Used Supertankers Are Selling for More Than Brand-New Ones, and the Industry Is Stunned

A Market That Defies Common Sense

The value of older supertankers has exceeded new-build vessels for the first time on brokers' records, as shipowners rush to take advantage of high freight rates in the Gulf. In almost any industry, a used product sells for less than a new one. That's just how the world works. But the global supertanker market has thrown that logic overboard — and the people who know it best are struggling to find the words. One shipbroker, speaking to the Financial Times, landed on just one: "bananas."

In the past week, several ships built before 2016 were sold for $150 million or higher, compared with an average of $135 million for new builds, brokers said. Analysts at Signal Ocean valued five-year-old ships at roughly $151 million at the end of August, while 15-year-old tonnage had risen by about 61% in a year. The numbers are staggering — and they point to a shipping market under enormous pressure.

Why Speed Matters More Than Age

Record-high Middle East-to-Asia freight rates for very large crude carriers of $1.2 million a day are driving up ship prices. When a vessel can generate that kind of income, every day it sits waiting for delivery is money left on the table. That's why age has become almost irrelevant — what buyers are really paying for is immediate access.

Shipbroker Braemar said in a note to clients that prices are now determined by how quickly a vessel can be delivered to its new owner. A VLCC ordered today will not be delivered for years, because shipyards are full and the orderbook has swollen to about 38% of the existing fleet, according to valuation specialist Veson Nautical. Yard slots are booked through 2028 with LNG carriers and container tonnage. An older ship already floating in a harbor, ready to sail, is simply worth more in this environment than a newer one that won't exist for another two years.

At current rates, a ship can pay back a large share of its purchase price within months, according to Alexander Saverys, chief executive of Belgian shipping company CMB Tech, who called the moment "once-in-a-generation." Ship ownership data shows that a recently built tanker owned by Greek billionaire George Prokopiou's Dynacom was sold with prompt delivery for $200 million, one of the highest prices ever recorded.

Gulf States and Global Traders Are Fueling the Frenzy

A major driver of demand has been the desire of Middle Eastern state-owned oil companies to own their own fleets, giving them greater control over exports out of the Gulf. Shipbrokers said that players in the market included Kuwait's national oil company and buyers looking for vessels to ship Iraqi crude. The UAE's state energy group Adnoc has bought at least six supertankers over the past two months, according to maritime consultancy Drewry.

The Gulf countries are competing against South Korea's Sinokor, which currently dominates the tanker market, having bought around $6 billion worth of tonnage at the start of the year. Commodity traders are piling in as well. One of the world's biggest oil traders, Trafigura, is spinning off its supertanker business in a new company, Volare Shipping Ltd, to own, operate, and scale a modern fleet of oil tankers. Trafigura plans to raise $500 million through a private placement, then list Volare on Euronext Growth Oslo on or around October 5, under the ticker "VLCC."

What This Means Going Forward

Commodity traders have historically relied heavily on chartered tonnage rather than placing tanker assets directly on their balance sheets — an approach that preserves flexibility in ordinary markets, but exposes traders to severe cost inflation and vessel-access risk when the spot market tightens. The rush to own ships outright signals that major players no longer trust the charter market to deliver capacity when they need it most.

More than 217 VLCC orders were tracked in 2026, representing more than $20 billion in new supertanker investment. That wave of new orders will eventually ease the supply crunch — but with shipyards booked out for years, relief won't come quickly. Until then, the bizarre reality holds: if you want a supertanker and you want it now, you'll pay a premium for the old one. And right now, everyone wants one now.