Bulker newbuild values at 15-year high

Freight management firm, Veson Nautical attributes this to a number of factors such as increased demand, high steel prices and shipyard costs. Capesizes have seen the most impressive gains with values for newbuild vessels of 180,000 DWT up by around 5.45% to US$69.63 million.

The majority of orders in 2024 to date have been split equally between the Panamax and Supramax sectors, each accounting for around 35% of orders placed.

“With a price difference of just under US$3 million, it is unsurprising that a number of owners have opted for the larger Panamax sector,” said Rebecca Galanopoulos Jones, senior content analyst at Veson Nautical.

Panamax bulker newbuilding values for vessels of 82,000 DWT are currently at US$40 million compared to US$37.26 million for Supramaxes of 62,000 DWT.

“High values have been supported by firm earnings, which have been moving upwards consistently since January,” continued Galanopoulos Jones.

Panamax rates for one year are currently at around US$16,300/day, up by around 11% year-on-year as disruption in both the Suez and Panama canals have increased tonne mile demand for the bulker sector, along with improving demand from China.

Greek buyers have led Panamax newbuildings in 2024, accounting for around 45% of orders.

Notable new orders include eight Panamax Bulkers of 82,000 DWT ordered by Laskaridis Maritime, scheduled to be built at Penglai Zhongbai Jinglu and Hengli Shipbuilding and delivered in 2026.

In the Supramax sector, it is the Chinese who have placed the majority of orders, with a share of around 35%. Notable new orders include eight Ultramax Bulkers of 64,000 DWT, ordered by HuaXia Financial Leasing, scheduled to be built at New Dayang Shipbuilding and delivered between 2026-27, sold for US$34 million each.