Supertankers have set a new high, surpassing the 2008 surge that followed the market’s involvement in and significant profits from the Iran War.
Due to the disruption, rates have doubled from pre-conflict levels and occasionally reached all-time highs of several hundred thousand dollars per day.
According to Clarkson Research Services Ltd, a division of the biggest shipbroker in the world, 262 supertankers with a combined capacity of two million barrels of crude oil are now being ordered by shipyards worldwide.
The amount surpasses the previous peak, which was reached in October 2008, and would be sufficient to support the entirety of the extensive US crude oil export programme, gCaptain reported.
In line with this, an unknown South Korean shipowner has been purchasing tankers at exorbitant prices in recent months with support from MSC Mediterranean Shipping Company SA, which is another reason why many supertanker owners are also flushed with cash.
Many of the businesses who sold to Sinokor now have smaller fleets and more money, some of which they spent on new ships.
The cost of refurbished items has also skyrocketed. According to Clarkson data, the price of a ten-year-old ship is currently above $115 million, the highest since 2008.
YOU MAY ALSO LIKE: Vietnam orders review of price adjustments to control inflation
Challenges still occur
However, the ongoing closure of the Strait of Hormuz has also reduced cargo movements, which might eventually hurt profits if it persists, particularly if the conflict eventually lowers long-term demand.
Greek shipping entrepreneur and TMS Group founder George Economou stated that although the market is momentarily better than it was during the 2004–08 boom, tankers will suffer if it persists.
“The biggest risk that shipping has right now is rich shipowners,” George Youroukos executive chairman at container firm Global Ship Lease was quoted as saying at the Capital Link Maritime Leaders Summit.
READ NEXT: Vietnam reaffirms commitment to APEC, outlines plans for 2027 hosting
Eleni Poulios 
Rosemarie Zamora 
Hazel Camba