Dry Bulk Shipping Market

Dry Bulk Shipping Market Size

The global dry bulk shipping market size was estimated at USD 168.5 billion in 2025. The market is expected to grow from USD 174 billion in 2026 to USD 249.8 billion in 2035, at a CAGR of 4.1% according to latest report published by Global Market Insights Inc.

Global seaborne trade continues to underpin demand for dry bulk shipping, driven by iron ore coal and grain movements. According to UNCTAD, total seaborne trade exceeded 12.3 billion tons in 2023, with dry bulk accounting for nearly 45 percent of total cargo volumes.

There are two main factors affecting the demand for Dry Bulk Shipping: Steel Production and Energy Security. World Steel Association estimates that the total global production of crude Steel for 2023 was approximately 1.89 billion tons. Therefore, continuing to move long distance shipments of iron ore and coking coal from Australia and Brazil to Asia is necessary, in order to meet the requirements of Steel Sales.

The growth of agricultural trade has resulted in a constant demand for Handymax and Supramax vessels. FAO estimated that in 2024 global grain trade volumes were more than 500 million metric tons, as a result of the increasing world population and the food security policies being implemented across Asia, Africa and the Middle East.

The Fleet Dynamics and Port Infrastructure constraints are impacting the overall balance of the market. Clarksons Research has estimated that in 2024, there are nearly 10,000 seaborne dry bulk vessels and the average age of a vessel has increased to more than eleven years, causing enhanced scrapping activity and capacity availability on major trade routes.

Additionally, compliance with regulatory standards is impacting the deployment of vessels and charter rates. The IMO has estimated that as much as sixty percent of the global dry bulk fleet is currently rated C or below under CII assessments; therefore, fleets are quickly implementing investments into making their fleets more efficient and enhancing their fleet renewal strategies.

Dry Bulk Shipping Market Trends

The demand for dry bulk shipping is being driven by the global steelmaking and coal industries. According to the United Nations Conference on Trade and Development, iron ore exports reached 1.7 billion tons in 2024, while the coal trade was worth over 1.2 billion tons in terms of shipments. As a result, the fleet of vessels carrying these products on long-haul voyages across both Asia-Pacific and Latin America have enjoyed a high level of utilization.

The growing rate of adoption of eco-efficient vessels due to regulatory drivers has been significant. According to a report from the International Maritime Organization (IMO), in 2024 EEXI and/or CII measures were in place for approximately 60% of all dry bulk vessels in the global fleet, resulting in approximately an 8% reduction in average fuel consumption and lower levels of greenhouse gas emissions.

Through the implementation of digital shipping technology, the efficiency of the dry bulk shipping industry is being enhanced. As of 2024, nearly 45 percent of large dry bulk vessels operate using fleet management and predictive analytics systems, which improve operational efficiencies through the optimization of route planning, maintenance scheduling, and fuel consumption, and reduce delays due to increased merchant port congestion and varying freight rates.

Emerging markets are driving new trade patterns. Over the past year, both India and Brazil have seen increases of approximately 7% in their bulk commodity exports, creating diversification opportunities within supply chains and trade routes and providing the potential for additional growth for both supramax and panamax vessels while mitigating previously unbalanced demand from established import hubs in the Asia-Pacific region.

Fleet modernization and vessel scrapping of older vessels is stabilizing dry bulk shipping capacity. According to Clarkson’s, 5 percent of the global dry bulk fleet was scrapped during 2024 and 12 percent of the total number of new ships delivered for 2024 were eco-friendly, thus improving dry bulk fleet efficiency.

Dry Bulk Shipping Market Analysis

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Based on commodity, the dry bulk shipping market is segmented into iron ore, coal, grains, bauxite, nickel, steel, fertilizers, and others. The iron ore segment dominates the market with 30% share in 2025, and the segment is expected to grow at a CAGR of 3.8% from 2026 to 2035.

• The trade in iron ore is a driving factor in the volume of dry bulk shipping. The World's Steel Association estimates global crude steel production will reach 1.89 billion tons in 2024, and as a result there are increased long-haul shipments from both Australia and Brazil to China and other Asian import centers.
  
