Used Bulk Carrier Market Booming: Second-Highest Sales On Record In First Half Of 2024

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  • The secondhand market for bulk carrier ships is experiencing a surge in activity, with the first five months of 2024 recording the second-highest sales volume ever.
  • Purchase and sale agreements were signed for 366 dry bulk vessels between January and May 2024, exceeding the same period in 2023 by 87 ships.
  • 2021 remains the leader with the most deals (403) in a five-month window.

Market Preferences

  • Ultramax and Supramax vessels are the most popular choices, with 130 recorded sales.
  • Handysize bulkers follow closely with 93 deals.
  • Capesize bulkers see renewed interest with 67 transactions (highest since 2023).

Greek Shipowners Lead the Charge

  • Greek shipping companies are the most active buyers in the used bulk carrier market over the past year.
  • Examples of recent acquisitions by Greek firms include:
    • Brave Maritime acquiring the Supramax “Supra Baron” (built 2009) for $15.5 million.
    • Cosmoship purchasing the handysize “Carla C” (built 2015) for around $19 million.
    • Nomikos Shipping Investments acquiring the ultramax “Filosofia SB” (built 2015) for its advanced technologies. (Price unreported)
    • Load Line Marine adding the Supramax “Eagle Trader” (built 2013) to its fleet, reportedly for $17.5 million.

The strong performance of the secondhand bulk carrier market suggests continued activity, potentially driven by a combination of positive freight rates and a cautious approach to new shipbuilding investments. It will be interesting to see if this trend holds for the remainder of 2024.

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Source: Naftemporiki