Prices of Handy Bulkers Remain Constant

The transaction activity in the dry bulk sector is showing signs of slowing, mirroring the decline of the Baltic Dry Index, which has seen a reduction of about one-third since the middle of March. However, in the smaller vessel category, specifically the handy size segment, prices remain robust.

Orix Corp, a major Japanese company, is capitalizing on this trend by selling the Saiki-manufactured, 37,100 deadweight tonnage (DWT) vessel, Susanoo Harmony, for $29.5 million—a record price according to shipbrokers.

This transaction marks the company's second vessel sale in recent months. Previously, a handy ship built five years ago at Tsuneishi Cebu, was sold for $26 million in November to Nova Carriers. Nova Carriers is now looking to sell this vessel again at a price of $28 million.

A notable transaction this week involves the sale of the 2019-built Atlantic Prism, a 39,200 DWT ship constructed at Shin Kurushima. Controlled by Japanese interests, this vessel is reported to have been sold for $28.5 million. It is noteworthy that this ship is due for a special survey and drydock.

Moreover, older handy size vessels are also commanding strong prices in the market. Sales data reveals that two 14-year-old ships built by Jiangmen Nanyang, each with a capacity of 32,700 DWT, were sold for just under $11 million apiece.