Vintage VLCC prices drop

Prices for modern and newbuild VLCCs might be at historic highs, but the appetite for vintage supertankers has cooled significantly in recent months. 

“[S]hips 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.