In 2025, the global dry bulk carrier sales and purchase market remains red-hot, and Greek shipowners are leveraging this opportunity to initiate a "structural reorganization" of their fleets—focusing on smaller, more refined, younger, and larger, more efficient vessel types.

According to the latest weekly report from shipbroker Xclusiv, while the bulk carrier sales and purchase market has maintained high liquidity overall this year, significant differences have emerged in the buyer structure across countries. Chinese buyers continue to dominate strongly, with 216 transactions, making them the most active force in global expansion. Greek shipowners follow closely behind with 126 transactions, remaining a major market player but with increasingly precise investment strategies. The market also saw 168 "undisclosed" buyers, largely from private equity funds, traders, and Asian investment institutions, indicating that industry capital is being deployed through more discreet channels—often seen as a signal that the market cycle is entering a later stage. Vietnam has emerged as a new force in Southeast Asia with 41 transactions.

In the seller market, Greek shipowners also rank first globally, with 139 vessels sold, followed by Japan (114 vessels) and China (104 vessels). Japanese shipowners continue to implement a steady fleet renewal strategy, focusing on selling mid-aged vessels, while Greek shipowners exhibit a pattern of "high selling and high buying," with the core goal of adjusting their fleet structure rather than merely expanding its scale. Other regions globally collectively sold 331 vessels, reflecting the broad and profound reshaping taking place in the bulk carrier sector in 2025.

Greek buyers show clear preferences, comprehensively upgrading their main fleets

Xclusiv notes that the 126 bulk carriers purchased by Greek shipowners this year are primarily concentrated in three vessel types: Handy (42 vessels), Kamsarmax (24 vessels), and Ultramax (20 vessels).

These three vessel types collectively account for over two-thirds of their total purchases. In terms of vessel age structure, Greek shipowners show a clear preference for assets aged 6 to 15 years, which offer reasonable prices and high commercial flexibility, representing the most cost-effective segment in the market. Additionally, in the Ultramax and Kamsarmax categories, Greek shipowners are also actively acquiring vessels aged 0 to 5 years, indicating that some shipowners are accelerating the renewal of their fleets with more environmentally friendly and energy-efficient vessels.

Among the 139 vessels sold by Greek shipowners, Supramax and Panamax vessels dominate, with 46 Supramax and 40 Panamax vessels sold, respectively. Most of these sold vessels fall within the 11 to 25-year age range for Supramax and 16 to 25-year age range for Panamax, representing segments with low fuel efficiency, high maintenance costs, and significant vulnerability to inflationary pressures on asset values. In other words, Greek shipowners are systematically phasing out older vessels while focusing on building a more efficient, environmentally friendly, and better-scaled main fleet.

The Logic Behind Acquiring Mid-Aged Vessels

Xclusiv emphasizes that the fundamentals of the dry bulk market this year have provided strong support for the aforementioned trends: China’s iron ore imports increased by nearly 7% year-on-year, infrastructure investment remained resilient, grain trade stayed stable, and global trade flows became more complex, driving stronger demand for ton-mile growth. Particularly, the performance of geared vessel types exceeded expectations at the beginning of the year, further enhancing the market attractiveness of Handy and Ultramax vessels.

Simultaneously, global newbuilding orders for bulk carriers are at historically low levels, especially for Kamsarmax and Ultramax vessels. The tight supply of new vessels has made acquiring mid-aged vessels a more rational choice—allowing for quick market entry while avoiding the risks associated with high-priced newbuildings and delivery delays.

Overall, Greek shipowners are implementing a clear strategy: selling older Supramax and Panamax vessels in a high-price environment while increasing allocations to younger, more energy-efficient Handy, Ultramax, and Kamsarmax vessels. Leveraging the robust market fundamentals, they are positioning themselves ahead of the shipping cycle for the coming years.

Simultaneously, China continues to play a central role as a driver in both trade and fleet investment, Japan maintains its disciplined divestment approach, and global asset liquidity remains abundant.