Data shows that in 2025, ships built by Japan captured a larger share in the dry bulk secondhand vessel trading market. This market shift stemmed from the proposed U.S. port fee policy affecting market sentiment earlier this year, with the situation further clarifying after subsequent policy clarifications.
Eirini Diamantara, a research analyst at shipbroker Xclusiv, stated that since the beginning of this year, 461 bulk carriers of 10,000 dwt or above have changed hands, a 13% decrease compared to 528 vessels during the same period in 2024. Among the bulk carriers sold this year, 232 were built by Japanese shipyards, accounting for approximately 50%; 182 were built by Chinese shipyards, representing about 39%. In contrast, during the same period last year, Japan and China built 231 and 227 bulk carriers, respectively, accounting for 44% and 43% of sales, roughly on par.
Eirini Diamantara analyzed that although total sales in 2025 declined compared to the same period in 2024, sales of Japan-built vessels remained stable, also indicating a rise in Japan’s shipbuilding market share. “The USTR’s proposal impacted China-built bulk carriers at the beginning of this year, making global buyers more cautious.”
She also noted that the market began rebounding from May. “With the release of the USTR’s latest maritime policy proposal and subsequent clarification documents, the market either returned to normal or saw transitional compensation, meaning opportunistic buyers re-entered. This drove a rapid recovery in China’s market share from that point onward.”
Changes in the dry bulk chartering market landscape
According to foreign media reports, the USTR’s proposed policy adjustments are also reshaping the dry bulk chartering market. In the transatlantic Panamax dry bulk trade, the share of China-built vessels by dwt dropped to 39% in Q2 this year, significantly lower than the 47% average from 2021 to 2024.
Meanwhile, the market share of vessels owned by actual Chinese shipowners fell to 14% in Q2, compared to a 22% average over the previous four years. This decline was more pronounced at U.S. ports: the share of port calls by China-built vessels dropped from 46% to 29%, while the share of port calls by vessels owned by Chinese shipowners plummeted from 22% to 7%. These market changes occurred while the USTR measures had not yet been formally implemented.
Under the revised U.S. port fee policy, China-built vessels can be exempt from port fees if they meet any of the following criteria: “container ships not exceeding 4,000 TEU; general cargo ships/tankers not exceeding 55,000 dwt; bulk carriers with a single-vessel bulk cargo capacity not exceeding 80,000 tons; vessels arriving in ballast; vessels entering U.S. ports on voyages under 2,000 nautical miles; U.S.-owned or U.S.-flagged vessels; specialized vessels transporting bulk liquid chemicals; and vessels operating in the Great Lakes.”
