Dry Bulk Shipping
Dry Bulk Shipping Recruitment & Executive Search
Specialist retained search across dry bulk chartering, shipbroking, freight trading, vessel operations and commercial leadership.
Dry bulk shipping sits behind some of the largest physical commodity flows in the world. Iron ore, coal, grains, bauxite, alumina, fertilizer and a long list of minor bulks all depend on vessels being positioned, fixed and operated against constantly changing cargo requirements.
The commercial market is shaped by far more than vessel availability. Cargo size, loading window, port restrictions, ballast position, voyage economics, fuel costs, weather, congestion and the wider freight curve can all affect where value sits at any given moment.
That creates a particularly specialist talent market. A charterer who has built their career around Capesize iron ore is not automatically interchangeable with somebody working Panamax grains or Supramax minor bulks. The same applies across shipbroking, freight trading and commercial vessel operations.
Imperium Commodity Search works across the international dry bulk market, supporting shipowners, operators, commodity trading houses, industrial shippers, shipbrokers and other commercial maritime businesses with specialist and senior retained search.
Our searches are built around the market behind the title: vessel class, cargo exposure, trade routes, counterparties, geography and the level of commercial responsibility somebody has actually held.
Understanding the Dry Bulk Shipping Market
Dry bulk is one freight market, but the commercial realities change considerably by cargo, vessel class and trading basin.
Dry bulk vessels transport unpackaged commodities in large quantities, typically moving raw materials from producing or exporting regions into industrial, energy, agricultural and processing markets.
At the largest end of the fleet, Capesize and Newcastlemax vessels are heavily associated with major iron ore and coal movements. Panamax and Kamsarmax vessels have significant exposure to grains, coal and other bulk cargoes. Supramax, Ultramax and Handysize vessels operate across a far wider range of ports and commodities, including fertilizer, steel products, minerals, agricultural cargoes and other minor bulks.
The boundaries are not absolute. Cargo availability, port infrastructure, freight economics and vessel positioning can shift flows between segments.
Major Bulks
Iron ore and coal account for some of the largest dry bulk movements by volume.
These cargoes are closely associated with the larger vessel segments, particularly Capesize and Newcastlemax tonnage, and with major export routes from Australia, Brazil, South Africa and other producing regions.
Freight economics can move quickly when commodity demand, vessel availability or congestion changes on these routes.
Grains & Agricultural Bulks
Wheat, corn, soybeans, barley and other agricultural commodities form a major part of the Panamax and Kamsarmax markets.
Seasonality matters. Export programmes from the Americas, Black Sea, Europe and Australia can materially affect vessel demand and freight rates.
The commercial market therefore sits directly alongside the agricultural trading markets moving the underlying cargo.
Minor Bulks
Minor bulks cover a remarkably broad group of commodities, including fertilizer, cement, steel products, forest products, salt, sugar, minerals and other industrial or agricultural cargoes.
They are particularly important to the Supramax, Ultramax and Handysize markets.
Unlike some major bulk routes, these trades often involve a wider range of ports, cargo sizes and regional trading patterns.
Vessel Classes & Fleet Segmentation
Dry bulk freight is divided across vessel classes with different cargo capacities, port access and trading characteristics.
Capesize and Newcastlemax vessels sit at the largest end, followed by Panamax and Kamsarmax, then Supramax, Ultramax and Handysize tonnage.
The vessel class somebody has worked with can be highly relevant when assessing chartering, broking or commercial experience.
Chartering, Owners & Operators
Shipowners provide the tonnage, while charterers secure vessels against cargo requirements and operators manage commercial employment across voyages and trading programmes.
Commodity houses, industrial shippers and trading companies may charter vessels directly, while independent operators can manage both physical freight exposure and vessel positioning.
Relationships, market information and judgement are central to how these businesses compete.
Freight Markets & Price Risk
Physical freight exposure increasingly sits alongside derivatives and forward freight markets.
FFAs allow market participants to hedge or trade freight-rate exposure across major dry bulk routes and vessel classes.
That creates crossover between physical chartering, shipbroking, freight trading and derivatives, particularly within larger owners, operators, commodity houses and specialist freight businesses.
