Market Analysis
Market Research Future (MRFR) projects the Dry Bulk Shipping Market to reach a market volume of 6,800.0 million tons and grow at 5.10% CAGR from 2020 to 2027 (forecast period).
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Multiple Factors to Boost Market Growth
The worldwide dry bulk shipping sector is expected to increase significantly. The expansion of seaborne trade and a rise in iron ore and coal transportation are predicted to drive demand for dry bulk shipping. International trade, import/export of food and manufactured products, and bulk transportation of raw materials are all critical components of any economy. As stated by the International Chamber of Shipping, the international shipping sector handles approximately 90% of global trade. The increased liberalization and industrialization of national economies have resulted in a rise in demand for iron ore and coal, which is mostly fulfilled by industries through seaborne trade. Coal and iron ore are the main raw resources utilized in the production of power and the construction of long-term infrastructure. The rapid increase in electricity demand has boosted the requirement for coal imports and exports. Such factors drive the dry bulk shipping market.
Market Segmentation
The worldwide dry bulk shipping industry has been segmented based on type and application.
On the basis of type, the global dry bulk shipping market has been segmented into capesize, panama, supramax, and handysize. The capesize segment is projected to dominate the market.
On the basis of application, the global dry bulk ship market is segmented as iron ore, coal, grains, bauxite/alumina, and phosphate rock. The iron ore segment is projected to dominate the market, as iron ore is the biggest traded commodity throughout various developing and developed nations.
Regional Analysis
China to Lead the Global Market
China is set to lead the dry bulk shipping market, followed by Europe. China's GDP rate in 2017 was 6.9%. This significant growth rate bodes well for Chinese shipping and maritime trade, especially dry bulk shipping. Such expansion is backed by a considerable increase in iron ore imports to China, a resurgence in the worldwide coal trade, and improved growth in minor bulk commodities. Overall, China's robust import demand for iron ore is the main driver of global dry bulk trade growth.
China's industrial activities and manufacturing improved significantly in 2017. In 2017, industrial production grew by 6.5%, compared to a 6% gain in 2016. As per UNCTAD, in 2018, China was the biggest ship-owning country in terms of vessel numbers, with 5,512 commercial ships weighing 1,000 tonnes or more. Such elements, when added together, drive the expansion of the country's dry bulk shipping market.
Key Players
Scorpio Bulkers, Inc (Monaco), Western Bulk (Norway), Star Bulk Carriers Corporation (Greece), Diana Shipping Inc. (Greece), Pacific Basin Shipping Limited. (Hong Kong), Golden Ocean (Bermuda), Dampskibsselskabet Norden A/S (Denmark), DryShips Inc (Greece), Oldendorff (Germany), Marine Services Co. Ltd. (Saudi Arabia), Masterbulk Pte Ltd (Singapore), Genco Shipping Trading Limited (US), Belships ASA (Norway), Western Bulk (Norway), Ultrabulk A/S (Denmark), Oldendorff (Germany), Marine Services Co. Ltd. (Saudi Arabia), Marquette Transportation Company LLC. (US).
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