The market for vintage MR2 product tankers has experienced a notable resurgence in activity fover the past two months, driven by declining asset prices. Owners who have been reluctant to let go of tonnage at significantly lower prices following the highs of late 2024 are biting the bullet. This impasse appears to have broken, with transaction volumes picking up as price corrections accelerate.
From the highs of $20m to $25m recorded in September and October last year, vintage MR2 values have now retreated to the $14m to $17m range for units built between 2007 and 2010. I
In a telling example of value erosion, the 2008-built Horizon Athena, a 50,000 dwt tanker, was sold for $20m in January. Just five months later, its sister ship, Horizon Aphrodite, changed hands for $16m. Similarly, the 2008-built Oriental Diamond and Oriental Gold, initially committed in January for $20.5m each, were ultimately sold in July for $15.5m each after the earlier deals failed to close.
More sellers are now adjusting, and analysts expect continued trading momentum in the second half of 2025.
