Market Synopsis
Market Research Future (MRFR)’s new study reveals that the dry bulk shipping market 2020 can expand at a decent rate of 4.65% from 2018 to 2025 (review period). We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
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Key Boosters and Main Restraints
The growth of the dry bulk shipping market has been dismal since the COVID-19 outbreak, with almost every industry facing massive revenue loss. Even with China coming back to normal, the market seems to be witnessing falling freight rates due to the pandemic. China’s importance in the dry bulk market has been underlined following the lockdown, with the rates going downwards. The weak US exports also add nothing to the market momentum, with failing trade relations between the US and China coming to the forefront.
Some of the favorable aspects are associated with the construction industry, particularly infrastructural development along with housing investment, which can drive the need for materials. But other end users in the dry bulk shipping market have no such luck, such as automotive sector’s demand for aluminum and steel has been falling significantly since the SARS-CoV-2 outbreak. Despite the massive spending on infrastructural development by governments, the novel coronavirus can lead to further reduced demand and freight rates, which can challenge the market growth in the coming years.
However, the dry bulk shipping market can manage to sail through despite the COVID-19 impact, thanks to the surge in industrialization combined with the increasing liberalization of various countries that boosts the demand for coal and iron ore. The escalating demand for electricity has accelerated the need to import and export coal worldwide. The global economic growth, booming population, and the rising steel production have driven the need to ship various materials such as coal, grains, lumber, iron ore, plates, rods and coils. Enhanced industrial production, particularly in emerging regions has also benefitted the dry bulk shipping market to a large extent.
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.
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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).
Read more related insights:
https://www.globenewswire.com/en/news-release/2021/07/20/2265815/0/en/Dry-Bulk-Shipping-Market-to-reach-6-800-0-million-tons-by-2027-Report-by-Market-Research-Future-MRFR.html https://www.openpr.com/news/2096116/dry-bulk-shipping-market-2020-industry-development https://virtual-strategy.com/2021/05/04/dry-bulk-shipping-market-eyeing-phenomenal-growth-at-an-5-10-cagr-by-2027-market-research-future-mrfr/ https://medium.com/@gazalsharma1993/dry-bulk-shipping-market-manufacture-size-future-scope-to-2027-8267cd5659db
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