15 Biggest Dry Bulk Shipping Companies in 2022

Published on December 23, 2022 at 5:36 am by Ramish Cheema in Lists, News

In this piece, we will take a look at the 15 biggest dry bulk shipping companies in 2022. For more companies, head on over to 5 Biggest Dry Bulk Shipping Companies in 2022.

If there is one sector that can truly be said to form the backbone of the modern day world, it is the shipping industry. Each day countless ships traverse the oceans to supply goods from one country to another. The scope of today’s shipping can be gauged from the fact that in 2020 — even as the coronavirus pandemic was in full swing — a staggering 25 million twenty feet equivalents (TEUs) of cargo shipped on the Trans-Pacific routes. The Panama Canal, which is perhaps the most important shipping point on the planet because it serves as the only link between the Atlantic and Pacific Oceans, sees a whopping 14,000 ships pass through it every year. Another important shipping point is the Suez Canal, which accounts for 12% of global trade. In fact, when the Taiwanese firm Evergreen Marine Corporation (Taiwan) Ltd. (LSE:EGMD.L)’s Ever Given blocked the canal for a mere six days in 2021, an estimated $400 million of goods were delayed each hour.

One crucial subsegment of the shipping industry is the dry bulk segment. While goods and products are transported in containers, hence the twenty feet equivalent (TEU) designation, commodities such as coal, iron, and others are transported via special ships called bulk carriers. These are also some of the most complex vessels to operate since cargo such as grain shifts position easily within the ship, which then ends up affecting the vessel’s balance. Additionally, if the air within the vessel is not controlled, then cargo such as coal can catch fire as well. These vessels also form a big chunk of the global maritime shipping industry, with some estimates laying down that up to 20% of all the freight is carried by them.

The growth in global computing power and the continued integration of business processes with computers is also making its mark on dry bulk shipping. For instance, The Signal Group’s Signal Ocean Platform allows dry bulk shipping companies to bring together a myriad of different data points such as port locations, tonnage and cargo lists, real time vessel locations, and costs to feed algorithms and artificial intelligence models and generate action plans. Another dry bulk technology company, S.A. MALLIAROUDAKIS MARITIME (UK) Ltd, provides a wide variety of software for dry bulk operators that allow them to determine the ship’s under keel clearances, squat, dead weight tonnage (DWT) gain or loss, floating position, stability, and crew rest hours among others. These are some of the most important aspects of a dry bulk carrier since they need to be closely monitored during the loading and unloading of a vessel, which, as we mentioned above, is prone to capsizing due to the nature of its cargo.

In terms of overall size, Valuates Reports estimates that the industry was worth $35 billion in 2020 and it will grow at a compounded annual growth rate (CAGR) of 16% to sit at $101 billion in 2027. The research firm believes that growth in global populations and rising economic conditions alongside a growing demand for coal as a power generation source will drive the dry bulk shipping industry’s growth. In terms of the commodities shipped, iron ore is the largest segment of the industry and will remain so as well, as higher industrialization drives the global steel demand.

Some top dry bulk shipping companies on our list are Star Bulk Carriers Corp. (NASDAQ:SBLK), Oldendorff Carriers GmbH & Co., and Golden Ocean Group Limited (NASDAQ:GOGL).

Ralf Gosch/Shutterstock.com

Our Methodology

We took a look at the dry bulk shipping industries to sift out which firms are operating in it. Then, the deadweight tonnage of all the ships in the fleet was calculated. However, not all companies list this figure, but the top players who do not have also been included in the list.

Biggest Dry Bulk Shipping Companies in 2022

15. Dampskibsselskabet Norden A/S (CPH:DNORD.CO)

Latest Deadweight Tonnage (DWT): N/A

Dampskibsselskabet Norden A/S (CPH:DNORD.CO), or D/S Norden, is a Danish company that was set up in 1871. It has hundreds of dry bulk cargo ships in its fleet. The firm also provides tanker services, and it both charters its vessels and operates them for dry bulk transportation. While Dampskibsselskabet Norden A/S (CPH:DNORD.CO)’s DWT is unavailable, as a whole, the firm has shipped 139 million tons of cargo over the past 12 months.

Along with Star Bulk Carriers Corp. (NASDAQ:SBLK), Oldendorff Carriers GmbH & Co., and Golden Ocean Group Limited (NASDAQ:GOGL), Dampskibsselskabet Norden A/S (CPH:DNORD.CO) is one of the world’s largest dry bulk shipper.

