The Baltic Dry Index (BDI), the benchmark index for the dry bulk shipping market, climbed back above the 3,000-points. The market is currently hovering at three-year highs, with large vessels — particularly capesize ships — leading the sector’s positive momentum.
Although the bulk carrier market is not at the same levels as the tanker segment, shipowners managing dry bulk fleets told Naftemporiki that earnings remain highly satisfactory. Average daily rates for capesize vessels (BCI) have reached USD 45,133, while panamax (BPI) and supramax (BSI) vessels are earning slightly above USD 20,000 per day.
Strong performance on Wall Street
The market’s positive trajectory is also reflected in the performance of New York-listed companies operating exclusively dry bulk fleets.
Based on closing prices on May 8, 2026, all U.S.-listed Greek-controlled dry bulk companies are trading steadily at 12-month highs. Shares of Seanergy Maritime — the only company operating an exclusively capesize fleet (20 vessels) under the leadership of Stamatis Tsantanis — are up 171% year-on-year and 80% since the beginning of 2026.
EuroDry, controlled by Aristides Pittas, has also posted strong gains. The company’s stock has surged 147% over the past 12 months and 69% since the start of the year.
Safe Bulkers, owned by Polys Hajioannou with a fleet of 45 vessels, has recorded gains of 105% compared with a year earlier, while advancing 46% year-to-date in 2026.
Diana Shipping has also reported exceptionally strong stock performance. The company, which operates a fleet of 36 vessels under the leadership of Semiramis Paliou, has seen its share price rise 95% over the past 12 months and 63% since the beginning of this year. It is noted that the company is currently in the process of acquiring fellow listed company Genco Shipping.
Costamare Bulkers, with a fleet of 31 vessels, was spun off from Costamare, controlled by Kostis Konstantakopoulos. Its share price is currently up 79.5% year-on-year and 25% compared with the start of 2026.
Star Bulk Carriers, controlled by Petros Pappas and the largest dry bulk shipping company listed on the U.S. stock market with 135 vessels in operation, has seen its shares gain 75% over the past 12 months and 39.5% since the beginning of 2026.
Market outlook
Greek shipowners remain optimistic about the outlook for the dry bulk market.
According to Petros Pappas, “despite the growing orderbook, the aging global fleet and ongoing fleet renewal requirements, combined with structural demand driven by global infrastructure needs, reinforce our optimism for the dry bulk market over the next two years.”
Seanergy Maritime Chairman and CEO Stamatis Tsantanis has emphasized that “strong iron ore and bauxite trade flows, limited supply of newbuild capesize vessels, and favorable ton-mile dynamics continue to support earnings.”
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