Sales of very large crude carriers (VLCCs) are driving the secondhand market, with both modern and vintage units changing hands at firm prices amid strong sentiment in the crude tanker sector.
China’s Landbridge Holdings has been among the most active sellers. The company has reportedly sold the 2019-built, 308,000-dwt Landbridge Horizon for about $103m, with Trafigura widely tipped as the buyer. The deal is well above the $101m valuation estimated by VesselsValue eight months ago.
Landbridge is also said to be finalising the sale of a 2016-built sister ship, the Landbridge Spirit, for around $86m — underlining continued appetite for modern tonnage.
The achieved prices highlight the strong tone across the VLCC segment, where prompt eco ships are still viewed as good value compared with LNG dual-fuel or ammonia-ready newbuildings, now quoted at $140m–$150m.
Activity has also picked up in the vintage VLCC bracket, where Chinese buyers dominate. The 2007-built, 306,543-dwt Dalma has been sold for $49m after passing dry dock, a price that aligns closely with July’s sale of its sistership, the Eurohope.
In another sign of firming values, the Alafouzos family’s Kyklades Maritime paid $55m in early September for the 14-year-old, 301,900-dwt FPMC C Knight from Formosa Plastics Marine. Renamed Nissos Psara, the ship is already valued at about $57m, according to brokers.
Despite volatile spot earnings, VLCCs have enjoyed strong returns in recent weeks. Fixtures briefly broke through the $100,000-per-day mark in late September — the highest since early 2022 — before correcting and stabilising in the mid-$80,000s per day this week.
