Company: CMDB
Filing Date: 2025-04-07
Form Type: 20FR12B/A
Source: 0001140361-25-012461
Chunk: 168

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-07
Form: 20FR12B/A
Chunk 168
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2025 so far.

The time charter (period) market was firm in 2024, reflecting some periods of fairly robust forwards sentiment; the one year time charter rate for a (non-eco, non-scrubber fitted) Capesize averaged approximately $24,000 per day across Q2 2024, approximately 55% above the ten-year average trend, before easing back to ~$17,500/day by early 2025, while the one year rate for a Supramax (approximately 58,000 dwt) averaged $14,750 per day across 2024, up around 20% on the ten-year average.

Vessel Values & S&P Activity

There is a liquid secondhand sale & purchase (S&P) market in the dry bulk shipping sector, with an average of approximately 5% of the dry bulk fleet capacity changing hands per year over the last decade. Secondhand values achievable for a given vessel are influenced by a wide range of factors including vessel design, prevailing market conditions, vessel age and condition, builder yard/country reputation, technical details, fitted equipment (e.g. SOx scrubber), and many others.

Recent years have seen very busy secondhand S&P markets in the dry bulk vessel sector; a record of approximately 900 ships of 61 million dwt (more than $15 billion) were sold in 2021, before easing back slightly in 2022 and 2023, though 2024 saw renewed activity once again, with record volumes in Q1 and full year activity reaching 59.9m dwt, the second highest year on record.

Secondhand Prices

Secondhand pricing in the dry bulk shipping sector is influenced by a range of factors, but most notably by trends in freight/charter markets and forwards sentiment, as well as newbuild prices to an extent, while the value of any individual vessel will clearly also be impacted by specific attributes such as age, specification, condition and commercial background.

<div align='center'>Figure 16. Dry Bulk Vessel 5 Year Old Price Benchmarks</div>

Secondhand prices in the dry bulk shipping sector have typically followed freight/charter market cycles, with the exceptionally strong dry bulk shipping markets of the mid-to-late 2000s driving asset prices to record highs before a period of more moderate pricing prevailed for much of the 2010s. The COVID-19 pandemic saw prices soften in 2020 before resurgent dry bulk shipping markets in 2021.