Global dry bulk seaborne trade reached a historic milestone in 2024, exceeding 5.6 billion metric tons (MT) of cargo transported for the first time, according to AXSMarine. Each quarter of the year set new records, with an average year-over-year increase of 4.2%. The fourth quarter saw the strongest performance, with a 5.2% gain compared to 2023.
Over 154,000 individual laden legs were carried out by dry bulkers, marking a nearly 2% increase from the previous year. The active dry bulk fleet engaged in international trade grew to just under 17,500 vessels, a 3.1% year-over-year increase.
Over the past decade, dry bulk volumes transported annually have risen by 26.3%, while the number of voyages increased by 9.2%, reflecting improved fleet efficiency. Iron ore, the most commonly shipped dry bulk commodity, saw a 3.9% year-over-year increase, with 1.68 billion MT transported in 2024.
Australia, the largest exporter, boosted its output by 1.1%, reaching a record 928 million MT. Brazil’s iron ore exports grew by 8.5% to 384 million MT, while Canada shipped over 60 million MT for the first time. Ukraine recovered some of its seaborne iron ore exports, reaching 14.4 million MT, about 56% of its pre-2022 volumes.
Steam coal shipments surpassed 1 billion MT, though growth was modest at 1.3%. Indonesia and Australia increased their exports by 5.9% and 3.2%, respectively, while Russia’s exports fell by 17.4%.
Coking coal shipments grew by 5.5%, with Australia leading at nearly 160 million MT, a 4.8% increase.
Soybean supply rose by 2.3%, with Brazil shipping over 100 million MT for the first time.
Other grains, including wheat and corn, saw a 2.2% increase, with the U.S. leading at 71 million MT. Bauxite was the best-performing commodity, with a 12.4% increase, reaching nearly 198 million MT.
China remained the largest importer, accounting for 41% of global dry bulk discharges. Iron ore imports to China rose by 4.1% to 1.25 billion MT, while steam coal imports reached a record 370 million MT. Fleet utilization increased across most segments, with Panamax vessels leading at over 1 billion MT transported, a 9.3% increase. Capesize vessels carried over 1.5 billion MT, maintaining their dominance in the iron ore market.