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VLCC supertanker prices rise above newbuild costs
Secondhand VLCC deals have topped $150 million in the past week, while newbuild benchmarks have been around $131 million to $135 million in early September.
A freight-rate spike in the Gulf is reshaping ship valuation, with older very large crude carriers, or VLCCs, selling for more than brand-new builds for the first time on shipbrokers' records, according to Insurance Business.
The outlet cited deals for pre-2016 VLCCs changing hands for $150 million or more in the past week. It also pegged the average newbuild price at about $135 million and referenced Clarksons data placing the benchmark contracting cost for a new VLCC around $131 million at the start of September.
For insurers underwriting hull and war cover, higher market prices mean the underlying numbers behind policies are moving quickly. Insurance Business said analysts at Signal Ocean valued five-year-old ships at roughly $151 million at the end of August, and it reported 15-year-old tonnage was up about 61% over the past year.
The report attributed the shift mainly to timing constraints, with buyers seeking ships now because deliveries from orders placed today will be years away. It added that shipyard capacity and a swollen orderbook, cited at about 38% of the existing fleet, are keeping newbuild supply tight, lifting the price pressure on secondhand tonnage.
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