The increase in the price of super tankers above new ships has occurred due to an unprecedented boom in oil transportation in the Persian Gulf. According to recorded data, the value of used super tankers has, for the first time, surpassed that of new vessels.
Competition in the Super Tanker Market
Ship owners are looking to capitalize on high freight rates in the Persian Gulf, turning to a market that, according to one broker, is "crazy." In this context, the prices of 5 and 10-year-old tankers have surged, and deals are being finalized in a matter of days instead of weeks. Brokers are seeking to purchase ships that can be delivered more quickly.
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Freight Rates and Ship Capacity
According to the Financial Times, the freight rate for oil from the Middle East to Asia using Very Large Crude Carriers (VLCC) has reached $1.2 million per day, driving up ship prices. Each of the mentioned super tankers has a carrying capacity of 2 million barrels of oil.
In the past week, several ships built before 2016 were sold for $150 million or more, while the average price of new vessels has been $135 million. Such conditions have led to the value of older ships surpassing that of newly built ones, indicating that the speed of access to a vessel now plays a more significant role in pricing than its age.
The CEO of the Belgian shipping company CMB Tech commented on these developments, saying, "I don't think I'll see such a market again in my lifetime. It's something that happens once in a generation."
Ship ownership data indicate that a newly built tanker belonging to Dinakam was sold for $200 million. This figure ranks among the highest prices recorded to date, and the overall price of tankers has increased by one-third compared to the same period last year.
State oil companies in the Middle East, particularly the Kuwait National Petroleum Company, are among the new players in this market. Additionally, the UAE's ADNOC has purchased at least six super tankers in the past two months.
Despite high prices, super tanker owners are refraining from selling. They want to benefit from the unprecedented high rates. Several ship owners have also warned that achieving a peace agreement and reopening the strait could lead to a market collapse.
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