Older Suezmax values hit highest levels since 2008, and Greek shipowners sell these elderly tankers in order to take advantage of the high values, according to VesselsValue.
Suezmax 15 year old vessels have seen the most dramatic increase, up by c.3.98% to USD 41.77 million, the highest levels since 2008.
“It is mainly Greek sellers who are offloading these elderly Tankers in order to take advantage of the high values,” in accordance with analysis of VesselsValue.
For VLCCs, 10 year old vessels have risen in value the most this year and are also at a 15 year high of USD 78.30 million. Values for Aframaxes have remained stable overall, with some slight increases for older tonnage.
VesselsValue analyst Rebecca Galanopoulos Jones notes that it is mainly Greek sellers who are offloading these elderly tankers in order to take advantage of the high values, accounting for an overwhelming majority of sales at c.42.5%. In contrast, the United Arab Emirates rank second with just c.10%.
The trend towards older tonnage continues, and the average age of vessels sold so far this year is 16 years of age. The majority of these sales are to undisclosed buyers, accounting for c.31.5%, followed by United Arab Emirates based buyers at c.18%, and India ranking third at c.15%.
Tanker values have increased due to bullish sentiment in both the spot and period sectors. As the number of Tankers entering the ‘dark fleet’ continues to grow, this has increased demand for the remainder of the trading fleet.