Large bulk carriers, such as Capesize and Newcastlemax, are a “pole of attraction” in the secondary market, with Greek shipowners behind several deals.
Between January and July 2024, a total of 90 oversized bulkers changed hands, compared to 69 in the corresponding period of 2023, i.e. an increase of 30.5% on an annual basis, according to data shared with “Naftemporiki” by Irini Diamantara, executive of the Research and Valuation department of Xclusiv Shipbrokers. Of the 90, 62 are capes and 28 Newcastlemaxes.
Looking at this year’s deals, most of the ships sold, 42 in number, are 11-15 years of age, with the second choice being 16–20-year-old ships. A trend that can also be seen in the deals made over the last seven months.
It is noted that the capes charter market experienced an exceptional first quarter this year, a period that seasonally puts pressure on the revenues of the specific type of ships. The second quarter, however, proved slightly weaker, while fares continue to correct in the final month.
Greek shipowners have remained quite active this year as well, although they have slowed down compared to last year. According to shipping sources, the Greeks are mainly focusing on acquiring modern ships, seeking attractive deals at competitive prices.
According to Xclusiv Shipbrokers, in the seven months of 2024, the “Greeks” bought a total of 17 capes.
Of these 7 are quite new as they are between 0-5 years, while another 7 are 11-15 years.
February was the “hottest” month in deals, as a total of 10 ships were acquired.
Between January and July 2023, Greek shipowners bought 26 oversized bulk carriers, of which 23 are Capes and 3 Newcastlemaxes.
The majority of ships that domestic companies added to their fleets last year were aged between 11-15 years.
Top buyers
A separate research carried out by “Naftemporiki” on Greek shipowners’ agreements revealed the names that are behind the purchases.
In first place is Thenamaris which has purchased five capes/newcastlemaxes over the last year.
Danaos Corp. follows with three ships. The US-listed company made a surprise opening in the bulker industry last year, focusing exclusively on large vessels.
A little further down the list are Costamare and Neda Maritime, with purchases of two ships each.
Alpha Bulkers also joined the group of Greek buyers these days. In particular, the Greek shipping company bought the capesize Herun Global (181,100 dwt capacity and built in 2016).
Shipbroker sources pointed out to “Naftemporiki” that Herun Global changed hands at a very competitive price, compared to current market levels.
Alpha Bulkers is in the process of renewing the fleet, looking for newer ships and selling older tonnage.
