Vintage VLCC City of Tokyo Sold for Record $41 Million

The secondhand tanker market continues to surge, with the 21-year-old VLCC City of Tokyo reportedly selling for $41 million—a record-setting price for a vessel of its age.

The vessel, managed by the Liberian-flagged Ashley Marine—a company operating a single ship—is the third Universal-built sister ship of the same vintage to change hands since May. Industry insiders report that this latest deal reflects a 10.8% increase over the $37 million paid for New Tinos, sold in June by Greek operator NewShipping.

Both City of Tokyo and New Tinos recently underwent special surveys and drydocking, with City of Tokyo completing its yard work in May 2023, one month after New Tinos. This has helped boost its valuation to the highest among the trio. Another sister ship sold in May fetched $33 million, but required drydocking—highlighting how recent maintenance and condition continue to play a crucial role in pricing despite strong market momentum.

Market analysts attribute the record price to consistent demand for crude carriers, driven by geopolitical disruptions, altered trading routes, and supply limitations. The substantial premium for a well-kept ship with a clean inspection history shows continued buyer confidence in the profitability of older VLCCs during this bullish phase.