Secondhand bulk carrier sales rise in June as asset values soften across most segments
DEMAND for secondhand bulk carriers lifted in June, as pricing continues to soften in most size and age segments due to a downturn in earnings.
Almost 70 bulkers changed hands during June led by the handysize segment, with 24 ships sold, while nine capesize units were sold to new owners compared to five in May and only three in April.
Sale and purchase activity dropped in April and May, as uncertainties caused by US Trade Representative port levies on China-built vessels held back purchases. As more clarity about USTR port levies was communicated in late-May sale and purchase transactions have lifted.
Average values across most bulk carrier segments have lost between 15% and 20% year on year, while capesize values have seen much smaller declines, of between 2%-5% depending on vessel age.
In the past week, two capesize bulk carriers were reported sold by shipbrokers comprising the Sinokor-controlled, 2012-built, Pacific East (IMO: 9522661). This 176,500 dwt, China-built, scrubber-fitted vessel was sold to undisclosed buyers for $27.5m.
Meanwhile, SFL Corp is said to have sold the 14-year-old capesize Golden Zhoushan (IMO: 9448554) to undisclosed buyers. Built by Chinese shipyard Jinhai Heavy Industry, this 176,000 dwt ship realised a price of circa $22m.
Xclusiv Shipbrokers analyst Eirini Diamantara confirmed that, with the exception of the capesize segment, all bulker classes had seen a fall in values in the past year.
She noted that mid-aged capesize asset values have increased by some 2% in the past month, although values of five-year-old and 15-year-old capesizes remained relatively flat.
“Most segments continue to see softening in values, although capesize values have not seen any significant reduction and have mostly maintained 2024 levels,” Diamantara told Lloyd’s List.
The dry cargo sale and purchase market has experienced softer markets during the first half of 2025, chiefly due to weaker earnings following subdued demand trends across most major commodities. Average bulker earnings have fallen by 30% year on year, according to Baltic Exchange data.
“Despite softer conditions in dry cargo markets there has been some improvement noted in June, particularly within the capesize sector, while vessel sales have demonstrated relative stability throughout the year, showing limited volatility,” Diamantara said.
Delivery of newbuildings this year is expected to grow capacity of the bulk carrier fleet in 2025 by some 3%. Diamantara expects this could lead to continued pressure on asset values, and potentially maintain softer freight market conditions.
“Factors such as reduced vessel speeds and increased off-hire time due to special surveys could offer some mitigation against further downside,” argues Diamantara.
In June, secondhand bulk carrier transactions reached their highest level since March. In addition to the handysize and capesize segments, sales of supramax units showed strong levels, with 15 such vessels changing hands.
In the past week, Island View Shipping was reported by brokers to have sold the 60,500 dwt, 2017-built IVS Swinley Forest (IMO: 9736080) to Greek owners for $23.5m.
Meanwhile, sales of kamsarmax bulk carriers have recorded a noticeable uptick, with June being the most active month for the sector so far this year.
Recent kamsarmax sales included the 2019-built SDTR Dora (IMO: 9859026). The 81,780 dwt vessel was sold by SDTR Marine of Singapore to a Greek buyer for $24.5m in an auction sale.
Diamantara said that recent geopolitical tensions, particularly concerning the Strait of Hormuz, had limited consequences for dry bulk markets and subsequently the sale and purchase market.
“Approximately 3% of annual dry bulk trade transits the strait, a modest figure compared to the more significantly impacted wet, gas, and container sectors,” she said.
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