Prices for new and modern Very Large Crude Carriers (VLCCs) are sky-high, but the demand for older supertankers has dropped notably lately.

Gibson pointed to recent sales of two 2004-built VLCCs, C. Vision and Achelous, both equipped with scrubbers, which sold for $32m and $30m respectively. These ships need special surveys in June and September, along with ballast water treatment system installations.

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Gibson noted that just in January, similar vessels were selling for around $34m, showing a decline in prices.

It's a tough reality for owners, especially considering that a year ago, 20-year-old ships were fetching over $50m."