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Many factors affect market growth and trends. These things include politics and the economy, and they all have an impact on how this important area works.
Worldwide, the global dry bulk shipping market is a big part of the shipping business. Huge amounts of dry goods are moved, including iron ore, grains, minerals, coal, and other big goods. Usually, free, unpackaged goods go straight into the holds of special ships in the Global Dry Bulk Shipping Market. Packing things in standard containers is what container shipping is. Three main types of dry bulk goods are identified: Major Bulks, Minor Bulks, and Break Bulks.
The Global Dry Bulk Shipping Market is a big part of trade and the entire supply chain around the world. Crucial raw materials can move more easily between businesses and markets. The Global Dry Bulk Shipping Market moves iron ore, coal, grains, bauxite, phosphate, cement, and lot of other things. Transporting things can be very different depending on where they are and what the market wants.
Worldwide trade and economic progress depend on the Global Dry Bulk Shipping business. It is linked to many important places, including farming, building, mining, and industry. Moving important things around the world and helping the economy grow are also very important benefits. Different dry bulk carriers, like Capesize, Panamax, Handymax, and Supramax ships, are best for moving different types and amounts of goods. Using lifts, conveyor belts, and grabs, among other tools, they can quickly load and unload things.
To meet the needs of the growing global dry bulk trade, more dry and tanker shipping containers will be needed. For this reason, dry crates are better than boats and other ships for moving things across seas without damaging them. However, despite the global economic downturn and the fact that supply and demand for goods and services don't always match up, global maritime trade has slowly grown over the past ten years. Shipping trade will need more ships, which means there will be more demand for naval electronics. For many countries and places, trade by sea is also very important for economic growth and progress.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 4.2 Billion |
| Growth Rate | 4.0% (2023-2030) |
Dry Bulk Shipping Market Highlights:
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.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Dry Bulk Shipping Market Trends
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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.
In December 2023, Wisdom Marine and Synergy Marine Group came together to form the joint venture Wisdom Synergy Ship Management (WSSM) whose primary focus is on the management of dry bulk vessels owned by Wisdom Marine. WSSM is based in Indonesia with main operational centers in Taiwan and India.
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.
In November 2023, S&P Globe Commodity Insights’ division, Platts, launched the Platts dry index (PDI), which is a price index for dry-bulk trades. The index brings together a mesh of data on dry bulk freight and provides a useful benchmark for the entire sector. PDI, which derives from the time charter equivalent indices of designated weight averaging Maersk, Panamax/Kamsarmax, Ultramax, and Supramax segments, presents more of an overall and representative index for the sector of the dry bulk shipping market as a whole.
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
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Diana Shipping Inc
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Star bulk carriers Corp
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Scorpio bulkers Inc
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Genco shipping and trading limited
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GAC
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Freeseas Inc
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NYK Line
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Globus Maritime Limited
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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.
In March 2023, Globus Maritime Limited reported that the company was negotiating terms to discharge an ex-cooperation contract to sell the m/v Sun Globe, a supramax vessel with a tonnage of 58,790 dwt, to an external organization for 14,1 million US dollars in gross total before deducting commissions and expenses.
Dry Bulk Shipping Market Segmentation
Dry bulk shipping Type Outlook
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Capesize
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Panama
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Supramax
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Handysize
Dry bulk shipping Application Outlook
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Iron Ore
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Coal
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Grains
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Bauxite/Alumina
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Phosphate Rock
Dry bulk shipping Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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