Used Oil Supertankers Surpass New Vessel Prices Amid Record Freight Rates
The cost of used oil supertankers has reached an all-time high, surpassing the price of new vessels for the first time. This trend is driven by rising demand and record freight rates in the Persian Gulf, prompting shipowners and brokers to act quickly.
In recent months, prices for tankers aged 5-10 years have skyrocketed, with purchase and sale agreements being concluded within days. The main reason behind this surge is the sharp increase in freight rates for VLCCs (Very Large Crude Carriers) on routes from the Middle East to Asia.
Freight costs have reached a record $1.2 million per day, while several vessels built before 2016 have been sold for prices exceeding $150 million each. In comparison, new tankers typically cost around $135 million.