Beyond Posidonia: Tracking the Pulse of Greek Dry Bulk Transactions:

As Posidonia week drew to a close, it offered an opportune moment to reflect on activity levels in the dry bulk Sale & Purchase (S&P) and newbuilding (NB) markets during the first five months of 2026, with particular focus on the presence and positioning of Greek interests.

The S&P market has demonstrated notable momentum. A total of 378 dry bulk vessels changed hands during the Jan–May period, marking a 21% increase compared to the corresponding period in 2025. Activity was broadly distributed across vessel segments, with Handysize units leading the way at 86 transactions (22% of total sales), followed closely by the Supramax sector with 79 deals (21%), and Kamsarmax vessels accounting for 52 sales (14%). This distribution highlights the continued liquidity and attractiveness of the smaller and mid-sized segments, which tend to offer greater trading flexibility amid prevailing market conditions.

Greek owners have once again maintained a prominent role in the S&P arena, particularly on the selling side. Leading the market in sales, Greek-controlled entities accounted for 87 vessel disposals ytd, being the first on the list and representing approximately 23% of total dry bulk transactions. In value terms, these sales are estimated at USD 968 million, out of an overall market value of about USD 7.2 billion, a 13% share. This suggests a strategic approach by Greek owners to monetize assets, likely taking advantage of firm secondhand values observed in certain sizes. Segment-wise, Greek sales were primarily concentrated in the Handysize sector with 21 vessels, followed by Supramax units (18 vessels) and Kamsarmax vessels (15 units). Notably, around 50% of the vessels sold fell within the 11–15-year age bracket, indicating a tendency among Greek owners to divest mid-life tonnage, optimizing fleet age profiles and releasing capital for reinvestment. On the acquisition front, Greek buyers have remained active, albeit more selective. A total of 48 bulk carriers were acquired, with an estimated value of USD 952 million, second only to Chinese buyers, who led the market with 85 vessels. The Handy segment emerged as the preferred target with 17 purchases, followed by Kamsarmax (13 units) and Ultramax (7 units). Similar to their selling patterns, the majority of acquisitions were concentrated in the 11–15-year age group, reflecting a balanced approach between value and remaining earning potential.

Turning to the newbuilding sector, ordering activity has also been robust. During the first five months of 2026, a total of 153 bulk carriers were contracted, with an estimated aggregate value of USD 7 billion. Greek owners accounted for a significant share of this activity, placing orders for 35 vessels, equivalent to 23% of total contracts. In value terms, their investment is estimated at approximately USD 2 billion, representing a notable 28.5% of total newbuilding expenditure. Greek newbuilding interest has been predominantly focused on larger vessel sizes, particularly the Kamsarmax and Capesize segments. Orders for 13 Kamsarmax vessels and 12 Capesize units underline a forward-looking strategy aimed at positioning fleets for anticipated demand in major bulk trades, including iron ore and coal, while also benefiting from economies of scale.

Overall, the data underscores the continued influence of Greek shipping interests across both the secondhand and newbuilding markets. Their dual role as both active sellers and disciplined buyers, combined with a strong presence in newbuilding contracting, highlights a dynamic and opportunistic approach. As market conditions evolve through the remainder of 2026, Greek owners are expected to remain key drivers of activity, leveraging their experience and market insight to navigate an increasingly complex freight and asset pricing environment.

Freight Market - Dry

Capesize: C5TC average declined by USD 5.5k/day closing the week at USD 40,871/day. Trip from Continent to F. East is down by 2.5k/day at USD 74,778/day, Transatlantic R/V is lower by 2.8k/day at USD 53,488/day, and Bolivar to Rotterdam is lower by 5.4k/day at USD 57,881/day, while Transpacific R/V is reduced by 10.9k/day at USD 40,573/day. Trip from Tubarao to Rotterdam is reduced by 2.8k/day at USD 46,171/day, China -Brazil R/V is lower by 3.1k/day at USD 41,274/day, and trip from Saldanha Bay to Qinqdao is reduced by 2.8k/day at USD 46,171/day.

