{"text":[[{"start":7.736,"text":"The value of older supertankers has exceeded new-build vessels for the first time on brokers’ records, as shipowners rushing to take advantage of high freight rates in the Gulf contribute to a “bananas” market for large crude carriers."}],[{"start":20.109,"text":"Prices for five- and 10-year vessels have soared, with deals signed in days rather than weeks as brokers race to secure the earliest available ships. Record-high Middle East-to-Asia freight rates for so-called very large crude carriers — supertankers that carry 2mn barrels — of $1.2mn a day are driving up ship prices."}],[{"start":42.11,"text":"A shipbroker working on supertanker transactions described the market as “bananas”. In the past week, several ships built before 2016 were sold for $150mn or higher, compared with an average of $135mn for new builds, brokers said."}],[{"start":58.08,"text":"“In 50 years from now we will talk about 2026. This is truly extraordinary. I don’t think in my lifetime I’ll ever see this kind of market again. It’s once-in-a-generation,” said Alexander Saverys, chief executive of the Belgian shipping company CMB Tech, which has several ships on the Middle East route."}],[{"start":76.744,"text":"In a note to clients, shipbroker Braemar said prices were now determined by how quickly a vessel can be delivered to its new owner. “Vessel age has remarkably little bearing on prices today,” it said."}],[{"start":null,"text":"
"}],[{"start":87.246,"text":"Ship ownership data show that a recently built tanker, owned by Greek billionaire George Prokopiou’s Dynacom, was sold with “prompt delivery” for $200mn — one of the highest prices ever recorded. Another vessel to be delivered in October fetched $169mn. Tanker values overall are up by a third compared with this time last year."}],[{"start":108.068,"text":"A major driver of demand has been the desire of Middle Eastern state-owned oil companies to own their own fleets, giving them greater control over exports out of the Gulf. Historically, the national oil companies have chartered ships from other shipowners, leaving them reliant on others if they want to sail through risky areas such as the Strait of Hormuz."}],[{"start":129.04,"text":"Shipbrokers said that players in the market included Kuwait’s national oil company and buyers looking for vessels to ship Iraqi crude. The United Arab Emirates’ state energy group Adnoc has bought at least six supertankers over the past two months, according to the maritime consultancy Drewry."}],[{"start":145.119,"text":"With freight rates at such astronomical levels, the payback on buying a vessel can be made in a matter of months, Saverys said. “You can save $100mn over six months so buying your asset at $175mn, ultimately, philosophically, you’re buying a ship at $75mn.”"}],[{"start":163.84,"text":"The Gulf countries are going up against South Korea’s Sinokor, which currently dominates the tanker market, having bought around $6bn worth of tonnage at the start of the year."}],[{"start":null,"text":""}],[{"start":174,"text":"Traders such as Trafigura, which announced the listing of a supertanker business in the past week, have also bought supertankers this year as they look for greater control over commodity movements and to protect their margins."}],[{"start":186.386,"text":"“You never know whether you will get the freight rate that you initially started that day with — freight rates are [changing significantly every day],” said Rajesh Verma, deputy director of tanker shipping research at Drewry."}],[{"start":198.8,"text":"As a result of the hot market, many shipowners have been assessing their fleets and deliberating over whether to sell ships, brokers and owners said."}],[{"start":206.88,"text":"But many supertanker owners are holding off “because they want to take advantage of the record-high rates”, said George Macheras, head of global maritime at the law firm Watson Farley & Williams. This has led to a shortage of ships on the market, further driving up asset prices."}],[{"start":222.32,"text":"Several shipowners have warned of a coming crash should a peace deal be agreed that would reopen the strait."}],[{"start":228.422,"text":"But even if freight rates suddenly come down, they would still be structurally higher than in previous years, said Macheras."}],[{"start":235.829,"text":"“If the market corrects to €200,000 a day, which it may not do in the space of two to three months, you are still going to make money,” he said."}],[{"start":247.2,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1790504519_5374.mp3"}