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Dry Bulk Shipping Market Share

ID: MRFR//6836-CR | 111 Pages | Author: Snehal Singh| February 2020

Global trade depends on the dry bulk shipping market. To stay ahead of the competition, businesses use a variety of strategies to secure market share. It's important for a business's market share and overall success in its field to use these strategies.
Businesses increase their chances of success by choosing vessel sizes and types that appeal to certain groups of people. Firms can become pros at transporting certain dry bulk goods, like iron ore, grains, or coal, by focusing on those goods. Based on what their customers want, they can then change their services.
A strong area presence is important in the dry bulk shipping business. Placements by businesses are carefully made in places where big things are in high demand. For companies that have access to important trade routes and ports, shipping choices that are on time and don't cost too much are available.
Large businesses that want to expand their market share spend money to get new ships that are more technologically advanced and use less fuel. Enhancing the economy of vessels not only lowers their operating costs but also makes businesses look like they care about the environment, which brings in customers who are interested in being environmentally friendly.
Forming strong bonds with important cargo owners and buyers is a smart way to increase your dry bulk shipping market share. Businesses that give personalized services, stable scheduling, and clear communication will have loyal customers and rule the market.
Digital technologies like AI, bitcoin, and data analytics help businesses run more smoothly and place them higher in the market. Technology-based options provide real-time tracking, speed up delivery, and enhance the overall customer experience.
Due to the unpredictability of the dry bulk shipping market, businesses that are able to manage the risks that come with market changes, global events, and new rules will do better. Consistent and reliable risk management builds trust among customers and investors.
Cargo companies can lower their risks when the market for some goods changes by carrying a wider range of goods. When the economy and markets change, companies can also adapt by offering a wide range of products.
As climate issues become more important in business, companies that respond and spend in eco-friendly methods will do well. Utilizing eco-friendly technologies and following international rules about the environment can assist your company in gaining a good standing in the market.
Having cash on hand and keeping their funds in good shape helps businesses weather market downturns, make smart investments, and seize growth opportunities. Companies with stable earnings seem more reliable, which brings in customers and investors.

Covered Aspects:

Report Attribute/Metric	Details
Base Year For Estimation	2022
Historical Data	2018 - 2021
Forecast Period	2023-2030
Growth Rate	4.0% (2023-2030)

Dry Bulk Shipping Market Highlights:

Dry Bulk Shipping Market Trends

Dry Bulk Shipping Market Analysis

Dry Bulk Shipping Market Share

Dry Bulk Shipping Companies

Global Dry Bulk Shipping Market Overview

The dry bulk shipping market size was valued at USD 4.1 billion in 2022. The dry bulk shipping industry is projected to grow from USD 4.2 Billion in 2023 to USD 5.3 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.0 % during the forecast period (2023 - 2030). Increased transportation of coal and steel, as well as increased seaborne trade are the key market drivers enhancing the market growth. Dry Bulk Shipping Market Overview Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Dry Bulk Shipping Market Trends

Key variables impacting demand for dry transportation materials are industrialization, urbanization, and market growth

The main factors influencing the demand for dry transportation materials are industrialization, urbanisation, and economic growth. Steel demand grew as a result of the massive amount of construction taking place in the industrial, residential, and non-residential sectors. The market share for drybulk shippers has shifted significantly as the shipping of steel and coal has increased. Automation of automotive production planning systems has been accelerated by advancements in the supply chain management system. The dry bulk shipping sector is expected to benefit from increased sea travel because it is the least expensive mode of transportation, as well as technological advancements such as the ability to track and identify individual components of shipping cargo. Thus, driving the market CAGR.

As a result of the recent increase in urbanisation, there are more opportunities for growth. After the epidemic began, the market value of dry cargo fell. However, growth was steady as things began to return to normal. Steel is in high demand as infrastructure projects expand. As a result, in order to change how consumers perceive the value of their products, manufacturers employ a variety of strategies and ideas to increase the value of their production. As a result, the dry bulk shipping market revenue is expected to expand rapidly.

Dry Bulk Shipping Market Segment Insights

Dry Bulk Shipping Type Insights

The Dry bulk shipping Market segmentation, based on type, includes Capesize, Panama, Supramax, Handysize and others. Due to the rise in demand for transportation of steel, iron ore, and basic commodities, the Capesize sector dominated the market. The Capesize is the biggest bulk carrier in the world, and it is mostly used to transport ore.

Figure 1: Dry Bulk Shipping Market, by Type, 2022 & 2030 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Dry Bulk Shipping Application Insights

The Dry bulk shipping Market segmentation, based on application, includes Iron Ore, Coal, Grains, Bauxite/Alumina, Phosphate Rock. Iron ore is projected to rule the market because it is the commodity that is most traded between developing and industrialized nations.

Dry Bulk Shipping Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific area is known as one of the fastest growing dry bulk transportation markets in the world. This is due to the high need for fertilizers, animal feed supplements, and food preservation. Because phosphate rock is required for the production of water treatment, cosmetics, and chemicals, there is a high need for dry bulking cargo in the Asia Pacific region.

