The global Dry Bulk market continued to evolve throughout November 2025, shaped by shifting commodity demand, fleet deployment changes, and the residual impact of the Panama Canal drought. Using AXSMarine AIS-derived data enriched with commercial datasets, several clear trends emerged throughout November that highlight the broader state of the industry. From Panamax cargo mixes to canal transit recovery patterns and grain export leadership, the insights below outline the most significant developments.
Panamax Cargo Trends Highlight Shifts in Global Demand
Panamax bulk carriers between 68K and 85K deadweight have transported more than 960 million metric tons of Dry Bulk commodities since the beginning of 2025. This represents a 4.6 percent year-over-year increase and puts the fleet on track to exceed the one billion metric ton threshold for a second consecutive year.
Steam Coal remains the most commonly shipped commodity aboard Panamaxes in 2025. More than 366 million metric tons have been carried so far, which accounts for over 40 percent of all Panamax shipments worldwide and marks a 2.3 percent year-over-year increase. Soybeans follow as the second most common cargo, with more than 103 million metric tons transported since January, an 11.4 percent market share supported by a 4.3 percent year-over-year boost.
Coking Coal ranks very close behind. More than 101.7 million metric tons have been carried aboard Panamaxes this year, up 13.8 percent year over year and representing an 11.3 percent share of global Panamax cargoes.
Other commodity groups also performed strongly. Fertilizers registered a 39.5 percent year-over-year increase in Panamax-carried volumes, while agricultural cargoes as a whole rose 6.7 percent. On the other hand, Iron Ore carried aboard Panamaxes decreased by 4.5 percent, and non-Soybean Grains such as Corn and Wheat saw the steepest decline at 10.6 percent year over year.
Panama Canal Transits Recover, but Fleet Impacts Vary
Bulk Carrier traffic through the Panama Canal has made notable progress toward recovery following the severe drought restrictions that affected global shipping. Over the past three months, Dry Bulk transits have consistently reached more than 90 percent of pre-drought levels. In October alone, more than 240 Bulk Carriers passed through the waterway, which equals nearly 94 percent of the traffic recorded in October 2022.
The recovery, however, differs significantly between vessel segments. Minibulkers and Handysize vessels up to 37K deadweight have surpassed 100 crossings in October, maintaining steady traffic levels above 86 percent of pre-drought averages. Handymax vessels between 37K and 50K deadweight recorded a particularly strong rebound, with crossings up 53.9 percent since the start of the year compared with the same period in 2022.
Ultramax vessels between 60K and 68K deadweight have also surpassed pre-drought transit frequency. More than 575 Ultramax crossings were recorded in 2025 so far, compared with 535 during the same period in 2022.
In contrast, Supramax vessels and all ships in the Panamax and larger categories have yet to recover. Both groups remain below 50 percent of their pre-drought transit levels. As one of the most affected segments, Dry Bulk has faced more significant constraints than Tankers, LPG Carriers, and Container Ships, reflecting the size and draft sensitivity of bulk carriers passing through the Canal.
The United States Leads Global Seaborne Corn Exports in 2025
Corn exports have experienced notable shifts among major producing nations. According to AXSMarine AIS-derived data, the United States has emerged as the leading seaborne Corn exporter in 2025. US shipments surpassed 61 million metric tons by late November, marking a substantial 45 percent year-over-year increase. This volume already exceeds the previous annual record set in 2021, with more than a month of the year remaining. The US currently holds more than 43 percent of global market share.
Brazil follows in second place with just under 32 million metric tons exported so far in 2025, though this represents a 16.5 percent year-over-year decline. Brazil’s global market share has consequently dropped to 22.6 percent from more than 31 percent in 2023.
Argentina ranks third, with 29.2 million metric tons shipped so far this year, which reflects a 5.7 percent year-over-year increase and a 20.6 percent market share.
Collectively, the United States, Brazil, and Argentina account for more than 86 percent of global seaborne Corn exports. Worldwide volumes, however, remain down by 2.1 percent year over year due to steep declines among smaller exporters. Ukraine’s seaborne Corn shipments fell by 54.6 percent, Romania recorded a 47.1 percent decrease, and several other suppliers combined saw a 28.7 percent drop.
Key Takeaways
The Dry Bulk market in 2025 continues to be shaped by complex and sometimes contrasting trends. These insights highlight the importance of reliable maritime intelligence. AXSMarine AIS-derived data enriched with commercial datasets provides a detailed and accurate perspective on global Dry Bulk trade flows, allowing industry stakeholders to anticipate market shifts and respond with confidence.
Our AXSInsights and Trade Flows modules are designed to help you stay ahead of the curve and provide you with actionable insights from enriched AIS data remains a cornerstone for decision-making across the maritime and commodities sectors. Request a demo today and see the difference in decision-making clarity.
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