Coal demand continues to support the dry bulk shipping market, especially the Capesize ships, which are closely related to coal trading. Second-hand Capesize trading volume was strong in 2023, with more than 100 ships changing hands, and 2024 seems to have continued this trend. In the first quarter alone, 24 Capesize ships were traded, which is already more than the same period of 2023 and the first half of 2022. Greek shipowners were particularly active, buying 8 ships and selling 6.
Driven by higher freight rates, investors are more interested in large bulk carriers. The average price of Capesize ships in the Baltic Sea is $32,985 per day, which has been above $10,000 per day since September 8, 2023. In 2023, the earnings before interest, tax, depreciation and amortization (EBITDA) of this type of ship were $26,912/day, or $9.8 million per year, which is equivalent to 25% of the price of a 10-year-old Japanese-built ship of the same type. In 2022, this proportion will be only 10%.Coal demand continues to support the dry bulk shipping market, especially the Capesize ships, which are closely related to coal trading. Second-hand Capesize trading volume was strong in 2023, with more than 100 ships changing hands, and 2024 seems to have continued this trend. In the first quarter alone, 24 Capesize ships were traded, which is already more than the same period of 2023 and the first half of 2022. Greek shipowners were particularly active, buying 8 ships and selling 6.
Driven by higher freight rates, investors are more interested in large bulk carriers. The average price of Capesize ships in the Baltic Sea is $32,985 per day, which has been above $10,000 per day since September 8, 2023. In 2023, the earnings before interest, tax, depreciation and amortization (EBITDA) of this type of ship were $26,912/day, or $9.8 million per year, which is equivalent to 25% of the price of a 10-year-old Japanese-built ship of the same type. In 2022, this proportion will be only 10%.Coal demand continues to support the dry bulk shipping market, especially the Capesize ships, which are closely related to coal trading. Second-hand Capesize trading volume was strong in 2023, with more than 100 ships changing hands, and 2024 seems to have continued this trend. In the first quarter alone, 24 Capesize ships were traded, which is already more than the same period of 2023 and the first half of 2022. Greek shipowners were particularly active, buying 8 ships and selling 6.
Driven by higher freight rates, investors are more interested in large bulk carriers. The average price of Capesize ships in the Baltic Sea is $32,985 per day, which has been above $10,000 per day since September 8, 2023. In 2023, the earnings before interest, tax, depreciation and amortization (EBITDA) of this type of ship were $26,912/day, or $9.8 million per year, which is equivalent to 25% of the price of a 10-year-old Japanese-built ship of the same type. In 2022, this proportion will be only 10%.
