In a glaring disconnect with everything else happening in the dry bulk sector, secondhand capesize deal-making is alive and kicking.
Affinity Shipping last week counted more than 60 capesizes had changed hands so far this year, across all ages, with the sector “standing out for its resilience in terms of both depreciation to asset values and transaction volume”.
According to research released earlier this month by Eva Tzima, head of research at Seaborne Shipbrokers, capesize deals soared at an annual pace of 33% between January and August, compared with a 20% drop in the overall bulker sector.
TradeWinds already reported on capesize deals picking up since July, when secondhand transactions for these big bulkers increased to their highest level in four months.
Shipping sources are attributing this trend to countercyclical, speculative buying.
“Frankly speaking, there’s just too much money out there with too few opportunities to invest,” one broker told TradeWinds.
Investors usually pin their hopes on China.
“Speculative purchases concerning the bigger deadweight vessels [are] inspired by — so far unmet — expectations that the Chinese property sector will achieve a significant comeback,” Tzima wrote in her latest weekly report.
Speculative buying, particularly for older units, has received a further boost from the relatively high level of demolition prices, which provides somewhat of a safety net for buyers with a risk appetite.
“People think they can just make a bet and if things don’t work out they just sell the ship for scrap without having lost much,” a shipping executive told TradeWinds.
Lykiardopulo offloads oldest bulker
The trend continued with gusto in recent days, receiving new impetus as market players gradually return to their desks from summer holidays.
One characteristic case is that of the 180,000-dwt Ariadne (built 2009). Relatively high — and often rising — capesize prices encouraged the Lykiardopulo family’s Neda Maritime Agency to offload the oldest of its 17 bulkers.
The Daewoo-built ship is said to have fetched somewhat above $21m, according to market sources.
This is Neda’s first bulker sale in nearly a year and comes a few months after the Greek company ordered two kamsarmaxes in China to be delivered in the first quarter of 2026.
Analyst comments that speculative buyers are at play seem to be confirmed by information linking financial interests to the Ariadne deal.
Market sources are pointing to partners or clients of Hayfin Capital Management as the ship’s new owner.
The European alternative investment firm has been busy in shipping over the last five years, investing in more than 65 vessels across tankers, container ships, dry bulk, LNG and offshore.
Some brokers report that Neda has sold the sister ship Ianthe as well, to undisclosed buyers. However, TradeWinds understands that this information is inaccurate.
Buying rumours extend to older capesizes, as highlighted by the case of the 176,400-dwt Lila Lisbon (built 2003), which some brokers reported that Lila Global is selling to Chinese interests for $12.5m.
That information, however, is not correct, market sources told TradeWinds. Earlier this month, Lila Global sold another capesize for scrap — the 176,000-dwt Lila Ningbo (built 2002) — for just below $12m.
Several other big bulker deals are making the rounds in broker reports.
TradeWinds already reported on 18 August about Germany’s Peter Dohle Schifffahrt being linked to a $24.7m deal for the 175,800-dwt scrubber-fitted Mount Apo (ex-Cape Seagull, built 2012) — a ship controlled by Idan Ofer-controlled Eastern Pacific Shipping.
Since then, Chinese interests have been linked to a deal worth $21.3m or $21.4m for Shoei Kisen’s 206,300-dwt newcastlemax HL Imabari (built 2008).
Some Greek brokers report that the Angelicoussis Shipping Group’s Maran Dry Management is offloading its second-oldest capesize — the scrubber-fitted, 174,300-dwt Maran Fortune (built 2004) — at an undisclosed price.
At the same time, Joyway Shipping is reportedly receiving about $23m for the 176,000-dwt Yuan Fu Star (built 2011).
This is the only ship the little-known, Hong Kong-based owner, is currently listed under its control.
Evah Line YK — another little-known owner, in Japan — is believed to be offloading the 106,500-dwt post-panamax AOM Elena (built 2010) to Middle Eastern interests for $20.5m.
