The dry bulk sale and purchase (S&P) market has been heating up lately, with shipbrokers reporting numerous deals and early signs of rising vessel values, following heavy corrections since mid-2024
According to Xclusiv Shipbrokers, 16 bulk carriers changed hands during the week ending 21 March, with an average age of over 14 years. From Handysize to Capesize vessels, analysts describe the secondhand market as highly active.
Hartland Shipping Services, in its latest weekly report, noted the gathering momentum in the freight market is encouraging buyers to take a bolder approach. A similar sentiment is echoed by Allied Shipbroking,focusing on the Capesize segment. Analysts suggest recent sales reflect a continued upward trend in asset values, supported by sustained momentum in the freight market. The Capesize spot market (C5TC) has more than tripled from mid-February to mid-March, reinforcing confidence across the segment.
Meanwhile, Doric Shipbrokers highlighted market reports indicate at least a sense of stability, with some evidence of a slight firming in vessel values. Analysts noted higher prices may be driven by bullish buyers and sellers, as well as increased competition among owners who believe the market will improve or that this is the right time to buy.
According to Allied, Japanese-built Capesize vessels have shown a notable price increase, with values rising by approximately 5-6% compared with late October levels.Data from Allied Shipbroking also reveals over the past month, dry bulk asset values have increased by 1% to 5% across various vessel segments and age groups. The most notable gains were seen in 15-year-old Capesize bulk carriers, 10-year-old Supramaxes, and Handysize vessels aged 10 to 15 years.
Non-Chinese built tonnage
Amid these developments, the trend of non-Chinese-built vessels leading the sales market has persisted for another week, as buyers anticipate key decisions on the proposed US port fee.
Allied Shipbroking reported last week’s S&P activity was primarily focused on non-Chinese-built vessels in both dry bulk and tanker segments.
Hartland Shipping Services added that, for now, most of the sales reported involve older Japanese and Korean-built tonnage.
Market insiders have noted if this trend continues, Japanese-built vessel owners could gain stronger negotiating leverage, allowing them to push prices higher. Meanwhile, Chinese-built vessel owners may face pressure to adjust price expectations downward to secure deals.
Top buyers
It is no surprise Chinese shipowners remain at the forefront of reported deals, despite the US proposal.
WeberSeas reported Chinese buyers have been the most active this year, leading purchases in the Capesize, Panamax and Supramax segments. Greek shipowners, meanwhile, have dominated the Kamsarmax sector, acquiring eight out of the 12 vessels sold up until the week ending 21 March.
According to Allied Shipbroking, Chinese interests have added 184 bulk carriers to their fleets over the past 12 months, while Greeks follow with 91 acquisitions. On the selling front, Japanese owners lead with 121 disposals, while Greeks closely follow with 118 vessels sold.
