Fishing capacity management policies have been traditionally implemented at national level with national targets for capacity reduction. More recently, capacity management policies have increasingly targeted specific fisheries. French fisheries spatially vary along the French coastline and are associated to specific regions. Capacity management policies however ignore the capital mobility associated with second-hand vessel trade between regions. This is not an issue for national policies but could limit the effectiveness of regional capacity management policies. A gravity model and a random-effect Poisson regression model are used to analyse the determinants and spatial extent of the second-hand market in France. This study is based on panel data from the French Atlantic Ocean between 1992 and 2009. The trade flows between trading partners is found to increase with their sizes and to be spatially concentrated. Despite the low trade flows between regions, a net impact analysis shows that fishing capacity is redistributed by the second-hand market to regions on the Channel and Aquitaine from central regions. National capacity management policies (constructions/destructions) have induced a net decrease in regional fleet capacity with varying magnitude across regions. Unless there is a change of policy instruments or their scale of implementation, the operation of the second-hand market decreases the effectiveness of regional capacity management policies in regions on the Channel and Aquitaine.