Used Oil Supertankers Now Fetch More Than New Ships Amid Record Shipping Rates

Oil supertankers are selling for more than new ships for the first time in history. The unusual trend is driven by skyrocketing rates for shipping oil from the Middle East to Asia, with daily rates reaching $1.2 million for VLCC tankers that can carry around 2 million barrels.

Sales of used vessels have surged as shipowners compete for available vessels. Over the past week, several tankers built before 2016 sold for $150 million or more, far exceeding the average cost of a new vessel at $135 million.

The price surge has led to a once-in-a-generation market event, according to Alexander Saverys, chief executive of Belgian shipping company CMB Tech. 'Fifty years from now, we’ll look back on 2026. This is truly a unique situation,' he said.