Old oil tankers outpace new vessels amid rising shipping costs
The prices of used giant oil tankers have risen to unprecedented levels, surpassing the prices of new ships for the first time, due to a record spike in shipping costs from the Gulf to Asia, where freight rates have reached approximately $1.2 million per day. Tankers aged between 5 and 10 years are being sold for prices of $150 million or more, compared to an average of $135 million for new vessels. Buyers are favoring fast-operating ships that can be delivered quickly. This price surge has increased the interest of Middle Eastern oil companies in owning their own fleets to have greater control over their exports and reduce reliance on leasing, especially given the risks surrounding the Strait of Hormuz. Despite this, prices are expected to continue rising, although a market correction may occur if geopolitical risks decrease.
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