Company: CMDB
Filing Date: 2025-03-31
Form Type: 20FR12B
Source: 0001140361-25-011425
Chunk: 162

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-03-31
Form: 20FR12B
Chunk 162
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 Panamax sector, for example, has been for “Kamsarmax” (approximately 82,000 dwt) designs, rather than older “standard” Panamaxes of approximately 75,000 dwt. Older designs of less than 70,000 dwt were once the standard in the sector, prior to 2000. Similarly, in the Capesize sector, Newcastlemaxes of approximately 205-210,000 dwt now dominate the orderbook, while “standard” Capesizes of approximately 180,000 dwt are the most populous designs in the fleet. Similar trends are also clear in the Handysize and Handymax sectors.

Fleet Age & Scrapping

Levels of dry bulk vessel scrapping are driven by demand for steel scrap and available scrap price levels, as well as the age profile of the fleet, movements in dry bulk shipping earnings, and increasingly the environmental regulatory agenda. Across 2000-2024, an average of 183 dry bulk vessels (of approximately 10.7 million dwt) were scrapped per year, though this can vary significantly with market conditions; just 18 ships of 0.5 million dwt were scrapped in 2007 (during the “super-cycle” which saw historically elevated earnings), while 590 ships of 33.3 million dwt were scrapped in 2012 in the wake of the global financial crisis and the significant market oversupply that followed.

With generally improving dry bulk shipping market conditions in recent years, demolition in the sector has been limited, with an average of just 66 ships (4.7 million dwt) scrapped per annum across 2021-24; just 66 dry bulk vessels of 3.8 million dwt were sold for scrap in 2024 amid generally positive vessel earnings and amid periods of positive forwards sentiment.

The average age of the dry bulk vessel fleet stands at 12.5 years old by early 2025, relatively young by historical standards (1990s and 2000s average: more than 14 years) though having now increased considerably from the low of less than 9 years seen in the mid-late 2010s following a number of years of both robust newbuilding deliveries and firm scrapping in the wake of the financial crisis/shipping market “super-cycle” of the late 2000s. While much of the dry bulk fleet is reasonably young (38% of dwt is less than 10 years old), the age profile does include some significant