Cyprus-based dry bulk operators faced a split market this summer, with Capesize vessels hit by volatility while Panamax, Supramax and Handysize ships reached seasonal highs, reports the Cyprus Mail
Cyprus-based dry bulk operators faced a split market this summer, with Capesize vessels hit by volatility while Panamax, Supramax and Handysize ships reached seasonal highs, reports the Cyprus Mail. Analysts at Xclusiv Shipbrokers said the June-August period showed a threefold trend: sharp swings in Capesize earnings, relative stability in Panamax, and resilience among smaller vessel sizes. The summer is seen as a key indicator for fourth-quarter performance.
Capesizes posted little change in average daily earnings compared to 2024, marking a third year of summer volatility. In contrast, Panamax rates rose from around $10,000/day in June to nearly $16,800/day in August, up from US$14,500 a year earlier.
Supramax and Handysize vessels continued to lead the market in stability. Supramax rates climbed to $18,400/day by August, the highest in recent years, while Handysizes also reached seasonal highs. Analysts called these categories 'the backbone of stability.'
China's coal sector played a key role. While domestic output rose in early 2025, summer rainfall and policy restrictions revived import demand, boosting Panamax and smaller ships. Capesizes failed to benefit from the shift.
In Cyprus, Safe Bulkers remained exposed to Capesize volatility but saw gains from Panamax and Kamsarmax operations. Castor Maritime reported steadier returns from Panamax and Supramax exposure.
Cyprus's open registry expanded by 18 per cent in gross tonnage since early 2024, with new bulk carriers entering under its tonnage tax regime. Analysts said smaller vessels remain vital in an uncertain market.
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