Source: Xclusiv According to Xclusiv’s analysis, “the recent surge in freight rates and overall market optimism has had a ripple effect, positively impacted the secondhand market and driving up vessel prices. Five-year-old Capesize vessels, for example, are now valued between USD 61-64 million (depending on the country of built and vessel’s characteristics), a significant 32% increase compared to June 2023 and a staggering 83% jump since the initial COVID-19 lockdown in June 2020. This trend extends across other segments as well.
Kamsarmax vessels of the same age range have seen a 22% price increase year-on-year, reaching USD 35-38 million, and a remarkable 75% increase since June 2020. Even smaller vessels haven’t been immune to this price surge. Five-year-old Ultramaxes are currently priced at USD 35-37 million, representing a 25% rise compared to last year and a near doubling (93%) from their June 2020 value”.
“Similarly, five-year-old Handysize vessels are commanding prices between USD 26.5-28.5 million, reflecting a 15% year-on-year increase and a hefty 90% jump since June 2020.
This data paints a clear picture of a buoyant secondhand market fueled by the current positive sentiment in the dry bulk shipping industry. Interestingly, even though the Baltic Exchange Indices suggest similar freight market conditions to those of the second half of 2022, prices for secondhand vessels tell a different story. In late May 2022, the BCI mirrored current levels, yet five.
