Press release
Dry Bulk Shipping Industry Expected to Reach $15.26 Billion by 2029 at 6.2% CAGR
Dry Bulk Shipping
Dry Bulk Shipping Market Value Projection: How Much Will the Market Size by 2025?
The dimensions of the dry bulk shipping market have substantially expanded in contemporary years. The market value that is forecasted to surge from $11.36 billion in 2024 to $12 billion in 2025, predicts a compound annual growth rate (CAGR) of 5.6%. The growth observed in the historical period is linked to the escalated demand for raw materials, a surge in infrastructure development, amplified seaborne trade, increased steel production, and the rise in usage of LNG-powered ships.
What Will Be the Market Growth Forecat for Dry Bulk Shipping in 2029?
The size of the dry bulk shipping market is anticipated to exhibit robust expansion in the upcoming years, projected to reach $15.26 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 6.2%. Factors contributing to this predicted growth in the forecast period encompass an escalating demand for energy resources, an increase in the need for clean energy, heightened investments in port infrastructure, and an enhanced emphasis on sustainable practices. Key trends during the forecast period include notable enhancements in shipping methods, the application of digital processes in shipping, the implementation of environment-friendly technologies, the automation of shipping, and the adoption of digital tracking and data analytics.
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What Are the Core Competitive Drivers in the Dry Bulk Shipping Industry?
The growth of the dry bulk shipping market is anticipated to be driven by the escalating demand for coal. Coal is essentially an incendiary sedimentary rock that originates from ancient plant matter, predominantly containing carbon. This makes it a significant source of energy for industrial processes and electricity generation. The surge in coal demand can be attributed to the growth of industries, heightened energy needs, and the continuing dependence on coal-powered power plants in several regions. By offering efficient, economical, and high-capacity transport of these heavy and abundant commodities via international trade routes, dry bulk shipping facilitates a consistent supply to industries and power plants, contributing to global infrastructure and economic development. As an illustration, the Energy Information Administration (EIA), a U.S. government agency, reported that in February 2025, there was a 5.9% increase in the coal exports of the U.S. for the third quarter of 2024 (27.3 MMst) compared to the second quarter of 2024. Moreover, there was a 15.3% rise in U.S. coal production during the third quarter of 2024, totaling 136.2 million short tons (MMst). Consequently, the surge in coal demand propels the growth of the dry bulk shipping market.
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Which Dry Bulk Shipping Market Segment Is Projected to See the Fastest Growth?
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 Scr*ap Metal Transport, Fertilizers Transport, Forest Products Transport, Other Minor Bulk Cargo
Which Trends Are Opening New Opportunities in the Dry Bulk Shipping Market?
Leading corporations in the dry bulk shipping industry are prioritizing the creation of innovative solutions such as a dry bulk composite index. This move is geared towards enhancing transparency, increasing freight pricing efficiency, and refining operational strategies through data-based decision making. The Dry Bulk Composite Index serves as a benchmark that monitors and evaluates the overall freight rate patterns seen in the dry bulk shipping market, representing the expense of shipping major bulk goods such as coal, iron ore, and grains. For example, in November 2023, Platts, an arm of the UK commodity firm, S&P Global Commodity Insights, rolled out the platts dry index (PDI). This innovative initiative is a comprehensive benchmark for the dry bulk shipping market, with rates quoted in dollars per day. It remains the first index of its kind in over thirty years to be denominated in dollars each day, and exhibits freight expenses across 35 popular routes traversed by capesize, panamax/kamsarmax, ultramax, and supramax vessels. This compilation includes the weighted average time charter equivalent indices from multiple vessel segments, with weights determined by trade flow volumes noted over the last three years through Platts' Commodities At Sea system.
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Who Are the Leaders 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
Which Regional Dry Bulk Shipping Markets Offer the Greatest Growth Potential?
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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