Secondhand Ship Values Surge as 20-Year-Old VLCC Vadin Nearly Doubles to $117M
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Secondhand vessel prices have risen across several major shipping segments, with the sharpest repricing concentrated in crude tankers. Splash reported on October 6 that the 2006-built VLCC Vadin, acquired from Mitsui O.S.K. Lines for about $60.5 million earlier this year, is now reported sold again for $117 million, a $56.5 million or roughly 93% increase in a matter of months. Broader market benchmarks show the same direction: Korea Ocean Business Corporation's October 1 assessment values a five-year-old VLCC at $178.09 million and a 10-year-old ship at $152.23 million, compared with a $129.46 million newbuilding benchmark, while secondhand Suezmax, Aframax and LR2 values have also moved sharply higher. Dry bulk values are firmer but are rising much more gradually, while recent containership sales continue to show strong prices for scarce prompt tonnage.
A 20-Year-Old VLCC Has Gained $56.5 Million in Months
The tanker market is attaching an unusually high premium to ships that can earn immediately. That premium is now strong enough for older and even five-year-old crude tankers to trade at valuations above today's newbuilding benchmarks.
Splash reported the former Kasagisan sold by Mitsui O.S.K. Lines earlier in 2026. Lila Global subsequently renamed the 2006-built VLCC Lila Vadinar and later Vadin.
Splash reported on October 6 that the vessel is being sold again at almost twice the earlier acquisition price.
Difference between the two reported transaction prices.
The reported value has almost doubled during Lila Global's short ownership period.
The tanker was built in 2006, putting it deep into the traditional mature-asset portion of the VLCC fleet.
The buyer receives a vessel capable of entering today's high-earning tanker market rather than waiting years for a newbuilding.
VLCC Price Curve: Secondhand Ships Above Newbuildings
VesselsValue benchmark cited by Splash.
Immediate-delivery modern tonnage carries the largest premium.
Nearly 49% above the cited newbuilding value.
Still materially above the newbuilding benchmark.
Even 15-year-old tonnage has crossed the newbuilding benchmark.
Current Secondhand Ship Price Board
Latest KOBC benchmark values are shown in US$ millions. Tanker and dry-bulk assessments are dated October 1, 2026.
| Ship Type | Size | Resale | 5-Year | 10-Year | Newbuild | 5-Year vs Newbuild | 5-Year Weekly Move |
|---|---|---|---|---|---|---|---|
| VLCC | 320,000 dwt | $199.26M | $178.09M | $152.23M | $129.46M | +37.6% | +9.3% |
| Suezmax | 160,000 dwt | $133.20M | $109.57M | $96.61M | $87.58M | +25.1% | +8.9% |
| Aframax | 110,000 dwt | $92.03M | $86.90M | $73.96M | $75.96M | +14.4% | +3.8% |
| LR2 | 110,000 dwt | $94.41M | $86.26M | $75.02M | $77.58M | +11.2% | +1.6% |
| LR1 | 75,000 dwt | $72.06M | $59.65M | $47.81M | $61.62M | -3.2% | +0.4% |
| MR | 50,000 dwt | $58.23M | $49.93M | $40.19M | $50.54M | -1.2% | +0.8% |
| Ship Type | Size | Resale | 5-Year | 10-Year | 5-Year Weekly Move |
|---|---|---|---|---|---|
| Capesize | 180,000 dwt | $82.56M | $72.42M | $55.67M | +1.1% |
| Kamsarmax | 82,000 dwt | $44.19M | $38.82M | $29.82M | +1.1% |
| Ultramax | 64,000 dwt | $41.88M | $36.79M | $28.92M | +1.7% |
| Handysize | 33,000 dwt | $34.89M | $28.31M | $21.43M | +0.3% |
Latest reported sale after changing hands for roughly $60.5 million earlier this year.
157,000-dwt DSME-built tanker reported sold in the latest Xclusiv weekly S&P data.
2015- and 2014-built scrubber-fitted Hyundai Samho ships reported sold at $70 million and $73 million.
51,000-dwt Dae Sun-built product tanker among current MR transactions.
173,000-dwt Bohai-built bulker reported sold to Far Eastern buyers.
Modern 82,000-dwt Oshima-built ship reported sold in the latest weekly market.
Recent reported feeder containership sale as scarce prompt boxship availability supports values.
MSC was reported as buyer in a September transaction.
Why Pay More for an Older Ship? Prompt-Tonnage Premium Model
Compare the premium on an immediately available secondhand vessel with the earnings that could theoretically be generated while waiting for a newbuilding.
How Much of the Premium Could Current Earnings Recover?
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