Kamsarmax/Panamax: P5TC Timecharter average started the week at USD 21,086/day closing with a decline at USD 20,121/day. Trip from Skaw-Gib to F. East is softer by 0.6k/day at USD 27,065/day, Pacific R/V is down by 1.6k/day at USD 21,735/ day, while Transatlantic R/V is reduced by 0.5k/ day at USD 17,136/day, and Singapore R/V via Atlantic is decreased by 1k/day at USD 20,476/ day.

Ultramax/Supramax: The Ultramax S11TC average closed the week about USD 0.2k/day higher than its opening at USD 20,067/day. The Supramax S10TC average closed the week about 0.2k/day higher than its opening at USD 18,033/day. The Baltic Supramax Asia S3TC average closed the week about 0.1k/day higher than previous week at USD 19,654/ day. N. China one Australian or Pacific R/V is improved by 0.3k/day at USD 18,850/day, USG to Skaw Passero is firmer by 0.5k/day at USD 28,714/ day. S. China trip via Indonesia to EC India is up at USD 24,161/day, trip from S. China via Indonesia to S.China pays USD 16,313/day, while Med/B.Sea to China/S.Korea is increased by 0.2k/day at USD 19,521/day.

Handysize: HS7TC average closed the week improved by 0.2k/day at USD 15,546/day. SkawPassero trip to Boston-Galveston pays less at USD 9,000/day, Brazil to Cont. pays 0.1k/day less at USD 20,572/day, S.E. Asia trip to Spore/Japan is firmer at USD 17,363/day, China/S.Korea/Japan round trip is increased by 0.4k/day at USD 17,400/day, and trip from U.S. Gulf to Cont. is increased by 0.4k/day at USD 18,314/day, while N.China-S.Korea-Japan trip to S.E.Asia is increased by 0.3k/day at USD 17,506/ day .

Freight Market - Wet

VLCC: average T/CE ended the week down by 4.1k/day at USD 193,873/day. Middle East Gulf to China trip is up at USD 401,106/day. West Africa to China trip is down by 4.8k/day at USD 84,874/ day and US Gulf to China trip is down by 7.4k/day at USD 95,639/day.

Suezmax: average T/CE closed the week softer by 2.6k/day at USD 88,573/day. West Africa to Continent trip is down by 2.6k/day at USD 55,957/day, Black Sea to Mediterranean is down by 2.6k/day at USD 121,189/day, and Middle East Gulf to Med trip is reduced by 13.9k/day at USD 393,141/day, while trip from Guyana to ARA is reduced by 11.2k/day at USD 53,196/day.

Aframax: average T/CE closed the week higher by 13.7k/day at USD 58,531/day. North Sea to Continent trip is up by 6.4k/day at USD 47,689/day, Kuwait to Singapore is down by 7.7k/day at USD 78,941/day, while route from Caribbean to US Gulf trip is up by 26.7k/day at USD 64,246/day.

Trip from South East Asia to East Coast Australia is down by 4.4k/day at USD 24,611/day & Cross Mediterranean trip is up by 26.4k/day at USD 67,217/day. US Gulf to UK -Continent is improved by 31.6k/day at USD 63,683/day and the East Coast Mexico to US Gulf trip is up by USD 30.3k/ day at USD 69,044/day.

