Secondhand VLCC values are on the rise, with even 20-year-old ships commanding prices above $60 million, according to Splash247. This trend signals a tightening market for crude oil tanker assets, which could impact charter rates and fleet renewal strategies for logistics operators.
Context and Recent Transactions
The latest deal involves the 302,400 dwt Kawasaki-built Yamatogawa, which was sold for $61.5 million, Splash247 reported. The vessel’s next special survey is due in September, yet the buyer paid a premium for this 20-year-old tonnage. This sale follows a similar transaction in April, when the same-aged, same-sized Kasagisan, built by Mitsui, was reported sold for just over $60 million. At the time, the buyer was not identified, but it has since emerged as Lila Global, which renamed the tanker Lila Vadinar.
Together, these two deals demonstrate firming values for elderly VLCCs, Splash247 noted. Earlier this month, Splash247 reported that Sincere Navigation sold the 2011-built, 297,000 dwt VLCC Maxim for $82 million. In March, Sincere sold the 2012-built sister vessel Kondor to Sinokor for around $78 million.
Transaction Summary
| Vessel | DWT | Year Built | Seller | Buyer | Price | Date |
|---|---|---|---|---|---|---|
| Yamatogawa | 302,400 | 20 years ago (approx.) | Not disclosed | Not disclosed | $61.5 million | Recent (June 2026) |
| Kasagisan (renamed Lila Vadinar) | 302,400 | 20 years ago (approx.) | Not disclosed | Lila Global | Just over $60 million | April 2026 |
| Maxim | 297,000 | 2011 | Sincere Navigation | Not disclosed | $82 million | June 2026 |
| Kondor | 297,000 | 2012 | Sincere Navigation | Sinokor | ~$78 million | March 2026 |
Implications for Tanker Operators and Freight Forwarders
According to Splash247, the rising values for even older VLCCs indicate strong demand for secondhand tonnage. For logistics managers and freight forwarders involved in crude oil shipping, this may translate into higher charter rates as owners seek to capitalize on asset appreciation. Operators with aging fleets may consider timing sales to capture current highs, while those needing tonnage face elevated acquisition costs.
Watch List
- Upcoming special surveys on recently sold vessels, such as the Yamatogawa’s due in September, could affect near-term operational availability.
- Further sales by Sincere Navigation or other major owners may provide additional benchmarks for VLCC values.
- Market reaction to any changes in crude oil demand or tanker supply dynamics could shift asset prices.
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