Large bulk carriers find new owners, with Asian companies hungry for tonnage

A recent report from Veson Nautical reveals Chinese shipping companies led the market in 2024, with a 46.0% year-on-year increase in transactions, making them the most prominent investors in the dry bulk S&P sector. Owners from Hong Kong and Japan also ranked among the top five buyers last year, reflecting the region’s strong presence in this market.

According to Greek shipbroking firm WeberSeas (Hellas), Chinese buyers were especially dominant in the Supramax segment, with significant activity also reported from Indonesian and Vietnamese players. Furthermore, Chinese owners commanded a significant share of the Capesize market, accounting for more than 50.0% of vessels sold, and were heavily invested in Newcastlemax bulkers. South Korean players have also been active in the Newcastlemax segment, further highlighting Asia’s pivotal role in the global market.

Additionally, China emerged as the leading buyer in the dry bulk newbuilding sector in 2024, commanding a 28% share of the global market. Japanese and Singaporean shipping companies also ranked prominently, securing fourth and fifth positions on Veson Nautical’s top-five list with market shares of 3.4% and 2.4%, respectively.

Strong demand for large ships

Recent notable transactions underscore the strong demand for larger bulk carriers among Asian shipping companies.

Singapore-based Safe Arrival Shipping acquired Harvest Venture, a 205,236-dwt vessel built in 2012. According to Equasis, this ship previously belonged to Bocimar, a company backed by the Saverys family, and operated under the name Mineral Charlie. Safe Arrival Shipping, established in 2009, operates a fleet of nine bulk carriers, focusing on Panamaxes and Newcastlemaxes, as per its website.

Additionally, Equasis identifies China-based Bohai Shipping as the owner of BH Libra, a 181,415-dwt Capesize bulk carrier built in 2012 and formerly known as Sea Triumph. Last year, shipbrokers reported the vessel had been sold for US$36M, though the buyer’s identity remained undisclosed until recently.

Bohai Shipping is a relatively new entrant in the dry bulk market, according to Chinese shipping media. The company received BH Power, a Kamsarmax newbuilding, from Chinese shipbuilder Hengli Heavy Industry in October 2024.