The value of older supertankers has exceeded new-build vessels for the first time, driven by record-high freight rates in the Gulf. Prices for five- and 10-year vessels have soared, with deals signed in days. In the past week, several ships built before 2016 sold for $150mn or higher, compared to an average of $135mn for new builds.

Alexander Saverys, CEO of CMB Tech, called the market 'once-in-a-generation.' Shipbroker Braemar noted vessel age has little bearing on prices. A tanker owned by George Prokopiou's Dynacom sold for $200mn, and another fetched $169mn for October delivery. Adnoc bought at least six supertankers recently.

Demand is fueled by Middle Eastern state-owned oil companies seeking fleet control. Traders like Trafigura have also entered the market. With payback periods in months, many owners hold ships to capitalize on high rates, worsening shortages and pushing prices up.