Secondhand prices have reached their highest level for seven years, pushing the value of the world fleet past $1trn.
But Clarksons Research said the general upward trend masks some huge swings in values, both up and down.
Analyst Trevor Crowe said: "Against the backdrop of a record surge in secondhand sales activity in recent months, a review of the high-level trends makes compelling reading for asset players and highlights the magnitude of some of the vessel price dynamics."
