VLCC newbuilding orders have surged 358% this year as tanker rates and vessel values hit record levels, the Seatrade Maritime News reports. However, Veson Nautical expects ordering to slow as shipyards in China, Japan and South Korea are nearly booked through 2030 and equipment shortages limit new capacity.
VLCC spot earnings have topped $1 million per day, while one-year charter rates have reached $135,124 per day. Five-year-old VLCC values are also 133% above their historical median, with newbuild resales reaching about $200 million.
