Dry Bulk Shipping Market: Introduction
- Dry bulk shipping is the movement of major commodities carried in bulk, or lot, including iron ore, coal, and grain together with ships carrying steel products including steel plates, steel rods, and iron ore. Lumber or log and other commodities are classified as minor bulks.
- Dry bulk shipping service includes storage and modification including technical issues and/or pre-delivery inspections that are carried out before shipping of material or parts to the customer. Major bulks include iron ore, coal and grain, while minor bulks include sugar, cement, and steel products. Among major bulks, coal is extensively traded in terms of volume in dry bulk.
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Key drivers of Dry Bulk Shipping Market
- Rapid urbanization, industrialization, and economic growth is likely to propel the dry bulk shipping market across the globe. Growing infrastructure development, which requires significant use of steel products, is a key factor for driving the dry bulk shipping market across the globe. Major investments across the globe by various governments in transportation are anticipated to boost the dry bulk shipping market. Rise in transportation of coal and steel products is likely to boost the dry bulk shipping market across the globe.
- Developments in the supply chain management system are boosting the adoption of automotive production planning systems. Rise in sea transportation across the globe is estimated to boost the dry bulk shipping market, as sea transportation is the cheapest mode of transportation. Increase in technological developments including tracking of shipping material and assigning of an identification number to individual parts are likely to propel the dry bulk shipping market across the globe.
Asia Pacific and Europe to hold prominent share of global dry bulk shipping market
- Europe is projected to hold a major share of the global dry bulk shipping market due to an increase in iron ore and coal transportation across the region. Europe has presence of major production industries, which would help boost the dry bulk shipping market across Europe.
- Followed by Europe, Asia Pacific is projected to hold a significant share of the global dry bulk shipping market due to an increase in industry production across the region. China is estimated to be a highly lucrative market for dry bulk shipping, which is likely to fuel the dry bulk shipping market across the region. China is a leading importer of iron ore and coal across the globe, which would help propel the dry bulk shipping market in Asia Pacific.
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Key Players Operating in Global Dry Bulk Shipping Market
The global dry bulk shipping market is highly concentrated owing to the presence of top manufacturers. A few of the key players operating in the dry bulk shipping market are:
- Diana Shipping, Inc.
- Star Bulk Carriers Corp
- Scorpio Bulkers, Inc.
- Genco Shipping & Trading Limited
- Freeseas Inc.
- NYK Line
- Globus Maritime Limited
- Western Bulk
- Berge Bulk
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