The Lowest Freight Rate Is Not Always the Best Fixture
That distinction matters throughout dry bulk shipping.
A vessel offering the lowest headline rate may not produce the strongest voyage economics once ballast position, laycan, port restrictions, speed and consumption, congestion or cargo requirements are taken into account. Equally, a slightly more expensive vessel may make considerably more commercial sense if it is better positioned or better suited to the trade.
Charterers therefore think in terms of voyage economics as well as headline freight.
For recruitment, that creates several quite different talent markets. A Capesize charterer moving iron ore, a Panamax broker working grain cargoes and a Supramax operator managing minor bulks may all work within dry bulk while bringing very different counterparties, route knowledge and commercial experience.
The Global Dry Bulk Shipping Market
Fleet capacity, cargo demand and vessel supply can change freight economics quickly across individual dry bulk segments.
Dry bulk freight strengthened considerably through 2024 as coal, grain and fertilizer demand remained firm and longer voyages absorbed vessel capacity. Conditions softened during the first half of 2025 as demand weakened across several major commodities and fleet capacity continued to expand.
Selected Dry Bulk Freight Benchmarks
| Vessel Segment | 2024 Average | Change / Comparison |
|---|---|---|
| Capesize | $22,953/day | $16,389/day in 2023 |
| Panamax | $16,157/day | +10% |
| Kamsarmax | $14,099/day | +9.7% |
| Supramax | $13,601/day | +21% |
The figures show how differently individual vessel markets can perform even within the same freight cycle.
Capesize earnings benefited particularly from iron ore and coal demand, while Panamax and Kamsarmax markets were supported by grain, coal and fertilizer flows. Supramax vessels also saw a strong year, helped by demand across minor bulks, grains, fertilizer and steel products.
Conditions then weakened. UNCTAD reported average dry bulk earnings of approximately $10,750 per day during the first half of 2025, around 30% below the same period a year earlier. For commercial teams, that volatility puts even more value on detailed knowledge of vessel positioning, cargo flows and individual freight markets.
Dry bulk freight is highly cyclical because cargo demand and vessel supply rarely move in perfect balance. A relatively small change in iron ore exports, grain programmes, coal movements or available tonnage can materially affect earnings across individual vessel classes.
That volatility is one reason dry bulk experience can be so market-specific. Someone who understands Capesize exposure, Brazil–China iron ore flows and Atlantic/Pacific positioning may bring a very different commercial background from somebody working Panamax grains or Supramax minor bulks.
1.036bn dwt
Global Bulk Carrier Capacity
Bulk carriers represented approximately 1.036 billion deadweight tonnes of global shipping capacity at 1 January 2025.
42.5%
Share of World Fleet Capacity
Bulk carriers accounted for around 42.5% of global merchant fleet capacity by deadweight tonnage.
+3.0%
Fleet Growth in 2024
Global bulk-carrier capacity increased by approximately 3% between January 2024 and January 2025.
+1.2%
Dry Bulk Ton-Mile Impact
Red Sea rerouting contributed to an estimated 1.2% increase in dry bulk trade measured in ton-miles during 2024.
Major Companies Across the Dry Bulk Shipping Market
The largest dry bulk fleets control millions of tonnes of carrying capacity across Capesize, Panamax and smaller vessel markets.
Dry bulk shipping remains highly fragmented globally, but a relatively small group of major owners and operators control substantial fleet capacity. Their activities span vessel ownership, chartering, freight trading, commercial operations and long-term transportation contracts with miners, commodity houses and industrial customers.
Who Are the Largest Dry Bulk Shipping Operators?
Clarksons fleet data published by K Line ranked the following as the ten largest dry bulk operators by fleet deadweight capacity in June 2025:
| Rank | Operator | Fleet Capacity | Vessels |
|---|---|---|---|
| 1 | China COSCO Shipping | 35.60m dwt | 314 |
| 2 | CMB | 17.61m dwt | 111 |
| 3 | Star Bulk Carriers | 14.33m dwt | 146 |
| 4 | Berge Bulk | 13.95m dwt | 74 |
| 5 | NYK | 13.66m dwt | 147 |
| 6 | Mitsui O.S.K. Lines | 12.65m dwt | 127 |
| 7 | China Merchants | 12.05m dwt | 101 |
| 8 | Pan Ocean | 11.75m dwt | 76 |
| 9 | China Development Bank | 11.43m dwt | 131 |
| 10 | K Line | 11.26m dwt | 93 |
Source: K Line Factbook 2025, based on Clarksons data. Ranking as of June 2025 and includes owned vessels and a portion of chartered vessels. Capacity and fleet size changes regularly – see each companies corporate communications for updated figures.
