Baltic Dry increased 637 points or 63.89% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Baltic Exchange Dry Index - values, historical data, forecasts and news - updated on March of 2025.

As of September 30, 2024, the Baltic Dry Index amounted to 2,065 points. This was higher than in the previous month, and higher than in May 2020, immediately after the outbreak of COVID-19, when the index stood at 504. The Baltic Dry Index is based on the current freight cost on various shipping routes and is considered a bellwether of the general shipping market.

Dry Bulk Shipping Market Valuation – 2024-2031

Dry Bulk Shipping Market was valued at USD 1646.98 Million in 2024 and and is projected to reach USD 2094.46 Million in 2031 growing at a CAGR of 3.05% during the forecasted period 2024 to 2031.

Dry Bulk Shipping Market: Definition/ Overview

Dry bulk shipping transports unpackaged cargo, such as coal, grain, or iron ore, in bulk carriers. Unlike containerized items, these commodities are loaded and unloaded using specialist equipment and the ships are built to handle enormous volumes efficiently. This method is less expensive for large quantities of commodities.

Dry bulk shipping involves transporting vast quantities of unpackaged items in bulk containers, such as coal, grain and iron ore. It is critical for global trade because it allows for efficient, cost-effective delivery of raw materials to industries such as agriculture, energy and manufacturing, hence promoting economic growth and supply chain stability.

Between 2017 and 2022, the minor bulk sector carries the largest proportion of trade for the dry bulk sector, consistently carrying over 2 billion tons of freight. By contrast, the worldwide shipment of grains carried the lowest volume of dry bulk trade, peaking at just 528 million tons in 2021.

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Dry Bulk Shipping Market Size 2025-2029

The dry bulk shipping market size is forecast to increase by USD 3.6 billion at a CAGR of 3.9% between 2024 and 2029.

The market is experiencing significant growth, driven by rising global seaborne trade and the increasing use of advanced security and tracking solutions for bulk carriers. However, this shipping building industry faces challenges such as fluctuating commodity prices and trading obstructions. 
The use of advanced technologies, such as real-time tracking and predictive analytics, is becoming essential for bulk carriers to optimize their operations and maintain competitiveness. As the coal industry continues to grow, the demand for dry bulk shipping is expected to increase, providing opportunities for market participants to expand their businesses.

What will be the Size of the Market During the Forecast Period?

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The market plays a crucial role in the global seaborne trade of essential commodities such as iron ore, coal, grain, bauxite, and others. Industrialization and urbanization have significantly increased the demand for these commodities, leading to a surge in the dry bulk shipping industry. The automation of various industrial processes and the rise of infrastructure projects have further boosted the demand for sea travel as an efficient and cost-effective mode of transportation. Despite the positive outlook, the market faces challenges. The epidemic has disrupted global supply chains, leading to uncertainties and volatility in demand. Moreover, the size of dry bulk vessels, including capesize, handysize, panamax, and handymax, affects their competitiveness in the market.
The company matrix in the dry bulk shipping industry is complex, with various players offering different services and solutions. However, the focus on cost-effectiveness and efficiency remains the key driver for market growth. The demand for larger vessels that can transport more cargo in a single trip is increasing, as it reduces the overall transportation costs. The steel demand, a significant consumer of dry bulk commodities, continues to be a crucial factor influencing the market dynamics. The urbanization trend, particularly in developing countries, is driving the demand for steel and other commodities, leading to an increased focus on expanding the dry bulk shipping fleet.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD Billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product

