Secondhand bulker transactions surged in February to their highest monthly level since before the global financial crisis, according to data from Clarksons.
Deals worth $2.21bn were concluded, which is the highest level on the London-based broker’s records since May 2008 (see graph).
The February reading marks a sharp increase from the $911m recorded in January and $1.11bn in December.
Other analysts have been commenting on the heady state of the market as well.
Athens-based dry bulk specialist Doric Shipbrokers spoke in its weekly report on Friday of a “pervasive sense of euphoria” in the market, as the Baltic Dry Index hit an average of 1,650 points in February — its second-highest reading for that particular month since 2011.
TradeWinds has been tracking the wide variety of bulker deals over the past few weeks, especially in capesizes and newcastlemaxes, which have had their best February since 2010, with average earnings at $22,892 per day.
It is no surprise to see buyers flocking to the market, meeting sellers keen to offload vessels at rising prices.
Greek shipowners were among the notable players.
Bellwether-buyer Thenamaris was behind one of the largest deals in February as it laid down $270m to buy four ultra-modern newcastlemaxes from Polaris.
At the same time, compatriot Neda Maritime bought its largest bulkers to date, snapping up two vessels from Tor Olav Troim’s 2020 Bulkers.
Greek shipowners were also active sellers in the February flurry. Star Bulk Carriers sold four vessels, including three capesizes, according to data from VesselsValue.
The dry cargo market has enjoyed a stellar start to the year, with rates showing unseasonably strong levels.
Data from SSY noted that the Baltic Dry Index was 80% higher in January than it had been a year earlier, powered by higher iron ore shipments out of Brazil.
The freight market has continued to power ahead. Capesize earnings reached a year-to-date high of $17,426 per day on Friday, according to Clarksons.
