Capesize vessels lead Chinese shipowners’ frenetic rally in the S&P market

China-based shipping companies have emerged as the leading buyers in the bulk carrier market, surpassing their Greek counterparts, who have been their main competitors. While Greek buyers have become more selective, focusing on modern tonnage, Chinese players appear to be chasing nearly every available bulk carrier on the market.

A notable trend in recent months has also been the influx of Chinese newcomers into the dry bulk sale and purchase (S&P) market. These new entrants are taking advantage of attractive entry points following price corrections observed in the last few quarters.

Another driving factor behind this wave of Chinese investments is the anticipated rebound in dry bulk rates, fuelled by the expected recovery of Chinese industrial activity and increased trade flows. As Xclusiv Shipbrokers highlighted in its latest weekly report, "With the conclusion of China’s Lunar New Year celebrations, the likelihood of increased Chinese coal and iron ore imports/exports grows, alongside a typical uptick in grain imports between the 8th and 24th week."

90% surge in deals

Xclusiv Shipbrokers research analyst Eirini Diamantara told Riviera that between February 2024 and February 2025, Chinese buyers acquired 193 bulk carriers, a staggering 90% increase from the 102 vessels purchased between January 2023 and January 2024.

Ms Diamantara noted that Chinese buying interest surged significantly in the first eight months of 2024, a period characterised by consistently strong and higher freight rates compared with 2023. During this time, Chinese owners acquired 159 vessels, more than double the 66 purchases made during the same period in 2023.

An analysis of 2024-2025 purchases reveals Capesize bulk carriers were the top choice among Chinese buyers, accounting for 48 transactions. Supramaxes followed closely with 45 purchases, while Panamaxes ranked third with 29 vessels entering Chinese fleets.

Additionally, Chinese interests secured 20 Handysize bulk carriers, 15 post-Panamaxes, 13 Newcastlemax and Kamsarmax vessels and six Ultramaxes, among other vessel types.

The 2023-2024 data reflected similar preferences, with Supramaxes leading at 28 acquisitions, slightly ahead of Capesize vessels at 26. Other purchases included 13 Ultramaxes, 12 Panamaxes and eight Handysize bulkers.

Regarding the age profile of Chinese acquisitions, vessels aged 11–15 years were particularly popular in 2024, with sales tripling compared with 2023. Interest in vessels aged 16 years and older also rose, with sales doubling year-on-year.

Recent transactions

Just last week, various Chinese shipping companies were involved in an en-bloc deal for a pair of Capesize vessels built in 2005 and 2006, along with another vessel of similar age and size, plus six Panamax/Kamsarmax vessels built between 2008 and 2011.

Ms Diamantara noted in early 2025, Chinese buyers have shown strong interest in vintage Panamax vessels, which now make up more than half of their acquisitions in the market. This trend is largely driven by a sharp decline in prices for 20-year-old Panamax vessels, which have dropped by approximately 40% over the past six months.