10 Notable Dry Bulk Shipping Companies in 2026
Updated: 6 hours ago
Key Takeaways
Dry bulk shipping remains a major component of global maritime trade. The article’s fleet estimate places the global dry bulk fleet at approximately 14,979 vessels, with around 1.07 billion DWT in carrying capacity. These figures highlight the scale of the industry and its role in transporting essential commodities.
Demand growth is being supported by longer trade routes. Maritime Strategies International (MSI) projected 2.2% growth in seaborne dry bulk trade in 2026. Tonne-mile demand was forecast to grow by 3.5%, while required vessel capacity was projected to increase by 4.9%, reflecting the influence of longer voyages, slower steaming, and port congestion.
Fleet scale varies significantly among operators. K Line reported 163 dry bulk vessels with approximately 20.69 million DWT as of June 30, 2026. China Merchants Energy Shipping reported 96 owned dry bulk vessels and approximately 18.85 million DWT as of September 30, 2026. These figures illustrate the substantial capacity managed by major operators.
Vessel count alone does not determine fleet capacity. Star Bulk Carriers reported 138 vessels with approximately 13.75 million DWT on a fully delivered basis in September 2026. Pacific Basin, meanwhile, reported 258 vessels in service as of September 30, 2026, including owned and chartered vessels. The difference in fleet composition and operating model makes direct comparisons based only on vessel count misleading.
Fleet expansion and operational efficiency remain important. MSI estimated 43.9 million DWT of new vessel deliveries and 3.9 million DWT of scrapping in 2026. The resulting fleet growth, together with changes in trade distances and vessel utilization, influences freight-market conditions.
Table of Contents
The day I understood dry bulk was the day the BDI moved 38% in seven days because a single Vale announcement from Brazil cut short on available Capesize tonnage in the Atlantic basin. I'd been broking Capesize fixtures for two years by then. I thought I understood freight markets.
That week clarified something I've described the same way ever since: dry bulk is the part of shipping where the market is most naked. There's no long-term liner contract smoothing things out. When China's steel mills slow down, you feel it immediately in Capesize rates. When a Brazilian drought cuts soybean exports, Panamax rates in the Atlantic reflect it within days. That directness is what makes the segment interesting commercially, and why the operators who navigate it well over multiple cycles deserve serious attention.
As of 30 October 2026, the Baltic Dry Index stands at 2,714 points, with benchmark Capesize vessels earning approximately $37,420 per day and Panamax vessels earning approximately $16,999 per day. These figures reflect a market that has eased from its September levels, with October's weekly BDI observations averaging approximately 2,790 points.
The Dry Bulk Market in 2026
The global dry-bulk fleet comprises approximately 14,979 vessels, with combined capacity of around 1.07 billion deadweight tonnes (DWT), based on January 2026 fleet estimates. This represents roughly 43% of the world's total merchant fleet capacity by DWT. Dry bulk is one of the largest segments of commercial shipping and remains highly fragmented, with thousands of independent owners and operators.
The 2026 market outlook has evolved during the year. By September 2026, Maritime Strategies International (MSI) forecast seaborne dry-bulk trade growth of approximately 2.2% for the year. Longer average sailing distances lifted projected tonne-mile demand growth to 3.5%, while slower steaming, longer port stays and congestion increased the estimated growth in required vessel capacity to 4.9%. On the supply side, MSI estimated 43.9 million DWT of new deliveries and 3.9 million DWT of scrapping in 2026. These figures indicate that operational inefficiencies have played an important role in supporting market conditions despite substantial new vessel deliveries.
Iron ore remains the largest individual dry-bulk commodity by seaborne volume, accounting for approximately 27% of global dry-bulk tonnage. Global seaborne iron ore shipments were forecast to reach around 1.8 billion tonnes in 2026, with China accounting for approximately 70–75% of global imports. This concentration makes Chinese steel production and iron ore purchasing important influences on Capesize demand. However, freight rates also respond to export volumes from Brazil and Australia, bauxite and coal shipments, voyage distances, fleet availability and port congestion.
When I was broking Capesize fixtures, announcements from major miners such as Vale and Rio Tinto, or signals of a slowdown in steel production in China's Hebei province, could materially influence market sentiment and freight-rate expectations.
How the Companies Are Selected
The companies discussed in this article are selected based on their fleet scale, global operating presence, dry bulk activities, and relevance to the international shipping market.
A published fleet ranking from K Line’s Factbook 2025, based on Clarksons data as of June 2025, provides a comparative reference for major dry bulk operators. The ranking includes owned vessels and a portion of chartered vessels.
