MARKET COMMENTARY:<\/p>\n
The 2025 YTD dry bulk SnP market continues to show strong liquidity, but the nationality mix reveals where real conviction lies. China leads the buying side with 216 vessels, consolidating its role as the most aggressive fleet-expansion force in dry bulk. Greece follows with 126 ships, a number that confirms Greek owners remain highly active but far more selective compared to the heavy expansion seen in previous cycles. The 168 \u201cUndisclosed\u201d buyers reflect private equity, trading houses, and various Asian investment vehicles entering through quieter channels\u2014typically a late-cycle signal. Vietnam\u2019s 41 deals also underline how Southeast Asia is slowly building a meaningful ownership footprint.<\/p>\n
On the selling front, Greece stands at the top with 139 disposals, followed by Japan with 114 and China with 104. Japanese owners continue their disciplined fleet-rotation strategy, moving out mid-aged units at attractive prices. For Greeks, the high selling volume does not contradict the high buying volume; instead, it reflects a very deliberate restructuring of fleet profiles rather than simple expansion or contraction. The Rest of the World category, with 331 ships sold, confirms how broad the recycling and reshuffling process has become in 2025. Looking specifically at Greek owners, the pattern becomes much clearer. The 126 vessels acquired this year are concentrated mainly in the Handy, Ultramax and Kamsarmax segments. Handies lead with 42 units, followed by 24 Kamsarmaxes and 20 Ultramaxes. These three sizes alone account for more than two-thirds of the buying. The age breakdown reinforces this preference: Greeks are heavily focused on 6- to 15-year-old ships, where price levels remain rational and the vessels still offer enough commercial flexibility to justify a multi-year forward view. Ultramax and Kamsarmax acquisitions in the 0-5 year bracket also stand out, showing that for certain groups the eco-fleet transition remains a strategic priority. On the disposal side, the 139 units sold by Greeks are dominated by Supramaxes (46) and Panamaxes (40). This aligns exactly with the buying pattern: owners are exiting older Supra and Panamax candidates and replacing them with younger, larger or more fuel-efficient tonnage. The age structure confirms it. Supras sold fall mainly in the 11-25 year bracket, while Panamaxes come overwhelmingly from the 16-25 year range. This is a classic clean-up phase \u2014 reducing OPEX-heavy units and trimming exposure to the most inflation-sensitive parts of the fleet.<\/p>\n
These SnP dynamics align closely with the broader dry bulk environment. Chinese iron ore imports remain strong\u2014up nearly 7% YTD\u2014and although domestic steel margins fluctuate, Beijing\u2019s infrastructure-first policy mix continues to support raw material demand. Grain trade remains resilient, while tonne-mile demand benefits from trade fragmentation and shifting Atlantic\u2013Pacific balances. Geared segments, in particular, continue to trade at firmer levels than many expected at the start of the year, helping explain the Greek focus on Handies and Ultramaxes. Meanwhile, orderbook-to-fleet ratios remain historically low across all bulk segments, with the Kamsarmax\/Ultramax newbuilding pipeline particularly tight, adding even more logic to buying mid-aged units rather than gambling on expensive, late-delivery newbuildings. Taken together, the data points to a market where Greeks are not expanding recklessly but repositioning intelligently. They are selling older Supras and Panamaxes into a strong price environment, buying younger eco-tonnage where fundamentals look firmer, and keeping their fleet balanced going into what most owners still view as a constructive medium-term cycle. China keeps driving demand on both the trade and ownership side, Japan continues its disciplined exits, and global liquidity remains deep enough to support this ongoing fleet reshaping.<\/p>\n
