Dry bulk shipping

2026 is set to deliver a cleaner, calmer market than the turbulent 2025, supported by firmer trade fundamentals and fading geopolitical uncertainty. The second half of 2025 has already shown an apparent stabilisation, and the recent easing of the USTR policy, along with the US–China tariff truce announced in early November, has further reduced the likelihood of sudden, broad-based tariff shocks.

 

Drewry’s AIS data indicate a structural shift in Capesize cargo flows, driven by the rise in bauxite shipments and the gradual retreat in global coal trade on large vessels. These changing patterns are boosting the utilisation of the Capesize segment.

 

The IMO’s efforts to develop mid-term measures through the ‘Net-zero Framework’ did not proceed as anticipated. A majority vote in favour of a “one-year delay” for deciding whether or not to adopt the framework is being viewed by many as something that can undermine the framework altogether.

 

The emergence of the Guinea–China long-haul iron ore trade will structurally support global Capesize demand, supporting freight rates across all major routes and creating one of the strongest tonne-mile expansions in recent dry bulk history. It will also help China to reduce its reliance on Australia to some extent.

 

Actionable market insight and advisory support at your fingertips

Our dry bulk shipping practice is highly respected in the industry and is regularly followed and referenced in both industry and mainstream media. The team is responsible for maintaining extensive information resources and conducting weekly, monthly and annual analysis on the sector and assessing the impact of macroeconomic as well as regulatory and environmental change on the sector.

In addition to detailed market analysis and rigorous forecasting, we offer market leading analysis of the dry bulk market, covering all the principle vessel categories, as well as appraisals of shipping finances, including pricing, operating costs, vessel values and investment returns. We challenge conventional wisdom through our deep understanding of the trade dynamics driving demand for different vessel types in all corners of the world.

Our consultants typically provide charterers in industrial, utilities and mining sectors with seafreight procurement advice, shipowners with market entry strategies and commercial and operational due diligence for investors and lenders. Meanwhile, our team of financial research specialists provides actionable insight on the leading tanker shipowners.

An elite and diverse group of industry stakeholders from shipowners, to charterers, port authorities, investors and financial intermediaries rely on our range of weekly, monthly and annual market research, sector expertise and commercial experience to help inform decisions, reduce costs and drive performance improvement.