The ranking below is therefore a historical fleet-capacity reference. It should not be interpreted as a verified October 31, 2026 league table. Fleet capacity and vessel counts change through acquisitions, disposals, deliveries, and chartering activity.
Major Dry Bulk Operators by Fleet DWT
Operator | Fleet DWT | Vessels |
China COSCO Shipping | 29.640 million | 218 |
NYK Line | 34.213 million | 325 |
CMB.TECH / Bocimar | 16.500 million | 108 |
Star Bulk Carriers | 13.750 million | 138 |
Berge Bulk | 15.000 million | 100+ |
Mitsui O.S.K. Lines (MOL) | 12.588 million | 102 |
China Merchants | 18.854 million | 96 |
Oldendorff Carriers | 65.000 million | 780 |
K-Line | 20.694 million | 163 |
Pacific Basin Shipping | 05.000 million | 258 |
Sources: Company fleet disclosures and reports from NYK, K Line, CMB.TECH, China Merchants Energy Shipping, Star Bulk, Berge Bulk, Pacific Basin, MOL Drybulk, and Oldendorff; COSCO SHIPPING BULK entity fleet profile. K Line, NYK FY2025 results, CMB.TECH annual report, Berge Bulk fleet, Pacific Basin fleet, MOL Drybulk.
1. China COSCO Shipping
China COSCO Shipping is one of the largest integrated shipping groups globally. Its business spans container transportation, dry bulk shipping, tankers, logistics, terminals, and other maritime services.
Its dry bulk activities are particularly significant in the transportation of iron ore, coal, grain, and other bulk commodities. The group's scale and extensive maritime network connect major commodity-exporting regions with industrial markets in Asia and elsewhere.
COSCO's dry bulk business includes vessel ownership, commercial operations, and transportation services. Its fleet serves a range of vessel categories, including Capesize, Panamax, and smaller bulk carriers.
The group's position in dry bulk reflects both its vessel capacity and its broader role in global shipping and logistics.
Key profile
Country: China
Business: Integrated shipping and logistics
Dry bulk cargoes: Iron ore, coal, grain, and other commodities
Operating model: Fleet ownership and commercial operations
Reference fleet: COSCO SHIPPING BULK entity profile listed 218 vessels and approximately 29.64 million DWT as of October 31, 2026. This entity-level figure should not be interpreted as the entire China COSCO Shipping group's dry bulk fleet. Source
2. CMB.TECH
CMB.TECH is a diversified maritime group with businesses spanning dry bulk shipping, oil tankers, chemical tankers, container shipping, and offshore energy vessels.
Its dry bulk activities are conducted primarily through Bocimar. The company's corporate structure expanded significantly following the combination with Golden Ocean, completed in August 2025.
CMB.TECH's 2025 annual report describes Bocimar's fleet on the water in January 2026 as comprising 105 dry bulk vessels, including Newcastlemax, Capesize, Kamsarmax, and Panamax ships. The group also reported additional newbuildings on order. Source
The integration of Golden Ocean expanded the group's dry bulk exposure, while its broader portfolio means that CMB.TECH should not be classified as a pure-play dry bulk company.
Key profile
Country: Belgium
Dry bulk division: Bocimar
Business: Diversified maritime transportation
Vessel categories: Newcastlemax, Capesize, Kamsarmax, and Panamax
Corporate development: Golden Ocean combination completed in 2025
3. Star Bulk Carriers
Star Bulk Carriers is a publicly listed dry bulk shipowner headquartered in Athens, Greece. It transports major and minor bulk commodities through a fleet spanning several vessel categories.
The company's fleet includes Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Panamax, Ultramax, and Supramax vessels. This vessel-size diversity enables it to participate in both large-volume commodity trades and smaller bulk cargo movements.
Star Bulk's corporate disclosures provide fleet information, vessel specifications, financial results, and updates on fleet acquisitions and disposals.
Its fleet scale makes it a significant participant in the international dry bulk shipping sector.
Key profile
Country: Greece
Headquarters: Athens
Business: Dry bulk vessel ownership and operation
Listing: NASDAQ: SBLK
Reference fleet: 138 vessels with aggregate carrying capacity of approximately 13.75 million DWT on a fully delivered basis as of September 4, 2026. The fleet includes Newcastlemax, Capesize, Post-Panamax, Kamsarmax, Ultramax, and Supramax vessels. Source
4. Berge Bulk
Berge Bulk is a privately held international dry bulk shipowner and operator. The company operates large bulk carriers used primarily in the transportation of iron ore, coal, and other commodities.
