Fifteen-year-old VLCCs now cost more than newbuildings as DS Vision goes for $96m
A 15-year-old supertanker is valued at $160m against $131m for a new ship, while DS Tankers cuts its VLCC fleet to one
Secondhand VLCCs now cost more than new ones at every age. Clarksons Research puts a five-year-old VLCC at $215m, a 10-year-old at $190m and a 15-year-old at $160m, all above the $131m price of a newbuilding. Even the oldest of the three commands a premium of 22%. Prices have climbed sharply since around June: against January, five-year-old ships are up about 70%, 10-year-old ships 80% and 15-year-old ships 110%.
The inversion comes from two directions. The conflict around the Strait of Hormuz has pushed buyers such as Japan, which has traditionally taken about 90% of its crude from the Middle East, towards longer hauls. A cargo that used to reach East Asia from the Gulf in around 20 days now takes more than 50 from the US Gulf Coast, since a VLCC cannot use the Panama Canal and must cross the Atlantic and round the Cape of Good Hope. The daily rate for a three-year VLCC charter stood at about $109,000 in October, nearly double January's level.
Why not order new ships?
Yard space is scarce. Japanese builders' order backlogs reached 29.91 million gross tons, about 3.5 years of output at fiscal 2025 levels, and contracts are being signed for delivery beyond 2030, the Japan Ship Exporters' Association said on 22 October. Overseas orders in April to September rose 3.6% year on year. Chinese yards, which hold more than half the world market, had backlogs equal to seven years of 2025 output at the end of June. "Demand is strong for used vessels that can be put into operation immediately while market conditions are favorable," said MarineNet, a Tokyo shipping information company. Seasure Shipbroking reports that a Greek owner recently bought two 15-year-old VLCCs.
Not every sale lands at those levels. German owner DS Tankers has sold the 15-year-old, Dalian-built DS Vision to undisclosed interests for $96m, well below a VesselsValue assessment of $161m, leaving it with a single VLCC. In a comparable deal, the 2004-built, Dalian-built Southern Emperor is reported to have sold for $110m.
Clarksons expects demand to replace ships past their roughly 20-year service life, and to meet environmental rules, to keep supporting orders. Japan aims to double its shipbuilding output from 2024 levels to 18 million gross tons by 2035, backed by a government fund and about 900 billion yen ($5.69bn) of combined public and private investment.
This story is part of the Maritime Briefing of 25 October 2026.
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