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Japanese-built bulkers gain secondhand market share in 2025
Japanese-built vessels captured more of the dry bulk secondhand sales market in 2025, after proposed US port fees affected market sentiment earlier in the year, prior to further clarification
Xclusiv Shipbrokers research analyst Eirini Diamantara told Riviera that 461 bulk carriers, with capacities of 10,000 dwt or more, have been sold since the beginning of the year. This marks a 13% decrease compared to the same period in 2024, when 528 ships changed hands.
According to Ms Diamantara, of the vessels sold this year, 232 were built in Japan, accounting for 50% of total deals, while 182 were constructed in China, representing a 39% share. In 2024, Japanese-built ships accounted for 44% of sales (231 ships), while Chinese-built vessels held a 43% share (227 ships).
“This underscores that although total sales volume declined in 2025 compared with the same period in 2024, the number of Japanese-built vessels sold remained steady,” said Ms Diamantara. “As a result, their market share increased, while Chinese-built tonnage experienced a decline.”
“The USTR proposal played a significant role in suppressing Chinese-built bulk carrier sales in early 2025, particularly due to heightened caution from global buyers,” Ms Diamantara explained.
However, she noted the market began to rebound in May.
“Following the latest USTR maritime transport proposal and subsequent clarifications, the market either normalised or overcompensated, with opportunistic buyers re-entering from May onward. This drove the sharp recovery in China’s market share from that point,” she said.
Charter market also affected
Riviera recently reported the proposed USTR policy changes are also reshaping the dry bulk charter market. In the transatlantic Panamax dry bulk trade, the share of Chinese-built vessels, measured by dwt, fell to 39% in the second quarter of 2025, down from the 2021–2024 average of 47%.
Similarly, the market share of vessels owned by Chinese beneficial owners declined to 14% in the second quarter, compared to an average of 22% over the previous four years.
The drop is even more pronounced at US ports. The share of port calls by China-built vessels fell from 46% to 29%, while vessels owned by Chinese interests saw their share drop from 22% to just 7%.
This market shift is especially notable given the USTR measures have not yet been implemented. According to the revised US port fee policy, bulk carriers with capacities of 55,000 dwt or less – or individual bulk capacities of 80,000 dwt – are exempt from the proposed fees.
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