Dry S&P Activity:<\/p>\n
In the Capesize sector, the\u00a0\u201cPACIFIST\u201d\u00a0– 181K\/2011 Koyo was sold for USD 32 mills, with surveys due in January 2026. Additionally, the\u00a0\u201cLAKE DOLPHIN\u201d\u00a0– 179K\/2011 Hanjin Heavy changed hands for USD 30 mills.<\/p>\n
Moving to the Post Panamax segment, MSPL Ltd acquired en bloc the sister vessels\u00a0\u201cINDUS PROSPERITY\u201d\u00a0– 93K\/2011 Taizhou Sanfu and\u00a0\u201cINDUS FORTUNE\u201d\u00a0– 93K\/2011 Taizhou Sanfu for mid USD 11 mills each, with surveys due in April and July 2026 respectively.<\/p>\n
On the Kamsarmax sector, the Japanese-built\u00a0\u201cKEY FRONTIER\u201d\u00a0– 81K\/2011 Universal was sold at mid USD 18 mills, while Chinese buyers acquired the Panamax\u00a0\u201cTHE STRONG\u201d\u00a0– 75K\/2004 Hudong Zhonghua for USD 6.85 mills. The 2019-built Ultramax\u00a0\u201cCMB JORDAENS\u201d\u00a0– 63K\/2019 Tadotsu was sold for USD 30 mills, basis purchase obligation on a TC at USD 13K\/day with delivery scheduled for Sept\/Oct 2026.<\/p>\n
Further activity includes the auction sale of the Supramax\u00a0\u201cSEACON 7\u201d\u00a0– 57K\/2012 Ningbo at USD 12.58 mills, and the sale of the Supramax\u00a0\u201cINCE KASTAMONU\u201d\u00a0– 57K\/2010 Cosco Zhoushan at USD 12.75 mills. Moving to more Supramax sales, the\u00a0\u201cWARISA NAREE\u201d\u00a0– 54K\/2010 Hindustan fetched USD 9.5 mills, while the\u00a0\u201cJIN SUI\u201d\u00a0– 57K\/2008 Chengxi was sold for USD 10.3 mills. Chinese buyers acquired the\u00a0\u201cLEONIDAS\u201d\u00a0– 54K\/2005 Xiamen for USD 8.5 mills.<\/p>\n
At the lower end of the size range, the Ice classed II\u00a0\u201cCOSCO WUYISHAN\u201d\u00a0– 32K\/2010 Fujian Mawei was reported sold for USD 8.8 mills, via auction. The Japanese-built\u00a0\u201cSOFIA K\u201d\u00a0– 32K\/2009 Hakodate changed hands for USD 11 mills. Finally, the\u00a0\u201cSHIMANAMI STAR\u201d\u00a0– 28K\/2006 Shimanami was sold to Chinese buyers for USD 6 mills.<\/p>\n
Tanker S&P Activity:<\/p>\n
In the VLCC sector, the two sister vessels\u00a0\u201cMERMAID HOPE\u201d\u00a0\u2013 297K\/2011 Universal and\u00a0\u201cMERCURY HOPE\u201d\u00a0\u2013 297K\/2011 Universal have reportedly changed hands at USD 60 mills each, with details on buyers remaining undisclosed. Chinese buyers acquired the\u00a0\u201cALRAYA\u201d\u00a0\u2013 300K\/2005 IHI for USD 45 mills, while, the\u00a0\u201cDENNIE\u201d\u00a0\u2013 308K\/2000 HHI was sold to Chang Gold for USD 30 mills.<\/p>\n
On the Suezmax segment, the scrubber-fitted\u00a0\u201cADVANTAGE SUMMER\u201d\u00a0\u2013 157K\/2010 Jiangsu Rongsheng was sold for USD 40.4 mills. Additionally, the\u00a0\u201cSAPPHIRA\u201d\u00a0\u2013 150K\/2008 Universal changed hands for USD 37 mills, buyers undisclosed.<\/p>\n
In the MR2 sector, the scrubber-fitted\u00a0\u201cLVM WARRIOR\u201d\u00a0\u2013 50K\/2015 HMD fetched USD 33.3 mills, the\u00a0\u201cGLENDA MERYL\u201d\u00a0\u2013 47K\/2011 HMD was reported sold for USD 19.5 mills, basis SS\/DD due and the Ice Class 1A\u00a0\u201cNAVE EQUINOX\u201d\u00a0\u2013 51K\/2007 STX, achieved USD 14.4 mills, buyers undisclosed.<\/p>\n
In the small tanker segment, the\u00a0\u201cVS LARA\u201d\u00a0\u2013 11K\/2006 RMK Marine was sold for USD 6 mills, while the\u00a0\u201cANGELINA AMORETTI\u201d\u00a0\u2013 24K\/2004 JNS changed hands for USD 6 mills.<\/p>\n","protected":false},"excerpt":{"rendered":"
MARKET COMMENTARY: The 2025 YTD dry bulk SnP market continues to show strong liquidity, but […]<\/p>\n","protected":false},"author":23,"featured_media":255712,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[273,298],"tags":[],"class_list":["post-268488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritimes-news","category-seagoing-maritimes-news"],"yoast_head":"\n