Products: The LR2 route (TC1) Middle East to Japan is this week lower by 1.8k/day at USD 138,111/day. Trip from (TC15) Med to Far East has decreased by 10.2k/day at USD 18,669/day and (TC20) AG to UK Continent is down by 5.1k/day at USD 131,107/day. The LR1 route (TC5) from Middle East Gulf to Japan is down by 1.5k/day at USD 103,170/day, while the (TC8) Middle East Gulf to UK -Continent is down by 5.1k/day at USD 131,107/day. The MR Atlantic Basket is increased by 7.5k/day at USD 41,069/day & the MR Pacific Basket earnings are lower by 4.9k/day at USD 27,364/day. The MR route from Rotterdam to New York (TC2) is softer by 1.8k/day at USD 138,111/day, (TC6) Intermed (Algeria to Euro Med) earnings are softer by 1.5k/day at USD 103,170/day, (TC14) US Gulf to Continent is down by 5.2k/day at USD 19,184/day, (TC18) US Gulf to Brazil earnings are higher by 0.2k/day at USD 91,158/day, (TC23) Amsterdam to Le Havre is lower by 2.2k/day at USD 27,228/day while Yeosu to Botany Bay (TC22) is softer by 15.4k/day at USD 22,102/day and ARA to West Africa (TC19) is up by 11.9k/day at USD 43,523/day .

Sale & Purchase

Dry S&P Activity:

This week’s activity was focused on the Supramax and Handysize segments, with a mix of single transactions and en-bloc deals reported. In the Supramax sector, the “Tianjin Venture” - 54K/2009 Chengxi was sold for USD 12.2 mills, with delivery expected within July–August in Singapore/Japan range, while the “AE Mars” - 54K/2006 Yangzhou Dayang changed hands for region USD 9 mills via an online bidding process.

On the Handysize sector, a notable en-bloc deal involved the OHBS sister vessels “Interlink Celerity” - 40K/2017 Taizhou Kouan and “Interlink Solidity” - 40K/2017 Taizhou Kouan, which were sold for USD 22 mills each. Finally, the “Sider Bear” - 40K/2013 Chengxi was acquired by Manta for USD 17.7 mills.

Sale & Purchase

Tanker S&P Activity:

The tanker S&P activity remained relatively quiet this week, with sales concentrated in the VLCC, MR and small tanker sectors. On the VLCC sector, the Scrubber fitted “Maxim” - 297K/2011 Shanghai Jiangnan was reported sold to clients of Sinokor, for USD 82 mills with delivery scheduled for Q1 2027. In the MR segment, the “Okee John T” - 54K/2006 Shin Kurushima changed hands for USD 16.5 mills. In the small tanker sector, the “Golden Curl” - 17K/2008 Jiujiang Yinxing found new owners for USD 9 mills. The sisters “Sinar Malahayati” - 21K/2006 Shin Kurushima and “Sinar Mendawai” - 20K/2008 Usuki were sold enbloc for low/mid USD 23 mills with TC attached at USD 14,700/day and USD 13,700/day respectively.

Commodities

• In the U.S., the Dow Jones Industrial average increased by 0.9% at 51,032 points, S&P 500 went up by 1.43% at 7,580 points and NASDAQ rise by 2.39% at 26,973 points. In Europe, the Euro Stoxx50 closed up by 0.52% at 6,051 points and Stoxx600 up by 0.14% at 626 points mark. In Asia, the Nikkei closed the week at 66,330, gaining 4.72% on a weekly basis, while Hang Seng went down by 1.65% at 25,182 points mark and the CSI 300 index closed the week at 4,892 points, 0.97% higher than previous week.

• WTI crude oil futures eased to USD 91 per barrel after having crossed USD 95 earlier on Monday after Iran stated it had ended its military operations against Israel. US President Trump added that both countries were close to a new ceasefire and that there was progress between Washington and Tehran, easing concerns that the escalation would hamper negotiations that gradually restore exports of oil through the Persian Gulf.

• Thermal coal futures climbed above USD 145 per ton, reaching their highest levels since October 2024 after a deadly gas explosion at a coal mine in northern China exposed an underground network of illegal labor practices and unreported coal sales, raising concerns about tighter oversight and extended supply disruptions. The incident at a mine in China’s Shanxi province led to production suspensions and triggered intensified safety inspections across the country’s largest coalproducing region.