A very large crude carrier built in 2003 has reportedly changed hands for about $50m—just months after being acquired at roughly the same price. The unusual deal shows that buyers are no longer paying only for steel and remaining service life. In today’s tight tanker market, they are also paying heavily for immediate availability.

A 23-year-old VLCC may have been sold for approximately $50m, highlighting just how strongly tanker asset values are being supported by limited prompt tonnage.

Several shipbrokers have reported that the 298,600-dwt Grit has been sold by Yearn Marine, potentially to South Korean buyers. The reported price is around $50m—the same amount Yearn Marine is believed to have paid for the tanker in May 2026.

Neither the buyer nor the seller has formally confirmed the transaction. The final price, delivery schedule and identity of the acquiring company therefore remain subject to verification.

Even so, the broker reports provide an important market signal: a VLCC delivered in 2003 can still command a valuation of around $50m.

A Ship That Has Become More Valuable With Age

The Grit, formerly named Success Fortune XL, was previously controlled by Indonesian shipowner Soechi Lines.

Soechi acquired the vessel from BW Group in 2013 for approximately $36m. Thirteen years later, the tanker is reportedly changing hands for around 39% more than that earlier purchase price—even though the ship is now 13 years older.

That comparison is based on nominal prices and does not account for inflation. Nevertheless, it illustrates how dramatically the economics of older VLCCs have changed.

VesselsValue currently estimates the Grit to be worth approximately $47.9m, compared with $32.8m one year earlier. That represents an increase of about 46% in 12 months.

For a vessel already well beyond the age at which many major charterers become more selective, such appreciation is striking. It suggests that immediate earning potential is temporarily outweighing the conventional depreciation associated with age.

The Secondhand VLCC Price Cycle

To avoid mixing vessels of different ages, the following comparison uses the benchmark market value of a five-year-old VLCC of approximately 300,000 dwt.

The figures reveal a clear cycle.

After reaching about $160m during the 2008 shipping supercycle, five-year-old VLCC values fell sharply as the financial crisis, vessel oversupply and weaker freight markets undermined confidence.

Prices remained comparatively subdued for much of the 2010s. A benchmark five-year-old VLCC was worth about $73m in mid-2014, while values fell to roughly $58m–$64m by 2017.

The market began to turn decisively after 2021. Longer crude-trading distances, an ageing fleet and tighter availability of commercially acceptable tonnage pushed secondhand values higher. The benchmark rose from an average of approximately $70m in 2021 to $89m in November 2022 and around $110m–$113m in the first quarter of 2024.

By August 2026, some broker assessments placed a five-year-old VLCC at approximately $152m—close to the extraordinary levels last experienced during the 2008 supercycle.

From the midpoint of the 2017 range to the August 2026 estimate, the benchmark value has increased by approximately 149%.