Handysize sale underscores growing competition for eco tonnage

Greek shipbrokers reported this week that Aries Sakura, a 39,870-dwt Handysize bulk carrier built in 2020 by prominent shipbuilder Shin Kurushima, is changing hands for around US$25.5M to US$26.2M.

This price range is considered firm when compared to recent secondhand deals involving similar vessels. In late May, Riviera reported one-year younger Bunun Orchid was acquired by Brave Maritime – a private company led by the Vafias family – for approximately US$25.0M. Earlier in the year, the same buyer purchased 2021-built Izanagi Harmony for around US$24.5M.

According to the latest weekly report by Xclusiv Shipbrokers, a five-year-old Handysize bulk carrier is currently valued at just under US$25.0M in the secondhand market, approximately 12% lower than in June 2024.

Sources indicate that Aries Sakura, currently under Japanese ownership, attracted offers from at least seven different parties. Some brokers have reported that the vessel was ultimately secured by an undisclosed Greek buyer. The vessel features four deck cranes and eco-design specifications, which likely contributed to the elevated pricing.

Modern tonnage in short supply

Market analysts note the competition for Aries Sakura reflects a broader trend: modern Handysize bulk carriers are becoming increasingly difficult to source.

According to Compass Maritime Services’ latest weekly briefing, the Handysize sector has seen active trading over the past three months. However, the bulk of sales have involved non-eco vessels, which remain more readily available.

Data from Allied Shipbroking shows that as of last week, 83 Handysize bulk carriers had changed hands so far this year, with an average age of 14 years. While not particularly young, this represents the lowest average age of any bulk carrier size group – tied only with post-Panamax vessels.