FT: Old tankers for the first time in history began to sell more expensive than new

For the first time in history, the price of used oil supertankers has exceeded the cost of new ships. This is reported by the Financial Times (FT).

This was due to record high freight rates for transporting oil from the Middle East to Asia and rising demand for supertankers capable of carrying about 2 million barrels of oil. The main factor for buyers was the speed of obtaining the tanker.

At current astronomical freight rates, when the cost of transporting oil by supertankers to Asia reaches $ 1.5 million a day, the payback of the tanker, according to Alexander Saveris, CEO of the Belgian shipping company CMB Tech, can be a matter of months. “You can save $100 million in six months, so if you buy an asset for $175 million, ultimately conceptually, you buy a ship for $75 million,” he said.