Jonathan Chappell at Evercore has released a note showing that using historical tanker prices - and allowing for inflation - today we see prices sitting on a “floor”. Looking at more than 25 years of data for Vs and MRs - you can buy either today at roughly the same real dollar price as you could in the late 80s.
Newbuild Vs (Korea-Japan built) are being priced in the $80 millions and MRs in the mid/low $30 millions.
The yards are starved for business and have ample capacity - with the problem being that lending has dried up to all but the highest rated shipping names. So, from a technical trading standpoint, for Owners with access to capital - now might be a good time to start buying.
There are a few flys in the ointment of simple advice to “buy” solely because prices have a hit a possible floor. The primary issue, to me, being the fleet is still very young. An extended period of low rates will not bring about the necessary level of scrapping for the tanker market to undergo it’s usual self correcting cycle.