• Coal is a key segment for energy and industrial requirements. In 2024, global seaborne coal trade exceeded 1.2 billion tons, sustaining fleet utilization and charter rates for panamax and capesize vessels on major export routes.
  
• Grain continues to drive the Agricultural bulk trade segment. According to FAO, Global grain exports exceeded 500 million tons in 2024, with over 40% going to the Asian and Middle Eastern regions. This helped create demand for Handymax and Supramax carriers.
  
• With an increase in demand for aluminum and battery materials, bauxite and nickel shipments are growing. In 2024 Australian exports of Bauxite were 108 million tons, while Nickel shipping volumes increased by 5%, indicating that specialized vessels are required for these shipments.
  
• Steel and Fertilizer shipping continue to contribute to each shipping segment in a more stable manner. In 2024, global steel shipping accounted for 280 million tonnages, while fertilizer exported in 2024 was 65 million tonnages, supporting niche shipping contracts and regional trade flows.
  

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Based on vessel, the dry bulk shipping market is divided into capesize, handysize, panamax, handymax, and others. The capesize segment dominates with 40% market share in 2025 and is growing at a CAGR of 4.3% from 2026 to 2035.

• Capesize vessels are the largest type of vessel to carry bulk shipping, with Clarksons Research estimating that Capesize vessels will account for approximately 40% of the Global Dry Bulk Fleet Deadweight Tonnage in 2024, with a primary focus on the transport of iron ore and coal via the Major Maritime Trade Routes.
  
• Panamax vessels are widely used by shippers for the transport of grain, as well as coal. According to UNCTAD, the Panamax fleet carried over 250 million Tons of grain and thermal coal in 2024, supporting both regional trade as well as allowing for the flexible deployment of Panamax vessels at many different ports.
  
• Handymax vessels are suitable for medium sized cargoes, and are typically used for Bulk Commodities such as Bauxite, Nickel, and Fertilizers. In 2024, the Handymax fleet transported around 180 million Tons worldwide. Handymax vessels provide high operational efficiency for the transport of bulk commodities via smaller ports and short-to-medium haul routes.
  
• Handysize vessels are designed to serve minor bulk commodities and Regional Trade. The Handysize fleet transported over 120 million Tons in 2024, including the transport of Cement, Scrap Metal, and Minor Minerals. Handysize vessels are capable of servicing ports with draft restrictions and limited infrastructure.
  

Based on design, the dry bulk shipping market is segmented into gearless bulk carriers, conventional bulkers, combined bulk carriers, self-dischargers, bulker lakers, and others. The gearless bulk carriers segment dominates with 51% market share in 2025.

• Gearless bulk carriers are cargo vessels that do not require onboard handling equipment, making up a significant portion of the total global deadweight tonnage of dry bulk cargoes in 2024 (about 55%). According to Clarksons Research, this represents about 25% of the entire global deadweight tonnage of bulk carriers in 2024.
  
• In addition, conventional bulk cargo vessels continue to be the main source for the transportation of smaller, less traditional bulk commodities. In 2024, there were over 200 million tons of such cargoes transported globally, utilizing conventional bulk vessel services to allow shipping and providing greater predictability in steel, fertilizer and grain shipments.
  
• Combined bulk carriers have the benefit of offering operators the option to handle different bulk cargoes within one vessel. Approximately 95 million tons of cargo were transported on these vessels in 2024, allowing for improved operational efficiency for operators who experience seasonal variations in cargo movements in Asia and South America.
  
• Self-dischargers are cargo vessels that allow for the quick transfer of cargoes at ports without crane facilities. Based on global trade data, self-discharging vessels were used to transport over 60 million tons in 2024, providing significant savings on short-sea routes for certain bulk cargoes, such as coal, aggregates and minor ores.
  
• Bulker lakers are vessels designed to transport cargo inland and across the Great Lakes; in 2024, these vessels shipped around 40 million tons primarily of iron ore and coal, facilitating the movement of bulk commodities to regional industries via shallow-draft ports and inland waterway logistics.
  

