The current maritime asset market is characterized by a notable increase in the value of older tanker vessels, extending beyond the trend of five-year-old ships trading above newbuilding prices. This repricing phenomenon spans the entire age curve of vessels, with the appreciation intensifying for older tonnage. For instance, Very Large Crude Carrier (VLCC) values have seen a substantial rise year-over-year: 30% for five-year-old vessels, 42% for ten-year-old vessels, 61% for fifteen-year-old vessels, and a remarkable 90% for twenty-year-old vessels. Similar trends are observed in the Suezmax segment.
This development indicates a robust demand for existing vessels, particularly as newbuild capacity remains constrained and delivery times for new ships are extended. The scarcity of available slots at shipyards and the higher costs associated with new constructions are contributing factors, making older, readily available tonnage more attractive.
For freight forwarders and shippers, this trend suggests potential implications for freight rates and vessel availability. Increased asset values for older ships could translate into higher charter rates as owners seek to capitalize on their appreciating assets. Furthermore, the strong demand for these vessels might reduce the flexibility in securing tonnage, especially for spot market requirements. Operational managers should anticipate tighter capacity and potentially elevated costs for crude and product tanker shipments, necessitating more proactive planning and booking strategies.