By Antonis Tsimplakis 

 

 

Strong mobility in the second hand bulk dry cargo market was demonstrated last week by the Greek ship-owners. 

 

With the percentage of the bulk carriers’ fleet under construction being consistently very low (6.75%), the pool to meet the capacity demand from shipping companies remains very specific, effectively "recycling" the existing fleet.

 

In the first nine months of 2022 Greek ship-owners have purchased 99 bulk carriers worth $2.17 billion, while at the same time they have sold 86 ships, worth $1.5 billion.

 

Last week, according to shipping broker reports, Cape Arethousa, of Olympia Ocean Carrier, with a capacity of 178,000 dwt and built in 2001, was sold to Greek interests. Similarly, Navios Symmetry 74,476 dwt of 2006 was sold to a Greek shipping company for 11.5 million dollars. Κamsarmax Nord Gemini, 82,000 tons and built in 2017, also ended up in Greek hands for 30.6 million dollars. Holland, a bulker of 82,000 tons built in 2017, was sold to Newport for $29 million.

 

The Berge Tronador ( 61,000 tons, built in 2020), the Senorita (58,000 tons, built in 2008) and the Himawari K (38,000 tons, built in 2015) were also bought by Greek shipping companies at a price of  32.5 million, 16 million and 21.5 million respectively. 

 

The Greek company Eurobulk sold Corinthian Emerald, 57,592 dwt and built in 2012, for $20.4 million, to an undisclosed buyer. 

 

According to Intermodal, there are 12,063 bulk carriers of all categories at sea right now, while the order book reaches only 814 ships. By ship category, panamaxes have the highest demand for newbuilds - the order book reaches 11% of the active fleet - followed by supramaxes and capes (7% of the active fleet). The order book for handysize ships remains at very low levels (just 3% of the active fleet).