Global seaborne dry bulk trade reached a new historical high in 2025, with total volumes climbing to 5.7 billion metric tons, according to our Trade Flows data. This marked a 1.7% year-over-year increase and extended the long-term upward trend observed across the dry bulk sector over the past decade. While overall growth was moderate, the underlying dynamics were far from uniform, with a clear acceleration in the second half of the year and notable divergences across commodities and vessel segments.
The year started on a weaker note. First quarter dry bulk flows totalled 1.32 billion metric tons, down 1.7% year-over-year, reflecting softer demand in several major commodities early in the year. Conditions stabilized in the second quarter, when volumes edged up to 1.42 billion metric tons, a marginal 0.3% increase compared with the same period of 2024. Momentum then built decisively in the second half. Third quarter flows rose to 1.47 billion metric tons, up 4.3% year-over-year, followed by a strong fourth quarter at 1.50 billion metric tons, up 3.8%. As a result, the bulk of annual growth in 2025 was concentrated in the final two quarters.
Iron ore once again formed the backbone of global dry bulk trade. Total seaborne iron ore shipments reached 1.71 billion metric tons in 2025, up 1.4% year-over-year. Australia remained by far the largest exporter, shipping 944.8 million metric tons, a 1.3% increase, while Brazil followed with 390.6 million metric tons, up 1.7%. Canada and South Africa also posted modest gains, reinforcing the broadly stable expansion of iron ore supply. On the demand side, China continued to dominate, importing 1.28 billion metric tons, up 1.5% year-over-year, while Japan and South Korea recorded slight declines, highlighting diverging steelmaking trends across Northeast Asia.
Coal markets were more clearly bifurcated. Steam coal shipments declined to just under 1.0 billion metric tons, down 4.8% year-over-year. Indonesia, the world’s largest exporter, reduced shipments to 487.0 million metric tons, down 8.4%, a contraction that largely explains the global decline. Australia partially offset this trend by increasing exports to 198.8 million metric tons, up 3.9%, while Russia and South Africa also recorded moderate growth. On the import side, China reduced steam coal intake sharply to 330.0 million metric tons, down 12.8%, while India also imported less at 159.5 million metric tons. Japan remained broadly stable, suggesting that demand adjustments were most pronounced in the largest emerging markets.
Coking coal followed a similar but more subdued path. Global coking coal shipments totalled 291.5 million metric tons in 2025, down 2.2% year-over-year. Australia remained the leading exporter with 149.4 million metric tons, although volumes declined by 6.8%. Russia increased shipments to 46.6 million metric tons, up 12.6%, partially offsetting declines from Australia and the United States. Import demand softened across several key steelmaking nations, reflecting slower growth in blast furnace-based steel production during the year.
Agricultural bulk cargoes delivered a mixed performance. Soybean trade strengthened overall, with global shipments rising to 160.9 million metric tons, up 4.6% year-over-year. Brazil consolidated its position as the dominant exporter, shipping 107.7 million metric tons, up 6.0%, while the United States saw exports fall to 33.9 million metric tons, down 14.4%. Argentina rebounded strongly from a weak prior year, doubling shipments to 9.8 million metric tons. China remained the primary destination, importing 107.6 million metric tons, up 2.3%, while a number of smaller markets posted strong percentage growth from relatively low bases.
In contrast, other grain cargoes, mainly corn and wheat, declined in aggregate. Total shipments fell to 360.3 million metric tons, down 7.0% year-over-year. The United States stood out with a sharp increase to 91.4 million metric tons, up 28.2%, while Argentina also expanded exports. These gains were more than offset by contractions elsewhere, most notably in Brazil, where shipments fell by 15.4%. On the demand side, China cut imports dramatically to 20.1 million metric tons, down 57.2%, fundamentally reshaping global grain trade patterns in 2025. Thus, Japan claimed the top spot for 2025 with 24.2 million metric tons imported.
Among the standout performers of the year was bauxite. Global bauxite shipments surged to 241.4 million metric tons, up 20.8% year-over-year, making it one of the fastest-growing dry bulk commodities. Guinea strengthened its role as the dominant exporter, shipping 173.6 million metric tons, up 24.0%, while Australia and Brazil posted more modest increases. Demand was overwhelmingly concentrated in China, which imported 213.0 million metric tons, up 24.5%, underscoring the continued expansion of Chinese alumina refining capacity.
