The summer of 2025 left the dry bulk freight market moving at two speeds, with large Capesize vessels again weighed down by volatility while Panamax, Supramax and Handysize ships closed August at seasonal highs,  a trend closely watched in Cyprus, home to operators such as Safe Bulkers and Castor Maritime. 

According to analysts at Xclusiv Shipbrokers, the June–August period often acts as a barometer for demand and sets the tone for the final quarter of the year.  

This summer confirmed a threefold trend: intense swings in Capesize, fluctuations with relative stability in Panamax, and resilience among smaller ship sizes, as it was mentioned in Newmoney. 

Capesizes struggled for a third consecutive year to hold on to profits. In 2023, they recovered from a weak start to double earnings by August.  

A year later, they began strongly but shed most gains by the end of summer. In 2025, history repeated itself, with average daily earnings little changed from last year’s levels, leaving behind another season of volatility. 

By contrast, Panamax vessels fared better. Average daily earnings climbed from around $10,000 in June to nearly $16,800 in August, compared with about $14,500 at the same time in 2024. “Owners found a more stable and encouraging environment this year,” Xclusiv said. 

Meanwhile, Supramaxes and Handysizes once again emerged as the market’s most resilient players. Supramax rates rose from $12,000/day in June to $18,400/day by August, up from about $16,000 a year earlier and the highest in recent years, while Handysizes followed an upward path to seasonal highs.  

“These categories continue to be the backbone of stability in the charter market,” analysts noted. 

At the same time, China’s coal sector was decisive. Domestic production increased in the first half of 2025, curbing imports. Yet rainfall disruptions and government restrictions in summer revived demand for overseas cargo, providing a boost to Panamax and smaller sizes, while Capesizes lagged. 

For Cyprus, a key hub for global dry bulk operators, the picture was equally mixed. Safe Bulkers, the Limassol-based NYSE-listed company, remains heavily exposed to Capesize swings while also running a fleet of Panamax and Kamsarmax ships that benefited from firmer coal demand in Asia.  

Likewise, Castor Maritime, another Cyprus-based listed operator, saw steadier returns from Panamax and Supramax exposure. 

Meanwhile, the country’s open registry has expanded by 18 per cent in gross tonnage since early 2024, with many new bulk carriers entering under its tonnage tax system. 

“Summer 2025 confirmed once again that in a volatile environment for Capesizes, changes in coal demand from China continue to support smaller sizes, which maintain their role as a pillar of stability in the dry bulk freight market,” analysts concluded.