According to Clarksons data, the resale price of Very Large Crude Carriers (VLCCs), which are currently extremely popular, has reached the highest level in the 60-year history of this ship type.
Daily charter rates on the benchmark TD3C route have surged to over $200,000, the highest level since May 2020; one-year charter rates have exceeded $130,000 per day. Market freight rates are expected to rise further following the outbreak of conflict between the United States, Israel and Iran.
Shipbroker Gibson attributes the recent surge in VLCC freight rates to four main factors: tight capacity, expanding ton-mile demand, shipowner concentration, and an increasingly fragile geopolitical environment.
According to Clarkson data, the current resale price of new VLCCs has reached $168 million, $39.5 million higher than the new ship construction price of $128.5 million; the price of vessels of moderate age has also increased significantly: 10-year-old VLCCs are currently priced at $110 million, up 22% from the beginning of the year; 15-year-old VLCCs are currently priced at $80 million, up 29% from the beginning of the year.
The first quarter of 2026 saw the highest quarterly investment for a single VLCC type in history. Clarkson’s latest weekly report shows that the VLCC newbuilding market is exceptionally hot, with approximately 50 VLCCs ordered so far this year, at least 38 of which were secured by the Chinese private shipyard Hengli Heavy Industries.
Driven by an unprecedented VLCC fleet expansion plan by Sinokor Merchant Marine, a long-established South Korean shipowner, total VLCC asset investment (second-hand + new ships) has exceeded US$10 billion in 2026, setting a new quarterly investment record for this type of vessel.
With one month remaining until the end of the first quarter of 2026, Clarkson predicts that total VLCC investment will break the single-sector quarterly investment record, surpassing the $14 billion investment boom in the liquefied natural gas (LNG) sector in the first quarter of 2022 and the $14 billion investment peak in the container ship sector in the third quarter of 2024.
In February 2026, the VLCC market recorded its best February performance ever, with reports stating that “shipowners are increasingly convinced that this VLCC supercycle is real.”
Tanker giant CMB.TECH, in releasing its Q4 2025 results, also stated: “The tanker market has continued its robust growth against the trend. This is attributable to shifts in trade patterns, limited new vessel deliveries, and the active facilitation by shipowners and operators.”