Supramax and ultramax bulkers dominating dry cargo sale-and-purchase activity
- Demand for secondhand large geared bulk carriers was particularly strong in July and August
- Earnings for supramax and ultramax bulkers are outpacing those for panamax and kamsarmax units
- A combined 170 ships in the supramax and ultramax segments have changed hands since January
Bulk carrier values have been relatively stable since the beginning of the year, while the number of sales transactions has been strong
SALES of the largest geared bulk carrier types have been dominating dry cargo sale-and-purchase activity in recent weeks as earnings have exceeded those for larger, gearless, panamax units.
In the month of August, three quarters of all bulker sales transactions were provided by the combined supramax or ultramax segments, which have capacities between 56,000 dwt and 65,000 dwt.
“The real standout in 2025 has been the supramax and ultramax market. With 172 sales year-to-date, it tops all bulker classes, well ahead of the 131 panamax or kamsarmax deals,” said Xclusiv Shipbrokers’ analyst Dimitris Roumeliotis.
“July and August were particularly strong for supramaxes and ultramaxes, with activity well above monthly average transaction volumes, underscoring their current popularity with buyers.”
Overall S&P activity has been stable in 2025, with an average of 62 deals being concluded per month.
But Roumeliotis said investors are increasingly tilting towards mid-sized geared vessels, for which relative returns look more attractive than other bulk carrier segments.
Dry cargo Baltic indices show that between the beginning of the year and the end of August the average Baltic Supramax (63,000 dwt) Index was $12,535 per day. This exceeded the Baltic Panamax (82,000 dwt) Index by some 5%.
“Put simply, supramaxes and ultramaxes have been earning more than panamaxes and kamsarmaxes on a daily basis, despite their lower capital cost. This dynamic makes them a compelling proposition for investors,” Roumeliotis told Lloyd’s List.
“A combination of stronger earnings and lower acquisition costs, compared to panamaxes, explains why supramaxes and ultramaxes continue to draw the lion’s share of buyer attention.”
Recent sales in the ultramax sector reported by shipbrokers included the 64,000 dwt Pavo Breeze (IMO: 9965461). Delivered from Japan’s Shin Kurushima Dockyard, the 2023 built ship was sold by Meiji Shipping to Greek owners for in excess of $36m.
Hong Kong’s Parakou Shipping has sold the 63,500 dwt ultramax sister vessels CP Shenzhen (IMO: 9710531) and CP Nanjing (IMO: 9710529). The 2017-built ships, constructed in China, are said to have been sold to undisclosed buyers for $23m each.
In the supramax segment, Chios Navigation of Greece is reported to have sold the 15-year-old Doric Victory (IMO: 9425887) for $15m to undisclosed buyers.
Recent kamsarmax bulk carrier sales included the 79,500 dwt, Sea Orpheus (IMO: 9609287). The 10-year-old vessel is due to have a dry docking survey, which is reflected in the vessel’s relatively low sale price of $18.5m.
In the post-panamax segment, Japan’s K Line is understood to have sold the 2010-built, 92,700 dwt, Costanza (IMO: 9414929) to Indonesian buyers for $16.1m.