Major Fleet Owners & Operators
China COSCO Shipping
COSCO SHIPPING Bulk is the dry bulk arm of China COSCO Shipping, operating across the international transportation of major and minor bulk commodities. Its scale places it at the top end of the global dry bulk market, with commercial activity spanning vessel ownership, chartering, operations and large-volume cargo movements across major trading regions.
CMB.TECH
Dry bulk is now CMB.TECH’s largest shipping division following its combination with Golden Ocean. Through Bocimar and the former Golden Ocean fleet, the group has substantial exposure to Capesize, Newcastlemax, Kamsarmax and other dry bulk segments, moving commodities including iron ore, bauxite, coal and grain. The merger created one of the largest modern dry bulk fleets in the listed shipping market.
Star Bulk Carriers
Star Bulk is a specialist dry bulk shipping company with a fleet of around 145 vessels and more than 14 million dwt of capacity. Its vessels range from Supramax and Ultramax through Panamax, Kamsarmax, Capesize and Newcastlemax, carrying major bulks such as iron ore, minerals and grain as well as bauxite, fertilizer and steel products.
Berge Bulk
Berge Bulk is a major independent bulk carrier with more than 100 vessels and approximately 15 million dwt of capacity. Its fleet includes Handysize, Ultramax, Capesize, Newcastlemax and very large ore carriers, serving miners, steel producers, charterers and other industrial customers across international commodity trades.
Major Charterers & Commercial Market Participants
Oldendorff Carriers
Oldendorff is one of the world’s largest dry bulk owners and operators, normally operating around 780 vessels across Capesize, Panamax, Kamsarmax, Ultramax, Supramax and Handysize markets. The company combines owned and chartered tonnage with global freight trading, commercial operations and specialist transshipment activity, carrying hundreds of millions of tonnes of cargo each year.
Cargill Ocean Transportation
Cargill is one of the largest participants in global bulk ocean transportation, operating an average daily fleet of around 600 chartered vessels in 2025. Its shipping business combines dry and wet bulk freight, chartering, freight trading, risk management and third-party transportation, giving it significant exposure to the movement of agricultural, energy and industrial commodities.
Rio Tinto Marine
Rio Tinto is one of the world’s largest charterers of dry bulk tonnage, with its Marine team chartering and operating more than 230 ships and transporting over 300 million tonnes of product annually. The fleet principally connects major mining operations with global customers, moving commodities including iron ore, bauxite and other minerals across long-haul international routes.
BHP Maritime
BHP’s Maritime and Supply Chain Excellence function manages the group’s ocean-freight strategy and the chartering required to move its commodities around the world. BHP describes itself as one of the world’s largest dry bulk charterers, with substantial exposure to iron ore, coal and copper movements and a commercial shipping organisation spanning freight procurement, vessel chartering, supply-chain optimisation and maritime strategy.
Source: Company annual reports, investor materials and official corporate information from China COSCO Shipping, CMB.TECH, Star Bulk Carriers, Berge Bulk, Oldendorff Carriers, Cargill, Rio Tinto and BHP. Company activities, figures and market descriptions reflect the latest publicly available information at time of publication.
Market context: Companies are included as examples of significant participants in the global dry bulk shipping market. Inclusion does not imply commercial relationship with or endorsement of Imperium Commodity Search.
The Vessel Class Changes the Experience
A Capesize charterer working iron ore between Brazil and China can have a very different commercial background from someone fixing Panamax grain cargoes or moving minor bulks on Supramax and Handysize tonnage.
Cargo exposure, vessel class, trading basin, counterparty relationships and whether somebody has worked for an owner, operator, charterer or cargo interest all shape the experience they build.
In dry bulk, the company name tells you where somebody has worked. The vessels and cargoes usually tell you which market they actually know.
