Recently, the market for very large crude carriers (VLCCs) saw a “high-value” transaction, with a 20-year-old VLCC changing hands for over US$60 million, highlighting the continued rise in the asset value of older tankers.
Reports indicate that the 302,478 DWT VLCC “Kasagisan” has been sold to an unnamed shipowner for US$60.5 million. While the buyer’s identity has not yet been disclosed, shipbrokers indicate that the buyer is not a South Korean shipowner.
The Kasagisan was originally owned by MOL (India) Private and managed by MOL Tankship Management. It was built by Mitsui Shipbuilding and delivered in 2006. It flies the Indian flag and is 333 meters long and 60 meters wide.
Industry insiders believe this transaction could mark a shift in the VLCC market landscape, breaking the recent dominance of South Korean shipowner Chang Chin Merchant Marine in this vessel type market. Given the high price paid for the “Kasagisan,” market observers are closely monitoring the buyer’s identity.
The VLCC secondhand market has been relatively quiet in recent months, mainly due to CK Shipping’s aggressive acquisitions in this vessel type market. This move brought almost all operational VLCCs in the market under CK Shipping’s control and raised the acquisition price to a level that other competitors could hardly keep up with.
In March 2026, Sinokor Maritime acquired the 20-year-old VLCC “Seasilk” for US$57.2 million. The ship has a larger carrying capacity than the “Kasagisan”, reaching 318,000 deadweight tons. It was built by HD Hyundai Heavy Industries and equipped with a desulfurization system.
In contrast, in early February 2026, tanker owner DHT agreed to pay US$51.5 million for the oldest vessel in its fleet, the “DHT Bauhinia”. Built in 2007, the 19-year-old vessel has a deadweight tonnage of 301,000 tons and is equipped with a scrubber. It is expected to be delivered to the new owner in June.
In December 2025, the transaction price of VLCCs of the same age was only about $45 million. In just a few months, taking the transaction price of the “Kasagisan” as an example, its resale price has increased by $15.5 million, highlighting the rapid rise in the price of second-hand VLCCs.