The Dry Bulk shipping market in July 2025 offered a mix of record-breaking achievements and ongoing trade route challenges. From unprecedented Bauxite volumes to shifting Suez Canal traffic patterns and a competitive shake-up among the top wheat exporters, July’s data revealed how the industry adapted to evolving trade flows.
Capesize Fleet Sets New Records in Bauxite Trade
Bauxite shipping in Q2 2025 reached historic highs, driven primarily by the Capesize fleet. Vessels between 100,000 and 220,000 MT deadweight transported over 44.5 million MT of Bauxite between April and June — their strongest quarter on record. This represents a 25.8% increase over their previous best, set just one quarter earlier, and accounts for 67.9% of all Bauxite shipped globally during the period. On a year-over-year basis, Capes posted a 39.4% gain.
The second-largest share came from OverPanamax bulk carriers (85,000–100,000 MT), which moved just over 7 million MT, representing 10.8% of the market and a modest 4.2% annual growth. Very Large Ore Carriers (VLOCs) over 220,000 MT carried more than 4.1 million MT, but their volumes declined 3.3% from last year, dropping their market share from 8.3% to 6.3%.
Interestingly, the fastest-growing segment in percentage terms was the Ultramax fleet (60,000–68,000 MT), which, despite accounting for only 5.2% of the market, saw an 84.4% year-on-year surge.
Suez Canal Traffic: Supramax Fleet Takes the Lead
The Suez Canal continues to reflect broader disruptions in global trade, with vessel traffic patterns shifting significantly in 2025. Since January, Supramax bulk carriers (50,000–60,000 MT) have crossed the Canal 504 times, representing about a quarter of all Dry Bulk transits this year. This marks a notable rise from their historical third-place ranking in 2021–2023, when they accounted for just over 16% of crossings.
Compared with pre-crisis levels, Supramax traffic has declined 35%, one of the smallest drops among major fleet types. Larger segments have seen steeper declines: Ultramax crossings are down 63%, Panamax down 62.6%, and Capesize down 64.4% compared to 2023.
Panamax vessels have made 426 Suez passages so far this year, securing second place in frequency but recording the steepest overall retreat from the route. After exceeding 2,100 crossings in 2023, Panamax activity fell 37% in 2024 and has declined by another 50.1% in the first half of 2025. Their share of total Dry Bulk Suez traffic now stands at 21.1%, compared to nearly 30% last year.
Handysize carriers (25,000–40,000 MT) rank third, with 343 crossings and a comparatively modest 13.4% year-over-year decline.
Overall, Dry Bulk traffic through the Suez Canal has barely surpassed 2,000 crossings so far in 2025 — a sharp contrast with the more than 8,300 recorded in 2023, including over 4,000 in the first half of that year.
Global Wheat Exports: Russia Holds a Narrow Lead
The global wheat export market in 2025 has seen shifts in both leadership and volumes. Russia narrowly holds the top position, exporting just under 13.1 million MT in the first half of the year. However, this figure marks a 40.8% decline from 2024 levels. Monthly shipments have dipped below 1.8 million MT since April, and preliminary July data suggests volumes may fall below 1.4 million MT — territory not seen since 2022. Russia’s market share for the year so far stands at 17.5%, down from a five-year average of 22.8%.
Canada follows closely with over 12.7 million MT shipped, a 15.1% year-on-year increase that gives it a 17% share of the global market. Australia ranks third, exporting just under 11 million MT, a 3.7% drop from last year, capturing 14.7% of global trade.
The United States holds a 12.1% share with just over 9 million MT shipped, up 5.2% year-on-year. The standout performer, however, is Argentina, which has revitalized its wheat trade. The country has shipped more than 7.5 million MT so far in 2025 — a staggering 42.8% increase from last year. This marks a dramatic turnaround from 2023, when Argentine wheat exports had fallen to less than 2.1 million MT.
July in Perspective
July’s data showed that the Dry Bulk shipping market continued to evolve in response to changing trade flows and regional dynamics. Capesize vessels cemented their dominance in the Bauxite trade, Supramax carriers rose to the top of Suez Canal activity, and Argentina became the standout growth story in global wheat exports. Whether these trends persist through the remainder of 2025 will depend on market demand, trade policy shifts, and the resilience of key shipping routes.
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