Global Dry Bulk Shipping Insights 2025, Forecast To 2034
26 Mar, 2025
How Has the Dry Bulk Shipping Market Size Evolved in Recent Years?
The dry bulk shipping market has seen considerable growth due to a variety of factors.
• The size of the dry bulk shipping market has seen substantial expansion in the past few years. The market is estimated to surge from a value of $11.36 billion in 2024 to reach $12.16 billion in 2025, posting a compound annual growth rate (CAGR) of 7.0%.
The historical growth is primarily due to an escalated demand for raw materials, increased infrastructure development, burgeoning seaborne trade, a boost in steel production, and a rise in the usage of LNG-powered vessels.
What are the Market Size and Expected Growth Rates for the Dry Bulk Shipping Market Size Evolve over the Forecast Period?
The dry bulk shipping market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the dry bulk shipping market is predicted to witness substantial growth, reaching an estimated value of $15.79 billion by 2029, with a compound annual growth rate (CAGR) of 6.8%.
The growth during this forecast period can be linked to increased demand for energy resources, a surge in the need for clean energy, escalated investment in port infrastructure, and a heightened emphasis on sustainable practices. Future trends in the forecast period involve progress in shipping techniques, the incorporation of digitalization in shipping, usage of eco-friendly technology, automation in shipping processes, and digital tracking combined with data analytics.
What Are the Critical Driver Fuelling The Dry Bulk Shipping Market's Growth?
The dry bulk shipping market's growth is anticipated to be fueled by the escalating demand for coal. Coal, a flammable sedimentary rock principally composed of carbon originating from ancient plant matter, serves as a crucial energy source for industrial processes and electricity generation. The augmented demand for coal can be attributed to the surge in energy requirements, industrial expansion, and persistent dependence on coal-powered power plants in several regions. Dry bulk shipping enables coal transportation by offering a cost-efficient, effective, and large-scale method for moving these weighty and substantial-volume goods across global trade routes. This ensures a continuous coal supply to power plants and industries, thereby bolstering global infrastructure and economic development. For example, data from the US-based government agency, Energy Information Administration (EIA), in February 2025 reported that the coal exports in the United States for the third quarter of 2024 (27.3 MMst) observed a growth of 5.9% from the second quarter of 2024. Moreover, in the third quarter of 2024, the U.S. coal production reached a total of 136.2 million short tons (MMst), reflecting a 15.3% increase from the previous quarter. Thus, the growing demand for coal is propelling the expansion of the dry bulk shipping market.
What Are The Key Segments Within The Global Dry Bulk Shipping Market?
The dry bulk shipping market covered in this report is segmented –
1) By Type: Capesize, Panamax, Supramax, Handysize
2) By Design: Gearless Bulk Carriers, Conventional Bulkers, Combined Bulk Carriers, Self-Dischargers, Bulker Lakers
3) By Application: Iron Ore, Coal, Grains, Bauxite Or Alumina, Phosphate Rock
Subsegments:
1) By Capesize: Iron Ore Transport, Coal Transport, Bauxite And Alumina Transport, Grain Transport, Other Bulk Commodities
2) By Panamax: Coal Transport, Grain Transport, Fertilizers Transport, Minor Bulk Transport, Other Dry Bulk Cargo
3) By Supramax: Agricultural Products Transport, Cement and Clinker Transport, Fertilizers Transport, Steel Products Transport, Other General Bulk Cargo
4) By Handysize: Grain And Agricultural Commodities Transport, Steel And Scrap Metal Transport, Fertilizers Transport, Forest Products Transport, Other Minor Bulk Cargo
How Are New Trends Impacting The Size Of The Dry Bulk Shipping Market?
Major companies operating in the dry bulk shipping market are focusing on developing innovations such as dry bulk composite index to enhance transparency, improve efficiency in freight pricing, and optimize operational strategies through data-driven decision-making. The Dry Bulk Composite Index is a benchmark that tracks and measures the overall freight rate trends in the dry bulk shipping market, reflecting the cost of transporting major bulk commodities like coal, iron ore, and grain. For instance, in November 2023, Platts, a part of S&P Global Commodity Insights, a UK-based commodity company, launched the platts dry index (PDI). It is a comprehensive benchmark for the dry bulk shipping market, priced in dollars per day. This is the first such index in over three decades to be priced in dollars per day, reflecting freight costs across 35 major routes used by capesize, panamax/kamsarmax, ultramax, and supramax ships. This combines weighted average time charter equivalent indices from various vessel segments. The weights are based on trade flow volumes observed over three years using Platts' Commodities At Sea system.
Who Are the Key Players In The Dry Bulk Shipping Market?
Major companies operating in the dry bulk shipping market are:
• COSCO Shipping Bulk Co. Ltd.
• Mitsui O.S.K. Lines (MOL)
• Oldendorff Carriers GmbH & Co. KG
• Pan Ocean Co. Ltd.
• Pacific Basin Shipping Limited
• Western Bulk Carriers AS
• Star Bulk Carriers Corp.
• Golden Ocean Group Limited
• Genco Shipping & Trading Limited
• Safe Bulkers Inc.
• Diana Shipping Inc.
• Navios Maritime Partners L.P.
• Fednav Limited
• Seanergy Maritime Holdings Corp.
• EuroDry Ltd.
• Globus Maritime Limited
• Ultrabulk A/S
• Berge Bulk
• Polaris Shipping
• Belships ASA
What Are The Regional Insights Into The Dry Bulk Shipping Market?
North America was the largest region in the dry bulk shipping market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the dry bulk shipping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.