All eyes were on the Baltic Dry Index last week as it breached the 3,000-point barrier, its highest level in years, helping fuel another red-hot week in the sale and purchase market.
Lion Shipbrokers reported 16 deals over the weekend, echoing comments from other broking houses, pointing to a strong appetite for 15-20-year-old Japanese-built panamax and kamsarmax tonnage. The standout performer in terms of asset price appreciation, however, has been modern tonnage, where limited availability for prompt tonnage drives values to new heights.
The sale that stands out this week is a ship named Dominator (64,000 dwt, built in 2021 at Shin Kasado), reportedly selling for $38m. A sister ship, CMB Bruegel changed hands for $32.5m in October. Now, seven months later, the fresh price tag shows a rise of $5.5m, or nearly 17%. Back in March, the same-aged, same-sized Shin Kurushima-built Ability fetched $37m, further highlighting the rapid upward momentum in modern Japanese-built values.
