Since 2026, the market for secondhand bulk carriers has continued to strengthen, driven by factors such as rebounding freight rates and improved vessel utilization. Recently, the sale price of a three-year-old Kamsarmax bulk carrier matched the newbuild quotes from Chinese shipyards for the same vessel type, underscoring the booming state of the bulk carrier market.
On June 22, the Cyprus-based shipowner Castor Maritime, through an independent wholly-owned subsidiary, entered into an agreement with an unaffiliated third party to acquire an eco-friendly Kamsarmax bulk carrier built in 2023 for $37.5 million; this vessel becomes the youngest in the company’s fleet.
The bulk carrier has not yet been named, and the transaction is expected to close in the second quarter of 2026, subject to customary closing conditions. Castor Maritime plans to fund the acquisition with cash on hand.
Over the past two years, Castor Maritime has continued to adjust its fleet structure through multiple transactions involving container ships and bulk carriers. Upon completion of this latest acquisition, the shipowner’s fleet will grow to 10 vessels with a total carrying capacity of approximately 700,000 deadweight tons, comprising nine bulk carriers and one container ship.
The bulk carrier has not yet been named, and the transaction is expected to close in the second quarter of 2026, subject to customary closing conditions. Castor Maritime plans to fund the acquisition with cash on hand.
Over the past two years, Castor Maritime has continued to adjust its fleet structure through multiple transactions involving container ships and bulk carriers. Upon completion of this latest acquisition, the shipowner’s fleet will grow to 10 vessels with a total carrying capacity of approximately 700,000 deadweight tons, including nine bulk carriers and one container ship.
It is worth noting that the transaction price for the 3-year-old Kamsarmax bulk carrier acquired by Castor Maritime is comparable to the newbuilding quotes offered by Chinese shipyards for this vessel type. Taking the four 82,000 DWT Kamsarmax bulk carriers recently ordered from New Hantong Ship Heavy Industry Co., Ltd. (NHT) as an example, shipbrokers estimate the construction cost per vessel to be approximately $37 million.
Shipbroker Xclusiv Shipbrokers’ latest weekly report states that the value of dry bulk assets has surged as diversified trade growth reshapes the market landscape.
Xclusiv Shipbrokers notes that in the first half of 2026, the secondhand dry bulk vessel market strengthened, driven by factors such as rising freight rates, improved vessel utilization, and growing demand for seaborne commodities. Compared to 2025, more robust market fundamentals have boosted buyer confidence, thereby driving up the value of secondhand dry bulk vessel assets.
Data from Xclusiv Shipbrokers shows that, compared to January 2026, asset prices have risen across nearly all dry bulk vessel segments, with the largest increase observed in the large bulk carrier segment.
From January to June 2026, prices for 5-year-old Capesize bulk carriers rose from $65 million to $72 million, an increase of approximately 10.7%; prices for 10-year-old Capesize bulk carriers rose from $50 million to $56.5 million, an increase of 13%; Prices for 15-year-old vessels rose by more than 20%, reaching $36.5 million.
During the same period, the Panamax and Kamsarmax bulk carrier segments also performed strongly. Prices for 5-year-old Kamsarmax bulk carriers rose from $34 million to $38 million, an increase of nearly 12%; the value of 15-year-old vessels rose by more than 20%.
Ultramax and Supramax bulk carriers followed a similar trend; benefiting from the expansion of trade in grain, bauxite, and nickel ore, prices for 10-year-old vessels rose by approximately 14%. Even in the traditionally more stable Handysize bulk carrier segment, most age categories achieved double-digit increases.
Xclusiv Shipbrokers stated: “The upward trend across dry bulk vessel segments indicates that buyers are willing to pay higher prices not only for modern vessels but also significant premiums for older vessels capable of generating higher earnings. A key characteristic of the current dry bulk market is an increasingly diversified demand base, which reduces reliance on Chinese iron ore imports. Continued growth in the transport volumes of various commodities supports vessel capacity and ton-mile demand, helping to sustain strong freight rates and drive up the asset values of secondhand vessels across all age groups.”