Global Dry Bulk Shipping Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Commodity Type (Iron Ore, Coal, Grain, Bauxite, Others), By Vessel Type (Capesize, Handysize, Panamax, Handymax), And By Geography - Forecasts From 2023 To 2028

The dry bulk shipping market was valued at US$343.483 billion in 2022 and is projected to expand at a CAGR of 7.85% over the forecast period to reach US$540.672 billion by 2028.  

A bulk carrier is a seagoing ship that is specifically made to carry unpackaged bulk cargo such as grains, coal, and ores among others, and has a higher tolerance for heat and cold in its cargo holds. Dry bulk carriers lack onboard temperature control technology since the transportation of dry cargo doesn't call for the same specific measures that are necessary for the transportation of liquids and gases. Thousands of dry cargo vessels ship commodities to ports throughout the world today, making up the majority of global trade.

Increasing adoption by industries driving the growth of the market of dry-bulk shipping.

The necessity for shipping different commodities utilised in many industries is developing as a result of factors including fast urbanization, rising population, and strong economic growth. Globally increased industrial output has benefited the dry bulk shipping industry. The market will benefit from higher charter rates as well. Dry bulk cargoes must be maintained dry as the name implies; if moisture gets inside, it could destroy the entire load and cost the ship owner a lot of money. It might also come as a surprise to hear that a lot of dry bulk shipments are labelled as "Dangerous Goods," necessitating special care during loading, transportation, and discharge since they could shift during shipment, leading to shipping instability and impeding market expansion.

By Geography

Geographically, global dry-bulk shipping is segmented as North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The greatest market share corresponds to the Europe region owing to the increasing demand for transportation across regions. The Asia Pacific region is anticipated to have a major share.

Market Developments:

• October 2022: Diana Shipping Inc., a multinational shipping firm that specialises in the ownership and bareboat charter-in of dry bulk ships, stated that it has taken receipt of the m/v DSI Pollux, an Ultramax dry bulk ship with a 60,446 dwt that was built in 2015. One of nine contemporary Ultramax dry bulk carriers that the company has a purchase deal for, as of August 2022, is the vessel in question. The fleet of 36 dry bulk ships owned by Diana Shipping Inc. now includes the recently delivered m/v DSI Pollux (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax, 8 Panamax and 2 Ultramax). Seven Ultramax dry bulk vessels are also anticipated to be delivered to the company in the fourth quarter of 2022. A weighted average age of 10.33 years and a combined carrying capacity of nearly 4.5 million dwt characterise the fleet as of the present, omitting the seven Ultramax dry bulk vessels that have not yet been delivered.
• April 2022: The Global Maritime Forum, along with its partners BHP, Rio Tinto, Oldendorff Carriers GmbH & Co. KG, and Star Bulk Carriers Corp., a global shipping company that specializes in the transportation of dry bulk cargoes, have signed a letter of intent to form a consortium to evaluate the development of an iron ore Green Corridor between Australia and East Asia. Green Corridors are certain shipping lanes where a quick deployment can be supported by focused governmental and industry action and where the economics, infrastructure, and logistics of zero- or near-zero emission shipping are more viable. The consortium's participants plan to evaluate green ammonia supply, bunkering, and first mover support mechanisms together in order to participate in a feasible Australia to East Asia trade route. The consortium's members are planning to evaluate green ammonia supply, bunkering, and first-mover support mechanisms in order to be able to participate in an iron ore green corridor that runs from Australia to East Asia.

Product Offerings:

• STH TOKYO: STH TOKYO (tbr. DSI Andromeda)* is a Daina Shipping Inc. Ultramax dry Bulk Carrier that was constructed in 2016 and is currently operating under the Marshall Islands flag. It is a ship of the general cargo class. It can carry 60309 t DWT, and its current draught is 11.1 metres, according to reports. Its breadth is 32.26 metres, and its total length (LOA) is 198 metres. Among the contractors is Japan Marine United Corporation of Kure Shipyard, Japan.
• MOON GLOBE: The Panamax bulk carrier MOON GLOBE (IMO: 9294111), owned and operated by Globus Maritime Limited, was constructed in 2005 and is now sailing in the Marshall Islands. Its claimed current draught is 13.3 metres, and its carrying capacity is 74432 t DWT. Overall dimensions (LOA) are 225 metres long and 32.26 metres wide.

Global Dry Bulk Shipping Market Scope:

Market Segmentation:

• By Commodity Type
  • Iron ore
  • Coal
  • Grain
  • Bauxite
  • Others
• By Vessel Type
  • Capesize
  • Handysize
  • Panamax
  • Handymax
• By Geography
  • North America
    • USA
    • Mexico
    • Canada
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • India
    • China
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others