Stefanos Kazantzis, Financial Advisor of McQuilling Services Marine in an interveiw discusses the recent upswing in VLCC asset prices and current developments in the asset markets. Asset Contango is a situation where the future price of an asset is trading at a higher level than the spot price. We can see this in commodities viz oil represented by the future contracts. Coming back more specifically to the VLCC asset market we view new building as future assets price and secondhand tonnage represents the current asset environment. Back in October 2013 we saw prices for new buildings on VLCC prices at $ 87 million and at the same time the prices for five year old vessels were well above $ 57 million.