Its fleet includes VLOCs, Newcastlemax, Capesize, and Ultramax vessels. Berge Bulk also maintains a fleet investment programme focused on vessel efficiency and operational performance.
The company's published fleet information, circa December 2025, reported more than 100 ships and over 15 million DWT. Its fleet includes large ore carriers designed for long-haul iron ore transportation. Source
Berge Bulk's operating profile is strongly associated with large bulk carriers and major commodity trades.
Key profile
Business: Private dry bulk shipowner and operator
Headquarters: Singapore
Fleet: More than 100 ships
Capacity: More than 15 million DWT, circa December 2025
Vessel categories: VLOC, Newcastlemax, Capesize, Ultramax, and Handysize
5. NYK Line
NYK Line, or Nippon Yusen Kabushiki Kaisha, is a Japanese shipping group with operations across dry bulk, container shipping, energy transportation, automotive shipping, and logistics.
Its dry bulk business serves industrial and commodity customers through a range of vessel categories. NYK's fleet includes large bulk carriers used for iron ore and coal transportation as well as vessels carrying smaller bulk cargoes.
The company publishes an investor fact book that includes dry bulk fleet rankings and industry data derived from Clarksons.
NYK's dry bulk activities form part of its broader maritime transportation portfolio, which includes long-term relationships with industrial and commodity customers.
Key profile
Country: Japan
Business: Integrated shipping and logistics
Dry bulk cargoes: Iron ore, coal, and other bulk commodities
Reference fleet: NYK reported 101 Capesize, 87 Panamax, and 139 Handysize vessels in its March 2026 fleet reporting. These categories total 327 vessels and approximately 34.79 million DWT, including owned, shared, and chartered tonnage. The broader dry bulk reporting subtotal also includes wood chip carriers, multipurpose vessels, and coastal cement carriers. Source
6. Mitsui O.S.K. Lines (MOL)
Mitsui O.S.K. Lines is a major Japanese shipping group with businesses in dry bulk transportation, tankers, LNG shipping, automotive transportation, and other maritime services.
Its dry bulk division transports commodities such as iron ore, coal, and grain. The company operates vessels across different bulk carrier categories, including large carriers serving long-distance commodity trades.
MOL Drybulk Ltd. brings together resources from the group's dry bulk business. The division describes its fleet as approximately 200 ships and vessels of varying sizes and types, including bulk carriers, wood chip carriers, and multipurpose vessels. Source
Its dry bulk fleet is one component of a diversified maritime business.
Key profile
Country: Japan
Business: Integrated maritime transportation
Dry bulk cargoes: Iron ore, coal, grain, and other commodities
Reference fleet: Approximately 200 vessels across dry bulk, wood chip, and multipurpose vessel activities, as described by MOL Drybulk. This is an approximate division-level fleet figure rather than a pure dry bulk DWT count.
7. China Merchants
China Merchants is a major Chinese maritime and logistics group with shipping activities across several vessel segments.
Its dry bulk operations participate in the transportation of commodities used in industrial production, energy generation, and agricultural supply chains. China Merchants' maritime businesses also include tanker transportation and other shipping activities.
China Merchants Energy Shipping, a listed subsidiary, publishes fleet data that includes dry bulk carriers alongside other vessel types. Its third-quarter 2026 reporting provides a more recent reference for its dry bulk fleet.
Key profile
Country: China
Business: Maritime transportation and logistics
Dry bulk cargoes: Iron ore, coal, grain, and other commodities
Reference fleet: China Merchants Energy Shipping reported 96 owned dry bulk vessels with approximately 18.85 million DWT as of September 30, 2026. It also reported 17 dry bulk newbuildings on order totaling approximately 4.38 million DWT. Source
8. Oldendorff Carriers
Oldendorff Carriers is a privately held dry bulk operator with a global commercial network. Its business includes vessel ownership, chartering, cargo transportation, and transshipment services.
The company operates a diversified fleet across Capesize, Panamax, Post-Panamax, Ultramax, Supramax, Handysize, and transshipment vessel categories. Its operating fleet includes substantial chartered tonnage, which enables it to serve cargo demand across multiple trades.
Oldendorff's published fleet composition snapshot from April 1, 2025, listed 697 ships, including newbuildings, and a total of approximately 65 million DWT. Its fleet development information states that it normally operates approximately 780 vessels at any one time in 2026. Source
Key profile
Business: Private dry bulk commercial operator
Operating model: Owned and chartered vessels
Fleet categories: Capesize, Panamax/Post-Panamax, Ultramax/Supramax, Handysize, and transshipment vessels
Reference fleet: Approximately 780 vessels operated at any one time in 2026. This is an operated-fleet figure and should not be interpreted as 780 owned ships.
