According to Shipping Industry Network, the second-hand bulk carrier market saw active trading at the beginning of July, with shipowners striving to close deals before the summer holidays. Despite persistently weak dry bulk freight rates, transaction volumes have increased significantly as leading shipowners decisively sealed deals, particularly in the Capesize bulk carrier segment.
Shipbrokers reported a sudden surge in market activity, with heightened interest in older vessels, marking a shift from recent weeks when buyers showed strong enthusiasm for both eco and non-eco ships. Reports indicate that Capesize bulk carriers built between 2011 and 2012 have become the market focus, with several high-profile transactions already completed or under negotiation.
Singapore-based Eastern Pacific Shipping (EPS) has reportedly sold its 177,000-dwt Capesize bulk carrier “Mount K2,” built in 2011 and due for special survey in September, for $26.85 million. As a prominent player in the bulk carrier sector, EPS earlier this year also sold its bulk carriers “Mount Song” and “Mount Austin,” both built in 2010, for $27.5 million and $26.75 million, respectively.
In contrast, the similarly sized and aged “Golden Zhoushan,” built by China’s Jin Hai Intelligent Manufacturing (formerly Jin Hai Heavy Industry), was sold for just $22 million. The price difference is attributed to traditional market discounts for Chinese-built vessels, along with the ship’s upcoming special survey in January, making the deal more favorable. The seller, SFL Corporation, is also active in the second-hand ship market, having sold several Capesize bulk carriers earlier this year.
Additionally, rumors suggest that the Chinese-built “Pacific South” and “Pacific East” have either been sold or received firm offers, with expectations of more Capesize bulk carriers being sold soon.
Although the overall dry bulk shipping market remains under pressure, the renewed interest in second-hand Capesize bulk carriers—especially older vessels—signals a return of opportunistic buying. Buyers are seeking value acquisitions that could benefit from future profit growth, while sellers are clearly eager to finalize deals before the European summer holidays to avoid liquidity drying up.