  Capesize
  Panama
  Supramax
  Handysize


Type

  Iron ore
  Coal
  Grains
  Bauxite
  Others


Application

  Iron Ore
  Coal
  Grains
  Bauxite/Alumina
  Phosphate Rock


Geography

  APAC

    China
    India
    Japan


  Europe

    Germany
    France
    Denmark


  North America

    Canada
    US


  South America

    Brazil
    Argentina


  Middle East and Africa

    UAE
    South Africa

By Product Insights

The capesize segment is estimated to witness significant growth during the forecast period. The market primarily revolves around the transportation of commodities such as coal and iron ore in bulk via Capesize vessels. Capesize ships, the largest class of bulk carriers, are specifically designed for carrying these raw materials but are unable to pass through the Panama Canal, necessitating a longer route around the Cape of Good Hope. The surge in industrialization and the liberalization of emerging economies have fueled a significant increase in demand for these commodities, which are essential for electricity generation and infrastructure development. Coal and iron ore are the key commodities transported via seaborne trading in bulk. The global economy's reliance on these raw materials underscores the importance of an efficient and robust market.

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The Capesize segment was valued at USD 6.45 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 56% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market is experiencing significant growth, particularly in China and India, due to their extensive involvement in export and import activities of dry freight. The high population in these countries necessitates the demand for various commodities, leading to an increased requirement for dry containers. Moreover, the rise in dry bulk production in China and the development of inter-Asia and intra-Asia trade

According to Cognitive Market Research, the global Dry Bulk Shipping Service Market size will be USD 163245.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 4.50% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 65298.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 48793.56 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 37546.40 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 8162.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.9% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 3264.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
The grains category is the fastest growing segment of the Dry Bulk Shipping Service industry

Market Dynamics of Dry Bulk Shipping Service Market

Key Drivers for Dry Bulk Shipping Service Market

Rising international trade demands for raw materials boost dry bulk shipping services

Rising international trade demands for raw materials significantly boost the dry bulk shipping services market. As global economies expands, the need for essential commodities like coal, iron ore, grains, and fertilizers increases. Countries are increasingly engaged in importing and exporting these raw materials to meet their industrial and agricultural needs. This surge in demand drives shipping companies to enhance their fleet capacities and optimize logistics to ensure timely deliveries. Furthermore, emerging markets, particularly in Asia and Africa, are contributing to the growing demand for dry bulk shipping as they industrialize and urbanize. The strategic importance of these commodities in various sectors, including construction, energy, and agriculture, further solidifies the role of dry bulk shipping services as a critical component of international trade logistics. For instance, in December 2023, Wisdom Marine and Synergy Marine Group launched Wisdom Synergy Ship Management (WSSM) to manage Wisdom Marine’s dry bulk vessels. WSSM is headquartered in Indonesia, with main operations locations in Taiwan and India.

Investments in new, more efficient vessels improve shipping capacity and reduce operational costs

Investments in new, more efficient vessels are a key driver in the Dry Bulk Shipping Service Market, significantly enhancing shipping capacity and reducing operational costs. Modern vessels are designed with advanced technologies that optimize fuel efficiency and minimize emissions, leading to lower fuel expenses—a major operational cost in shipping. Enhanced cargo capacity allows shipping companies to transport larger quantities of goods in a single voyage, reducing the cost per unit transported. Additionally, these vessels often incorporate automation and smart technologies, which streamline operations and improve turnaround times at ports. As shipping companies seek to remain competitive in a challenging market, the adoption of state-of-the-art vessels becomes crucial, ultimately supporting the industry's growth and sustainability while meeting increasing global demand for bulk commodities.

Restraint Factor for the Dry Bulk Shipping Service Market

Fluctuations in fuel costs can significantly impact operational expenses

Fluctuations in fuel costs are a significant restraint for the dry bulk shipping service market, as they directly affect operational expenses. Shipping companies often rely on heavy fuel oil or marine diesel, both of which are subject to volatile price changes driven by global oil markets, geopolitical tensions, and regulatory shifts. When fuel prices rise, operational costs increase, squeezing profit margins and potentially leading to higher freight rates for customers. This can make dry bulk shipping less competitive compared to alternative transportation methods. Additionally, companies may face pressure to pass on these costs to clients, which could deter business and result in lost contracts.

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Higher dry bulk freight rates and grain prices are projected to contribute to an increase in consumer food prices. This increase will differ based on the economy of the affected country. While it is expected that this increase in consumer food prices will amount to 1.2 percent on the global scale, lower middle income countries will suffer the highest hike of all economies—about 1.4 percent. This is partly due to their reliance on bulk shipping for grain imports.

