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Another Record Year for Dry Bulk Flows in 2024
AXSData

Another Record Year for Dry Bulk Flows in 2024

Global Dry Bulk seaborne trade exceeded 5.6bn MT of cargo transported for the first time in history in 2024, according to our Trade Flows data. Each quarter of last year set its own record, surpassing 2023 levels by about 4.2% on average, with the strongest year-over-year performance achieved in Q4 with a 5.2% gain. Over 154,000 individual laden legs were carried out by Dry Bulkers last year, an increase of just under 2% compared to 2023 voyage counts.

The active Dry Bulk fleet engaged in the international trades was measured at just under 17,500 individual vessels in 2024, increasing by 3.1% year-over-year. As a testament to the boost in its efficiency, over the past decade, transported Dry Bulk volumes per year have increased by 26.3% while the number of voyages for these quantities increased by 9.2%.

Almost all major Dry Bulk commodities registered year-over-year increases in trade volumes in 2024. Iron Ore, the most commonly shipped Dry Bulk cargo worldwide, saw 1.68bn MT shipped by vessels in 2024 for a 3.9% year-over-year increase. The largest exporter of Iron Ore – Australia – boosted its output by 1.1% year-over-year in 2024, with a record 928m MT discharged across the globe.

Brazil also marked a strong year, with its Iron Ore exports surpassing 384m MT in 2024 for an 8.5% year-over-year increase, while Canada shipped over 60m MT of this commodity for the first time in history. South Africa maintained its export shipments on par with 2023 levels, as did India, which now stands as the world’s fifth largest supplier of Iron Ore for the second year in a row. Ukrainian managed to recover some of its seaborne Iron Ore exports, which had ground to a halt in 2023. In 2024, the country exported over 14.4m MT of the commodity by vessel, which represents about 56% of its yearly pre-invasion volumes.

In the Steam Coal market – the second-most common Dry Bulk commodity – quantities shipped in 2024 once again surpassed 1bn MT, yet its year-over-year performance was below average at a gain of just 1.3%. Indonesia and Australia shipped 5.9% and 3.2% more Steam Coal than in 2023, respectively. The largest exporter of this commodity registered its own record, shipping over 510m MT of cargo for the first time in history in 2024. However, this was offset by Russian Steam Coal exports tanking by over 17.4% year-over-year, while South Africa’s supply also decreased by 3.1% compared to 2023 shipments.

Coking Coal shipments in 2024 had an above-average performance, increasing by 5.5% year-over-year. The largest exporter of this cargo – Australia – shipped just under 160m MT, which is 4.8% more than 2022 levels. Meanwhile, Russia experienced a year-over-year drop in this market, as well, shipping about 44.6m MT of the commodity, or 2.9% less than it did in 2023. The US saw its Coking Coal exports exceed 44.3m MT in 2024 for a 16.7% year-over-year boost, while Canada added 30.4m MT of cargo to the market.

Soybeans supply in 2024 increased on average by 2.3% year-over-year, with Brazil shipping over 100m MT of cargo for the first time in history, translating into a 3.9% year-over-year gain. However, the US saw its shipments drop below 40m MT throughout the year for a 7.9% decreased compared to 2023 levels. Argentinian supply of this commodity bounced back from a very weak 2023, reaching almost 5m MT last year. Overall shipments of this commodity totalled just under 152m MT, reaching a historical high in 2024.

Other Grain products, including Wheat and Corn, also registered a minor boost of 2.2% year-over-year in 2024. The US shipped over 71m MT of cargoes in this market, taking the top spot of exporters in 2024 and registering a 28.6% year-over-year increase. Supply from Argentina was also boosted by 41.5% year-over-year with a total of 43m MT added to the market. Meanwhile, Ukrainian Grain shipments reached nearly 37m MT throughout the year for a 43.9% year-over-year increase.

This was, however, offset by Brazilian shipments of Corn and Wheat dropping by 17% year-over-year in 2024, as well as Australian Grain exports registering their weakest levels over the past 4 years, with less than 30m MT of cargo shipped last year for a 31.2% year-over-year drop.

Bauxite was the best-performing single Dry Bulk commodity in 2024, with quantities increasing by 12.4% year-over-year and total volumes reaching almost 198m MT. Guinea delivered over 139m MT of Bauxite worldwide for a 14.3% year-over-year gain. Australia's 44.8m MT of cargo translated into an 18.1% year-over-year boost, while Brazil contributed to this market with over 5m MT of cargo for a 7.6% year-over-year gain.

Nickel Ore was one of the very few Dry Bulk commodities to see a decrease in 2024, despite the top suppliers of this market boosting their shipments by 5% year-over-year in the case of the Philippines and 12% for Indonesia.

