Greek shipowner DryDel Shipping has once again produced a standout result in the dry bulk sale and purchase market.

DryDel Shipping has sold the 2021-built Dominator to Greek owner Astrobulk for $38 million. The vessel, constructed by Japan's Imabari Shipbuilding and due for its special survey this July, was sold at a price equivalent to 94% of a comparable newbuilding, setting a new price record for an Ultramax bulker of the same age.

The Dominator has been operated by DryDel under a time charter since July 2021. DryDel Shipping CEO Costas Delaportas confirmed that the company exercised the purchase option under the original charterparty, acquiring ownership at a "favourable level" before promptly reselling the vessel.

This represents the sixth Ultramax bulker sold by DryDel over the past roughly two years. Previous sales include:

Ability sold for approximately $37 million to an undisclosed Greek owner. The vessel was originally ordered in Japan in 2019 for an average newbuilding price of just around $26 million at that time.

Velvet , a scrubber-fitted vessel, sold for $36 million to Chinese buyers.

Dionisis sold for roughly $31 million to Indian owner Great Eastern Shipping and has since been renamed Jag Riddhi.

Andiamo sold for about $30 million to Greek owner FGM Chartering, subsequently renamed BC Agility.

Luna Rossa sold for $21 million to Hong Kong-based buyers.

Mr. Delaportas attributed the strong pricing to "exceptionally robust current market fundamentals and the vessel's excellent condition," adding that "this confirms the value created by disciplined asset management and long-term fleet optimization." He reiterated that DryDel remains committed to maintaining a very low average fleet age and continuously investing in the latest high-efficiency tonnage, with the sale of Dominator being a continuation of this approach.

Why Can a Five-Year-Old Ship Sell for the Price of a Newbuilding?

The answer lies in both supply and demand.

On the demand side, Ultramax earnings have been steadily strengthening. MSI analyst James Benali noted that spot earnings for this vessel type rose by approximately 13% between January and April 2026, directly driving buyers' valuation expectations for second-hand tonnage upward.

On the supply side, newbuilding deliveries are virtually "dried up." According to MSI data, delivery slots for newbuilding Ultramaxes extend to approximately 2029. This leaves buyers seeking prompt tonnage with virtually no alternative but to compete fiercely for available second-hand vessels.

Data compiled by Veson Nautical analyst Rebecca Galanopoulos provides a more tangible benchmark: the current newbuilding valuation for a 63,000 dwt Ultramax stands at US$40.55 million, meaning the *Dominator* sale price reached 94% of that figure. By contrast, five-year-old Japanese-built vessels of the same type were fetching between US$30.6 million and US$34 million just last year.

Notably, five-year-old Ultramax tonnage is currently trading at a premium of approximately 4% over newbuildings. MSI observes that while it is not uncommon for sub-one-year-old vessels to trade at a premium in strong markets, second-hand vessels aged five years being sold above the newbuilding price is almost certainly a clear indicator of an overheated market.