Recently, Suezmax tankers have been active in both the second-hand and newbuilding markets, with Greek shipowners playing a dominant role.
Research analyst Eirini Diamantara of Greek shipbroker Xclusiv Shipbrokers revealed that data shows global shipowners ordered a total of 35 Suezmax tankers from January to August 2025, with 27 of these—accounting for 77%—coming from Greek shipowners. In comparison, during the same period in 2024, 39 vessels were ordered, with Greek shipowners accounting for 54% of the total, amounting to 21 vessels.
Greek shipowners active in the tanker market this year include Dynacom Tankers, Evalend Shipping, New Shipping, and Centrofin Management.
According to the latest monthly report from Xclusiv Shipbrokers, approximately 35% of the current Suezmax tanker fleet is 16 years old or older, highlighting the need for replacement. Meanwhile, the current orderbook to active fleet ratio is approximately 18%.
The trend of accelerating the retirement of old vessels is particularly evident in the secondhand ship market. Eirini Diamantara pointed out that 34 Suezmax tankers have changed hands so far this year, of which 10 were sold by Greek shipowners, accounting for about 29% of the total transactions.
In contrast, 30 Suezmax tankers were sold between January and August 2024, with Greek owners accounting for 7 vessels (23%). Greek owners disposed of only 8 vessels throughout all of 2024, meaning that transaction volumes so far in 2025 have already surpassed last year’s full-year total.
The average age of Suezmax tankers sold in 2025 is about 11 years. Notably, the shipbroking data shows that Suezmax tankers are the only tanker type to have seen an increase in trading volume this year.
Increased activity among Greek shipowners in both the newbuilding and secondhand markets correlates with declining asset prices. Xclusiv Shipbrokers data shows that South Korean shipyards are currently quoting approximately $87 million for newbuilding Suezmax tankers, a 3% decrease from September 2024. Secondhand market values have generally fallen by 7% to 16% across all age groups, with the most significant decline seen for vessels aged 10 to 15 years.