The World Is Built From Things That First Had to Cross an Ocean.
Dry Bulk Talent Across Global Shipping Markets
Commercial expertise follows shipowning centres, commodity trading hubs and the routes connecting cargo with tonnage.
Dry bulk is global by definition, but the talent market is not spread evenly.
Some careers develop inside the traditional shipowning and broking centres of Europe. Others are built close to commodity trading desks in Singapore, Geneva or Dubai. Origin-side charterers may spend their careers moving iron ore, coal, grain or other bulk commodities from producing regions into international markets.
The strongest locations also change by vessel class and cargo. A Capesize market built around iron ore has a different geographic centre of gravity from a Handysize business moving fertilizer, steel products or agricultural cargoes.
Shipowning, Broking & Commercial Centres
Athens · Copenhagen · Oslo · Hamburg · London
Europe contains some of the deepest dry bulk shipping networks in the world.
Athens has a particularly large shipowning community, while Copenhagen and Oslo support owners, operators, charterers, brokers and freight-market businesses. Hamburg adds another established maritime centre, and London remains important across shipbroking, chartering, freight derivatives, insurance and maritime services.
Commercial careers in these markets can develop on the owner, operator or intermediary side of the freight market, often with considerable specialisation by vessel class.
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Chartering, Commodity & Freight Hubs
Singapore · Geneva · Dubai · Hong Kong · Shanghai
Dry bulk chartering often sits close to the underlying commodity trade.
Singapore connects Asian cargo demand with international shipowners, operators and commodity houses, while Geneva is home to major physical commodity trading businesses managing freight alongside the cargo itself. Dubai has developed into another important commercial base linking Middle Eastern, African and Asian markets.
Hong Kong and Shanghai add substantial exposure to Chinese commodity demand, shipping activity and regional freight markets.
People working in these centres may move between chartering, freight trading, commodity trading, shipbroking and commercial operations over the course of a career.
Cargo-Side & Origin Markets
Australia · Brazil · South Africa · Indonesia · United States · Canada
Some dry bulk expertise develops much closer to the cargo.
Australia and Brazil support large commercial shipping teams around iron ore and other mineral exports. Indonesia is highly relevant to regional coal movements, while South Africa connects bulk shipping with coal, iron ore and wider mining markets.
The United States and Canada add grain, coal, fertilizer and other bulk flows, creating chartering, freight procurement and logistics roles inside commodity merchants, producers and industrial shippers.
These careers can look quite different from traditional shipowner or brokerage backgrounds because the freight decision begins with the commercial needs of the cargo.
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The Same Dry Bulk CV Can Mean Very Different Things
A charterer who has spent ten years fixing Capesize vessels against Australian and Brazilian iron ore may know dry bulk exceptionally well without ever building much exposure to Panamax grain or Handysize minor bulks.
Move to an owner, operator or commodity house and the commercial perspective changes again. One person may think first about vessel employment and positioning. Another begins with the cargo programme, freight cost and customer margin.
So when we map dry bulk talent internationally, location and title only take us so far. We need to understand the vessels somebody has worked with, the cargoes behind them, the routes they know and which side of the freight market they have actually represented.
Who We Search for Across Dry Bulk Shipping
Dry bulk recruitment is usually defined by vessel class, cargo exposure, counterparties and commercial responsibility.
Job titles can look remarkably similar across the market.
Two Senior Charterers may have spent their careers in completely different environments. One may run Capesize exposure for a major owner, another may procure Panamax freight for a grain merchant, while a third works an Ultramax book inside an asset-light operator.
The same distinction applies across broking, freight trading and operations. We therefore start with the market behind the role before deciding which companies or individuals are genuinely relevant.
Chartering & Freight Trading
Charterers sit at the commercial centre of the dry bulk market.
Owner-side teams are looking to maximise vessel employment and returns, while cargo-side charterers need dependable freight against physical commodity requirements. Operators and freight traders may manage both sides, balancing vessel positions, cargo opportunities and forward exposure across several trading basins.
Some careers specialise deeply in one segment. Others develop across adjacent vessel classes as responsibility grows.
