Values for Japanese-built Ultramax bulk carriers are rising sharply as the Baltic Dry Index climbs above 3,000 points and secondhand activity accelerates.
Lion Shipbrokers reported 16 sale-and-purchase transactions over the weekend, reflecting strong demand for Japanese-built Panamax and Kamsarmax vessels aged between 15 and 20 years.
However, the strongest price gains are being seen in modern tonnage, where limited availability is driving values to record levels.
The most notable transaction was the sale of the 64,000 dwt Dominator, built by Shin Kasado in 2021, for $38m. Its sister vessel, CMB Bruegel, was sold in October for $32.5m.
That means the value of comparable tonnage has risen by $5.5m, or nearly 17%, in just seven months.
The trend also follows the March sale of the similar Shin Kurushima-built Ability, which was sold for $37m. The latest deals underline the strong pricing momentum behind modern Japanese-built dry bulk vessels.