9. Pacific Basin Shipping
Pacific Basin Shipping is an international dry bulk owner and operator with a focus on Handysize and Supramax/Ultramax vessels. These segments allow the company to serve a broad range of minor bulk trades and ports with varying infrastructure and draft limitations.
The company's fleet includes owned vessels, long-term chartered ships, and short-term chartered vessels. Its fleet disclosures distinguish between the core fleet and total vessels in service.
Pacific Basin's commercial model combines vessel ownership with chartering flexibility, supporting a wide range of cargoes and geographic markets.
Key profile
Business: Dry bulk shipowner and operator
Fleet focus: Handysize and Supramax/Ultramax
Operating model: Owned, long-term chartered, and short-term chartered vessels
Reference fleet: Pacific Basin reported 258 vessels in service as of September 30, 2026. This includes owned and chartered vessels; the company also reported newbuildings on order. Source
10. K Line
K Line, or Kawasaki Kisen Kaisha, is a Japanese shipping group operating across dry bulk, tankers, LNG, car carriers, container shipping, and other maritime businesses.
Its dry bulk activities include the transportation of iron ore, coal, and other commodities. The company's fleet covers multiple vessel categories and serves industrial customers and global commodity supply chains.
K Line's fleet disclosure dated June 30, 2026, reports 163 dry bulk vessels with a combined capacity of approximately 20.69 million DWT. This is the latest official fleet figure identified by the October 31, 2026 cutoff. The reported DWT includes K Line's ownership share in co-owned vessels. Source: K Line official fleet disclosure
Key profile
Country: Japan
Business: Integrated shipping and logistics
Dry bulk cargoes: Iron ore, coal, and other bulk commodities
Reference fleet: 163 dry bulk vessels and 20.69 million DWT, as of June 30, 2026
What Differentiates Dry Bulk Shipping Operators?
1. Fleet Ownership and Chartering Structure
Dry bulk companies use different commercial models.
Owner-operators own vessels and generate revenue through chartering arrangements. Commercial operators may charter vessels from third-party owners and arrange transportation for cargo customers. Integrated groups may combine vessel ownership, cargo relationships, and logistics services.
Fleet count alone does not fully describe the scale of a commercial operator. A company operating a large chartered fleet may have a much higher vessel count than a company that owns a smaller number of ships.
2. Vessel Size and Cargo Mix
Capesize and Newcastlemax vessels primarily serve large-volume trades such as iron ore and coal. Panamax and Kamsarmax ships are used for major bulk trades, including grain and coal. Supramax, Ultramax, and Handysize vessels serve a broader range of cargoes and ports.
The vessel mix affects the routes, cargoes, and commercial activities in which an operator participates.
3. Fleet Age and Energy Efficiency
Fleet age, fuel consumption, and environmental performance are important operational considerations.
The International Maritime Organization's energy-efficiency and carbon-intensity measures affect vessel operations and fleet planning. Companies may invest in newbuildings, retrofit existing ships, or dispose of older vessels as part of fleet renewal.
Fleet age should be assessed alongside vessel design, fuel consumption, maintenance, and regulatory compliance rather than treated as a standalone indicator.
4. Global Trade Relationships
Dry bulk operators work with commodity producers, trading companies, industrial customers, port authorities, and ship charterers.
Long-term transportation contracts and cargo relationships may influence how companies deploy their fleets. Commercial networks and port access also affect operational flexibility.
Conclusion
Dry bulk shipping is a diverse global industry, with companies participating through vessel ownership, commercial chartering, integrated transportation, and logistics services.
China COSCO Shipping, CMB.TECH, Star Bulk Carriers, Berge Bulk, NYK Line, MOL, China Merchants, Pan Ocean, China Development Bank, and K Line represent a range of fleet structures and business models. Their activities demonstrate how dry bulk transportation connects commodity producers, industrial markets, and international trade routes.
Fleet capacity provides a useful point of comparison, but rankings should always specify the metric, fleet inclusion criteria, and reporting date. Company fleet figures change through vessel deliveries, acquisitions, disposals, and chartering activity.
FAQs about Dry Bulk Shipping Companies
What is dry bulk shipping?