14. Bahri

Latest Deadweight Tonnage (DWT): 1.3 million tons

Bahri is Saudi Arabia’s national shipping carrier that was set up in 1978 in the form of a royal decree. The firm has several divisions, which allow it to transport oil, chemicals, and dry bulk. They also allow Bahri to manage ships and desalinate water through floating ships. The company’s shipping capacity stands at 1.3 million tons per annum, and it operates nine vessels in partnership with Arabian Agricultural Services Company (ARASCO) which has a 40% stake in Bahri Dry Bulk.

13. DryShips Inc.

Latest Deadweight Tonnage (DWT): 2.7 million tons as of 2019

DryShips Inc. is a Greek dry bulk carrier that was set up in 2004. The firm, which initially traded on the NASDAQ stock exchange was acquired by SPII Holdings in October 2019. Fortunately for us though, DryShips Inc.’s last SEC filing in September 2019 provides a value of its deadweight tonnage. According to the filing, it stood at 3.7 million tons that year. During the same time period, it had 20 dry bulk cargo ships in its portfolio, and nine of these were the supersized Newcastlemax ships that are able to cross the port of Newcastle in Australia. Additionally, the deadweight tonnage is for its dry bulk fleet only, with the full fleet capacity being 3.7 million tons.

12. Eagle Bulk Shipping Inc. (NASDAQ:EGLE)

Latest Deadweight Tonnage (DWT): 3.2 million tons

Eagle Bulk Shipping Inc. (NASDAQ:EGLE) is an American dry bulk cargo carrier. The firm is headquartered in Stamford, Connecticut and it transports a wide variety of bulk products such as coal, grain, fertilizers, and steel. Most of Eagle Bulk Shipping Inc. (NASDAQ:EGLE)’s ships are of the Ultramax category, which is smaller than the Panamax but larger than Supramax. Cumulatively, Eagle Bulk Shipping Inc. (NASDAQ:EGLE) has 3.2 million tons of DWT.

Insider Monkey took a look at 920 hedge fund portfolios for Q3 2022 and discovered that 16 had bought Eagle Bulk Shipping Inc. (NASDAQ:EGLE)’s shares.

Eagle Bulk Shipping Inc. (NASDAQ:EGLE)’s largest hedge fund investor is Howard Marks’ Oaktree Capital Management which owns 3.7 million shares that are worth $163 million.

11. Safe Bulkers, Inc. (NYSE:SB)

Latest Deadweight Tonnage (DWT): 3.93 million tons

Safe Bulkers, Inc. (NYSE:SB) is a dry bulk carrier that is headquartered in Monaco. The firm has a fleet of 40 vessels, which range from Panamax vessels to Capesize vessels. As a whole, its DWT tonnage is 3.93 million tons, and the company primarily transports coal, grain, and iron ore.

By the end of September 2022, 10 of the 920 hedge funds part of Insider Monkey’s research had invested in Safe Bulkers, Inc. (NYSE:SB).

Safe Bulkers, Inc. (NYSE:SB)’s largest investor in our database is Jim Simons’ Renaissance Technologies which owns 3.8 million shares that are worth $9.5 million.

10. Fednav

Latest Deadweight Tonnage (DWT): 3.98 million tons

Fednav is a Canadian dry bulk shipping company that is headquartered in Montreal, Canada. The firm owns close to 120 dry bulk shipping vessels, which range from those capable of transporting to the remote regions of the world where oceans are full of ice, to some of the newest Ultramax bulkers which were introduced as recently as in 2022. Cumulatively, the company has approximately 3.98 million tons of deadweight tonnage as of December 2022, and most of its vessels are of the smaller Handymax category.

9. Genco Shipping & Trading Limited (NYSE:GNK)

Latest Deadweight Tonnage (DWT): 4.6 million tons

Genco Shipping & Trading Limited (NYSE:GNK) is an American dry bulk cargo carrier, which is the largest U.S. based company on our list. The company is based in New York, New York, United States and it has 44 carriers in its fleet. Out of these, the largest are the Capesize vessels which on average are capable of carrying 170,000 tons of dead weight. Cumulatively, Genco Shipping & Trading Limited (NYSE:GNK)’s deadweight tonnage stands at 4.6 million tons, and the firm works with both private and public entities.

By the end of this year’s third quarter, 16 out of the 920 hedge funds polled by Insider Monkey had invested in Genco Shipping & Trading Limited (NYSE:GNK).

