Three second-hand vessel types are expected to see a considerable increase in value over the coming year, those being Handysize bulkers, LPG vessels and Long Range 1 (LR1) tankers.

Namely, the value of a 15-year old Handysize bulker is set to increase by 33 percent from USD 5.75 million in the first quarter of 2018 to a forecasted value of USD 7.63 million in the first quarter of 2019, according to VesselsValue.

Coming in second is 15-year-old LPG vessel sized 35,000 cbm. The value of LPG vessels is set to rise from USD 14.98 million in the first quarter of this year to USD 16.56 million in the corresponding quarter next year.

The third vessel type are the 15-year-old LR1 tankers, with a forecasted 9 percent increase over the next 12 months.

The recorded value of the LR1 tankers in the first quarter of 2018 is USD 8.92 million. The anticipated increase is set to reach USD 9.73 million, based on the forecast.

The value increase in both the second-hand and newbuilding sector is said to be driven by higher steel prices, in addition to the reported recovery in the dry-bulk sector.