Amid a sharp surge in freight rates, secondhand supertanker prices have surpassed the cost of newbuilding vessels for the first time in shipbrokers’ recorded history.
Sea-news.az reports citing Financial Times (FT), that this trend has emerged across the industry.
According to brokers, secondhand VLCC (Very Large Crude Carrier) class tankers capable of carrying approximately 2 million barrels of oil were priced higher than brand-new vessels.
For example, the supertanker “Sea Leopard,” built in 2011 with a deadweight of 314,000 tonnes, was sold for $135 million. During the same period, the price of a newbuilding VLCC tanker stood at approximately $131 million.
High freight rates prompt shipowners to keep older tankers in operation rather than selling them for scrap. Consequently, demand for vessels ready for immediate deployment increases, driving up their market value.
According to Baltic Exchange data, in September, the VLCC freight benchmark for the Middle East Gulf–China route exceeded $1 million per day. This factor has driven a substantial price surge in the tanker market.
