Bangladesh has emerged as the most aggressive buyer in the dry bulk sale and purchase market, with ultramax bulkers leading a buying spree that saw five vessels change hands in the past week, according to Splash247.
Dry Bulk Buying Spree
According to Lion Shipbrokers, five ultramaxes changed hands over the past week, with four selling for more than $35m. The highest-priced deal saw Seacon dispose of the 63,700 dwt Seacon Tokyo (2023), built at Tsuneishi Zhoushan, for $41.6m. Greek owner OBE Ships, which specialises in Japanese-designed handysize, supramax and ultramax bulkers, is understood to be the buyer.
Meanwhile, Henning Oldendorff-led Oldendorff Carriers is reported to be selling the 62,600 dwt sister ships Britta Oldendorff and Benjamin Oldendorff, both built in 2020, for about $37m each, with delivery expected in the fourth quarter. Bangladesh’s Meghna Group is widely linked to this deal.
| Vessel | DWT | Year Built | Price | Seller / Buyer |
|---|---|---|---|---|
| Seacon Tokyo | 63,700 | 2023 | $41.6m | Seller: Seacon / Buyer: OBE Ships |
| Britta Oldendorff | 62,600 | 2020 | ~$37m | Seller: Oldendorff / Buyer: Meghna Group (linked) |
| Benjamin Oldendorff | 62,600 | 2020 | ~$37m | Seller: Oldendorff / Buyer: Meghna Group (linked) |
The other two ultramax transactions were not named in the report.
Bangladesh's Fleet Expansion
The latest purchases reinforce Meghna’s position as one of the most active bidders for modern Japanese-built ultramaxes in recent years, as the group is fast approaching double-digit acquisitions with the vessels set to trade under the Bangladesh flag. This buying spree comes as Bangladesh looks to expand its oceangoing merchant fleet.
Earlier this summer, local media reported that Bangladesh Bank was reconsidering Meghna’s application for an $80m loan from the International Finance Corporation (IFC) to finance four vessel purchases. The central bank had initially rejected the proposal over concerns about unhedged foreign exchange exposure, repayment risks and the potential impact on domestic lenders if large corporate borrowers increasingly turned to overseas financing. Authorities have since agreed to review the application as part of broader efforts to support major domestic companies and grow the country’s merchant fleet.
The financing discussions coincide with wider investment in Bangladesh’s maritime sector. Earlier this month, the country received initial backing for a privately financed $1bn shipbuilding and repair complex at the emerging Matarbari deepsea port.
Implications for Shippers and Operators
For freight forwarders and logistics managers, the expansion of Bangladesh-flagged tonnage could increase capacity on key dry bulk routes, particularly for imports of raw materials like grain, coal, and fertilizer. The high prices paid for modern ultramaxes indicate strong asset values and sustained demand for efficient vessels. Shippers should monitor Bangladesh's growing fleet, which may reduce reliance on foreign-flagged vessels and potentially alter charter rate dynamics on the Indian subcontinent and Southeast Asia lanes.
The proposed shipbuilding complex at Matarbari could further enhance Bangladesh's maritime infrastructure and repair capabilities, but no timeline has been provided for its completion.
Watch list: Bangladesh Bank's decision on Meghna's IFC loan; delivery schedules for the Oldendorff vessels; progress on the Matarbari shipyard; further ultramax acquisitions by Bangladesh-based buyers.
Sources:
