The Dry Bulk sector continues to demonstrate its complex and dynamic nature in 2025. Using AXSMarine AIS-derived data enriched with commercial datasets, several key developments stood out across commodities, fleet segments, and regional trade flows in October.
Kamsarmax Fleet Activity Highlights Growing Global Diversification
Between January and September 2025, Kamsarmax dry bulkers (80K–85K DWT) continued to showcase their versatility across a wide range of cargo types and loading ports. The Port of Santos in Brazil emerged as the top loading point, originating more than 430 voyages—mainly exporting soybeans and corn. Despite this, Santos accounted for just 6.9% of global Kamsarmax loadings, underlining the segment’s diversified global footprint.
In second place, Australia’s Port of Newcastle saw over 350 Kamsarmax voyages, representing a 29.1% year-over-year increase, driven by strong coal and grain movements. Vancouver, Canada, followed in third with nearly 250 departures, or 3.9% of the global total.
Interestingly, Kamsar in Guinea, the port that gave this vessel type its name, did not rank among the top 20 loading points, contributing only 1.1% of all voyages. This reinforces that even the top 10 Kamsarmax load ports together account for less than 35% of global voyages, a level of diversification far greater than that seen in the Capesize segment, where the top five ports cover over half of all voyages.
Bauxite Leads Commodity Growth in 2025
Among major dry bulk commodities, Bauxite has shown the strongest year-over-year growth. Between Q1 and Q3 2025, global Bauxite discharges totaled 181 million metric tons, marking a 21.5% increase and setting a new record for the first three quarters of any year on record.
Overall, global dry bulk discharges in Q3 2025 reached 1.47 billion metric tons, an all-time high and a 4.4% increase compared with the same quarter last year. The Steels and Fertilizers segments also sustained positive growth rates of 9.7% and 9.3%, respectively.
Soybean shipments rose 4.1% year-over-year, totaling more than 122 million metric tons so far this year. However, the broader Grains category, led by Wheat, declined by 10.5%. Iron Ore remained stable with a 4.1% quarterly increase in Q3, while Steam Coal and Coking Coal shipments declined by 5.4% and 5.2%, respectively.
Panamax Fleet Dominates Soybean Trade
The Panamax fleet (68K–85K DWT) continued to dominate global Soybean transportation in 2025. During the first three quarters, Panamax vessels carried 95.2 million metric tons, accounting for an impressive 77.9% market share. This represents a 4.6% year-over-year increase and includes a monthly record in May, when Panamaxes discharged almost 15 million metric tons in a single month.
The Ultramax fleet (60K–68K DWT) followed with 15 million metric tons of Soybeans transported globally, up 23.7% year-over-year, expanding its market share to 12.3%. Other segments, including Handysize, Supramax, and OverPanamax, saw notable declines, highlighting the ongoing concentration of soybean trade within the Panamax size class.
Globally, Soybean flows exceeded 122 million metric tons in the first nine months of the year, surpassing previous annual records and reaching monthly discharges above 17 million metric tons twice in 2025—a milestone previously achieved only once, in May 2023.
Ukrainian Iron Ore Exports Show Resilience Amid Conflict
Despite the ongoing challenges posed by the conflict, Ukrainian Iron Ore exports have shown remarkable resilience. In 2025, nearly 12 million metric tons of Iron Ore were shipped, accounting for 37.2% of the country’s total dry bulk exports. This marks Ukraine’s strongest performance since 2022.
By comparison, Iron Ore made up 23.8% of dry bulk exports in 2024 and averaged between 20% and 28% in pre-war years. Current voyages originate almost exclusively from the Port of Pivdennyi (Yuzhnyi), primarily destined for China, with limited shipments to Vietnam.
The trade is now serviced almost entirely by Capesize bulkers (160K–200K DWT), reflecting an upscaling trend compared to 2024, when Panamax and Supramax vessels occasionally participated. However, AIS jamming, spoofing, and blackout zones continue to affect visibility around Ukrainian ports, underscoring the value of high-quality AIS data in maintaining accurate maritime intelligence.
Key October Takeaways
Our AIS-derived data and commercial datasets continue to highlight the adaptability of the global Dry Bulk market. As commodity demand patterns evolve and geopolitical and environmental factors reshape trade flows, 2025 is shaping up to be a year defined by both record-setting volumes and shifting trade dynamics.
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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