Dry Bulk Shipping Market Research Report - Global Forecast till 2030

Dry Bulk Shipping Market Research Report Information By Type (Capesize, Panama, Supramax, Handysize And Others), By Application (Iron Ore, Coal, Grains, Bauxite/Alumina, Phosphate Rock And Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2030.

ID: MRFR/PNT/6836-CR | 110 Pages | Author: Snehal Singh | February 2020         

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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 market 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 dry bulk shipping 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)
Dry Bulk Shipping Market, by type, 2022 & 2030
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/AluminaPhosphate 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.

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

Dry bulk shipping Industry Developments

March 2022: Western Bulk has taken advantage of the rising market turbulence and seen benefits on its efforts in operational development, superior execution, and data-driven decision making. As a result, the company generated a record net profit after taxes of USD 81 million on USD 1.49 billion in gross sales.

In comparison to prior years, market volatility has been noticeably higher in 2021. The business was in a good position to gain from a market expansion for the entire year. The company demonstrated an ability to shift positions and profit from the market fall in November and December by sticking to the strategy of using the company's risk capacity in the short-term market. Additionally, the considerable market volatility between the Atlantic and Pacific basins expanded the chances for geographical vessel location arbitrage.

March 2022: "NYK Group ESG Story 2022" was released by NYK, and it highlights initiatives for incorporating ESG into the Group's management strategies and gives a brief explanation of the Group's sustainable growth strategy over the long term. By encouraging the deployment of an LNG-fueled ship, taking steps to encourage the use of next-generation fuels like ammonia, and joining the CO2 transportation business, NYK also made efforts in 2022 to implement ESG management, successfully taking the lead in the shipping sector. Additionally, NYK signed a comprehensive partnership agreement with the Akita Prefecture in February, and in May the company's fifth domestic branch—the Akita branch—opened. We shall continue to work to promote regional growth, environmental preservation, human resource development, and renewable energy projects.

April 2022: The Maritime Forum, along with its partners BHP, Rio Tinto, Oldendorff Carriers GmbH & Co. KG, and Star Bulk Carriers Corp., a 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.

February 2023: Diana Shipping Inc. Announces the Acquisition of an Ultramax Dry Bulk Vessel, Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that it has signed a Memorandum of Agreement to acquire from an unaffiliated third party the m/v Nord Potomac, a 2016 built Ultramax dry bulk vessel of 63,379 dwt, for a purchase price of US$27.9 million. The Company anticipates to take delivery of the vessel by the beginning of April 2023.

February 2023: United Maritime Announces the Acquisition of Three Dry Bulk Vessels consisting of Two Kamsarmaxes and a Bareboat Charter Agreement with a Purchase Option for one Panamax Vessel, United Maritime Corporation, announced that pursuant to its fleet growth strategy, it has entered into agreements with two unaffiliated third parties to purchase two high quality Kamsarmax dry bulk vessels, with prompt deliveries. The Company also announced that it has entered into a bareboat charter agreement for one Japanese-built modern Panamax dry bulk vessel with an unaffiliated third party in Japan. The bareboat charter agreement includes a purchase option for United.

February 2023: Safe Bulkers, Inc. Announces Agreement for the Acquisition of One Japanese Kamsarmax Class Dry-bulk Vessel, Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today that it has entered into an agreement for the acquisition of a Japanese, 81,800 dwt, dry-bulk, Kamsarmax class vessel at an attractive price with a scheduled delivery date within the second quarter of 2025.

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

Report Scope:

Report Attribute/Metric Details
Market Size2022 USD 4.1 billion
Market Size 2023 USD 4.2 billion
Market Size 2030 USD 5.3 billion
Compound Annual Growth Rate (CAGR) 4.0% (2023-2030)
Base Year 2022
Market Forecast Period 2023-2030
Historical Data 2018 - 2021
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Application and Region
Geographies Covered North America, Europe, AsiaPacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled  Scorpio Bulkers, Inc (Monaco), Star Bulk Carriers Corporation (Greece), Pacific Basin Shipping Limited. (Hong Kong), Golden Ocean (Bermuda)
Key Market Opportunities Certain emerging countries' economies are stagnant.
Key Market Dynamics Growth in coal and steel transportation, as well as growth in seaborne trade

Frequently Asked Questions (FAQ) :

The Dry bulk shipping Market size was valued at USD 4.1 Billion in 2022.

The market is projected to grow at a CAGR of 4.0% during the forecast period, 2022-2030.

The key players in the market are Scorpio Bulkers, Inc (Monaco), Star Bulk Carriers Corporation (Greece), Pacific Basin Shipping Limited. (Hong Kong), Golden Ocean (Bermuda)

The Capesize category dominated the market in 2022.

Key Questions Answered

  • ✅ Global Market Outlook
  • ✅ In-depth analysis of global and regional trends
  • ✅ Analyze and identify the major players in the market, their market share, key developments, etc.
  • ✅ To understand the capability of the major players based on products offered, financials, and strategies.
  • ✅ Identify disrupting products, companies, and trends.
  • ✅ To identify opportunities in the market.
  • ✅ Analyze the key challenges in the market.
  • ✅ Analyze the regional penetration of players, products, and services in the market.
  • ✅ Comparison of major players’ financial performance.
  • ✅ Evaluate strategies adopted by major players.
  • ✅ Recommendations
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