VLCCs continue to be in strong momentum, as China’s increased “appetite” for oil and the limited supply of ships form favorable fundamental sizes in the market. Under this prism, a recent VesselsValue analysis focuses on the secondary market for VLCCs and the tightness of the ship supply.
According to VesselsValue data, during the first nine months of 2025, 83 VLCC sales took place, compared to 113 in the corresponding period of 2024. This represents a decline of the order of 27% on an annual basis. The slump in sales reflects the reluctance of shipowners to sell profitable assets, although there is uncertainty about the long-term sustainability of the freight rate rally.
At the same time, the aging of the fleet and the sluggishness of demolitions (only two VLCC demolitions in 2025) have kept the ship supply limited. Therefore, asset valuations remain high, despite the limited number of sales. Indicatively, since the beginning of the year, the value of a five-year-old VLCC has increased from $109.8 million to $113.6 million.
With fleet expansion remaining subdued and ton-miles “galloping”, the VLCC market is in a tight position. Given the rapid aging of the fleet, the supply of VLCCs may shrink further in the event of a weakening in freight rates, which would send many ships to the demolition yards.
Source: VesselsValue