Genco Shipping & Trading Limited (NYSE:GNK)’s largest investor in our database is Mark T. Gallogly’s Centerbridge Partners which owns 2.6 million shares that are worth $33 million.

8. Diana Shipping Inc. (NYSE:DSX)

Latest Deadweight Tonnage (DWT): 4.8 million tons

Diana Shipping Inc. (NYSE:DSX) is a Greek shipping company that is headquartered in Athens. The firm transports dry bulk cargo globally, and its fleet is operated by a wholly owned subsidiary and a joint venture with another company. As of December 2022, Diana Shipping Inc. (NYSE:DSX)’s fleet DWT was 4.8 million tons and it comprised of 41 vessels. Out of these, seven ships were of the latest Ultramax type and hopes to expand this to nine ships soon.

Insider Monkey analyzed 920 hedge fund portfolios for this year’s third quarter to discover that 11 had bought Diana Shipping Inc. (NYSE:DSX)’s shares.

Diana Shipping Inc. (NYSE:DSX)’s largest investor in our database is Jeremy Hoskin’s Hosking Partners which owns 3.4 million shares that are worth $12 million.

7. Pacific Basin Shipping Limited (HKG:2343.HK)

Latest Deadweight Tonnage (DWT): 5 million tons

Pacific Basin Shipping Limited (HKG:2343.HK) is a Hong Kong-based carrier with one of the largest fleets in the dry bulk category. The firm directly owns 115 vessels, and it has chartered for another 151 vessels. As of September 2022, the vessels that it owned had 5 million tons of DWT capacity. The firm has 14 offices in different countries and it also operates its own crews.

6. Navios Maritime Partners L.P. (NYSE:NMM)

Latest Deadweight Tonnage (DWT): 9.6 million tons

Navios Maritime Partners L.P. (NYSE:NMM) is a Monaco-based dry bulk cargo operator. The firm operates dry cargo vessels globally, and after a corporate restructuring from Navios Maritime Holdings, the firm has bought the latter’s vessels. Cumulatively, including dry and other cargo, the firm operates 185 vessels with 13.5 million tons of DWT. These also include container ships, product, and chemical tankers. Out of this, the majority is for dry bulk cargo, with 9.6 million tons.

Insider Monkey’s 920 hedge fund survey revealed that seven had invested in Navios Maritime Partners L.P. (NYSE:NMM) during this year’s third quarter.

Navios Maritime Partners L.P. (NYSE:NMM)’s largest hedge fund investor is Michel Massoud’s Melqart Asset Management which owns 603,069 shares that are worth $14 million.

Star Bulk Carriers Corp. (NASDAQ:SBLK), Oldendorff Carriers GmbH & Co., and Golden Ocean Group Limited (NASDAQ:GOGL) are met by Navios Maritime Partners L.P. (NYSE:NMM) on our list of the biggest dry bulk shipping companies.

Click to continue reading and see 5 Biggest Dry Bulk Shipping Companies in 2022.

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15 Biggest Dry Bulk Shipping Companies in 2022

Published on December 23, 2022 at 5:36 am by Ramish Cheema in Lists, News

Biggest Dry Bulk Shipping Companies in 2022

15. Dampskibsselskabet Norden A/S (CPH:DNORD.CO)

14. Bahri

13. DryShips Inc.

12. Eagle Bulk Shipping Inc. (NASDAQ:EGLE)

11. Safe Bulkers, Inc. (NYSE:SB)

10. Fednav

9. Genco Shipping & Trading Limited (NYSE:GNK)

8. Diana Shipping Inc. (NYSE:DSX)

7. Pacific Basin Shipping Limited (HKG:2343.HK)

6. Navios Maritime Partners L.P. (NYSE:NMM)

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff

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15 Biggest Dry Bulk Shipping Companies in 2022

Published on December 23, 2022 at 5:36 am by Ramish Cheema in Lists, News

Share

Biggest Dry Bulk Shipping Companies in 2022

15. Dampskibsselskabet Norden A/S (CPH:DNORD.CO)

14. Bahri

13. DryShips Inc.

12. Eagle Bulk Shipping Inc. (NASDAQ:EGLE)

11. Safe Bulkers, Inc. (NYSE:SB)

10. Fednav

9. Genco Shipping & Trading Limited (NYSE:GNK)

8. Diana Shipping Inc. (NYSE:DSX)

7. Pacific Basin Shipping Limited (HKG:2343.HK)

6. Navios Maritime Partners L.P. (NYSE:NMM)

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AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff