Global Dry Bulk Shipping Market Insights, Forecast to 2029

Dry Bulk Shipping Market

A bulk carrier is a seagoing vessel that is specially designed to transport unpackaged bulk cargo such as grains, coal, ore, and cement in its cargo holds. A dry bulk shipping company such as Golden Ocean Group simply owns a fleet of these ships that it then uses to transport bulk cargo for a customer in exchange for money. As these shipping firms effect the transport of large quantities of these goods across the oceans and between different companies, they are critical to international trade.

The global Dry Bulk Shipping market is projected to grow from US$ 4333.9 million in 2023 to US$ 5066.3 million by 2029, at a Compound Annual Growth Rate (CAGR) of 2.6% during the forecast period.

A seagoing ship that is specifically built to carry unpackaged bulk cargo, such grains, coal, ore, and cement, in its cargo holds is called a bulk carrier. Golden Ocean Group is a dry bulk shipping firm that only owns a fleet of these vessels, which it employs to transport bulk goods for a client in return for payment. These shipping corporations are essential to global trade because they facilitate the movement of vast amounts of these items across seas and between other businesses.

The market for dry bulk shipping is propelled by the increasing need for bulk commodities like cereals, coal, and iron ore to be transported. The need for dry bulk shipping services is being driven primarily by the growth of international trade and the growing requirement for raw materials in industrial production. Furthermore, the transportation of energy resources like coal and biomass is being fueled by the rise in energy demand, especially in emerging nations, which is bolstering industry expansion.

With gradually rising amounts of international commerce, the dry bulk shipping sector seems to be doing rather well. When comparing the first quarter of 2018 to the fourth quarter of 2017, time charter rates were generally lower, although this difference does not seem to be the result of decreased shipping volume. Over the next few years, it is anticipated that the worldwide fleet would gradually grow in the number of capsized ships.

Dry Bulk Shipping Market Share

Due to the strong demand for raw materials in nations like China, India, and Japan, the Asia-Pacific region is the largest market for dry bulk transportation globally. The region's robust industrial base and expanding energy requirements are major drivers of the dry bulk shipping market's expansion. Due to the growth of international commerce and the consistent need for bulk commodities, Europe and North America are also important markets.

Dry Bulk Shipping Market Scope