BULK carrier values are on the rise, driven by a broad and sustained increase in freight earnings. Capesize vessels are at the forefront of this upward trend.

According to Dimitris Roumeliotis, analyst at Xclusiv Shipbrokers: “A rebound in earnings has translated directly into firmer secondhand values, with buyers focusing on vessels of around 10 years old that balance strong commercial appeal with minimal upcoming capital expenditure.”

These 10-year-old bulk carriers are typically eco-designed and equipped with electronic main engines, which offer lower fuel consumption — an advantage that appeals to shipowners focused on long-term fleet strategies amid tightening environmental regulations.

Over the past year, average daily charter earnings stood at $18,694 for capesizes, $12,083 for kamsarmaxes and $13,469 for ultramax bulkers.

The past three months showed stronger momentum, with daily averages of $25,105, $16,011 and $17,421, respectively, highlighting a firm market across all vessel segments.

Average asset values of 10-year-old capesize bulk carriers have risen 6% in the past month alone, but have increased some 140% from levels seen five years ago.

High newbuilding prices and limited shipyard capacity have further propelled bulk carrier values, with capesize vessels leading the gains.

Roumeliotis noted that capesizes have outperformed smaller segments because of their earnings leverage, concentrated trade routes, and limited investment in newbuildings.

“The capesize market benefits significantly from iron ore and bauxite long-haul trades, such as Brazil to China and West Africa to China. When demand tightens, capesize charter rates increase rapidly, lifting asset values accordingly,” Roumeliotis said.

A relatively small newbuilding orderbook for large bulk carriers, coupled with charterers’ preference for eco-friendly tonnage, has concentrated buyer demand on modern and middle-aged ships.

Since the beginning of 2025, a total of 613 bulk carriers have changed hands, averaging about 67 sales per month — surpassing the 66 monthly average in 2024 and the 54 monthly average in 2023, though slightly below the 69 monthly average seen during the first nine months of 2024.

September marked the busiest month for the bulk carrier sale and purchase market in three years, with a total of 94 sales being concluded.

Xclusiv shipbrokers’ data indicates accelerating activity since mid-2025, as freight markets strengthened and sentiment turned bullish, especially in geared vessel segments.

“Sale and purchase volumes remain high, reflecting strong secondhand demand, improving earnings, and fleet renewal ahead of upcoming environmental compliance milestones,” Roumeliotis noted.

The supramax/ultramax segment has seen the most transactions this year, with 214 sales, followed by the panamax/kamsarmax segment, with 159 sales, and the handysize segment, with 153 vessel sales.

These segments attract strong demand due to their versatility and liquidity, serving multiple regional trades, while appealing to both Greek and Asian buyers focused on fleet renewal.

In vessel age terms, ships aged between 11 years and 15 years have dominated this year’s market, with 276 sales, accounting for nearly 45% of all transactions.

This trend reflects buyers’ preference for mid-aged tonnage. These are modern enough to comply with regulations, yet priced competitively against newbuildings.

The six- to 10-year-old segment has provided 84 of this year’s bulk carrier sales, driven largely by eco-design vessels. They feature electronic main engines that provide superior fuel efficiency and emissions performance, helping meet regulations such as the Carbon Intensity Indicator and EU ETS.

Recent bulk carrier sales in the capesize segment included the Japanese-owned, scrubber-fitted, newcastlemax Mineral Shougang International (IMO: 9738571). The 2019-built, 206,400 dwt vessel was reported by brokers to have been sold to China’s Zhenjiang Shipping for $63.5m. 

Panamax segment sales reported in the past week included the 2021-built, 84,000 dwt, sisterships SDTR Doris (IMO: 9877860) and SDTR Celeste (IMO: 9877858). These kamsarmax-type ships were sold by a Chinese shipowner to undisclosed buyers for $55m en-bloc.

In the supramax segment, Chinese buyers are said to have purchased the 57,000 dwt, 2011-built, Haut Brion (IMO: 9452660) for $12.3m, while in the handysize segment, Vietnamese buyers bought the 2011-built, 39,000 dwt, TBC Prime (IMO: 9618501) for $14m.