Norwegian VLCC Sale Sets New Yardstick

AI generated image of a VLCC as seen from the bridge
Updated Published

The transaction involving a VLCC under the Norwegian flag has established a fresh high point, reflecting the ongoing rise in tanker asset prices.

The Eco Seas, a vessel with a deadweight of 299,998 tons and built in Korea eight years ago, was purchased by an undisclosed buyer for $98.5 million. The vessel was previously under the ownership of Norwegian industry giants, Awilco and TRF.

Clarksons Research indicates that the substantial sale price is evidence of a significant 10% increase in the value of semi-modern ships compared to last year, with market experts anticipating further price escalations in the current vigorous trading environment.

Clarksons also notes that the prices for secondhand tankers are at their peak in 15 years.