As tanker prices reach historic levels in the global crude oil transportation market, the premiums formed in the second-hand ship market have rendered traditional valuation models invalid.

Recent sales data released by Clarksons Research reveals the sharp rise in the market.

Commodity trading giant Trafigura has made a deal for the newly built VLCC-type tanker Las Palmas, equipped with an exhaust gas cleaning system, for less than $160 million. The 306,000 dwt capacity vessel is scheduled to be delivered by Hengli Shipbuilding in 2026.

Meanwhile, Teekay Tankers has reached an agreement with DH Shipbuilding for two new Suezmax tankers valued at a total of $190 million. Each of the vessels, with a capacity of 157,000 dwt, is expected to be delivered in 2027.

The rise in the market is driven by increasing geopolitical risks and urgent tonnage needs. In particular, tensions around the Strait of Hormuz have reversed traditional pricing balances in the tanker market.

According to a report published by Signal Ocean, the market value of a five-year-old VLCC has risen to approximately $9 million higher than that of a new vessel ordered at Korean shipyards. While second-hand and new build prices for Suezmax tankers have nearly equalized, a similar reversal has begun in the Aframax segment as well.

The report indicates that buyers are willing to pay a premium of 21% to 35% above standard new build prices for second-hand tankers to gain the advantage of early delivery. It is noted that this premium in the VLCC segment has risen to as much as $45.5 million.

In Signal Ocean's assessment, it is stated, 'Under normal circumstances, a second-hand vessel is sold at a limited premium due to the advantage of delivery time. A five-year-old vessel is expected to trade at a discount compared to a new build. However, these rules have lost their validity in the current market.'

Source: SeaNews Türkiye