Bulker sales activity has experienced a significant drop in the first quarter of 2025, with figures from Chinese shipyards decreasing sharply. Sales of bulkers built in China fell from approximately 42% in the fourth quarter of 2024 to about 33% in the first quarter of 2025. This decline allowed Japan to reclaim the top position in bulker sales, securing approximately 53% of the market share during the same period.
South Korea, traditionally focused on constructing other vessel types like LNG carriers, came in third with a share of around 14%. Despite being the leading builder of bulkers, Chinese shipyards saw a significant shift in order volumes. Data from VesselsValue indicated that in 2024, Chinese yards received three-quarters of all bulker orders, underscoring their dominance in the sector despite the recent decline in sales.
The values for bulkers have seen a year-on-year drop across nearly all sub-sectors and size categories. A notable example is the 15-year-old Panamax vessels of 80,000 DWT, which experienced a decrease of approximately 21.99% from the previous year, dropping from USD 18.46 million to USD 14.4 million. Furthermore, although time charter earnings for bulkers showed some recovery after the typically quiet first quarter, rates remain down across all sectors.
For instance, Capesize one-year time charter earnings fell by about 18% year-on-year, declining from USD 26,965 per day at the beginning of April 2024 to USD 22,131 per day at the start of April 2025. Recent notable sales of Chinese-built vessels include the Kamsarmax BC Sea Marathon, sold for USD 18.4 million, and the Ultramax BC 134, which went to Greek buyers for USD 35 million. Additionally, the Handy-sized BC Lago Di Cancano was sold to undisclosed buyers for USD 14 million.