Used Oil Tanker Prices Have Surpassed New Vessels
The cost of secondhand crude carriers has surged as regional conflict forces shipping companies to prioritize immediate capacity.
Updated on Oct. 13, 2026 in Oil and Gas
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The market price for a 10-year-old very large crude carrier reached $152.23 million as of October 1, exceeding the $129.46 million cost of a newly built vessel. This price shift reflects intense competition for available ships amid widespread maritime disruptions.
Why it matters
Conflict in the Middle East has forced tankers to navigate longer routes and pay premiums for existing vessels to avoid multi-year waiting times for new ship deliveries. These logistical bottlenecks are expected to increase transport costs and add inflationary pressure to global markets.
Secondhand vessel prices have surged 79.5 percent over the last year, compared to a 4.7 percent increase for newbuilds. Meanwhile, average daily traffic through the Strait of Hormuz has plummeted to 4.3 ships from a previous annual average of 85.5.
The players
Clarksons Research
This organization serves as a primary provider of shipping intelligence and maritime data that has tracked vessel valuations since 2002.
The details
Shipping companies are scrambling for immediate operational capacity as Middle East conflicts disrupt transit through key chokepoints like the Strait of Hormuz. Consequently, shipping rates on routes such as Busan-Dubai have increased more than sixfold since October 2025 as vessels are forced to reroute.
Timeline
2002: Clarksons Research began tracking vessel price data.
October 2025: Shipping cost growth measurement period began.
February 2026: Five-year-old VLCC prices surpassed newbuild prices.
Early September 2026: Strait of Hormuz daily traffic fell to 4.3 ships.
October 1, 2026: Valuation date for used and new oil tankers.
Market Landscape
This valuation spike marks a significant departure from standard maritime economics, where new vessels typically command a premium over older ships. The current landscape mirrors a broader industry consolidation where immediate access to energy transport assets outweighs the depreciation typically associated with decade-old tankers.
The rising cost of maritime shipping is expected to increase product prices for consumers across various industries reliant on global transport. As transport logistics become more expensive and inefficient, these costs will likely filter through to household budgets as inflationary pressure.
The takeaway
Shipping companies facing multi-year wait times for new vessels are driving up the value of older ships to maintain immediate operational capability. Businesses and consumers should prepare for sustained price volatility as long-distance rerouting continues to disrupt global supply chains.
Further reading
For more information on the energy sector, visit the Oil and Gas section.
Source note: This article includes information reported by Pulse.
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