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Xclusiv Shipbrokers Inc.: From 1 Jan to 20 Feb 2026, the dry bulk S&P tape has been running at a materially stronger tempo compared to the same window of 2025

"From 1 Jan to 20 Feb 2026, the dry bulk S&P tape has been running at a materially stronger tempo compared to the same window of 2025. Based on Xclusiv's Shipbrokers data, we count 109 bulker sales in 2026 versus 80 in 2025, a +36% year-on-year increase. That is not marginal improvement, it is a clear expansion in liquidity during a period that is usually shaped by seasonality and caution.

What makes 2026 more compelling is not only the higher volume, but the breadth of participation across sizes. Activity is led by Supramax and Handysize, with 23 deals each, followed by Ultramax at 19. Larger dwt units are also firmly present, with 16 Capesizes and 15 Kamsarmaxes changing hands, while Panamax stands at just 5. In contrast, the 2025 period was more concentrated and less balanced: Supramax (19) and Panamax (18) dominated, Handysize followed at 17, while Ultramax was limited to 4 and Capesize to 5. In short, 2026 is not a one-segment rally; it is a broader clearing of core working tonnage.

The age profile sharpens the difference in sentiment. In 2026, 11–15 year-old vessels account for 45 transactions, roughly 41% of total activity, followed by 16–20 year-olds at 30 deals, or about 28%. The 21+ bracket is limited to just 10 vessels, around 9% of the market. Compare this to 2025, where 19 vessels above 21 years were sold, representing nearly a quarter of total transactions. Last year looked more vintage-driven; this year's mix suggests buyers are targeting remaining economic life rather than short-term scrap optionality. Country of build dynamics have also rotated. In 2026, China-built bulkers lead with 52 sales, ahead of 37 Japanese-built and 13 Korean-built units. In the same period of 2025, Japan was dominant with 44 sales, while China followed with 25 and Korea with 10. The shift is structural and reflects how liquidity has progressively re-rated Chinese-built tonnage, particularly in the mid-size segments.

On the demand side, buyer nationality remains partly masked by undisclosed accounts, which represent 67 acquisitions in 2026 versus 41 in 2025. Among identified buyers, China leads with 23 purchases in 2026, followed by Greece with 15. In 2025, China (13), Greece (11) and Vietnam (6) shared a flatter landscape. On the supply side, Greek interests remain the largest identifiable sellers, with 23 disposals in 2026 versus 22 in 2025, confirming continued portfolio reshuffling at firm asset levels.

All of this is happening with asset prices still climbing, and that is the part that turns "busy" into "meaningful". On a one-year view (Feb 2025 to Feb 2026), indicative secondhand values are up across sizes: Capesize 10-year +22% (to $52.5m), Kamsarmax 10-year +10% (to $26.5m), Ultramax 10-year +18% (to $26.5m) and Handysize 10-year +19% (to $20.25m). But the more telling angle is where we sit inside the longer cycle. Against the 2021–2026 price history, today's levels are not "mid-cycle comfort"; they sit at the top end of the last five years for most of the standard benchmarks. The Capesize 10-year is effectively printing a five-year high, while the mid-size segments, even if they are not always at the absolute peak tick, are still firmly in "high territory" versus their multi-year ranges. That matters for behavior: when prices are high and liquidity is still strong, buyers are effectively saying that earnings visibility (or at least optionality on it) is worth paying for, even with financing costs and replacement economics still not friendly. In simple terms, 2026 S&P is not just about more transactions; it is about more transactions at elevated pricing, which typically only happens when confidence in cash generation remains intact and owners believe time is still an ally rather than an enemy.

Dry S&P Activity:

Dry bulk activity eased this week with a handful of transactions recorded across the Panamax, Supramax and Handysize segments. On the Kamsarmax sector, Greek buyers acquired the modern Chinese-built "AQUAVITA SEA" – 81K/2020 Jiangsu New Hantong for USD 30.5 mills. In addition, the "EPIPHANIA" – 80K/2012 STX was sold for USD 17.6 mills. Finally, in the Handysize segment, Greek interests picked up the "ADVENTURE" – 34K/2011 Samjin for USD 9.5 mills, while the smaller "LIBERATOR" – 28K/2006 Shimanami was sold for USD 6.7 mills.

Tanker S&P Activity:

Tanker S&P activity was particularly busy this week, with 16 reported transactions across the VLCC, Aframax/LR2 and product tanker segments. In the VLCC sector, the scrubber fitted "LEICESTER" – 301K/2017 SWS was sold for USD 111 mills. Also, the scrubber fitted "SINGAPORE SPIRIT" – 318K/2013 SWS changed hands for USD 84.5 mills. An enbloc deal was also noted with the "NAVE BUENA SUERTE" – 297K/2011 Dalian and the "NAVE GALACTIC" – 297K/2009 Shanghai Jiangnan sold enbloc for USD 136.5 mills. Further, the scrubber fitted "CAESAR" – 318K/2009 HHI was sold for USD 70 mills, while Sinokor was linked to the acquisition of the "SHAYBAH" – 319K/2008 Daewoo for USD 59 mills. The Aframax "P. SOPHIA" – 105K/2009 HHI was sold for USD 35.65 mills. In the product tanker segment, an enbloc transaction was reported involving the GSI-built units "HAFNIA LEO" – 50K/2013 and "HAFNIA CRUX" – 53K/2012, sold enbloc for USD 46.5 mills. Elsewhere, the "ROMANCE" – 50K/2009 SLS and the "HANSA TROMSOE" – 52K/2008 STX were sold for USD 15.8 mills and USD 16.9 mills respectively. The smaller Japanese-built "FLORENCE" – 48K/2006 Iwagi was sold to Precious Shipping for USD 11.1 mills. Finally, Sokana was linked to a set of ice-class acquisitions, with the "HAFNIA TORRES" – 39K/2016 HMD, as well as the sisters "HAFNIA MAGELLAN", "HAFNIA MALACCA" and "HAFNIA SUNDA" – all 39K/2015 HMD, each reported sold for USD 31 mills, all holding ICE CLASS 1B notation"

Xclusiv Shipbrokers Inc.