In recent weeks and throughout 2025, there has been a notable shift in the dry cargo sale-and-purchase market. Sales of geared bulk carriers, particularly the largest types like supramax and ultramax vessels (56,000 dwt to 65,000 dwt), have been dominating activity. This trend is a reversal of past patterns, where larger, gearless Panamax vessels were more frequently sold. According to an Xclusiv Shipbrokers analyst, three-quarters of all bulker sales in August were from the supramax and ultramax segments.
Supramax and Ultramax Outperforming Panamax
The popularity of these smaller, geared vessels is directly linked to their superior earnings. Baltic indices show that, daily, the average earnings for a supramax have been approximately 5% higher than those for a panamax since the beginning of the year. This makes supramaxes and ultramaxes a more attractive investment proposition, as they offer higher returns with a lower initial capital cost compared to panamax vessels.
Notable Recent Sales
The article provides several examples of recent sales that illustrate this trend:
- Pavo Breeze: A 2023-built ultramax vessel was sold for over $36 million.
- CP Shenzhen and CP Nanjing: These 2017-built ultramax sister ships were sold for $23 million each.
- Doric Victory: A 15-year-old supramax was sold for $15 million.
In contrast, a recent sale of a larger Kamsarmax vessel, the Sea Orpheus, was for a relatively lower price of $18.5 million, which reflects its age and the need for a dry docking survey.
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Source: Lloyd’s List
