The booming secondhand tanker market has reached new heights with the sale of the 21-year-old VLCC City of Tokyo for a reported $41m, setting a new benchmark for vintage VLCCs.
The Liberian-registered Ashley Marine, a single-ship company, is offloading the Universal-built vessel, which has become the third sister ship of the same age and yard to be sold since May. According to Splash sources, the sale marks a 10.8% price jump from the $37m fetched by the New Tinos, sold in June by Greek owner NewShipping.
While both vessels had recently completed their special surveys and drydockings—with City of Tokyo completing its in May 2023, a month after New Tinos—the City of Tokyo now commands the highest valuation of the trio. Another sister ship sold in May for $33m, though it had a dry dock due, underlining the continuing importance of survey timing and condition in pricing even as bullish sentiment dominates the market.
Analysts say the record-breaking deal reflects sustained demand for crude tonnage amid elevated geopolitical tensions, rerouting patterns, and enduring supply-side constraints. The premium paid for a well-maintained vessel with a clean survey record suggests buyers remain confident in the earnings potential of vintage VLCCs in the current cycle.
