Tanker owners can’t call a $140m ship too old to upgrade, says BAR Technologies

With new VLCCs ordered today won’t be delivering until 2029, most of the ships that will carry the world’s oil this decade are already trading.

Portsmouth, UK, 20 October 2026. With a 15-year-old tanker now worth more than a new one, owners have demolished their own favourite argument against retrofitting older ships, according to BAR Technologies CEO John Cooper.

Poten & Partners values a VLCC available for prompt delivery at around $235 million, compared with approximately $130 million for a newbuilding ordered today and due for delivery in 2029. Even a 15-year-old VLCC could command around $140 million, according to the shipbroker.

“The argument against retrofitting older ships has always been that it’s not worth spending money on a vessel near the end of its life,” said Cooper. “Well, the market has just put a $140 million price on a 15-year-old tanker. You can’t value a ship like that and then tell me it’s not worth improving.”

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →