Used Suezmax tankers (ships that transit Suez fully laden) are approaching the value of new VLCCs as security threats in the southern Red Sea reshape Saudi Arabia’s crude shipping routes. Greek shipping company Naftomar paid $123 million for the 2024-built Suezmax Bristol on September 1, about 12% more than the $110 million it paid per vessel for two used Suezmax tankers in June. The price equals roughly 94% of the $131 million cost of a new VLCC, despite a VLCC carrying about twice as much crude. Saudi Arabia’s shift from the Bab el-Mandeb toward the Suez Canal and Egypt’s SUMED pipeline has increased demand for Suezmaxes, which can carry approximately 1 million barrels through the canal fully laden, unlike fully loaded 2-million-barrel VLCCs. Suezmax TCE (daily equivalent freight earnings) reached $269,824 across all routes, above VLCC earnings of $234,821, while Black Sea–Mediterranean earnings approached $400,000 per day on August 21. The shortage is also driving newbuilding demand: Daehan Shipbuilding has received orders for 17 Suezmaxes this year and is marketing 2030 delivery slots, while Samsung Heavy Industries agreed in late July to build two vessels for a Turkish shipowner at approximately $93 million each, 7.5% above the prevailing newbuild price. Industry sources expect used-vessel prices and charter rates to remain strong in the short term because Hormuz volumes remain below peacetime levels, Houthi threats persist, and major shipyards are booked three years ahead.