Further, the major countries studiedin the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: DRY BULK SHIPPING MARKET SHARE BY REGION 2022 (%) Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Dry bulk shipping Market accounts for the second-largest market share due to escalating demand for transportation across the region. Europe has significant manufacturing industries, which will drive the expansion of the dry bulk shipping sector there. Further, the Germany Dry bulk shipping Market held the largest market share, and the UK Dry bulk shipping Market was the fastest growing market in the European region

The North America Dry bulk shipping Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to increased rates of production industry. Moreover, China Dry bulk shipping Market held the largest market share, and the India Dry bulk shipping Market was the fastest growing market in the Asia-Pacific region

Dry bulk shipping Key Market Players & Competitive Insights

Major market participants are investing heavily in R&D to expand their product lines, which will help the Dry bulk shipping Market grow even further. Key market developments include new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other companies. To expand and thrive in a more competitive and rising market climate, competitors in the dry bulk shipping industry must offer cost-effective commodities.

Manufacturing locally to cut operating costs is one of the main business tactics used by manufacturers in the dry bulk shipping industry to benefit customers and grow the market sector. Some of the most important advantages for medicine in recent years have come from the dry bulk shipping sector. Major players in the dry bulk shipping industry, including Scorpio Bulkers, Inc. (Monaco), Star Bulk Carriers Corporation (Greece), Pacific Basin Shipping Limited (Hong Kong), Golden Ocean (Bermuda), Diana Shipping Inc. (Greece), and others, are working to increase market demand by funding R&D initiatives.

Today, Diana Shipping Inc., a multinational shipping company that specialises in the ownership and bareboat charter-in of dry bulk ships, announced that, through a different wholly-owned subsidiary, it had signed a time charter agreement with SwissMarine Pte. Ltd., Singapore, for one of its Newcastlemax dry bulk ships, the m/v San Francisco. The gross charter fee is US$22,000 per day, less a 5% commission paid to third parties, for a time frame starting on January 5, 2025, and ending on March 5, 2025, at the latest. Beginning on February 19, 2023, the charter is anticipated. Currently, 41 dry bulk boats make up Diana Shipping Inc.'s fleet. The fleet of the company now has a weighted average age of 9.85 years and a carrying capacity of roughly 4.7 million dwt.

Also, shipping firm Star Bulk Carriers Corp. is established in Greece. It owns and manages a fleet of ships for transporting dry bulk. Transported by the company's vessels are big bulks like iron ore, coal, and grain, as well as lesser bulks like bauxite, fertiliser, and steel goods. With carrying capabilities ranging from 52,247 to 209,537 dwt, its fleet comprises of 128 ships. With a combined capacity of more than 14 million deadweight tonnes (dwt) and an average age of almost 10 years, the fleet of the company consists of Newcastlemax, Capesize, Panamax, Post Panamax, Kamsarmax, Ultramax, and Supramax ships. The ships of Star Bulk Carriers Corp. bring minerals to East Asia from the Americas and Australia.

List of the Key Companies in the Dry bulk shipping Market includes

Diana Shipping Inc

Star bulk carriers Corp

Scorpio bulkers Inc

Genco shipping and trading limited

Freeseas Inc

NYK Line

Globus Maritime Limited

Western bulk

Berge bulk among others

Dry bulk shipping Industry Developments

In May 2024, Intermarine established "Intermarine Bulk Carriers" to set foot in the dry bulk shipping industry. Additionally, they are also planning to handle multi-purpose vessels and tonnage services for their parent company's bulk carriers. This strategic move aligns with their current offerings and caters to rising demand in the project cargo segment.

In December 2023, Star Bulk and Eagle Bulk undertook a joint operation, which is a merger that was entirely done through the stock exchange, thereby creating the largest dry bulk shipping company listed in the US with 169 vessels on its fleet. The new group aims to use its scale through this merger to increase operational efficiency and financial stability, thus strengthening its position as a leading international dry bulk shipping company.

In October 2023, Berge Bulk unveiled a vessel featuring steel-and-composite sails designed to reduce fuel consumption and carbon emissions. This revolutionary concept seeks to harness wind power and optimize efficiency. Berge Bulk plans to retrofit more ships on routes where favorable winds can be exploited for sustainable shipping practices that are eco-friendly. This is an important milestone for the dry bulking shipping market.

In November 2023, Platts, a division of S&P Global Commodity Insights, launched the Platts Dry Index (PDI). This index consolidates information regarding dry bulk freight, giving an all-embracing reference point for the industry. Based on weighted average time charter equivalent indices across Capesize, Panamax/Kamsarmax, Ultramax, and Supramax segments, PDI gives a broader view of the entire industry than other absolute measures made by other books or publications' reporting lines representing various geographies within North America or Europe alone.

China's owned fleet hit 249 million gross tonnages, surpassing Greece's 249 million gross tonnage and Japan's 181 million gross tonnages in August 2023. The expected market growth is further fueled by the major ports' strategic location and the region's central position in global trade.

Dry Bulk Shipping Market Segmentation

Dry bulk shipping Type Outlook

Capesize

Panama

Supramax

Handysize

Dry bulk shipping Application Outlook

Iron Ore

Coal

Grains

Bauxite/Alumina

Phosphate Rock

Dry bulk shipping Regional Outlook

North America
- US
- Canada

Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe

Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific

Rest of the World
- Middle East
- Africa
- Latin America

Dry Bulk Shipping Companies

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