Dry Bulk Deals Gather Pace

The dry bulk Sale & Purchase market remained highly active during the first seven months of 2026, with 496 bulk carriers changing hands, compared to 428 vessels during the corresponding period of 2025, representing a 16% year-on-year increase.

Activity accelerated particularly during May, when a remarkable 90 transactions were concluded, making it the busiest month of the year, while monthly sales remained consistently above 2025 levels for most of the period. The sustained level of transactions reflects continued confidence in dry bulk asset values, supported by a healthier freight environment and im- proving underlying market fundamentals compared to last year.

Looking at individual segments, Handysize and Supramax vessels once again dominated the market, recording 114 and 111 sales, respectively, accounting together for almost 45% of all dry bulk transactions. Activity was also particularly strong in the Kamsarmax sector with 65 sales, followed by Ultramax with 60 transactions. Compared to 2025, the most notable increases were recorded in the Ultramax market, where sales almost doubled from 33 to 60 vessels, followed by the Post-Panamax sector, which expanded from 11 to 32 sales, and the Kamsarmax segment, where activity in-creased from 44 to 65 vessels. By contrast, Panamax sales declined sharply from 56 to 32 transactions, while Handysize activity remained broadly stable. Overall, buying interest during 2026 became more diversified across the medium- sized bulk carrier segments rather than concentrating solely on the traditional Handysize and Supramax markets.

The age profile of sold vessels highlights that buyers continue to focus primarily on middle-aged tonnage. Vessels aged 11-15 years remained the preferred investment, accounting for 193 sales, or almost 39% of all transactions, broadly unchanged from the 198 vessels recorded during the same period of 2025. However, demand strengthened considerably for younger ships, with 0-5-year-old vessels rising from 24 to 43 sales and 6-10-year-old units increasing from 47 to 71 transactions. At the same time, sales of 16-20-year-old vessels climbed significantly from 94 to 131, while transactions involving ships older than 21 years remained relatively stable. The data suggest that investors are actively pursuing both modern eco-tonnage and proven middle-aged assets, while appetite for the oldest vessels has not expanded despite the stronger market environment.

On the buying side, Chinese interests remained the largest identified buyers, acquiring 98 bulk carriers, although this represents a substantial decline from the 157 acquisitions recorded in 2025. Greek buyers ranked second with 66 purchases, compared with 88 last year, while Turkey and Singapore remained active on a smaller scale.

The sharp increase in the "Others" category, which accounted for 303 acquisitions, indicates a much broader participation by international investors than in 2025, suggesting that buying appetite has become increasingly diversified across nationalities.

On the selling side, Greek owners once again maintained their leading position, disposing of 100 bulk carriers, marginally above the 95 sales recorded during the corresponding period of 2025 and representing approximately 20% of all global dry bulk transactions. Chinese sellers also increased their activity from 63 to 81 vessels, while Japanese disposals declined from 66 to 55. Overall, the first seven months of 2026 reveal a broader and healthier S&P market than a year earlier, characterized by stronger liquidity, wider international participation, and robust demand across most dry bulk sectors, particularly for mid-sized and more modern vessel classes.

Freight Market - Dry

Capesize: The Capesize C5TC average declined by USD 5.4k/day closing the week at USD 37,652/day. Trip from Continent to F.East is down by 3.4k/day at USD 73,861/day, Transatlantic R/V is lower by 5.6k/day at USD 42,231/day, and Bolivar to Rotterdam is lower by 6.8k/day at USD 48,232/ day, while Transpacific R/V is reduced by 10.7k/day at USD 40,795/day. Trip from Tubarao to Rotterdam is reduced by 3.7k/day at USD 29,747/day, China-Brazil R/V is lower by 0.3k/day at USD 39,628/day, and trip from Saldanha Bay to Qinqdao is reduced by 3.7k/day at USD 29,747/day.

