The Global Dry Bulk Shipping Market demand can touch 6,800 million tons by 2030, asserts Market Research Future (MRFR) in its report. It is expected to display 5.10% CAGR over the forecast period. MRFR’s report on the dry bulk shipping market comprises various growth drivers and hurdles to be faced by industry leaders during the forecast period (2022-2030). The COVID-19 pandemic and its implications are explored in depth in the market.
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The global dry bulk shipping market is driven by increase of maritime trade. Disruptions caused to the supply chain and hazards faced in road and air transport can bode well for the market. Import and export of commodities and cargoes, rise in industrialization, and liberalization of economies are other factors driving market growth. Investments by government in naval infrastructure and increasing transportation of coal and iron ore can provide opportunities to the market. Developments in supply chain and automation of various processes can shape the market in the coming years.
But stagnant economic conditions of countries can hamper the demand of the dry bulk shipping market.
COVID-19 Impact Analysis
The COVID-19 pandemic has affected seaborne trade and the dry bulk shipping market. The lack of demand for capesize and supramax ships for transport of coal and iron ore and extreme weather conditions had dampened market growth. Port closures also facilitated the negative market growth. However, the resurgence of the Chinese economy and resumption of international trade can spell good fortune for the market.
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Iron Ore Application to Lead in Global Market
Iron ore is expected to be the biggest application of dry bulk shipping owing to its use in steel making. Large exports from Brazil and Australia as well as use of capesize ships for transporting cargoes can bode well for the market.
Capesize Segment to Dominate Global Dry Bulk Shipping Market
The capesize segment is expected to dominate global market growth due to being the largest class of transport ships and huge demand for commodities. High freight rates and long waiting times at ports can restrain segment growth.
China to Dominate Dry Bulk Shipping Market
China is expected to dominate the global market over the forecast period due to huge demand for dry bulk shipping owing to potential for commodities. The COVID-19 pandemic and restrictions placed on road transport has fueled market growth with shipping companies increasing rates for freights. Huge demand for iron ore and rising industrial production can bode well for the regional market.
Masterbulk Pte Ltd (Singapore), Ultrabulk A/S (Denmark), Genco Shipping & Trading Limited (US), Pacific Basin Shipping Limited. (Hong Kong), DryShips Inc (Greece), Diana Shipping Inc. (Greece), Golden Ocean (Bermuda), Scorpio Bulkers, Inc (Monaco), Star Bulk Carriers Corporation (Greece), Western Bulk (Norway), Marine Services Co. Ltd. (Saudi Arabia), Belships ASA (Norway), Marine Services Co. Ltd. (Saudi Arabia), Dampskibsselskabet Norden A/S (Denmark), Oldendorff (Germany), and Marquette Transportation Company LLC. (US) are key players in the global dry bulk shipping market.
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Eagle Bulk Shipping has acquired a new Ultramax vessel, bringing its fleet total to 53 ships.
Table of Content:
1 Executive Summary
1.1 Global Dry Bulk Shipping Market, By Type 12
1.1.1 Global Dry Bulk Shipping Market, By Application 13
2 Market Introduction
2.1 Definition 14
2.2 Market Structure 14
2.3 Key Buying Criteria 15
3 Research Methodology
3.1 Research Process 16
3.2 Primary Research 17
3.3 Secondary Research 18
3.4 Market Size Estimation 18
3.5 Forecast Model 19
3.6 List Of Assumptions 20
3.7 Macro Factor Indicators Analysis 20
4 Market Dynamics
4.1 Introduction 21
4.2 Drivers 22
4.2.1 Growth Of Seaborne Trade 22
4.2.2 Increase In Iron Ore And Coal Transportation 23
4.2.3 Drivers Impact Analysis 23
4.3 Restraints 24
4.3.1 Stagnant Economic Condition 24
4.3.2 Restraints Impact Analysis 24
5 Market Factor Analysis
5.1 Supply Chain Analysis 25
5.1.1 Commodity Supply 25
5.1.2 Owners & Operators 25
5.1.3 End User 25
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