Dry Bulk Shipping Market Report 2025

This Dry Bulk Shipping Market report delivers an in-depth analysis of the market’s key characteristics, including size, growth potential, and segmentation. It provides a detailed breakdown of the market across major regions and leading countries, highlighting historical data and future growth projections. The report also examines the competitive landscape, market share insights, emerging trends, and strategic developments shaping the market.

The dry bulk shipping market size has grown strongly in recent years. It will grow from $11.36 billion in 2024 to $12.16 billion in 2025 at a compound annual growth rate (CAGR) of 7%. The growth during the historic period can be attributed to the increased demand for raw materials, a rise in infrastructure development, growth in seaborne trade, expansion in steel production, and the increased use of LNG-powered vessels.

The dry bulk shipping market size is expected to see strong growth in the next few years. It will grow to $15.79 billion in 2029 at a compound annual growth rate (CAGR) of 6.8%. The growth during the forecast period can be attributed to the rising demand for energy resources, a surge in the demand for clean energy, increased investment in port infrastructure, and a growing focus on sustainable practices. Key trends expected during this period include advancements in shipping methods, digitalization in the shipping industry, the adoption of eco-friendly technologies, increased automation in shipping, and the use of digital tracking and data analytics.

The growing demand for coal is expected to drive the growth of the dry bulk shipping market in the future. Coal is a combustible sedimentary rock made from ancient plant matter, primarily consisting of carbon, and is a key energy source for electricity generation and industrial processes. The rise in demand for coal is driven by increasing energy needs, industrial expansion, and continued reliance on coal-fired power plants in various regions. Dry bulk shipping plays a crucial role in transporting coal, offering an efficient, cost-effective, and large-scale method of moving these heavy, high-volume commodities across global trade routes. This helps ensure a steady supply to industries and power plants while supporting infrastructure and economic growth worldwide. For example, in February 2025, the U.S. Energy Information Administration (EIA) reported a 5.9% increase in coal exports in the U.S. for the third quarter of 2024 compared to the second quarter. Additionally, U.S. coal production in the third quarter of 2024 reached 136.2 million short tons, up by 15.3% from the previous quarter. Thus, the rising demand for coal is driving the growth of the dry bulk shipping market.

Companies in the dry bulk shipping market are working on innovations such as the dry bulk composite index to enhance transparency, improve freight pricing efficiency, and optimize operational strategies through data-driven decisions. The Dry Bulk Composite Index serves as a benchmark that tracks and measures freight rate trends in the dry bulk shipping market, reflecting the costs of transporting major bulk commodities such as coal, iron ore, and grain. For example, in November 2023, Platts, part of S&P Global Commodity Insights, launched the Platts Dry Index (PDI), a comprehensive benchmark for the dry bulk shipping market, priced in dollars per day. This is the first such index in over thirty years to be priced in dollars per day, reflecting freight costs across 35 major routes used by capesize, panamax/kamsarmax, ultramax, and supramax vessels. The index combines weighted average time charter equivalent indices from various vessel segments, with the weights based on trade flow volumes observed over three years using Platts' Commodities At Sea system.

In April 2024, Star Bulk Carriers Corp., a shipping company based in Greece, acquired Eagle Bulk Shipping Inc. for $2.1 billion. This acquisition aims to strengthen Star Bulk Carriers' position in the dry bulk shipping sector by expanding its fleet capacity, enhancing operational efficiency, and leveraging Eagle Bulk Shipping's established expertise in transporting dry bulk cargo to meet the growing global demand for commodities. Eagle Bulk Shipping Inc. is a U.S.-based company that specializes in transporting bulk commodities such as coal, grain, iron ore, and fertilizers.

Major players 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.

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 dry bulk shipping report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the dry bulk shipping market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Dry bulk shipping refers to the transportation of unpackaged bulk commodities such as coal, iron ore, grain, and fertilizers using specialized vessels designed to carry large amounts of dry cargo across global trade routes. These goods are transported in solid, dry form and are typically loaded directly into the ship's cargo hold without the need for containers.

The primary types of dry bulk shipping vessels include capesize, panamax, supramax, and handysize. Capesize vessels are large bulk carriers that exceed 150,000 deadweight tons (DWT) and are too large to pass through the Panama Canal. These ships come in various designs, such as gearless bulk carriers, conventional bulkers, combined bulk carriers, self-dischargers, and bulker lakers. Their main applications involve transporting materials such as iron ore, coal, grains, bauxite or alumina, and phosphate rock.

The dry bulk shipping market research report is one of a series of new reports that provides dry bulk shipping market statistics, including the dry bulk shipping industry's global market size, regional shares, competitors with a dry bulk shipping market share, detailed dry bulk shipping market segments, market trends and opportunities, and any further data you may need to thrive in the dry bulk shipping industry. This dry bulk shipping market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The dry bulk shipping market includes revenues earned by providing services such as fleet management, storage and logistics, freight services, and chartering services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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