Asset Play
Over the past few years tanker owners have watched containership values surge to unbelievable levels, whilst their own values have struggled against a backdrop of weaker transportation fuel demand following the pandemic. However, gradually recovering oil consumption and the fallout of Russia’s aggression in Ukraine has propelled spot earnings and with that, secondhand values to levels not seen in over a decade. Newbuild prices had already firmed due to tighter yard availability and cost inflation; however, secondhand prices, which are more closely linked to near term spot market developments, only started to gain momentum at the end of last year, partly supported by increased optimism around oil demand and declining orderbook. Long delivery lead times, uncertain regulations and high yard pricing have also made secondhand tonnage a more attractive proposition, given the shorter investment timeline and prompter delivery a secondhand vessel offers. So, what factors might support further rises in values, or is the bubble about to burst?
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