Typical searches include:
Dry Bulk Charterers · Senior Charterers · Freight Traders · Capesize Charterers · Panamax Charterers · Supramax Charterers · Handysize Charterers · Chartering Managers · Heads of Chartering
Shipbroking & Market Intermediation
Dry bulk shipbroking remains a highly relationship-led market.
Brokers build networks across owners, operators, charterers and cargo interests, often specialising by vessel segment or geography. The strongest desks combine market information, counterparty relationships and an ability to understand where ships and cargoes are likely to meet before a fixture becomes obvious to the wider market.
Senior searches may involve individual brokers, established books of business or wider desk leadership.
Broking appointments can include:
Dry Cargo Shipbrokers · Capesize Brokers · Panamax Brokers · Supramax Brokers · Handysize Brokers · Competitive Brokers · Chartering Brokers · Desk Heads · Broking Directors
Commercial Operations & Post-Fixture
The commercial job does not end when a vessel is fixed.
Operators and post-fixture teams manage the practical and financial performance of voyages, working across owners, charterers, agents, ports and cargo counterparties. Voyage instructions, laytime, demurrage, claims, bunker consumption, scheduling and vessel performance can all affect the final economics.
The strongest operators often build substantial market knowledge because they see how fixtures perform once theory meets the realities of the voyage.
Relevant appointments include:
Vessel Operators · Dry Bulk Operators · Commercial Operators · Post-Fixture Operators · Operations Managers · Laytime Analysts · Demurrage Specialists · Claims Managers · Heads of Operations
Research, Freight Risk & Commercial Leadership
Dry bulk businesses also need people who can interpret freight markets, manage risk and lead commercial teams.
Research may combine fleet supply, commodity flows, vessel positioning, congestion, orderbooks and freight curves. FFA and derivatives specialists bring another layer of risk management and trading expertise, while senior appointments can involve responsibility for an entire vessel segment, regional platform or global dry bulk business.
At this level, understanding how physical freight and financial exposure interact can be particularly valuable.
Leadership and specialist searches include:
Freight Analysts · Shipping Analysts · FFA Traders · FFA Brokers · Freight Risk Managers · Commercial Directors · Trading Directors · Regional Heads · Managing Directors · Global Heads of Dry Bulk
Dry Bulk Experience Becomes Specific Very Quickly
Someone can spend a decade in dry bulk and still know one corner of the market far better than the rest.
A Capesize charterer may have deep relationships across miners, large owners and long-haul ore routes. A Supramax broker might instead know fertilizer, steel products and regional commodity merchants across dozens of smaller ports. An operator can understand the economics of both while having never held the same commercial risk.
Those differences are exactly what matter in a search.
We spend more time understanding what somebody has fixed, moved, operated or risk-managed, and for whom, than we do comparing job titles in isolation.
Specialist Search Across the Dry Bulk Shipping Market
Dry bulk search works best when the brief reflects vessel class, cargo exposure and commercial responsibility behind the title.
A senior dry bulk hire might require an established Capesize owner network, Panamax grain exposure, Supramax cargo relationships, experience chartering freight for a commodity house, a transferable broking book or years spent managing vessel employment across a particular trading basin.
Imperium works on a retained basis and deliberately limits the number of clients we represent within any specialist market at one time. That gives us the freedom to map the relevant talent properly, approach people confidentially and search beyond candidates already looking for a move.
Across dry bulk shipping, that can mean working with shipowners, operators, commodity trading houses, miners, agricultural merchants, industrial shippers, shipbrokers, freight trading businesses and other commercial maritime organisations.
For Clients
Looking for a specialist or senior hire across dry bulk chartering, shipbroking, freight trading, commercial operations, freight risk or leadership?
We build the search around the realities of the role: vessel classes, cargo exposure, routes, counterparties, geography and the commercial responsibility the individual needs to carry.
For Professionals
We do not operate as a high-volume vacancy business. If your background sits within dry bulk chartering, shipbroking, freight trading, vessel operations, FFAs, freight analysis, commercial management or senior shipping leadership, we are happy to have a confidential conversation where your experience may be relevant to current or future retained work.
Explore Related Markets
Chartering · Shipbroking · Freight Derivatives & FFAs · Ship Sizes & Vessel Classes · Iron Ore · Coal · Grains · Fertilizer