Kamsarmax/Panamax: The Kamsarmax P5TC Timecharter average started the week at USD 20,684/day closing with a decline at USD 20,055/ day. Trip from Skaw-Gib to F.East is softer by 2.7k/ day at USD 30,267/day, Pacific R/Vis up by 0.7k/

day at USD 17,882/day, while Transatlantic R/V is reduced by 2.8k/day at USD 21,327/day, and Singapore R/V via Atlantic is increased by 0.5k/day at USD 20,176/day.

Ultramax/Supramax: The Ultramax S11TC average closed the week about USD 0.3k/day higher than its opening at USD 20,508/day. The Supramax S10TC average closed the week about 0.3k/day higher than its opening at USD 18,474/day. The Baltic Supramax Asia S3TC average closed the week about 0.7k/day higher than previous week at USD 18,045/ day. N.China one Australian or Pacific R/V is improved by 1.1k/day at USD 18,031/day, USG to Skaw Passero is firmer by 0.3k/day at USD 30,518/ day. S.China trip via Indonesia to EC India is up by 0.5k/day at USD 21,386/day, trip from S.China via Indonesia to S.China pays USD 14,725/day, while Med/B.Sea to China/S.Korea is reduced by 0.8k/day at USD 24,767/day .

Handysize: The Handysize HS7TC average closed the week reduced by 0.2k/day at USD 15,579/day. Skaw-Passero trip to Boston-Galveston pays 0.2k/day less at USD 10,814/day, Brazil to Cont. pays 0.1k/day more at USD 20,606/day, S.E. Asia trip to Spore/Japan is softer at USD 17,213/day, China/S.Korea/Japan round trip is increased by 0.1k/day at USD 17,294/day, and trip from U.S. Gulf to Cont. is reduced by 1.3k/day at USD 15,679/day, while N.China-S.Korea-Japan trip to S.E.Asia is increased by 0.1k/day at USD 17,294/day.

Freight Market - Wet

VLCC: average T/CE ended the week down by 3.9k/day at USD 237,969/day. Middle East Gulf to China trip is down by 11.7k/day at USD 486,298/ day. West Africa to China trip is up by 3.4k/day at USD 112,237/day and US Gulf to China trip is up by 3.5k/day at USD 115,373/day.

Suezmax: average T/CE closed the week firmer by 41.k/day at USD 279,244/day. West Africa to Continent trip is up by 48.9k/day at USD 123,805/day, Black Sea to Mediterranean is up by 33.2k/day at USD 434,683/day, and Middle East Gulf to Med trip is improved by .9k/day at USD 324,158/day, while trip from Guyana to ARA is improved by 50.5k/day at USD 125,380/day.

Aframax: average T/CE closed the week higher by 3k/day at USD 80,913/day. North Sea to Continent trip is down by 14.3k/day at USD 93,575/day, Ku- wait to Singapore is up by 1.9k/day at USD 83,537/day, while route from Caribbean to US Gulf trip is up by 17.5k/day at USD 106,698/day. Trip from South East Asia to East Coast Australia is up by 0.8k/day at USD 29,938/day & Cross Mediterranean trip is down by 11.4k/day at USD 61,434/day. US Gulf to UK-Continent is improved by 19.3k/day at USD 99,744/day and the East Coast Mexico to US Gulf trip is up by USD 22.1k/day at USD 117,249/day.

Products: The LR2 route (TC1) Middle East to Japan is this week lower by 4.7k/day at USD 136,424/day. Trip from (TC15) Med to Far East has decreased by 3.4k/day at USD 28,003/day and (TC20) AG to UK Continent is up by 2.3k/day at USD 111,200/day. The LR1 route (TC5) from Middle East Gulf to Japan is down by 6k/day at USD 97,044/day, while the (TC8) Middle East Gulf to UK -Continent is up by 2.3k/day at USD 111,200/day.