Based on operation, the dry bulk shipping market is divided into owned fleet, chartered fleet. Chartered fleet dominate with 56% market share in 2025.

• Charter fleets give charterers a flexible way to deal with seasonal fluctuations in demand for shipping services. In 2024, nearly 38% of dry bulk cargo shipped was done by using time or voyage chartering. Chartered ships provide charterers options for adjusting their ship capacity to respond to changing demands without necessarily making a long-term capital commitment to purchasing ships.
  
• Charter fleets are also beneficial for new or smaller operators that do not have the financial ability to make a capital investment in purchasing their own fleet of vessels. Charter fleets enable operators to engage in international trade at an economical cost and provide them with the opportunity to access high-demand shipping routes without incurring the financial and operational risks associated with owning a fleet of vessels.
  
• Company owned fleets provide a measure of predictability in cargo planning and pricing. In 2024, approximately 62% of the total dry bulk global fleet was owned, thus giving company-owned fleets a predictable supply of ships for transporting long-haul shipments of iron ore and coal.
  
• Additionally, company-owned fleets benefit from economies of scale and the ability to standardize their fleets. Operators within a company can more effectively implement environmentally friendly fuel practices, upgrade their vessels, and schedule maintenance since they will have more ships in their fleets when compared with chartered vessels. In 2024, the average operating costs for company-owned fleets will be almost 7% lower than chartered vessels, thus improving the long-term financial viability of the fleets.
  

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China dominates the Asia Pacific dry bulk shipping market accounting for 66% share and generating USD 53.8 billion in 2025.

• China has become the world's leading country in dry bulk shipping through its dominance as an iron ore, coal and grain importer. Based on data from the General Administration of Customs, in 2024, China imported over 1.2 billion tons of iron ore, which accounted for almost 70 percent of total seaborne shipments worldwide.
  
• Coal imports are of the utmost importance for China's energy security and for supporting industrial demand. In 2024, China imported about 270 million tons of coal from countries such as Australia, Indonesia and Russia, resulting in the high tonnage of capesize and panamax vessels operating on long-haul routes.
  
• Grain imports support China's food security and industrial processing requirements. According to FAO statistics, in 2024, China imported close to 45 million tons of soybeans and corn, which created a strong requirement for handysize and handymax bulk carriers to operate on transpacific and regional shipping routes.
  
• Continued growth of China's cargo port capacity, modernization and automation of the bulk cargo systems of Chinese ports will continue to improve the efficiency of their operations. For example, in 2024, Shanghai, Qingdao and Ningbo ports have all significantly increased their capability to handle more bulk cargoes and utilize automated cargo-handling systems; thus, reducing the amount of time it takes to unload cargo and enabling the deployment of large fleets to meet the demands of the major trade routes.
  
• Another area of influence for future fleet operations is the environmental compliance of all vessels operating in China. Due to the International Maritime Organization's (IMO) enforcement of its emissions reduction policies (CII/EEXI), a significant number of vessels operating in China have converted to eco-efficient technology. A
  

Germany dominates Europe dry bulk shipping market and is expected to grow at a CAGR of 2.2% from 2026 to 2035.

• The primary drivers of the dry bulk shipping markets in Germany are the importation of coal, iron ore and fertilizers. Based on information from Destatis, Germany imported 25 million tons of iron ore during 2024 with a large amount of iron ore coming from Brazil and Sweden which has helped to support the capesize and panamax sectors of the shipping market.
  
• The energy and industrial sectors continue to rely heavily on coal as an important segment within both their respective segments. The country imported close to 18 million tons of coal during 2024 which kept the demand for long-haul shipping and increased the necessidade for using efficient bulk carriers throughout the North Sea and Baltic Seas shipping areas.
  
• While fertilizer imports and minor bulk imports increase agricultural productivity and regional trade; while at the same time creating a large amount of new business opportunities for German ports, over 12 million tons of fertilizers and minor bulk imports (handymax and handysize) were transported to German ports by vessels in 2024 resulting in increased port productivity and cargo handling productivity.
  
