In the fourth quarter of 2025, the global second‑hand Panamax bulk‑carrier market staged a notable recovery, with a total of 28 vessels changing hands, representing a 33 % quarter‑on‑quarter increase. The average transaction price per vessel rose by 12 %. One 76,000‑DWT Panamax bulk carrier built in 2013 was sold for USD 28 million, marking a 15 % price hike compared with the third quarter. This signals that the second‑hand bulk‑carrier market has emerged from its downturn.

The recovery is primarily driven by fleet‑renewal demand and an upward shift in freight‑rate benchmarks. The global bulk‑carrier fleet is currently heavily aged, with vessels older than 15 years accounting for over 30 % of the total tonnage. New environmental regulations are accelerating the phase‑out of ageing ships. Meanwhile, new‑building contracts for bulk carriers worldwide fell by 38 % year‑on‑year in 2025, below the five‑year average, making second‑hand vessels a key option for fleet renewal. At the same time, steady growth in global dry‑bulk trade for commodities such as grain and coal, coupled with a gradual rise in the benchmark Baltic Dry Index (BDI), has underpinned the rebound in second‑hand bulk‑carrier prices.

Market data shows that the global second‑hand‑ship price index stood at 189.90 points in 2025, climbing 7.12 % year‑on‑year. Prices for 5‑year‑old and 10‑year‑old second‑hand bulk carriers rose quarter‑on‑quarter by 0.50 % and 0.71 % respectively. Industry forecasts indicate that with the global economic recovery in 2026, dry‑bulk trade demand will keep growing. Transactions for second‑hand Panamax and Kamsarmax bulk carriers are expected to remain buoyant, with price increases likely to stay within the 10%‑15 % range. In particular, medium‑to‑small‑sized bulk carriers suited for regional shipping routes will see further‑heightened trading activity.