The MR Atlantic Basket is increased by 0.8k/day at USD 20,654/day & the MR Pacific Basket earnings are lower by 0.3k/day at USD 26,837/day. The MR route from Rotterdam to New York (TC2) is softer by 4.7k/day at USD 136,424/day, (TC6) Intermed (Algeria to Euro Med) earnings are softer by 6k/day at USD 97,044/day, (TC14) US Gulf to Continent is down by 0.8k/day at USD 15,300/day, (TC18) US Gulf to Brazil earnings are lower by 2.4k/day at USD 53,951/day, (TC23) Amsterdam to Le Havre is lower by 0.2k/day at USD 23,628/day while Yeosu to Botany Bay (TC22) is softer by 15.8k/day at USD 8,258/day and ARA to West Africa (TC19) is up by 3.2k/day at USD 24,825/day.

Dry S&P Activity:

In dry bulk, activity was spread across most sectors this week. On the Capesize sector, the “PRINCESS ETERNITY” - 182K/2022 JMU was sold for USD 78 mills 3 years BBHP, while the “JIAN FA” - 175K/2004 SWS changed hands for USD 18.5 mills. Moving down the sizes, we reported the Scrubber fitted “MEDI POSITANO” - 82K/2015 Tsuneishi last week at USD 31.6 million, but we now understand that the vessel was sold at a very high USD 31 million, while the Kamsarmax “BBG WUZHOU” - 82K/2016 Tsuneishi Zhoushan was sold for USD 29 mills via online auction, while Indian buyers acquired the “PRESINGE” - 82K/2015 Tsuneishi Zhoushan for USD 29s mills. The “KARTINI SAMUDRA” - 74K/2004 Daewoo found new owners for high USD 7 mills. On the Ultramax sector, Greek buyers acquired the “GRAMOS”- 61K/2019 NACKS for USD 34.5 mills. On the Supramax sector, the “GLOBAL ORIOLE” - 59K/2012 NACKS was sold for mid USD 19 mills to Greek buyers, while the “LILA MUNDRA” - 57K/2009 STX Dalian changed hands for USD 12.5 mills. Finally, on the Handysize sector, the “AMIRA DIANA” - 36K/2010 Samjin was sold for USD 11.5 mills.

Tanker S&P Activity:

On the Suezmax sector, Greek buyers acquired the “BRISTOL” - 157K/2024 Hyundai Samho for USD 123 mills basis delivery November-December 2026, while the “SONANGOL NAMIBE” - 158K/2007 Daewoo changed hands for USD 49.5 mills. Moving down the sizes, the Scrubber fitted MR2s “ON PROMISE” - 50K/2026 HMD and “ON PROSPER” - 50K/2026 HMD were sold for USD 58.5 mills each basis delivery August-October 2026. The CPP “ATLANTIC EAGLE” - 47K/2007 HMD was sold for low USD 18 mills. Finally, on the small tanker sector, the Scrubber fitted, StSt “DAMSGAARD” - 20K/2016 Fukuoka and “LOEVSTAKKEN” - 20K/2015 Fukuoka changed hands for high USD 32 mills each.

Commodities

• In the U.S., the Dow Jones Industrial average decreased by 0.6% at 53,732 points, S&P 500 went up by 0.36% at 7,786 points and NASDAQ rise by 0.14% at 26,729 points. In Europe, the Euro Stoxx50 closed up by only 0.2% at 6,537 points and Stoxx600 down by 0.36% at 658 points mark. In Asia, the Nikkei closed the week at 68,714, gaining 4.74% on a weekly basis, while Hang Seng went down by 2.15% at 25,117 points mark and the CSI 300 index closed the week at 4,666 points, - 0.61% lower than previous week.

• Crude oil held above $82 per barrel as renewed Middle East tensions kept supply risks firmly in focus. Attacks on vessels and escalating fighting sharply reduced traffic through the Strait of Hormuz, while stalled US-Iran negotiations added uncertainty. However, the absence of major supply outages capped further price gains, leaving markets caught between geopolitical risk and continued availability of crude.

• Chinese steel rebar futures rebounded toward CNY 3,020 per ton, supported by temporary iron ore supply concerns as BHP’s Port Hedland strike expanded. However, China’s pro-longed property downturn continues to weigh heavily on steel demand, with construction activity weakening sharply and new starts falling. Meanwhile, growing protectionism abroad is limiting export opportunities, leaving the sector under pressure despite the recent price recovery.