• Both increasing operational efficiencies from improvements in port infrastructure and connectivity throughout Germany's major ports (Hamburg and Bremen etc.) are supporting major German ports through investment in new modern cargo handling systems and providing new access to deep-water ports thereby reducing vessel turnaround times and increasing overall productivity.
  
• Driven by the increase in environmental regulations German shipping companies are investing in eco-efficient shipping vessels. As a result, there are more eco-efficient vessels now being used by German Operators with an increasing percentage of vessels meeting regulatory compliance (CII) standards set forth by the International Maritime Organisation. In 2024, approximately 28% of vessels met these CII standards thereby reducing fuel consumption and expenses for these companies.
  

US dominates the North America dry bulk shipping market, showcasing strong growth potential, with a CAGR of 5.7% from 2026 to 2035.

• The main commodities influencing the United States dry bulk shipping sector are coal, grain and iron ore. As per the U.S. Energy Information Administration, in 2024, the U.S. exported approximately 92 million tons of coal. This indicates demand for panamax and handymax vessels.
  
• Grain exports play a major role in the dry bulk trade within the U.S. According to USDA, U.S. wheat and corn exports totaled an estimated 65 million tons in 2024. Shippers often send major shipments to Asia, Latin America, as well as North Africa. Such exports have helped to maintain fleet utilization for medium-sized bulk carriers.
  
• Domestically produced steel, and iron ore imports also continue to drive the bulk shipping market in a given region. Approximately 40 million tons of iron ore were brought to the United States in 2024, coming mainly from the countries of Canada and South America. This demand helps to provide consistent cargoes for capesize and panamax vessels on transatlantic trade lanes.
  
• Modernized port infrastructure continues to improve overall operational efficiencies. In particular, U.S. Gulf Coast and Great Lakes ports have benefitted from new technology through investments that have increased capacity for the handling of cargoes, decreased Time Between Deliveries (TBD) and increased the levels of operational frequency for both owned and chartered fleets of dry bulk vessels.
  
• The environmental and regulatory compliance issues surrounding international shipping have begun to have an effect on the operations of dry bulk fleets within the U.S. As a result of the changing regulatory environment regarding IMO Emission Standards, U.S. operators are rapidly adopting eco-efficient vessels. According to data from Clarksons Research, nearly thirty percent of vessels operating in the U.S. in 2024, will meet current IMO Emission Standards.
  

Brazil leads the Latin American dry bulk shipping market, exhibiting remarkable growth of 3.3% during the forecast period of 2026 to 2035.

• As a nation that has an active influence on the international dry bulk shipping industry through iron ore, soybeans and coal, Brazil exports many of these materials and is enhancing its presence within the international shipping market. An estimated 390 million tons of iron ore were shipped from Brazil during January to December of 2024, thus creating a tremendous increase in demand (and usage) for Capesize ships along long-haul routes to Asia.
  
• Agricultural shipping is supported largely by the continued growth of Soybean shipping exports. There are nearly 95 million Metric Tons of Soybeans shipped from Brazil to primarily China and Europe during 2024; therefore, this growth will drive the increased demand for Panamax and Handymax bulk carriers to ship product overseas.
  
• Coal exports are also growing due to the need for energy in regions around the world as well as providing reliable shipping domestically. Brazil has exported approximately 25 million metric tons of coal in January to December of 2024, maintaining an active chartering environment for Mid-Sized Bulk Carriers in South America and the Trans-Atlantic area.
  
• The advancement of Port Infrastructure and logistical improvements are enhancing operational capabilities. Brazilian ports such as Santos and Paranaguá invested in bulk handling automation, deepwater open access for vessels entering and exiting, thus helping to decrease the time it takes to unload bulk material and improve efficiency for all fleet operators.
  
