Secondhand VLCC Prices Overtake Newbuilding Costs
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Unprecedented freight rates have driven a historic surge in secondhand VLCC tanker prices, to the point that even 15-year-old vessels now cost more than a newbuilding order. According to New York-based broker Poten & Partners, the so-called "prompt delivery premium" has reached extreme levels, and remains elevated despite the fact that daily rates eased last week.
Market figures
Poten & Partners estimated that a prompt-delivery resale VLCC could sell today for $235 million, compared with the $130 million cost of a newbuilding order for delivery in 2029, a gap of 82%. A 15-year-old vessel, if an owner willing to sell could be found, would fetch around $140 million.
Few deals actually closed
Despite speculation over deals that might have been struck, Poten noted that relatively few sales were actually concluded because the gap between bid and offer prices proved too wide. The sharp price rise, driven by key geopolitical developments, has left few owners willing to sell today in the expectation of fetching a higher price tomorrow. As an alternative, Poten pointed to the possibility of a forward sale, in which the vessel would change hands in about six months at a price agreed upon now.
ADNOC's purchases
At the same time, some Middle Eastern energy producers are shopping the secondhand VLCC market to reduce their exposure to prevailing freight rates. ADNOC, for instance, recently purchased six units, bringing its VLCC fleet to 14 vessels, as part of a $1.3 billion investment that also included five very large gas carriers.
Other segments climbing too
The upward trend is not limited to VLCCs: values for MR product tankers have also risen amid an overall strong tanker market, with vessels already on the water now worth more than a newbuilding order. In the suezmax segment, Greek owner NGM Energy sold the Advantage Summer, built in 2010, for $97.5 million, after having bought it last November for $40.4 million — a gain of $57.1 million, equivalent to more than 141% over the purchase price, with delivery to the new owner scheduled for January 2027.
Other suezmax vessels built in 2010 changed hands over the past week at prices close to $100 million, and it emerged that one of them already broke through that threshold, selling for $103 million, amid a market in which Middle Eastern players are reselling tankers to Chinese buyers at striking profits.
