Press release
Dry Bulk Shipping Market Size Projected To Reach 15.79 Billion By 2034 With A Cagr Of 6.8%
Dry Bulk Shipping
What Is the Projected Growth of the Dry Bulk Shipping Market?
The size of the dry bulk shipping market has been demonstrating robust growth in the recent past. It is projected to increase from $11.36 billion in 2024 to $12.16 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.0%. Factors contributing to this upward trend during the historical period include heightened demand for raw materials, surge in infrastructure development, augmentation in seaborne commerce, an upswing in steel production, and increased utilization of LNG-powered ships.Expectations are high for robust expansion in the dry bulk shipping market size over the forthcoming years. The market is anticipated to surge to $15.79 billion by 2029, boasting a compound annual growth rate (CAGR) of 6.8%. This growth in the projected period is owing to heightened demand for energy resources, increased interest in clean energy, amplified investments in port facilities, and the escalating attention towards sustainable approaches. Key trends predicted in this period encompass advancements in shipping techniques, digital transformation in shipping, the embrace of environmentally friendly technologies, shipping automation, and the use of digital tracking and data analytics tools.
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What Are the Different Dry Bulk Shipping Market Segments?
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 Scra*p Metal Transport, Fertilizers Transport, Forest Products Transport, Other Minor Bulk Cargo
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What Are the Primary Drivers Shaping the Dry Bulk Shipping Market?
The growth trajectory of the dry bulk shipping market is anticipated to be escalated due to a surge in coal demand. Coal, an inflammable sedimentary rock created from primordial plant remains principally composed of carbon, is largely utilized as an effective power source for both electricity production and industrial applications. The heightened demand for coal can be attributed to expanding energy requirements, industrial advancement, and persistent dependency on coal-fired power stations in numerous regions. Dry bulk shipping aids in coal transport and offers a resourceful, economically viable, and large-scale means of transporting these bulky and voluminous commodities across international trade channels, ascertaining constant supply to industries and power stations while buttressing global infrastructure and economic progression. For instance, in February 2025, the Energy Information Administration (EIA), a US government agency, reported that the American coal exports in the third quarter of 2024 (27.3 MMst) witnessed a 5.9% growth from the second quarter of 2024. Moreover, the U.S. produced 136.2 million short tons (MMst) of coal during the third quarter of 2024, marking a 15.3% increase from the previous quarter. Hence, the burgeoning demand for coal plays a crucial role in propelling the dry bulk shipping market.
Which Companies Are Leading 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 Major Trends Shaping the Dry Bulk Shipping Market?
In an effort to enhance transparency, improve freight pricing efficiency, and optimize operational strategies using data-driven decision-making, major businesses involved in the dry bulk shipping sector are working on innovative concepts, such as a dry bulk composite index. The Dry Bulk Composite Index serves as a yardstick for tracking and measuring general freight rate patterns in the dry bulk shipping market, encapsulating the cost of transporting primary bulk goods such as coal, iron ore, and grain. In November 2023, an illustration of this was provided by Platts, a division of S&P Global Commodity Insights, a United Kingdom-based commodities firm, which introduced the platts dry index (PDI). This comprehensive benchmark for the dry bulk shipping market, priced in dollars per day, is the first index of its kind in over 30 years. It represents freight expenses on 35 major routes used by capesize, panamax/kamsarmax, ultramax, and supramax vessels, combining weighted average time charter equivalent indices from an array of vessel segments. The weights are determined by observing the trade flow volumes over a three-year period using Platts' Commodities At Sea system.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Dry Bulk Shipping Market?
2. What is the CAGR expected in the Dry Bulk Shipping Market?
3. What Are the Key Innovations Transforming the Dry Bulk Shipping Industry?
4. Which Region Is Leading the Dry Bulk Shipping Market?
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