Prices for modern and newbuild VLCCs might be at historic highs, but the appetite for vintage supertankers has cooled significantly in recent months.
Ships hitting 20 years of age are seeing a stark deterioration in value,” states a new report from broker Gibson.
Gibson cited two recent sales of 2004-built, scrubber-fitted VLCCs as examples of this waning price trend. The C. Vision has been sold for $32m, while the Achelous went for $30m. Both ships having special surveys due in June and September, with ballast water treatment systems to be installed.
Gibson noted that as recently as January $34m seemed a viable benchmark for such tonnage.
“The vintage market reality is a somewhat more bitter pill to swallow when considering that 20-year-old values were up in the $50+m range this time last year,” Gibson stated.
The VLCC fleet is ageing fast. The amount of phase-out candidates is “massive”, according to a new report from broker Fearnleys with 50%/20%/5% of the fleet being >15yrs/>20yr/>25yrs old already in 2027 and rapidly rising thereafter.