- Despite a 9.2% year-on-year drop in crude tanker sale-and-purchase activity, demand for older VLCCs and Aframaxes has remained resilient, with values rising sharply in 2025.
- The expanding “dark fleet” and rerouted trade flows due to geopolitical instability are sustaining appetite for 12–20-year-old tonnage.
- Strong charter rates and limited modern vessel availability continue to support prices, keeping scrapping activity low.
In a year of reduced overall tanker sale-and-purchase volumes, vintage crude carriers—particularly VLCCs and Aframaxes—are attracting strong buyer interest. Average transaction age has hovered around 14 years, challenging the assumption that older vessels would lose appeal. While total crude tanker deals have slipped to 228 so far in 2025 from 249 in the same period last year, the drop reflects reduced supply rather than weakening sentiment, according to VesselsValue Blog.
Value Trends Across Segments
Market data from VesselsValue shows significant price gains for older ships. Twenty-year-old VLCCs of 310,000 DWT have surged by about 18.4% since January, from USD 33.14 million to USD 39.12 million. Aframaxes of 110,000 DWT in the same age bracket have seen more modest growth, up 1.21% to USD 25.08 million. Suezmax values, by contrast, have softened, likely due to a larger pool of ageing ships available for sale.
Dark Fleet Expansion as a Key Driver
The “dark fleet,” consisting largely of older crude tankers operating outside mainstream shipping markets, now accounts for about 12% of the global live tanker fleet—some 692 vessels. Many are traded by Middle Eastern and Asian buyers for use in Russian oil flows, often changing flags or ownership multiple times. Lower purchase costs, strong short-term returns, and suitability for current trade routes are making these older units highly desirable.
Earnings Fundamentals and Owner Incentives
Firm freight markets are reinforcing the appeal of vintage tonnage. One-year VLCC timecharter rates have risen about 13% this year to USD 46,614/day, while Aframax and Suezmax earnings remain well above long-term averages. For owners, this means profitable opportunities to sell at strong prices or continue trading rather than sending ships for demolition.
Geopolitics and Routing Disruptions
Ongoing instability in the Red Sea and Strait of Hormuz is forcing operators to divert voyages, increasing ton-mile demand and tightening vessel availability. Charterers are opting for readily available ships—often older ones—rather than waiting for modern tonnage to position.
Notable Transactions
Recent high-profile deals include the VLCC Atlantic Loyalty (307,300 DWT, Apr 2007, Dalian Shipbuilding) sold for USD 44 million, in line with its market valuation, and the VLCC City of Tokyo (304,000 DWT, Mar 2004, Universal) sold for USD 41.5 million, significantly above its VV value of USD 36.22 million.
Market Outlook
While transaction numbers are down slightly, market fundamentals suggest that older crude tankers will remain in high demand through 2026 unless freight rates drop sharply or regulatory enforcement accelerates.
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Source: VesselsValue Blog
