A 22-year-old, 298,300 dwt elderly VLCC has recently changed hands multiple times in a short period, with the latest transaction price reaching $50 million, drawing widespread attention across the industry.

According to Clarksons data, the vessel, now sailing under the flag of Sierra Leone as the Takai , has undergone a total of six ownership changes and three flag changes over the past five years. VesselsValue currently estimates her value at $51.7 million, a substantial increase from $35 million two years ago—a gain of over 70% in four years—fully reflecting the significant appreciation in the asset value of older VLCCs.

The vessel, originally named New Century, was built in 2004. A Chinese shipowner sold her for $30 million in 2021. She then entered a rapid succession of trades: sold to Shining Gem in 2022; acquired by Pinnacle Leap six months later; transferred again in November 2025; renamed Eclat in January 2026; and taken over this March by newly established Hong Kong-based company Ovkianvance Port, which renamed her Takai.

Surging Freight Rates Drive Asset Revaluation

Behind the sharp rise in prices for older VLCCs lies a dual driver of VLCC freight rates and asset values. In 2026, VLCC asset prices have hit their highest point in 18 years. For a 15-year-old, 310,000 dwt VLCC, the asset price has risen by approximately 38.75% within the year, climbing from $59.87 million to $83.07 million.

Concurrently, geopolitical risk has acted as a significant catalyst for soaring freight rates. Affected by the US-Iran conflict, VLCC rates on Middle East routes at one point exceeded $400,000 per day. Clarksons data shows that as of February 20, average daily spot earnings for VLCCs reached $146,000 per day, the highest since April 2020.

Strong freight rates generate robust cash flow, directly boosting second-hand vessel asset valuations. According to broking data, the value of a 15-year-old VLCC stands at approximately $83 million, up 57% year-on-year; a 10-year-old VLCC is currently priced at around $105 million, up 26% year-on-year and the highest level since 2008.

VLCC Valuation Discount Locked in by Charter Rates

In stark contrast to the Takai is the C Innovator , owned by South Korea's SK Shipping. The vessel was reported sold in May this year for a rumoured $60.3 million, but the latest transaction price was just $52 million, while VesselsValue estimates her value at as much as $95 million.

The key reason for the significant price discount lies in the vessel being tied to a long-term charter contract with trader Mercuria at a fixed rate of $28,000 per day, valid until October 2027—well below prevailing spot market rates.

This case powerfully illustrates the tension between charter income and asset value in VLCC valuation. In a high freight rate environment, vessels burdened with below-market long-term charters find it difficult to enjoy the full benefits of asset appreciation, even if they are relatively younger, and may instead change hands at a substantial discount. It is understood that SK Shipping had previously listed both the scrubber-fitted C Innovator and her sister vessel C Progress for sale for nearly two months.