A fresh analysis of secondhand values shows the current asset cycle is not confined to a narrow band of near-new ships but is affecting vessels across the age spectrum, with older units registering the sharpest gains, reports reports on 7 September 2026.
The fastest-moving cohort is very large crude carriers, where year-on-year value increases accelerate with age. According to the report, VLCC secondhand values have risen by:
- 30% at five years.
- 42% at ten years.
- 61% at fifteen years.
- 90% at twenty years.
Those figures underline a market in which a five-year-old vessel can demand prices that rival or exceed newbuilding levels, but the defining feature is broader: repricing is evident across the entire age curve and becomes more pronounced the older the vessel, the report finds.
reports notes the pattern is not unique to VLCCs. The Suezmax curve also shows age-related repricing, though the available summary does not set out comparable percentage moves for that class.
What the numbers mean for owners and buyers
The scale and slope of the uplifts imply a re-run of asset appetite that rewards vintage tonnage more steeply than might be expected. For owners of older units, capital values rising faster at greater ages improves options to refinance, sell or trade; for buyers the market raises questions about replacement-cost benchmarks and the pricing of risk.
Lenders, lessors and valuers will face pressure to reconcile rapidly rising secondhand prices with underwriting models that usually discount older tonnage more heavily. A market where older tonnage trades at such premia can complicate collateral assessments and residual-value projections.
Wider consequences for the shipping economy
A sustained recalibration of values along the age spectrum has potential knock-on effects for scrapping economics, fleet renewal and charter-market behaviour. If owners anticipate continued premiums for vintage ships they may defer demolition and delay newbuilding commitments, altering future fleet supply dynamics.
Charterers and commodity traders watching freight-cost signals will want clarity on whether the observed price behaviour reflects temporary freight spikes, structural shifts in demand, fleet availability quirks, or a combination of factors. The report itself focuses on the outcome for asset prices rather than attributing definitive causes.
The reports item of 7 September 2026 provides a stark reminder that asset cycles can move unevenly across vessel ages, and that market participants must adjust valuation, financing and operational plans accordingly.