The Dry Bulk Shipping Industry, a significant player in global maritime trade, is poised for substantial expansion. It is projected to grow at 1 to 2% in 2024, a growth rate that underscores its potential and importance in the global trade landscape.
Maritime Data reveals that the global dry bulk fleet currently stands at 12,861 ships with a capacity of 964 million dwt. The deliveries of dry bulk carriers between 2023 and 2027 will amount to 2345 ships, a significant 22% increase compared to the number delivered between 2018 and 2022.
These numbers will constantly grow, given the industry’s vital role in transporting raw materials for various sectors, including construction, manufacturing, energy production and agriculture, making it vital for the global supply chain.
What is Dry Bulk Shipping?
Dry Bulk Shipping involves the sea-borne transportation of dry and unpackaged cargoes of coal, cement, grain, iron ore, bauxite and fertilisers. The biggest segment is iron ore due to the surging demand for steel.
These loose commodities are loaded into the holds of specialised ships called bulk carriers. These ships come in different sizes, such as Handysize, Capesize, etc. The vessel size depends on cargo volume, voyage distance, and the port’s draft restrictions.
Global dry bulk shipping experiences many ups and downs due to changing economic trends, commodity prices, and demand-supply. Factors like market volatility, technological breakthroughs, and geopolitical events also play a role.
Now that we have analysed the bulk shipping industry let us explore the 12 Biggest Bulk shipping companies.
1. Oldendorff Carriers
Established in 1921, Oldendorff grew from being a small German Shipowning company into one of the major players in the Dry Bulk Shipping Industry, shipping coal, grains and iron ore.
It has 4500 employees, 21 offices and 11 transhipment projects.
Every year, its fleet transports about 380 million mt of bulk across the globe.
Image Credits: wikipedia
The company focuses on dry bulk logistics and has a fleet of 700 bulk carriers of different sizes, catering to several industries, from mining to agriculture.
From 2014 onwards, it ordered about 100 Eco-friendly ships from shipbuilders in Japan, China, and Korea to revamp its fleet, which boasts low fuel consumption and reduced carbon emissions.
More than 90% of its fleet and chartered ships are of ECO type.
The company also transships iron ore for clients in the Arabian Gulf and coal to Bangladesh, Vietnam, and Turkey. It operates several cranes, tugboats, barges, platforms, and other equipment.
2. Golden Ocean Group Limited
Registered in Bermuda, this dry bulk shipping company is based in Norway and operates one of the largest dry bulk fleets in the world.
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It was founded in 2004 and is the biggest listed owner of Capesize Ships. It also has the youngest average fleet, and the company invested in 7 ECO Type vessels to improve its fleet’s environmental performance.
Golden Ocean has a fleet of 94 modernised vessels. The company is investing profits into new vessels to increase its fleet size and carrying capacity and become a top name in the dry bulk shipping industry.
3. Star Bulk Carriers
Star Bulk offers innovative maritime transportation solutions in the dry bulk sector. Its fleet comprises 161 vessels, with an average age of 11 years, that transport iron ores, grains, minerals, fertilisers, bauxite, and steel products.
It has a highly diversified fleet ranging from Supramax to Newcastlemax with a total capacity of 15.6 million DWT.
Image Credits: wikipedia
The company ships over 70 million metric tonnes of cargo across the globe.
Star Bulk was incorporated in the Marshall Islands in 2006 and has offices in Athens and Limassol.
It also owns Star Bulk Singapore Pte, Ltd, a company based in Singapore.
4. Western Bulk
This Norwegian company, founded in 1982, is based in Oslo and has offices in Seattle, Casablanca, Singapore, and Santiago.
It operates in many segments, including Handysize, Ultramax, and Supramax, and it offers reliable dry bulk shipping services.
Image Credits: Western Bulk
The company follows a decentralised model by dividing its employees into eight teams to efficiently manage operations across different geographical regions, such as the Indian Ocean, the U.S. Gulf, the Pacific, and the South Atlantic.
Western Bulk operates about 150 ships and also collaborates with other ship owners.
5. Navios Maritime Holdings
One of the most reputable names in shipping, Navios has established itself as a reliable company among raw material producers, exporters, shipowners, charterers and financial business partners that trust it for its expertise and innovation.
Founded in 1954, Navios operates Capesize, Panamax, Ultra-Handymax, and Handy size Bulk Carriers.
Image Credits: wikipedia
Navios Bulk Carriers Corp has a fleet of 142 ships with 14.6 million deadweight tonnes carrying capacity.
Its operations extend to Navios South American Logisitics Inc., which owns vital infrastructure and other critical assets in South America and has solidified its regional presence and profitability.
It also owns and operates Urguay’s biggest Bulk terminal and one of Paraguay’s biggest liquid port facilities.
6. Fednav
This is Canada’s biggest bulk shipping company, operating the world’s largest fleet of ice-class bulk carriers. It ships more than 30 million tonnes of bulk and break bulk cargo worldwide.
It is headquartered in Montreal but has offices in Antwerp, Geneva, Hamburg, Tokyo, Sao Paulo and Singapore.
