The sale and purchase market continued to firm this week, with asset prices for large bulkers pushing higher despite geopolitical tensions. 

Demand for capesize tonnage remains strong, with brokers reporting a few deals per week. All eyes have been on the sale of a Japanese-built bulker after owners invited offers earlier this month for the Frontier Garland, a 181,000 dwt Imabari-built unit (2011). The vessel is reported to have been sold to Greek interests for $36.4m. The ship is understood to be in solid condition, having passed its special survey in 2024, with its next drydocking due in 2029.

The latest deal marks a notable increase from a comparable transaction concluded in mid-January, when the 174,800 dwt Frontier Kotobuki (Namura, 2011) changed hands for $31.4m, implying a price rise of around 15% for similar Japanese-built tonnage in just two months. 

The Kotobuki was acquired by asset-rich Global Chartering, a joint venture between steelmaker ArcelorMittal and Peter Livanos’ DryLog. Prior to the sale, the vessel underwent a fresh special survey. This ship was delivered to its new owners in February and has since been renamed GCL Fos. 

The two ships listed as sold are in the mid-teens, while most ships sold in this segment are a few years older. Chinese players have been vacuuming up ageing capes, predominantly sold by Greek sellers. Prices for 2005-built capes have settled in the high-teens to low-$20m range, while modern eco units are commanding north of $70m.