The world’s largest crude carriers – VLCC – are rewriting industry history, with secondhand prices commanding a premium over new ships that have not been matched in six decades of supertanker operations.
According to a report from Clarkson’s Research, the first quarter of 2026 is shaping up to be transformative for the sector, as cumulative investment in both existing vessels and new constructions has already topped US$10 billion.
February 2026 marked the strongest monthly performance in VLCC history.
Older ships see unprecedented value surge
The report noted that if current trends hold, the Very Large Crude Carrier (VLCC) sector will claim the distinction of being the most heavily invested shipping segment in any quarter on record, outstripping the US$14 billion peaks seen in Liquefied Natural Gas (LNG) and container shipping in 2022 and 2024, respectively.
It revealed that older ships are leading the value surge, highlighting that 10-year-old VLCCs now sell for US$110 million (up 22% since January), while 15-year-old models fetch US$80 million, a 29% jump this year.
Even brand-new vessels cannot keep pace with the resale market, where standard VLCCs trade at US$168 million – US$39.5 million above their US$128.5 million build cost.
Meanwhile, shipyards have secured orders for roughly 50 new VLCCs so far this year.
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Geopolitics fuel earnings growth
Operational rates reflect the sector’s strength, with daily earnings for TD3C routes climbing above US$200,000, a threshold not reached since 2020.
Annual charter contracts now exceed US$130,000 per day, and further gains are likely as geopolitical friction between the United States, Israel, and Iran impacts global trade flows.
Tensions involving these nations have raised concerns over potential disruptions to the Strait of Hormuz, which is a critical chokepoint for global crude shipments.
Companies are reportedly securing additional tonnage as a strategic buffer, further tightening vessel availability.
“Owners are ever more convinced that this time the supercycle is real,” the publication stated in its latest analysis.
Key drivers for the tanker boom
Alexander Saverys, chief executive of CMB.TECH addressed the market dynamics during the company’s fourth-quarter earnings announcement.
Saverys explained that tanker markets continue to defy gravity due to a mix of shifting trade patterns, modest newbuilding deliveries, and a particularly active tanker owner/operator who is adding fuel to the fire.
US investment bank Evercore ISI detailed the drivers in its report “What a Time to Be Alive,” noting that growth is “rooted in long-term structural changes rather than temporary market swings.”
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Elan Castanares 
Kamille Q. Cabreza