The size of the Dry Bulk Shipping Market was valued at USD 38.08 Billion in 2024 and is projected to reach USD 50.11 Billion by 2033, with an expected CAGR of 4.0% during the forecast period. The dry bulk shipping market plays a crucial role in global trade, encompassing the transportation of unpackaged bulk commodities such as coal, iron ore, grains, and bauxite across major maritime routes. This sector is heavily influenced by factors like global economic conditions, industrial activity, trade policies, and seasonal demand fluctuations. Ship categories such as Capesize, Panamax, and Supramax vessels are utilized based on cargo volume and destination requirements. The market's dynamics are shaped by supply-demand imbalances, with freight rates being particularly sensitive to changes in cargo volume and fleet capacity. Additionally, sustainability initiatives and regulatory pressures, such as IMO 2023 carbon intensity targets, are driving technological advancements and fleet upgrades, including the adoption of energy-efficient designs and alternative fuels. Key regions, including Asia-Pacific, Europe, and North America, dominate in terms of trade volume due to their industrial and agricultural output. Despite periodic challenges like economic downturns and geopolitical uncertainties, the dry bulk shipping market remains essential to the global supply chain, facilitating the movement of raw materials critical for industrial production and infrastructure development worldwide. Recent developments include: 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.. Key drivers for this market are: Global economic growth and increasing demand for commodities

Infrastructure development and industrialization

Technological advancements and cost optimization

Environmental regulations and sustainability initiatives. Potential restraints include: Geopolitical tensions and trade disruptions

Fluctuations in commodity prices

Environmental compliance and emission control costs

Increasing competition and oversupply in certain segments. Notable trends are: Decarbonization efforts and alternative fuel adoption

Digitalization and data analytics for efficiency improvements

Innovative vessel designs for reduced fuel consumption

Expansion of trade routes to emerging economies.

The statistic represents worldwide dry bulk demand growth from 2008 to 2015. Dry bulk fleet demand increased by around 11 percent in 2011. That year, the dry bulk fleet utilization rate dropped to about 88.4 percent.

Porosity, dry bulk density, and average mass accumulation rates, and estimated date of the mid-point of each sediment interval were determined for ten sediment cores retrieved from Lake Lanier in 2018. Physical properties of the sediment (porosity, dry bulk density) were used to help define the pre-reservoir surface and determine the average mass accumulation rate of sediment. This will help to better understand the historical accumulation of sediment and nutrients at select locations in Lake Lanier. The locations were selected to provide supplement a larger study investigating the role of septic systems on Lake Lanier water quality. Sites were distributed among selected study coves (with residential septic systems adjacent to the lake) and included a reference cove without development. Potential users of this data should recognize the rationale driving the site selection process in the interpretation of the associated data collected. Furthermore, it is unknown whether the data from the selected sites are representative of the lake as a whole.

The global dry bulk shipping market, valued at $17.08 billion in 2025, is projected to experience steady growth, driven by increasing global trade and demand for commodities like iron ore, coal, and grains. A compound annual growth rate (CAGR) of 3.9% from 2025 to 2033 indicates a significant market expansion over the forecast period. Key growth drivers include the rising infrastructure development in emerging economies, particularly in Asia-Pacific, fueling demand for raw materials. Increased construction activity and industrialization in these regions contribute significantly to the market's expansion. While fluctuating fuel prices and geopolitical uncertainties pose challenges, technological advancements in vessel design and operational efficiency are mitigating these risks. The market is segmented by vessel type (Capesize, Panamax, Supramax, Handysize) and cargo type (iron ore, coal, grains, bauxite, others), with iron ore and coal transportation dominating the market share. Competition among leading companies is intense, with strategies focused on fleet modernization, strategic alliances, and route optimization. Regional variations exist, with Asia-Pacific maintaining a dominant position due to its significant consumption and production of dry bulk commodities. North America and Europe also represent substantial market segments, particularly concerning the import of raw materials and export of finished goods. The market's future trajectory depends on several factors. Sustained global economic growth is crucial for continued demand for commodities. Environmental regulations are influencing vessel designs and operations, promoting the adoption of more fuel-efficient technologies and potentially impacting operational costs. Furthermore, the increasing focus on sustainable shipping practices will shape the market's competitive landscape. Companies with a proactive approach to environmental compliance and technological innovation are expected to gain a competitive edge. The anticipated growth in global trade and investment in infrastructure projects suggests a promising outlook for the dry bulk shipping market in the coming years, although potential disruptions from geopolitical events and economic slowdowns must be considered.

