Chinese buyers snap up capesizes

While tankers have dominated headlines in October, Chinese buyers are quietly putting money on the table for more capesize tonnage, emerging behind some of the dry bulk market’s most eye-catching deals.

Estonian outfit Klip Marine is reportedly exiting the segment by selling the Ekaterini V (173,555 dwt, built 2012 at Bohai Shipbuilding) to Chinese buyers for $35m, with its special survey and drydocking due in January.

The vessel has changed hands at a discount of more than $5m to another Chinese-built capesize sale.  The comparable transaction is the Golden Myrtalia (177,979 dwt, built in 2011 at Shanghai Waigaoqiao Shipbuilding), which reportedly fetched more than $40m, also from Chinese buyers. Brokers suggest the price gap may partly reflect the Ekaterini V’s slightly smaller size and differences in market reputation between the two Chinese shipyards. These are the first two reported capesize sales since September, a month that was closed with a sale in the same age bracket, sealed by Shanghai-listed HNA Technology, who agreed to 175,900 dwt Bulk Joyance (built 2012 at Jinhai Heavy Industry) for $31.1m, with relatively prompt delivery. 

Another deal quietly slipped under the headlines that month: Sunrising International, an outfit known for trading older secondhand tonnage, exited the capesize segment by selling the 20-year-old Highland (174,092 dwt) for $25m; the ship was added for around $15m in early 2024. 

The increased buying interest comes against a firmer market backdrop, with Clarksons recently noting that its iron ore indicator was up around 6% year-on-year.

Follow Us