Are Oldies still Goodies?
This year, 15-year-old crude tanker values have broadly outperformed the rest of the secondhand tanker market in terms of both prices and enquiry. The main reason for this appears to be the impending sanctions and corresponding G7 price cap on Russian oil and products due to come into force from the 5th December and 5th February respectively. This is expected to lead to a large increase in the fleet of tankers involved in sanctioned oil trades, especially for Russian cargos given that Aframaxes and Suezmaxes typically dominate this market. Since January, values for these two tanker sizes have appreciated more than VLCCs in the 15-year-old age segment, rising by approximately 58% and 61% respectively compared to 50% for VLCCs. However, we may now be seeing signs of a slowdown in both the demand for these tankers as well as potential the start of a softening of asset values.
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The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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