K Line has sold its 303,000 dwt Very Large Crude Carrier Yamatogawa for a price in the low $60 million range. Brokers in both the United States and Greece report that this transaction likely sets a record for the sale price of a 20-year-old VLCC.

Built by Japan's Kawasaki Heavy Industries, the vessel achieved this high price despite facing a special survey and dry-docking this September. According to VesselsValue data, no 20-year-old VLCC had ever previously broken the $60 million threshold.

The sale price of the Yamatogawa even slightly exceeds a recent comparable transaction. This April, Mitsui O.S.K. Lines sold the 308,000 dwt Kasagisan—also built in 2006—to Lila Global for $60 million, with the vessel subsequently renamed Lila Vadinar.

Market analysis suggests that the prices of older VLCCs have been sustained at historically high levels as a consequence of the US-Iran conflict. Clarksons has assessed the price of a 15-year-old VLCC at $93.5 million since May 29, the highest level since 2010.

Stephen Gordon, Managing Director of Clarksons Research, stated on June 19 that the reopening of the Strait of Hormuz could, in the short term, trigger a sharp upward surge in certain vessel segments, including VLCCs.