In the marble‑lined offices of Piraeus and the discreet shipowning boardrooms of Glyfada, a quiet shift is underway. Phones ring, brokers whisper, and emails fly across time zones — all signalling the same trend: Greek shipowners are selling their Capesize bulk carriers.
For an industry long stereotyped as “buy low and hold forever,” this sudden appetite for selling has raised eyebrows across the shipping world. After all, Capes — the giants of the dry market — have always been a favourite playground for Greek capital.
So why are the most experienced asset players in global shipping quietly exiting some of their Capesize positions now?
The answer is a blend of economics, intuition, regulation, and something more subtle: Greek owners’ unmatched ability to read a cycle before the rest of the world catches on.
A Market at Its Peak — And Greeks Smell It
In late 2023 and throughout 2024, Capesize values surged.
Deal volumes more than doubled, and brokers spoke of fast-moving negotiations and buyers from Asia lining up for modern tonnage. In 2023 alone, 97 Capes changed hands — 33 of which went to Greek buyers. But by 2025, the tone shifted.
Prices for 10–15-year-old Capes reached levels that, for most owners, would be tempting.
For Greeks, they were irresistible.
Greek shipowners have always been the masters of asset play. Buying distressed tonnage during downturns, selling at the crest of a market — the formula hasn’t changed in 50 years. And right now, the message from Piraeus is clear:
“Capes are expensive. Time to let someone else take the risk.”
The Regulatory Cloud No One Can Ignore
Behind the market excitement lies a darker cloud: regulation.
From EEXI and CII to the inclusion of shipping in the EU ETS, the cost of running an older Capesize has risen dramatically.
Retrofitting? Expensive.
Fuel uncertainty? Immense.
Regulations? A moving target.
Shipowners are businessmen, not gamblers. As one Greek principal put it:
“These ships made us money. Now they will cost us money.”
Selling now means avoiding:
- Emissions penalties
- Fuel-efficiency retrofits
- Performance upgrades
- Uncertainty around dual-fuel futures
For many Greek owners, disposing of ageing Capes is not retreat — it’s self-defence.
A Pivot Toward Selective Buying, Not Blind Growth
While newspapers love headlines about Greeks “exiting” dry bulk, the truth is much more strategic.
In 2025, Greeks stopped newbuilding orders entirely — a dramatic shift from the last decade.
Instead, they turned their attention to the second‑hand market, where they purchased 34 ships in the first half of 2025 alone, targeting younger tonnage with better earnings visibility.
This wasn’t hesitation.
It was repositioning.
Selling older Capes today gives them the capital flexibility to:
- Snap up distressed younger vessels later
- Enter newbuildings when fuel pathways stabilize
- Diversify into tankers, LPG, LNG, and container tonnage
- Keep balance sheets light and liquid
In shipping, the biggest advantage is often optionality. Greeks know this better than anyone.
Asian Buyers Are Still Hungry — And Greeks Are Feeding Them
From Singapore to Seoul, Asian operators remain eager for Cape tonnage to feed iron ore and coal trades.
This demand means one thing: strong prices.
When many want to buy and few want to sell, every asset becomes a small treasure.
And Greek owners, who built shipping fortunes on timing, are happy to cash the checks while the market still feels warm.
Volatile Earnings Make Today’s Prices “Too Good to Ignore”
Capesize earnings in 2025–2026 have been a roller coaster.
$30,000/day one month, $11,000 the next.
Chinese steel production hiccups.
Geopolitical disruptions.
Sudden congestion benefits that vanish overnight.
The uncertainty is enough to make even veteran owners nervous.
If you can sell an older Cape at an excellent price today, why wait for the next downturn?
Preparing for the Next Big Move
The most important thing to understand is this: Greeks are not abandoning Capes.
They are preparing for a reset.
Selling now means being ready to:
- Re-enter the market when prices fall
- Order next-generation, environmentally compliant ships
- Expand in other segments while bulk markets shake off regulatory noise
In the words of one Piraeus broker:
“When Greeks sell, it usually means the party is almost over.”
Conclusion: Greeks Are Reading the Room — Again
The sale of Greek-owned Capes is not a panic. It’s not disinvestment.
It’s a strategy in its purest form.
Greeks are selling their Capes now because:
- Prices are high
- Risks are higher
- Regulations are tightening
- Asian buyers are paying premiums
- Volatility is unnerving
- The next cycle is forming — quietly, beneath the surface
It is, in many ways, the most Greek move possible:
Exit early. Return when everyone else is exhausted. And profit from the cycle once again.
