The Business Research Company’s report on the Dry Bulk Shipping Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the dry bulk shipping market in recent years?
The increasing demand for coal is expected to propel the growth of the dry bulk shipping market going forward. Coal is a combustible sedimentary rock formed from ancient plant matter, primarily composed of carbon, and used as a major energy source for electricity generation and industrial processes. The increasing demand for coal is due to rising energy needs, industrial growth, and continued reliance on coal-fired power plants in many regions. Dry bulk shipping support transportation of coal by providing an efficient, cost-effective, and large-scale method of moving these heavy and high-volume commodities across international trade routes, ensuring a steady supply to industries and power plants while supporting global infrastructure and economic growth. For instance, in February 2025, according to the Energy Information Administration (EIA), a US-based government agency, the coal exports in the United States for the third quarter of 2024 (27.3 MMst) increased 5.9% from the second quarter of 2024. Additionally, U.S. coal production during the third quarter of 2024 totaled 136.2 million short tons (MMst), which was 15.3% higher than the previous quarter. Therefore, increasing demand for coal drives the dry bulk shipping market.
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What is the projected market size of the dry bulk shipping industry, and how is it expected to grow?
The dry bulk shipping market size has grown strongly in recent years. It will grow from $11.36 billion in 2024 to $12.16 billion in 2025 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increase in demand for raw materials, rise in infrastructure development, increase in seaborne trade, growth in steel production, and growth in use of LNG-powered vessels.
The dry bulk shipping market size is expected to see strong growth in the next few years. It will grow to $15.79 billion in 2029 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to growing demand for energy resources, rise in demand for clean energy, increasing investment in port infrastructure, and increasing focus on sustainable practices. Major trends in the forecast period include advancements in shipping methods, digitalization in shipping, adoption of eco-friendly technologies, automation in shipping, and digital tracking and data analytics.
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Who are the key players driving competition 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 key trends are expected to drive the drill guide systems market during the forecast period?
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.
Which key geographies are driving the growth of 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.
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What are the key segments driving growth in the 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
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How is the dry bulk shipping market defined, and what are its core characteristics?
Dry bulk shipping is the transportation of unpackaged bulk commodities such as coal, iron ore, grain, and fertilizers using specialized vessels designed to carry large quantities of dry cargo across global trade routes. It involves the movement of solid, dry goods in large quantities across oceans, typically loaded directly into a ship’s cargo hold without the use of containers.
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