Image Credits:Fednav
Established in 1944, it has an impressive bulk carrier fleet with ice navigation abilities.
The company has about 120 dry bulk carriers with a total deadweight tonnage of around 3.98 million tonnes. Its fleet includes Ultramax bulkers, but most are Handymax vessels.
Its vessels operate in challenging environments, such as the Canadian Arctic, to transport nickel, iron ore, lead, copper, etc.
7. Ultrabulk A/S
Ultrabulk is a major dry bulk operator, providing maritime transportation services to customers in the Panamax, Handysize, and Supramax segments as well as specialised parcel services, MPP, and Minibulk Services.
It is a subsidiary of Ultranav, a private shipping company based in Chile with offices in 19 nations.
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Ultrabulk has 165 to 200 vessels in its fleet. The company strives to reduce its environmental footprint.
It collaborates with authorities and partners to devise the most optimal cost-effective solutions, including undertaking studies to provide carbon-neutral shipping options.
8. Genco Shipping and Trading
Genco Shipping is the biggest U.S.-based dry bulk shipping company. Through its in-house operating platform, it offers full-service logistics solutions and modern, fuel-efficient ships.
It is based in New York and operates a fleet of 43 vessels, including Capesize, Ultramax, and Supramax Ships. Its deadweight tonnage is around 4.5 million tonnes, making the company a significant player in the American Dry Bulk Cargo Carrier Sector.
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In the last 12 months, the company shipped dry bulk amounting to 24 million dwt.
Though it has a smaller fleet than some competitors, it boasts broad commercial management expertise, ensures operational safety, and meets environmental standards.
9. Safe Bulkers
This company was founded in 2007 and specialises in transporting bulk materials, including grain, coal, iron ore, bauxite, steel products, and fertilisers. It has offices in Switzerland, Cyprus, Monaco and Greece.
It has a fleet of 45 dry bulk ships, comprising 9 Panamax, 17-Post Panamax, 11 Kamsarmax, and 8 Capesize class ships. The average age of these ships is 9.85, and they have a carrying capacity of 4.8 million dwt. Over 80% of the company’s ships were built in Japanese shipyards.
Image Credits: Safe Bulkers/ Instagram
The company’s orderbook consists of 9 ships, two of which are dual-fueled with a total carrying capacity of 0.8 million dwt, with deliveries scheduled from 2024 to 2027.
The new vessels will be energy-efficient and sustainable, reducing greenhouse gas emissions. They will be able to operate with fuel and methanol.
10. Pacific Basin Limited
Based in Hong Kong, Pacific Basin is one of the principal owners and operators of Handysize and Supramax bulk ships.
The company owns 116 vessels and operates around 150 under charter. Its fleet of 266 handysize and supramax vessels is one of the world’s biggest fleets of minor bulk ships, serving 857 ports in 107 countries.
Image Credits: Pacific Basin
These ships carried 84.7 million tonnes in 2023.
All its vessels are designed and installed to operate efficiently in the long run; however, they offer superior longevity in Japan.
Pacific Basin has 14 offices on six continents, employs 5,100 seafarers, and has 389 onshore staff members. It serves more than 500 customers worldwide.
11. Diana Shipping Inc.
This Greek Shipping Company is based in Athens. Its fleet includes 40 dry bulk carriers and two methanol dual-fuel Kamsarmax dry bulk ships that have yet to be delivered.
Image Credits: Diana Shipping
The company has 4 Newcastlemx ships, 9 Capesize Ships, 5 Post-Panamax Ships, 6 Kamsarmax Ships, 6 Panamax ships, and 10 Ultramax ships, giving it a total carrying capacity of 4.4 million dwt and an average fleet age of 10.8 years.
The company aims to expand its fleet to enhance shareholder value. It focuses on maintaining a high-quality fleet with operational and scheduling flexibility and cost efficiencies to achieve this.
12. D/S Norden
This company provides ocean-based freight services for bulk and project cargo of all sizes. It integrates solutions with port logistics to aid customers in optimising and decarbonising the global supply chains.
It offers tailored solutions for each client, which are flexible and reliable in the long run.
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Established in 1871, it is one of the oldest shipping companies in Denmark. Its fleet includes 542 ships, including hundreds of bulk carriers.
The company has 14 offices worldwide and transported 136.64 Mmt in the last 12 months.
Conclusion
Bulk Shipping Companies are vital parts of supply chains as they streamline the transportation of essential raw materials and loose cargo of iron ore, coal, grain, cement, bauxite, and fertilisers across the globe. The delivery of these commodities is essential for the manufacturing, agriculture, industrial, and energy production industries. Hence, bulk shipping companies are crucial for these significant global industries to exist and produce goods we consume daily.
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About Author
Zahra is an alumna of Miranda House, University of Delhi. She is an avid writer, possessing immaculate research and editing skills. Author of several academic papers, she has also worked as a freelance writer, producing many technical, creative and marketing pieces. A true aesthete at heart, she loves books a little more than anything else.
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