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dry bulk shipping market size is projected to grow from USD 35 billion in 2020 to USD 101 billion by 2027; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 16% - Valuates Reports
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Major Trends in Dry Bulk Shipping Market
Major factors driving the growth of dry bulk shipping market size are rising population, accelerating economic growth, higher urbanization, rising steel production, and growing coal industry. On the contrary, the growth of high transportation and infrastructure costs along with the act of piracy and trading obstructions might hinder the growth of dry bulk shipping market.
A bulk carrier is a seagoing vessel that is specially designed to transport unpackaged bulk cargo such as grains, coal, ore, and cement in its cargo holds. A dry bulk shipping company such as Golden Ocean Group simply owns a fleet of these ships that it then uses to transport bulk cargo for a customer in exchange for money. As these shipping firms effect the transport of large quantities of these goods across the oceans and between different companies, they are critical to international trade.
The dry bulk shipping industry appears to be quite strong, with slowly increasing global trade volumes. Time charter rates were broadly lower in the first quarter of 2018 compared to the fourth quarter of 2017 but this does not appear to be due to lower shipping volume. The number of Capesize ships in the global fleet is expected to steadily increase over the next few years.
The dry bulk shipping market size is expected to be driven by the seaborne trade of iron ore and coal. The primary raw materials required to generate electricity and to develop a sustainable infrastructure are coal and iron ore. The rapid rise in electricity demand has increased the need for coal import and export. The rise in industrialization and the liberalization of national economies has led to the demand for iron ore and coal, which is mainly met through seaborne trade by industries.
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