VLCC Freight Rates Surge More Than 800% Amid Hormuz Tensions, Used Tanker Values Rise Up to 62%
24 Articles
24 Articles
VLCC Freight Rates Surge More Than 800% Amid Hormuz Tensions, Used Tanker Values Rise Up to 62%
ATHENS - The market for very large crude carriers (VLCCs) has entered one of its strongest periods of price appreciation in recent years, as the explosive rise in freight rates is now feeding directly into the value of secondhand vessels. According to an analysis by Xclusiv Shipbrokers, the acceleration has been particularly pronounced since late July, with geopolitical tensions surrounding Iran and the Strait of Hormuz, reduced effective vesse…
The global market for oil tankers is experiencing a historic and unprecedented phenomenon. Due to astronomically high freight prices, the value of older supertankers has risen so sharply that, for the first time, they fetch more than brand-new vessels. In an overheated market, everything revolves around one thing: how fast can a ship take to the sea?
The VLCC market has seen one of the strongest appreciations in recent years, as the explosive rise in freight rates is now being passed directly onto the prices of used ships. According to an analysis by Xclusiv Shipbrokers, the acceleration has been particularly strong since the end of July, with geopolitical turmoil around Iran and the Strait of Hormuz, reduced actual ship availability and high revenues creating a particularly strong environme…
The cost of used supertankers has surpassed the price of new ones for the first time
According to the Financial Times, this shift is driven by record-high freight rates in the Middle East, with the daily charter rate for oil tankers capable of carrying at least 2 million barrels reaching $1.2 million. Fueled by this surge in demand...
The prices of used oil tankers jumped to higher levels than the new ones for the first time, with freight from the Middle East to Asia reaching $1.2 million a day and buyers raced on ready-made ships.
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