Secondhand bulker market heats up as Capesize values hit 18-year highs

Data from Xclusiv Shipbrokers, shared with Riviera, shows that 105 bulk carriers have changed hands so far this year – a 40% increase compared with 75 units in the same period of 2025.

“This pickup is directly linked to the sharp improvement in freight market earnings and the consequent surge in asset values across all segments,” Xclusiv Shipbrokers research analyst Eirini Diamantara told Riviera.

The strong finish to 2025 laid the groundwork. Baltic spot charter market average earnings in Q4 were substantially higher year-on-year, with Capesize bulk carriers up 58%, Kamsarmaxes up 52%, Ultramaxes up 26%, and Handysize vessels up 22%.

“This broad-based recovery restored market confidence and reactivated buying appetite,” Ms Diamantara added.

The upward trend has extended into 2026. During the first half of Q1, Capesize earnings are running 140% above the same period last year, Kamsarmax are up 70%, Ultramax are up 44%, and Handysize are up 39%.

“Such a dramatic improvement in cash flow visibility naturally translates into stronger investment conviction,” Ms Diamantara explained.

Asset values climbing

While buyers are motivated by a strong freight market, sellers are benefiting from high prices. Ms Diamantara noted that Capesize values have climbed to levels not seen since 2008, with even 15-year-old vessels commanding premiums well above 2024 averages.

“The strength has also filtered into the Kamsarmax, Ultramax, and Handysize sectors, where values have returned to, or stabilised around, late-2024 peaks. Importantly, limited availability of modern tonnage has intensified competition among buyers, particularly for five- and 10-year-old vessels,” she said.

Owners appear reluctant to part with modern ships amid improving earnings visibility, while buyers remain eager to secure fuel-efficient units with longer trading horizons.

Strong appetite across all sizes

Xclusiv Shipbrokers’ data reveals that owners are actively buying across both smaller and larger vessels.

Supramax/Ultramax bulk carriers are leading the market, as 36 units have changed hands this year compared with 16 in 2025, while Handysize vessels follow closely with 21 ships sold, up from 15.

The appetite for larger units is also rising significantly: the Capesize market has seen 15 ships involved in sale and purchase deals, up from just five last year, while 15 Kamsarmax vessels have changed hands compared with six in 2025.

Post-Panamax vessels have doubled in activity, with four sold this year compared to two last year, while Panamax numbers have dropped to five from 23 in 2025. This decline may also reflect owners’ preference for younger, more advanced Kamsarmaxes.

Newcastlemax vessels have also seen a rise, with three ships changing hands, up from one in 2025.