Dry Asset Values Reviewed

Dry bulk asset values have surged by an average of 13 per cent in 2026, with Ultramax values leading the pack at 19 per cent. The strongest growth has been seen in 10-year-old vessels, which increased by 18 per cent amid heightened demand for mid-life tonnage. Newbuilding and resale values rose modestly, while 1-Year Time Charter (TC) rates have consistently climbed, with Kamsarmax and Panamax rates up 36.5 per cent and 36.3 per cent, respectively. The correlation between TC rates and asset values stands at 85 per cent, suggesting a robust relationship driven by rising earnings. Despite the asset value increase, the earnings-to-value ratios of 10-year-old vessels remain below the 10-year average, indicating vessels are relatively less expensive from an earnings perspective.