Demand-wise, overall Dry Bulk discharged in China totalled just under 2.3bn MT in 2024 compared to less than 2.2bn MT in 2023, meaning that over 41% of all Dry Bulk voyages last year discharged in Chinese ports. As far as Iron Ore is concerned, China imported over 1.25bn MT of cargo in 2024, for a 4.1% year-over-year increase. Nevertheless, demand from Japan dropped by 3.5% year-over-year, while South Korea imported 4% more Iron Ore than in 2023.

In the Steam Coal market, Chinese imports totalled almost 370m MT of cargo for the first time in history in 2024, registering a 12.3% year-over-year increase. While Japan increased its demand by 3.6% year-over-year in 2024, India and South Korea decreased their imports of this commodity by 4.9% and 9% year-over-year respectively.

Chinese imports of Coking Coal soared to nearly 50m MT in 2024, marking a 24.3% year-over-year boost. Nevertheless, the country remains the third largest importer of this commodity. Indian imports of Coking Coal increased by 8.2% year-over-year in 2024 for a total of over 72m MT of cargo discharged. Japan, despite decreasing its imports of Coking Coal by 11.5% last year, remains in the Top 2 spot after unloading over 52m MT of this commodity at its ports.

In 2024, China reached a 68.6% market share in the Soybeans market in 2024, after importing over 104m MT of cargo. The top European importers of Soybeans, such as Spain and the Netherlands, also increased their demand for the commodity by 2% and 8.6% compared to 2023 levels, while Turkey registered a 26.8% year-over-year boost.

Chinese imports of Bauxite in 2024 surpassed 168m MT for a 12% year-over-year boost. Other countries' demand for the commodity also universally increased, with the UAE and India importing 5.3% and 20.3% more on a year-over-year basis, respectively.

In the Nickel Ore market, Indonesia significantly increased its imports in 2024. Due to heightened demand from domestic smelters and delays in issuing mining quotas, which have constrained local supply, the country imported over 7.7m MT of seaborne Nickel Ore last year, registering a 1,357% year-over-year increase and taking the Top 2 spot right behind China. The largest importer of Nickel Ore actually registered a 11.3% year-over-year decrease, yet with over 53m MT of cargo discharged last year retained a 77% market share.

Fleet utilization by vessel size in 2024 increased across almost all segments. Handysize and Handymax vessels up to 50K MT of deadweight combined carried almost 30m MT more cargo for a 4% year-over-year boost. The two smallest fleet segments experienced the most increase in quantities transported in the Steels market.

Supramax Dry Bulkers between 50K and 60K MT of deadweight transported over 636m MT of cargo for a minor 0.7% year-over-year increase. The vessels in this segment saw a drop in employment in the Iron Ore, Coal and Agriprods market, yet their demand for shipments of Grains, Steels and Fertilizers managed to offset this.

The Ultramax fleet between 60K MT and 68K MT of deadweight was the third-best performer in 2024, carrying 5.3% more Dry Bulk cargoes year-over-year. The biggest boost for these vessels came from Steels and Iron Ore voyages, while their employment for Caol cargoes saw a 10% year-over-year drop.

Panamax vessels between 68K and 85K MT of deadweight were the best-performing Dry Bulk fleet of 2024. Having carried over 1bn MT of Dry Bulk commodities for the first time in history, they registered a 9.3% year-over-year increase. The largest portions of this were voyages carrying Steam Coal at over 417.2m MT, Soybeans at over 116.7m MT, and Coking Coal at over 115m MT.

OverPanamax vessels between 85K and 100K MT of deadweight were the second-best performing fleet after registering a 7.8% year-over-year increase in 2024, having transported a total of over 284.7m MT of Dry Bulk commodities. Decreased demand for these vessels in the Iron Ore and Grains markets was offset by record shipments of Coal and Bauxite.

As usual, Capesize vessels between 120K MT and 220K MT of deadweight carried the most Dry Bulk quantities in 2024, with their combined shipments exceeding 1.5bn MT for a second consecutive year, while registering a 2.8% year-over-year boost. The majority of these voyages included over 1.13bn MT of Iron Ore transported worldwide. A 5.4% year-over-year increase for this specific commodity, it gave Capes a 67.6% market share in the Iron Ore market.

Baby Capes between 100K and 120K MT of deadweight were the only Dry Bulk fleet to see a decrease in utilization, having carried just over 94.1m MT of cargoes in 2024, or 2.7% less year-over-year.

VLOCs of over 220K MT of deadweight saw a 2.9% year-over-year boost in 2024, after shipping over 345m MT of cargo. While most of it was Iron Ore, the largest Dry Bulk fleet also saw a 26.2% year-over-year increase in Bauxite voyages.

Our Trade Flows tool allows you to follow each commodity, importer, exporter, fleet segment, and a lot more. You can gain accurate intelligence on a macro- and micro-level for the entire shipping industry. Book a demo below to see everything Trade Flows can do for you.

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