Saltmarsh Maritime
Vessel Portfolio WatchNo. 8 · Q3 2026
Vessel Portfolio Watch · Reference portfolioData to 30 September 2026
One sanctions listing outweighs three detentions
Three detentions and one sanctions listing touched four of the portfolio's 64 vessels this quarter. The listing alone lifted one Aframax loan above its covenant
1What happened this quarter
The reference portfolio holds 64 financed vessels across four segments. Between July and September they were inspected 49 times. Three inspections ended in detention, all on bulk carriers and tankers built before 2012, and one tanker was caught by a sanctions listing.1
| Segment | Vessels | Inspections | Detentions | Sanctions flags |
|---|---|---|---|---|
| Bulk carriers | 24 | 19 | 2 | 0 |
| Tankers | 18 | 15 | 1 | 1 |
| Container ships | 14 | 10 | 0 | 0 |
| Gas carriers | 8 | 5 | 0 | 0 |
| Portfolio | 64 | 49 | 3 | 1 |
Source: Paris MoU and Tokyo MoU inspection records, US Coast Guard port state control data, UK, EU and OFAC sanctions lists, Saltmarsh Maritime valuations
2Vessels with events
Each detention cost its vessel two to three points of loan to value, through a lower valuation and a higher stressed operating cost until the deficiencies are cleared. The sanctions listing is different in kind: the Aframax's earnings now depend on finding a new charterer, and its value falls to what a buyer outside the affected trade would pay.2
| Vessel | Event | Date | LTV before | LTV after |
|---|---|---|---|---|
| Kamsarmax, 2011 | Paris MoU detention | 14 Jul | 58% | 61% |
| Supramax, 2009 | Tokyo MoU detention | 22 Aug | 64% | 66% |
| MR tanker, 2008 | Tokyo MoU detention | 3 Sep | 61% | 63% |
| Aframax, 2007 | Charterer sanctioned, UK | 17 Sep | 55% | 72% |
Source: Paris MoU and Tokyo MoU inspection records, US Coast Guard port state control data, UK, EU and OFAC sanctions lists, Saltmarsh Maritime valuations
3Loan to value over time
Portfolio weighted loan to value had fallen or held for eight quarters as asset values rose and balances amortised. It rose one point this quarter, mostly because of the Aframax. Tankers rose three points as a segment, bulk carriers one.
Source: Paris MoU and Tokyo MoU inspection records, US Coast Guard port state control data, UK, EU and OFAC sanctions lists, Saltmarsh Maritime valuations
4Stress test
Under the Value Outlook's downside scenario the portfolio would reach 71 per cent, and nine vessels would breach a 70 per cent covenant. The Aframax breaches in every scenario, including the base case.
Source: Saltmarsh Maritime Value Outlook scenarios, applied to the reference portfolio
5Against the Value Outlook
6What to watch in the fourth quarter
Whether the Aframax finds a new charterer before its next interest date, the follow up inspections due on the three detained vessels, and the EU sanctions package expected in December, which our screening suggests could touch two further tankers through their managers.
How this watch is built
- Every financed vessel is matched by IMO number to inspection records, sanctions lists and owner filings each quarter
- Loan to value uses the Value Outlook valuation at quarter end and the balance reported for the portfolio
- Every event traces to a public record held on file for subscribers who ask
Approved for subscribersHenrik AldousHead of Ship Finance Research · 8 October 2026
1 Inspections are port state control inspections recorded by the Paris MoU, Tokyo MoU and US Coast Guard. One vessel may be inspected more than once.
2 A detained vessel's valuation is reduced until a follow up inspection records the deficiencies as rectified.