramax TCE earnings declined 2.9% to $20,912/day as the BSI slipped 2.7% to 1,815. The S15 Indian Ocean–Far East route fell 9%, while S2 Pacific rounds lost 2%. Atlantic activity still produced fixtures: the 62,690 dwt Searider was reported fixed from Mobile at $28,000/day for redelivery UK–Continent with wood pellets. S4A US Gulf–Skaw was unchanged.
Handysize TCE earnings reached a 12-month high of $18,418/day, up 0.9%, while the BHSI added 0.9% to 1,023. Atlantic 1_38 Skaw–Rio and 4_38 US Gulf–Skaw both advanced 5%. In the Pacific, Chinese general cargo and Korean steel enquiry met limited open tonnage; 6_38 Pacific rounds rose 1%, while 5_38 Southeast Asia–Australia/Japan was flat.
VLCC TCE earnings fell 11.8% to $731,473/day, despite remaining exceptionally elevated. Gulf of Oman and eastbound enquiry slowed, with 98 VLCCs shown available in the Middle East Gulf over 30 days on 4 November, 12 more than before. Atlantic US Gulf/Brazil demand was limited and West African charterers considered Suezmax alternatives. TD15 West Africa–China lost 23% and TD22 US Gulf–China 16% week on week.
Suezmax TCE earnings dropped 40.4% to $339,785/day. East of Suez, new Arabian Gulf demand was scarce as ballast arrivals increased. In West Africa, a longer forward list weighed on freight: TD20 West Africa–UK Continent fell 47%. Its 5 November assessment of WS430, equivalent to $238,750/day, compared with WS714 and $417,750/day on 29 October. Mediterranean fixture failures also returned tonnage to the CPC list.
Aframax TCE earnings declined 42.1% to $175,504/day, with TD19 Mediterranean–Mediterranean down 70%. Mediterranean assessments corrected to WS305 after earlier Ceyhan business at WS637.5. In the North Sea, limited enquiries intensified prompt competition; across Asia, intermittent demand left tonnage underemployed, though Indonesia–Australia was assessed at 80,000 tons WS590. TD25 US Gulf–UK Continent was assessed at WS399 and $115,750/day on 5 November.
Both LR sizes eased as available tonnage exceeded fresh cargo demand. Friday assessments placed TC1 LR2 Arabian Gulf–Japan at 75,000 tons WS400 and TC5 LR1 at 55,000 tons WS450. Far East LR2 interest was subdued; west of Suez, LR1 demand remained muted. Mediterranean–Japan LR2 rates declined from $13.25m to $9.75m.
The Pacific MR TCE basket rose 12.7% to $85,542/day, while the Atlantic basket slipped 11.3% to $72,782/day. Tight Arabian Gulf availability supported repeated Fujairah–East Africa business at 35,000 tons WS600, and TC12 Sikka–Japan advanced 23%. Conversely, limited UK Continent export activity left Atlantic tonnage long; TC2_37 Continent–US Atlantic Coast fell 27%, while TC18 US Gulf–Brazil stood at WS496 and $70,750/day.
Weekly buying slowed by count but continued to show strong tanker pricing. The report lists 12 dry bulk sales, down from 16, and ten tanker sales, down from 17; nine priced bulker transactions exceeded US$188.6m, while nine priced tanker transactions totalled US$463.7m. Handysize accounted for nine of the bulk sales, and MR for five tanker deals. Greek interests were identified with the 183,017 dwt, 2019-built NIGHTSKY, reportedly sold for the region of US$72–73m, and the 37,347 dwt ASTRO CASTOR at US$24.4m. Chinese buyers took the 53,270 dwt QUEEN VIVIAN at an undisclosed price.
On the tanker side, Greek buyers acquired the 74,999 dwt LR1 ALBARO for US$24.2m, while SPONDE, a 158,493 dwt Suezmax, was reported sold to ADNOC Logistics & Services for US$110m. SPONDE had changed hands for US$78m in mid-September, illustrating the recent repricing of older Suezmax tonnage. Nigerian interests purchased the MR pair HELENE MAERSK and HENNING MAERSK, each reported at US$30m. These examples illustrate the weekly mix rather than an exhaustive list of sales.
As of the report’s 6 November 2026 cutoff, 1,513 secondhand vessel sales were recorded in 2026, representing 127.2 million dwt. Dry bulk accounted for 655 sales, tankers 582, containers 144, gas carriers 60 and other ships 72. Among bulkers, Supra/Ultramax led with 251, followed by Handysize (150), Pana/Kamsarmax (140) and Capesize/VLOC (65). Tanker sales were led by MR (182) and VLCC (125), followed by small tankers (85), Suezmax/LR3 (73), Aframax/LR2 (69) and Panamax/LR1 (48).
Buyer and seller nationality figures cover the past twelve months, not 2026 year to date. Over that rolling period, Greek buyers acquired 242 vessels and Chinese buyers 218; their respective purchases included 113 and 168 bulkers, and 100 and 34 tankers. On the selling side, Greek interests recorded 315 vessels against 171 for Chinese interests.
This roundup covers October’s shift in secondhand investment, freight movements across dry and wet sectors, and the week’s vessel transactions.
The full Allied QuantumSea Weekly Market Report – Week 45 includes:
· October tanker and dry bulk sales, disclosed capital and year-on-year changes
· January–October buying patterns among Greek and Chinese interests, including vessel age profiles
· Investment implications of tanker operating uncertainty and regional dry bulk trade flows
· Dry bulk and tanker earnings, Baltic indices, Worldscale assessments and route movements
· Reported freight fixtures and detailed regional freight tables
· Secondhand transactions, indicative vessel values and 2026 sales by sector and size
· Past-twelve-month buyer and seller nationality data, plus newbuilding and recycling coverage
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