Dry bulk shipping is the maritime transportation of unpackaged solid commodities in the cargo holds of specialised bulk carriers. Major cargoes include iron ore, coal, grain, bauxite, fertilisers, and other raw materials.
What are the largest dry bulk shipping companies?
Major dry bulk operators include China COSCO Shipping, CMB.TECH, Star Bulk Carriers, Berge Bulk, NYK Line, Mitsui O.S.K. Lines, China Merchants, Pan Ocean, China Development Bank, and K Line. Rankings depend on the fleet metric, inclusion criteria, and reporting date.
What does DWT mean in shipping?
Deadweight tonnage (DWT) is the total weight a vessel can safely carry, including cargo, fuel, fresh water, stores, and other consumables. It is a measure of carrying capacity, not the vessel's own weight.
What is the difference between a shipowner and a commercial operator?
A shipowner owns a vessel. A commercial operator may own vessels, charter vessels from third parties, or combine both arrangements to provide transportation services. Commercial operators can manage large fleets without owning every vessel they operate.
What is the Baltic Dry Index?
The Baltic Dry Index is a benchmark published by the Baltic Exchange that tracks freight-market conditions across selected dry bulk shipping routes and vessel categories. It is widely used as a reference for dry bulk freight rates.
Is fleet size enough to compare dry bulk shipping companies?
No. Fleet size should be considered alongside DWT, ownership structure, vessel categories, charter exposure, fleet age, geographic reach, and the definition of vessels included in the data.
Are all major dry bulk shipping companies publicly listed?
No. Some major operators, including Berge Bulk and Oldendorff Carriers, are privately held. Other dry bulk businesses operate within diversified publicly listed shipping groups.
Sources
K Line Factbook 2025 – Dry Bulk Fleet Ranking: https://www.kline.co.jp/en/ir/library/fact/main/014/teaserItems1/00/file/FACTBOOK_2024_E.pdf
K Line – Official Fleet: https://www.kline.co.jp/en/corporate/profile/fleet.html
NYK – Financial Results: https://www.nyk.com/english/ir/library/result/2025/
CMB.TECH Annual Report 2025: https://cmb.tech/public/Annual-Report-2025-EN_interactief.pdf
Star Bulk – SEC Filing: https://www.sec.gov/Archives/edgar/data/1386716/000095015726000860/sblk-20260630.htm
Star Bulk – September 2026 SEC Filing: https://www.sec.gov/Archives/edgar/data/1386716/000114036126039279/ny20083494x2_424b5.htm
Berge Bulk – Fleet: https://www.bergebulk.com/our-fleet/
MOL Drybulk – Official Website: https://www.moldrybulk.co.jp/en/
China Merchants Energy Shipping – Periodic Reports: https://www.cmenergyshipping.com/page.php?command=setlang&lang=en&p=perireport
Pan Ocean – 2025 Annual Report (SEC): https://www.sec.gov/Archives/edgar/data/1606909/000160690926000010/panl-20251231.htm
Pacific Basin – Fleet: https://www.pacificbasin.com/en/fleet/fleet.php
COSCO SHIPPING BULK – MagicPort Fleet Profile: https://service.magicport.ai/owners-managers/china/cosco-shipping-bulk-co-ltd
Baltic Exchange Weekly Report – October 30, 2026: https://www.thedcn.com.au/news/baltic-exchange-weekly-report-30-october-2026?hs_amp=true
Aquabridge Shipping Daily Report – October 30, 2026: https://www.aquabridgetrading.com/reports/shipping/
MSI Q3 2026 Forecast – Ship Management International: https://www.shipmanagementinternational.com/news/p9k6pbgd2839skn-lmjs8-k8dew-dnp9c-bkzn8-jnyjx-kx57m-sm8rz-4h3np-sbw5e-96ph6-f6aec-8952z-yaypg-tmdes-d2wb4-gdy7m-zb8fw-petjd-rmmjk-8pd6z-na8z8
Global Bulk Carrier Fleet Overview: https://www.worldports.org/bulk-carriers-the-radiography-of-the-global-fleet/
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Ravi Shankar
Co-Founder & CCO, Shipfinex
Ravi Shankar FICS is Co-Founder and Chief Commercial Officer of Shipfinex, and General Secretary of the ICS Middle East Branch. A Fellow of the Institute of Chartered Shipbrokers with extensive experience in ship sale and purchase, chartering, and maritime consultancy, he has previously held senior roles at Maersk Broker and Eastgate Shipping DMCC. His day-to-day commercial work spans dry bulk and tanker market analysis, SnP transactions, and shipbroking advisory.
