06 February 2025 AXSMarine
In a stark departure from normal trading patterns a member of Russia’s Crimea-calling fleet is sailing directly for Libya in what experts say is a nuanced decision designed to both offload cargo shipped from an occupied port and further Russia’s foreign policy objectives.
Source: AXSMarine
Global Dry Bulk seaborne trade exceeded 5.6bn MT of cargo transported for the first time in history in 2024, according to our Trade Flows data. Each quarter of last year set its own record, surpassing 2023 levels by about 4.2% on average, with the strongest year-over-year performance achieved in Q4 with a 5.2% gain. Over 154,000 individual laden legs were carried out by Dry Bulkers last year, an increase of just under 2% compared to 2023 voyage counts.
The active Dry Bulk fleet engaged in the international trades was measured at just under 17,500 individual vessels in 2024, increasing by 3.1% year-over-year. As a testament to the boost in its efficiency, over the past decade, transported Dry Bulk volumes per year have increased by 26.3% while the number of voyages for these quantities increased by 9.2%.
Almost all major Dry Bulk commodities registered year-over-year increases in trade volumes in 2024. Iron Ore, the most commonly shipped Dry Bulk cargo worldwide, saw 1.68bn MT shipped by vessels in 2024 for a 3.9% year-over-year increase. The largest exporter of Iron Ore – Australia – boosted its output by 1.1% year-over-year in 2024, with a record 928m MT discharged across the globe.
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