The secondhand market for Capesize bulk carriers is booming.

News from Shipping Circle, at the beginning of July, the secondhand bulker market was active, and shipowners were striving to complete deals before the summer holidays. Despite the continued weakness in dry bulk freight rates, transaction volume significantly increased as leading shipowners decisively closed deals, especially in the Capesize bulker sector.

Shipbroking companies reported a sudden surge in market activity, with increased attention on older vessels. This marks a change from recent weeks, when buyers showed active interest in both eco-friendly and non-eco-friendly vessels. It is understood that Capesize bulkers built between 2011 and 2012 have become the market focus, with several high-profile deals concluded or currently under negotiation.

It is reported that Singapore-based Eastern Pacific Shipping (EPS) has sold its 2011-built, 177,000 DWT Capesize bulker "Mount K2", which is due for special survey in September, for US$26.85 million. As a renowned shipowner in the bulker sector, EPS earlier this year also sold its bulkers "Mount Song" and "Mount Austin", both built in 2010, for US$27.5 million and US$26.75 million respectively.

In comparison, the "Golden Zhoushan" of the same size and age, built by China's Jinhai Smart Manufacturing (formerly Jinhai Heavy Industry), was sold for only US$22 million. The price difference is mainly due to Chinese-built vessels enjoying traditional market discounts, and the vessel is due for special survey in January, thus offering a more favorable price. The seller of this vessel, SFL Corporation, is also an active player in the secondhand ship market, having sold several Capesize bulkers earlier this year.

Furthermore, there are rumors that the "Pacific South" and "Pacific East", built by Chinese shipyards, have either been sold or have received firm offers, and more Capesize bulkers are expected to be sold next.

While the overall dry bulk shipping market remains under pressure, the renewed interest in secondhand Capesize bulkers, especially older vessels, indicates a return of opportunistic buying. Buyers are seeking value acquisitions that can benefit from future earnings growth, while sellers are clearly eager to complete deals before the European summer holidays to avoid liquidity drying up.

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