Several other bulk segments also contributed positively. Seaborne trade in steels and steel products rose to 279.0 million metric tons, up 6.9% year-over-year, driven primarily by strong export growth from China. Fertilizer shipments increased to 210.3 million metric tons, up 9.7%, supported by sharply higher exports from China and steady demand growth in Brazil and India. Nickel ore shipments climbed to 59.7 million metric tons, up 10.7%, led by higher exports from the Philippines and rising imports into both China and Indonesia.
Fleet deployment patterns in 2025 reflected both the changing commodity mix and the differing exposure of each vessel segment to growth and contraction across trades.
Handysize and Handymax vessels up to 50K deadweight carried a combined 805.2 million metric tons of dry bulk cargo in 2025, up 2.8% year-over-year. Ores and minerals represented the largest cargo group at 210.3 million metric tons, followed by grain cargoes at 134.9 million metric tons and steel products at 101.6 million metric tons. While coal and fertilizer volumes edged lower, stronger movements of steels and stable grain demand helped support overall growth for this segment, highlighting its continued importance in regional and minor bulk trades.
Supramax vessels between 50K and 60K deadweight faced a more challenging year, with total volumes declining to 604.5 million metric tons, down 5.5% year-over-year. Coal remained the largest cargo at 125.2 million metric tons but fell sharply compared with 2024. Ores and minerals followed at 194.3 million metric tons, broadly stable, while grain shipments declined to 49.0 million metric tons. Gains in steel cargoes, which rose to 64.2 million metric tons, were not sufficient to offset broader weakness across the segment’s traditional employment base.
Ultramax vessels between 60K and 68K deadweight delivered the strongest year-over-year growth among all dry bulk segments. Total volumes carried rose to 520.6 million metric tons, up 10.8%. Ores and minerals formed the largest cargo group for Ultramaxes at 159.0 million metric tons, followed closely by coal at 83.4 million metric tons and grains at 80.4 million metric tons. Particularly notable was the sharp increase in fertilizer shipments, which climbed to 45.8 million metric tons, up 22.0%, underscoring the segment’s flexibility across both industrial and agricultural trades.
Panamax vessels between 68K and 85K deadweight once again played a central role in global dry bulk trade, carrying a total of 1.11 billion metric tons, up 4.6% year-over-year. Coal remained the dominant cargo for this segment at 574.5 million metric tons, followed by grain cargoes at 244.1 million metric tons. While grain volumes declined slightly, higher coal movements and strong growth in other ores and minerals, which reached 117.2 million metric tons, helped lift overall Panamax performance for a second consecutive year above the one billion metric ton threshold.
OverPanamax vessels between 85K and 100K deadweight carried 290.3 million metric tons of dry bulk cargo in 2025, up 0.9% year-over-year. Coal dominated this segment at 200.7 million metric tons, followed by iron ore at 28.7 million metric tons and ores and minerals at 45.9 million metric tons. Despite strong percentage growth in steel shipments from a low base, overall performance remained closely tied to coal market dynamics.
Capesize vessels between 120K and 220K deadweight continued to dominate long-haul bulk transport, carrying 1.57 billion metric tons of dry bulk cargo in 2025, up 0.9% year-over-year. Iron ore overwhelmingly remained the core cargo, totalling 1.16 billion metric tons and accounting for the vast majority of Capesize employment. Ores and minerals, mainly bauxite, expanded strongly to 170.7 million metric tons, up 25.3%, partially offsetting a sharp decline in coal volumes, which fell to 239.6 million metric tons, down 16.6%. As a result, overall Capesize growth was modest, but the cargo mix shifted further toward iron ore and bauxite.
Very Large Ore Carriers over 220K deadweight continued to operate almost exclusively in the iron ore trade. VLOC volumes reached 347.2 million metric tons in 2025, up 0.3% year-over-year. Iron ore accounted for 333.2 million metric tons, while bauxite and other ores and minerals totalled 14.0 million metric tons. Growth was limited but stable, reflecting the segment’s narrow cargo focus and long-term contractual employment.
Taken as a whole, 2025 confirmed the resilience of global dry bulk trade. Total volumes reached a new record, driven by a strong second half of the year and sustained demand for core industrial commodities. At the same time, the shifting balance between coal, ores, and agricultural cargoes highlighted an increasingly differentiated market, where growth was concentrated in specific trades rather than spread evenly across the sector.
Our Trade Flows solution brings together AIS-derived vessel tracking with key commercial datasets to deliver a detailed view of global dry bulk trade. Users can track individual commodities, follow importer and exporter activity, monitor fleet segment deployment, and drill down from high-level market trends to port- and voyage-level insights. With Trade Flows, you can not only understand how 2025 unfolded, but also stay on top of how dry bulk flows evolve throughout 2026. Book a demo below to explore the full capabilities of Trade Flows.
