Rising Demand Sends Old VLCCs Past Newbuild Prices
The VLCC market has experienced a paradigm shift, where older vessels are selling for prices surpassing those of newbuilds. Demand and geopolitical factors have driven valuations sharply upward, with five-year-old ships increasing from $145 million to $172 million. This trend underscores the growing preference for immediate vessel availability amidst rising earnings.