In a year in which dry bulk vessel sale-and-purchase (SnP) activity is marked by high liquidity, the national distribution of transactions clearly shows which players have real “conviction” in the market. According to the latest analysis by Xclusiv Shipbrokers, 2025 is emerging as a year of intense reshuffling, with targeted strategies and clear differentiation among the major fleets.

The company’s analysts highlight that China maintains its dominant role, purchasing 216 vessels and setting the tone for where the market is heading.

Next come the Greeks, with 126 purchases— a number which, as Xclusiv notes, demonstrates that Greek shipowners remain dynamic, but with a much more targeted approach compared to earlier periods of aggressive expansion.

At the same time, the 168 buyers listed as “Undisclosed” are, according to analysts, private investment funds, trading houses, and Asian investment groups. This indicates that significant “smart money” is entering the market quietly—something that historically points to a more mature phase of the cycle.

Also notable is Vietnam’s presence, with 41 acquisitions, reflecting that Southeast Asia is steadily building a meaningful ownership footprint.

On the sales front, Xclusiv records Greece at the top with 139 sales, followed by Japan (114) and China (104). For the Japanese, the company notes that Japanese shipowners continue their methodical fleet-renewal strategy, divesting from mid-aged vessels at attractive prices— a steady and disciplined renewal practice they follow consistently.

As for the Greek presence on the sellers’ list, analysts explain that it does not contradict the high number of acquisitions: “It reflects a highly targeted and well-studied restructuring of fleet characteristics, rather than simple expansion or contraction.” The Greeks are neither blindly expanding nor shrinking; they are methodically reshaping their portfolios.

The most interesting element, however, is the scale of renewal at a global level: the 331 vessels sold by the rest of the world demonstrate how widespread the fleet “recycling” process is in 2025.

The picture becomes entirely clear when examining the data by vessel size. Of the 126 Greek acquisitions:

• 42 are Handies
• 24 Kamsarmaxes
• 20 Ultramaxes

These three categories account for over two-thirds of purchases, confirming a careful shift toward sizes that offer commercial flexibility and stable employment.

The age distribution clearly reflects the strategy: Greeks focus on vessels 6–15 years old, where values remain reasonable and commercial prospects justify long-term investment. Meanwhile, Xclusiv notes that the Ultramax and Kamsarmax acquisitions of 0–5 years show that “certain groups” continue actively transitioning to eco-fleets—an approach aligned with stricter environmental standards.

In sales, the dominant categories are:

• 46 Supramaxes
• 40 Panamaxes

Xclusiv explains that this fits perfectly with the pattern of acquisitions: shipowners are exiting older Supras and Panamaxes and replacing them with newer and more efficient tonnage. The Supras sold are mainly 11–25 years old, while the Panamaxes are 16–25 years old.

The company describes this phase as “a classic fleet-cleanup phase, reducing vessels with high operating costs (OPEX) and limiting exposure to the more inflation-sensitive parts of the fleet.” In other words, Greeks are disposing of vessels with high OPEX and high inflation sensitivity.

These moves are not happening in a vacuum. Xclusiv explains that they align perfectly with the conditions of the dry bulk market:

• China’s iron ore imports are +7% YTD.
• Beijing’s policy remains infrastructure-first, supporting raw material demand.
• Grain trade is resilient.
• Tonne-miles are boosted by the geopolitical reshaping of flows between the Atlantic and Pacific.
• Geared vessels (with their own cargo-handling gear) maintain higher-than-expected freight rates, explaining the Greek preference for Handies and Ultramaxes.

Additionally, the orderbook is historically low across all bulker categories—especially Kamsarmax and Ultramax—reinforcing the logic of buying mid-aged vessels instead of expensive newbuilds with delayed deliveries.

The overall picture is clear: Greek shipowners are not pursuing chaotic expansion. On the contrary, as Xclusiv emphasizes, “the Greeks are repositioning themselves in a smart and strategic manner.”

They are divesting older Supras and Panamaxes while prices remain high, buying newer and more efficient vessels where fundamentals are strongest, and maintaining a balanced fleet for a medium-term positive cycle.

Meanwhile, China continues to lead both ownership and cargo demand, Japan proceeds with disciplined fleet management, and global liquidity remains sufficient to support ongoing restructuring.

As Xclusiv shows, 2025 is shaping up as a year defined not by extremes, but by strategic maturity— and the Greeks are at the center of this shift.