News in English

As of July 2025, the dry bulk market reflects a cautiously optimistic sentiment

As of July 2025, the dry bulk market reflects a cautiously optimistic sentiment, supported by a recovery in charter rates across several vessel segments. The Capesize segment has experienced significant volatility since late May 2025, with the Capesize 5TC average currently at USD 31,756/day — 35% up compared the similar period of 2024 and marking the highest level since early July 2024. The Capesize 5TC Average in 2025 has ranged from a low of USD 5,899/day to a high of nearly USD 31,429/day, indicating a volatile yet improving market environment.

Meanwhile, the Baltic Kamsarmax 5TC Average, currently paying USD 16,540day — a 10% increase compared to the same period in 2024. Since late May 2025, the index has surged by 72%, reaching USD 17,914/day on 15 July 2025 — its highest level since mid-May 2024 — highlighting a strong upward trend in the Kamsarmax segment. The Ultramax Baltic S11TC Average is currently paying USD 16,351/day, just 5% lower compared to the same period in 2024. Since 10 June 2025, the index has increased by 41%, climbing to USD 17,017/day on 18 July 2025 — the highest level recorded since 31 July 2024. Finally, the Baltic Handysize 7TC Average is currently paying USD 12,271/day, representing a 10% decline compared to the same period in 2024. Since mid-May 2025, the index has risen by 23% and is now at its highest level since 15 November 2024.

Although earnings across all vessel sizes have increased and pay levels are close to those of the same period in 2024, second-hand prices have declined significantly over the past year. For example, in July 2024, a 5-year-old Kamsarmax built by Tsuneishi Cebu changed hands for USD 37 million, whereas in July 2025, a 9-year-old Kamsarmax built by Tsuneishi was sold for USD 25.5 million. Adjusting the latter to a 5-year-old equivalent indicates a price decline of approximately 17.5% compared to the previous year. Furthermore, in the Ultramax sector, a 5-year-old Ultramax built by Oshima was sold in July 2025 for USD 28.8 million, whereas in July 2024, a 4-year-old Ultramax built by Imabari had been sold for USD 37.5 million. On a 5-year-old adjusted basis, this represents an approximate 19% decrease in value compared to the previous year. Similarly, in the Handysize sector, a 5-year-old 37K DWT vessel built by Oshima was sold in July 2025 for USD 25 million, whereas in July 2024, a 5-year-old 37K DWT vessel built by Minaminippon had been sold for USD 28 million — indicating a price decline of approximately 10.7% year-on-year.

The convergence of rising freight rates and declining secondhand values over the past year has likely driven Greek buyers — renowned for their opportunistic strategy — to ramp up acquisitions. In July 2025, Greek buyers registered a 25% increase in acquisition activity compared to the previous month. A total of 49 bulk carrier sales have been reported so far this month, with Greek interests accounting for 10 transactions — representing 20% of total volume. Notably, one major Greek owner purchased three Ultramax vessels this month, built in 2020 and 2019. By contrast, June 2025, one of the most active months of the year, saw 67 bulk carrier sales, of which Greek buyers acquired 8 vessels, equating to approximately 12% of the total.

S&P activity:

Dry:

On the Capesize sector, the Scrubber fitted "Mineral Brussel"- 175K/2011 New Times was sold for USD 24.5 mills. On the Ultramax sector, the "Nord Kitan"- 60K/2017 Saiki changed hands for USD 24 mills, while the one-year-older "CP Chongqing"- 64K/2016 Chengxi was sold for excess USD 21 mills to Korean buyers. On the Supramax sector, the "Kaspar Schulte" - 59K/2012 Nacks found new owners for low USD 15 mills, while Chinese buyers acquired the "Jin Ji"- 57K/2009 Chengxi for USD 11 mills. Finally, on the Handysize sector, the OHBS "Stellar Enguri" - 34K/2012 Fukuoka was sold for low/mid USD 13 mills to Asian buyers, while the "Mount Rainier" - 33K/2005 Kanda found new owners for USD 7.8 mills.

Tanker:

2x Ice Class 1C, Scrubber fitted LR2s, the "Dune"- 114K/2025 Cosco Qidong and the "Lamu" - 114K/2025 Cosco Qidong were sold for USD 144 mills enbloc. The Aframax "Advantage Award"- 116K/2011 Samsung was sold for USD 36.5 mills, while the "Aqua Pearl" - 106K/2005 Sumitomo changed hands for high USD 24 mills. The "Hafnia Andromeda" - 50K/2011 GSI and the "Hafnia Taurus" - 50K/2011 GSI were sold enbloc for USD 36.5 mills. Finally, the "Bull Shark" - 50K/2009 HMD was sold for USD 17.35 mills, while the "Seaways Titan" - 50K/2008 HMD found new owners for USD 16.5 mills.

Xclusiv Shipbrokers Inc.