Old tankers now cost more than new ones as Iran war disrupts shipping

A surprising shift is happening in the global oil shipping market. Fifteen-year-old oil tankers are now selling for more than brand-new ones, according to trade sources. The cause is the rising conflict with Iran. The conflict has made shipping routes riskier. Many shipowners are avoiding new vessels that take years to build and deliver. Instead, they are buying older ships that are available immediately. Older tankers can be used right away on short, high-profit routes. This lets owners earn money faster despite the risks. As a result, demand for used ships has pushed their prices above new build prices. Shipbrokers say this is highly unusual. Normally, new ships cost more because they are more efficient and have a longer lifespan. The current situation shows how war and instability can turn normal market rules upside down. The trend is expected to continue as long as the Iran conflict keeps shipping lanes dangerous and unpredictable.