cyprus dry — The Cyprus dry bulk fleet experienced a summer of mixed results in 2025, with large Capesize vessels facing significant volatility while smaller vessel categories like Panamax, Supramax, and Handysize achieved seasonal highs by August. This divergence in performance is being closely monitored by key operators in Cyprus, including Safe Bulkers and Castor Maritime.
Cyprus dry: Volatility in the Capesize Market
For the third consecutive year, Capesize vessels struggled to maintain profitability. After a challenging start in 2023, these large vessels managed to double their earnings by August. However, in 2025, while they began the season with promise, they ultimately lost most of their gains, reflecting a pattern of instability. Analysts from Xclusiv Shipbrokers reported that the average daily earnings for Capesize vessels remained largely unchanged from the previous year, indicating another turbulent season.
Steady Performance of Panamax Vessels
In stark contrast, Panamax vessels showed a marked improvement this summer. Their average daily earnings grew from approximately $10,000 in June to nearly $16,800 by August, surpassing last year’s figures of around $14,500 during the same period. Xclusiv noted, “Owners found a more stable and encouraging environment this year,” highlighting the positive shift for Panamax operators.
Resilience Among Smaller Vessels
Supramax and Handysize vessels also demonstrated resilience, further solidifying their role in the dry bulk market. Supramax rates increased from $12,000 per day in June to $18,400 by August, up from about $16,000 in 2024, marking some of the highest rates in recent years. Handysize vessels followed a similar upward trajectory, reaching seasonal highs. Analysts remarked, “These categories continue to be the backbone of stability in the charter market,” underscoring their importance amid the volatility affecting larger vessels.
Impact of China’s Coal Demand
The dynamics of the dry bulk market were significantly influenced by China’s coal sector. In the first half of 2025, domestic coal production increased, leading to a reduction in imports. However, disruptions from rainfall and government restrictions during the summer revitalised demand for overseas cargo, particularly benefiting Panamax and smaller vessels. As a result, while Capesize vessels lagged, the demand for coal supported the performance of smaller ships.
Cyprus Operators Navigate a Mixed Landscape
For operators in Cyprus, the summer’s mixed results present both challenges and opportunities. Safe Bulkers, a Limassol-based NYSE-listed company, remains heavily exposed to the fluctuations of the Capesize market but also operates a fleet of Panamax and Kamsarmax vessels that have benefitted from stronger coal demand in Asia. Similarly, Castor Maritime, another Cyprus-listed operator, has seen more stable returns from its investments in Panamax and Supramax vessels.
Growth of Cyprus’ Open Registry
The country’s open registry has seen a notable expansion, with gross tonnage increasing by 18 per cent since early 2024. This growth has been driven by the entry of new bulk carriers under Cyprus’ tonnage tax system, making it an attractive destination for shipping companies. The influx of vessels into the registry highlights Cyprus’s strategic position as a key hub for global dry bulk operations.
Looking Ahead: Stability Amid Volatility
As summer 2025 draws to a close, analysts conclude that the ongoing volatility in the Capesize market, coupled with the changing demand for coal from China, continues to influence the dry bulk freight landscape. Smaller vessels, particularly in the Panamax and Supramax categories, remain critical players that provide stability in an otherwise unpredictable environment. The mixed results observed this summer may set the tone for the final quarter of the year, with operators in Cyprus closely monitoring developments in the global market.
