Global Dry Bulk Shipping Market Overview
The global dry bulk shipping market size is set to expand at a CAGR of 5.10% CAGR over the forecast period (2020-2027), according to Market Research Future (MRFR). Dry bulk shipping is the movement of bulk commodities through cargo ships. This method is reliable and used by merchant fleets globally without being packaged. Solid and liquid bulk goods are major cargo sent through dry bulk shipping.
The market is driven by naval trade and increasing exports of commodities. Rise in iron ore and coal demand coupled with need for foodgrains are driving the market growth. Coal and iron are prime raw materials required in energy and steel production. According to the International Chamber of Shipping, shipping is accountable for 90% of world trade.
Rapid urbanization and high economic growth can bode well for the dry bulk shipping market. Huge demand for commodities and investments in infrastructural projects can support the demand for naval transport. The emphasis on improving naval routes and exports of coal and iron ore can augur favorably for the market. Developments in supply chain management systems and technological innovations for tracking and monitoring seaborne cargo are likely to bode well for the industry.
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Rise of freight rates can dampen the market prospects. However, economic stimulus packages by large economies can sustain the market in the coming years.
But geopolitical tensions between countries can hamper the market growth.
COVID-19 Impact:
The COVID-19 pandemic has pushed the supply of goods and commodities to ocean trade with bulk shipping enjoying maximum profits. Companies are seen investing in dry bulk ships as the pandemic rages and signs of lockdowns increase. Seaborne coal has seen a significant surge in demand owing to pandemic restrictions of crossing borders. Geopolitical tensions between nations have spiked the rise in naval trade and boosted the dry bulk shipping market. But high use of containers at ports and exports through naval cargo has lessened the impact of dry bulk shipping. Collaboration between logistics providers and port operators can continue to provide tailwinds to the industry.
Industry Trends:
Sustainability dominates the shipping industry as countries agree on going carbon-neutral. Investments in future fuels and zero carbon technologies seem to be the norm followed by various shipping fleets. The switch to electric or hybrid engines to adhere to environmental guidelines can lead to fleets going for major upgrades of its ships. NORDEN, a Danish shipping company, has dedicated a fleet for testing of alternative fuels or wind propulsion systems. The transition witnessed by various shipping companies can be a good indicator of future trades.
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Segmentation:
On the basis of type, the global dry bulk shipping market is segmented as supramax, capesize, panamax, and handysize. The capesize segment is expected to dominate the market. This is due to their large size and capacity to handle large volume of goods. Rise of daily freight rates of capesize ships can drive the segment growth. It is mostly used in supply of coal and iron ore exports. ON the other hand, the handysize segment is likely to enjoy massive demand owing to different sizes of these ships available. They can fit into any port and are majorly used in trade of sugar and traveling on more coastal routes.
On the basis of application, the global dry bulk ship market is segmented into phosphate rock, iron ore, coal, grains, and bauxite/alumina. The ironore segment is expected to dominate the market as iron ore is the largest traded commodity across various developing and developed nations. The huge demand of coal is likely to drive the segment demand.
Regional Segmentation:
The dry bulk shipping market covers regions of North America, Europe, India, China, Japan, South America, Middle East & Africa, and Rest-of-the-World (RoW).
China is expected to lead the market owing to rise in maritime trade and low price of raw materials. This is due to resilient manufacturing activities in China and large number of fleets available in the country. Rising export of iron ore and rebound of industrialization since the pandemic can boost the market demand significantly.
India is also expected to perform exceptionally owing to global demand for coal and soybean. Rising steel production is likely to drive the market demand for dry bulk shipping. Moreover, the country’s reputation as one of the stalwart importers and exporters of goods has pushed its growth prospects. India is one of the biggest suppliers of rice with commodity sent in bulk or bags on supramax carriers. Trading of oil between the country and its neighbors can push the investments in shipping in the country. But the lack of major ports can compress its growth.
Europe may experience a steady growth rate owing to huge demand for capesize carriers and economic growth prospects. Economic recovery of the U.S. and Japan can boost the regional market demand. This is indicative of projections made by the International Monetary Fund.
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Competitive Analysis:
The dry bulk shipping market is very competitive and marked with alliances and joint ventures. New product developments are expected annually owing to government initiatives and schemes.
Key players involved in the market are Marine Services Co. Ltd., Belships ASA, Western Bulk, Diana Shipping Inc., Ultrabulk A/S, Marquette Transportation Company LLC, Masterbulk Pte Ltd, Golden Ocean, Star Bulk Carriers Corporation, DryShips Inc, Oldendorff, Genco Shipping & Trading Limited, Dampskibsselskabet Norden A/S, Pacific Basin Shipping Limited, Marine Services Co. Ltd., Western Bulk, and Scorpio Bulkers, Inc.
Industry News
Castor Maritime Inc. has acquired a Panamax dry bulk carrier in order to expand its fleet size in 2021. This acquisition is likely to net huge profits owing to rising trading of commodities.
International Maritime Trade to Shine a New Light on Global Dry Bulk Shipping Market
The global dry bulk shipping market has gone through various lows due to economic recession and the raging pandemic. But border closures and geopolitical tensions have led to renewed interest in dry bulk shipping by various industries. Import and export of commodities is likely to drive the dry bulk shipping market demand significantly.
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