• Fleet Deployment is also being impacted by Environmental and Regulatory Compliance commitments made to comply with International Maritime Organization (IMO) regulations, including the use of an eco-efficient fleet. In the report issued by Clarksons Research, approximately 28% of the entire fleet of vessels operating within Brazilian waters during 2024 exhibited Compliance with CII and EEXI requirements set forth by the International Maritime Organization pursuant to the MARPOL convention.
  

UAE to experience substantial growth in the Middle East and Africa dry bulk shipping market in 2025.

• In The shipping of dry bulk products in the United Arab Emirates is largely supported by imported iron ore, coal and fertilizer for the country's industrial and construction industries. The UAE imported about 18 million tons of iron ore in 2024; this has meant that there is still a demand for both panamax and handymax types of vessels.
  
• One use for coal is to generate power. The other use for coal is to use it in an industrial setting. According to the Federal Competitiveness and Statistics Authority of the UAE, the country imported approximately 12 million tons of coal in 2024; this has continued to allow for a high volume of medium-sized bulk carriers to operate on trade routes that connect to the Indian Ocean.
  
• Fertilizers are also important for agriculture and exporting to neighboring countries. In 2024, the UAE was able to safely handle over 5 million tons of fertilizers, and the majority of the products were shipped via handysize type vessels. This allowed for the better distribution and transshipment of goods throughout the region.
  
• Improvements to the port infrastructure, such as new equipment and increased storage space at Jebel Ali and Khalifa Ports, provide the ability to run their operations more efficiently. Improvements to bulk cargo handling equipment and storage capacity at the two ports have led to decreased turnaround times of vessels and increased throughput for both owned and chartered fleets operating in the UAE.
  
• The implementation of regulations and sustainability initiatives impact the way that operators in the UAE use their fleets. With the new IMO regulations related to eco-efficient vessels, operators in the UAE have made a commitment to use or build as many eco-efficient vessels as possible and it is estimated that in 2024, approximately 25% of the vessels operating in the UAE waters were in compliance with the CII and EEXI and experienced a reduction in fuel consumption.
  

Dry Bulk Shipping Market Share

• The top 7 companies in the dry bulk shipping industry are COSCO Shipping Bulk, Oldendorff Carriers, Pan Ocean, Norden, NYK Line, MOL, and Pacific Basin, contributed around 15% of the market in 2025.
  

• COSCO Shipping Bulk provides large-volume shipping services and leveraged its extensive ship fleet and integrated logistics network. COSCO Shipping Bulk has a strategic presence throughout Asia, Europe, and North America and can provide reliable service and maintain close client relationships on the main trade lanes.
  
• Oldendorff Carriers develops and implement flexible vessel deployment and long-term charter agreements. The German company operates a broad mix of vessels (capesize, panamax, and handymax) that move iron ore, coal, and agriculture products around the world with a steady supply of service.
  
• Pan Ocean is focused on long-haul bulk freight contracts and optimizing freight routes for high-volume shippers. Pan Ocean also works with its partners to leverage its technology to improve operational efficiency, enhance productivity, and position itself as a long-term partner for mining and agriculture exporters.
  
• Norden utilizes integrated digital fleet management and predictive analysis tools to optimize fuel consumption, reduce operating costs, and improve scheduling accuracy. Norden's service offerings include moving large quantities of dry bulk commodities such as coal, grains, and lesser-readily-available ores.
  
• NYK Line is one of Japan's largest shipping companies and invests heavily in environmentally friendly vessels and sustainable shipping operations. NYK's international fleet of bulk carriers includes capesize and panamax vessels and is fully compliant with IMO regulations while still providing competitive charter capabilities on key trade routes.
  
• MOL is concentrating on upgrading their fleet to meet increasing environmental regulations through investment in new eco-friendly vessels and utilizing energy-saving equipment to improve their overall operational performance and win long-term charter contracts for bulk commodities.
  
• Pacific Basin focuses on operating handysize and supramax dry bulk vessels, focuses on regional trade routes, providing clients with highly flexible transport options for small to medium-sized bulk shipments such as minor ores, grains, and fertilizers while delivering high quality customer service and dependable operations.
  