The Dry Bulk Shipping Market is projected to grow at 6.8% CAGR, reaching $15.79 Billion by 2029. Where is the industry heading next? Get the sample report now!

The dry bulk shipping market is estimated to reach a value of USD 5490 million by 2033, expanding at a CAGR of XX% over the forecast period (2025-2033). The rising demand for raw materials, particularly iron ore and coal, from developing economies is a primary driver of this growth. Furthermore, the expansion of the construction and infrastructure sectors has increased the need for dry bulk shipping services. The market is segmented by type (time charter and voyage charter) and application (iron ore, coal, grain, steel products, lumber or log, and others). Iron ore accounts for the largest share of the market, followed by coal. The Asia Pacific region dominates the market, with China being the largest contributor. Increased industrialization and infrastructure development in the region have fueled demand for dry bulk shipping services. North America and Europe are also significant markets, with the United States and Germany as major contributors. The Middle East and Africa are expected to experience steady growth due to rising infrastructure development and urbanization. Key market players include Diana Shipping, Star Bulk, and Genco Shipping, among others. Factors such as fluctuating freight rates, geopolitical uncertainties, and environmental regulations pose challenges to the industry.

In 2022, the volume of ore and scrap metal handled at the Port of Rotterdam reached nearly 25.6 million metric tons. This represents a decrease of some 15 percent compared with the previous year when around 30.3 million metric tons of ore and scrap metal were processed at the port.

The volume of dry bulk cargo handled at the Port of Rotterdam was decreasing between 2013 and 2020. In 2020, around 63.8 million metric tons of dry bulk cargo were processed at the port, the smallest volume in the observed period. In 2021, however, the volume of dry bulk cargo increased to some 78.8 million metric tons and in 2022, the throughput reached some 80 million metric tons.

This dataset is about: (Table 1) Dry bulk density, sedimentation rates, and accumulation rates of bottom sediments from the Deryugin Basin. Please consult parent dataset @ https://doi.org/10.1594/PANGAEA.783879 for more information.

The quantity of minor bulks, containerized trade, and residual general cargo handled in international maritime trade between 1970 and 2021 generally increased. The quantity of dry cargo loaded globally increased six fold over this period, reaching nearly 4.8 billion metric tons loaded in 2021.

Descriptive statistics of dynamic time-varying ΔCoVaR for freight rate returns (BPI→BCI).

This dataset is about: (Table A3) Sedimentation rates, dry-bulk density and component P concentrations of ODP Hole 138-851B. Please consult parent dataset @ https://doi.org/10.1594/PANGAEA.808983 for more information. Sediment depth is given in mcd.

India Cargo Traffic: Dry Bulk: Conventional data was reported at 166.409 Ton mn in 2021. This records an increase from the previous number of 139.711 Ton mn for 2020. India Cargo Traffic: Dry Bulk: Conventional data is updated yearly, averaging 135.988 Ton mn from Mar 2003 (Median) to 2021, with 19 observations. The data reached an all-time high of 166.409 Ton mn in 2021 and a record low of 51.417 Ton mn in 2003. India Cargo Traffic: Dry Bulk: Conventional data remains active status in CEIC and is reported by Indian Ports Association. The data is categorized under Global Database’s India – Table IN.TD006: Cargo Traffic: by Cargo Type.