The price of second-hand tankers is rising

The comeback of the global economy and the shortage of energy have pulled the price of second-hand tankers for crude oil and LNG out of last year’s doldrums, according to Vesselsvalue.
Photo: PR-foto UltraShip
Photo: PR-foto UltraShip

The price of second-hand tankers has been quietly creeping upwards when the coronavirus pandemic appeared to be on its way back, and the demand for energy began to grow again, according to a statement from Vesselsvalue.

While the price of VLCCs fell markedly by over 17% in 2020, when the pandemic put the global economy on hold, the second-hand price of five-year-old large tankers has risen by 14% over the past year, according to Vesselsvalue.

According to the research company, the reason is an expectation that the pandemic was returning and that the world economy was undergoing rapid recovery.

For second-hand LNG tankers, the price development has been even more positive according to Vesselsvalue. While an average, five-year-old large LNG tanker last year cost USD 131.3 million, the price in 2021 has risen to USD 152.7 million, which corresponds to an increase of 16.3%.

This is mainly due to the global lack of energy in the wake of the pandemic, which has pushed up the price of liquefied natural gas.

“A perfect storm of an unreliable supply of renewable energy, the declining supply of LNG from the world’s largest producers and cold weather have led to reduced European reserves, which has resulted in a sharp rise in the price of LNG,” says Vesselsvalue.

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