The cost of a new VLCC is now at least as cheap as at any time since the 1980s, according to Norwegian investment bank Cleaves Securities.
As yard ordering activity dwindles, inflation-adjusted levels have sunk to equal the 2017 slump, with only the all-time lows of more than 30 years ago preventing a new record being set.
Cleaves head of research Joakim Hannisdahl said a VLCC newbuilding from a tier one yard is now quoted at a nominal $87m, down 5% from February.