Dry Bulk Shipping Market Companies

Major players operating in the dry bulk shipping industry are:

• Bahri
• COSCO Shipping Bulk
• Diana Shipping
• Eastern Bulk
• Genco Shipping & Trading
• Golden Ocean
• Oldendorff Carriers
• Pacific Basin
• Polsteam
• Star Bulk
  
• The dry bulk shipping market is critical for many sectors of the economy including industrial production, energy generation, and agriculture. Most major exporting and importing nations utilize the dry bulk shipping service as a way to connect with one another.
  
• As a result of the complexities and diversities of cargo volumes, trade routes, and ports around the world, there are many different types of dry bulk vessels (Capesize, Panamax, Handymax, Handysize, etc.). The demand for dry bulk shipping continues to grow due to the increases in international trade, industrial growth, and the need for agricultural products.
  
• The dry bulk shipping market is impacted by many dynamic forces, including types of vessels available within fleets, the way vessels are designed, operating methodologies, and the rules governing dry bulk shipping in various countries.
  
• Operators of dry bulk fleets look to balance the use of their own vessels with chartered vessels to ensure maximum utilization of vessel capacity while minimizing costs. Because of this, innovations in eco-friendly vessel technologies, advancements in digital tools for managing fleets, and improved infrastructure at ports have provided opportunities for continuing improvements to the operations of the dry bulk shipping market as well as greater sustainability.
  
• In addition, environmental regulations and initiatives toward fuel efficiency are impacting investment decisions, fleet deployments, and trade patterns. Therefore, the dry bulk shipping market is an integral part of the global supply chain, as well as a vital element to the global commerce system.
  

Dry Bulk Shipping Industry News

• In December 2025, Pacific Basin Shipping ordered its first Handysize bulk carriers in China in over a decade, acquiring four 40,000 dwt newbuilds. These vessels are designed with improved fuel efficiency, reduced emissions, and advanced onboard technologies to enhance operational performance on regional trade routes.
  
• In November 2025, COSCO Shipping announced a USD 1.75 billion newbuilding program comprising 29 vessels, including 23 kamsarmax bulk carriers. The initiative aims to modernize the fleet, improve energy efficiency, and strengthen the company’s competitive position in dry bulk shipping markets through 2028.
  
• In October 2025, Oldendorff Carriers partnered with Salzgitter to transport iron ore using fuel-efficient bulk carriers. The collaboration focuses on reducing CO₂ e emissions by at least 20 percent and lowering fuel consumption, aligning with both companies’ sustainability goals and global environmental regulations.
  
• In August 2025, Diana Shipping secured a time charter contract for the post-Panamax dry bulk vessel Polymnia with Oldendorff Carriers. The contract is projected to generate gross revenue of approximately USD 3.28 million, reflecting strong demand for medium-to-large bulk carrier charter services in the current market.
  
• In June 2025, COSCO Shipping Bulk signed a newbuilding program for up to 30 multipurpose vessels at Fujian Mawei Shipbuilding. Supported by Citic FL financing, the program aims to expand the fleet, incorporate eco-efficient technology, and improve operational flexibility for global dry bulk cargoes.
  

The dry bulk shipping market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Mn) and volume (Tons) from 2022 to 2035, for the following segments:

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Market, By Commodity

• Iron Ore
• Coal
• Grains
• Bauxite
• Nickel
• Steel
• Fertilizers
• Others

Market, By Vessel

• Capesize
• Handysize
• Panamax
• Handymax
• Others

Market, By Design

• Gearless Bulk Carriers
• Conventional Bulkers
• Combined Bulk Carriers
• Self-Dischargers
• Bulker Lakers
• Others

Market, By Operation

• Owned Fleet
• Chartered Fleet

Market, By Trade Route

• Long-Haul Trade
• Short-Sea Trade

The above information is provided for the following regions and countries:

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
  • Netherlands
  • Sweden
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Singapore
  • Thailand
  • Indonesia
  • Vietnam
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • South Africa
  • Saudi Arabia
  • UAE
  • Turkey