Dry Bulk
Dry bulk carries iron ore, coal, grain, bauxite, and minor bulks in the cargo holds of five vessel classes: Capesize (150k+ DWT), Panamax (60-80k), Supramax (50-60k), and Handysize (15-35k). The Baltic Dry Index (BDI) is the headline benchmark. Dry bulk is the most cyclical shipping sector.
Key Concepts
Resources
- Baltic Exchange
Publisher of the BDI and all major freight indices. The pricing authority for dry bulk and tanker freight markets. Daily indices, route assessments, and market data.
DataFreeBaltic Exchange
- Signal Ocean Platform
Data analytics platform tracking vessel movements, cargo flows, and freight market trends. Professional-grade AIS data and analytics. Free tier available.
DataSignal Ocean
- The Shipping Man (Book)
A novel that accurately captures the dry bulk shipping business from the inside — vessel financing, chartering decisions, and market cycles. Required reading for the freight market.
ArticleMatthew McCleery
Learning Path
Dry Bulk Rate Architecture: BDI and Vessel Classes
Dry bulk pricing is route- and vessel-specific, with BDI as a composite signal rather than a standalone trading map.
2 case studies →
Charter Terms, Laycan Risk, and Demurrage
Voyage economics hinge on contractual details such as laycan windows, loading rates, and demurrage assumptions.
2 case studies →
Fleet Balance, Scrapping, and Freight Cycles
Dry bulk cycles are shaped by orderbook dynamics, scrapping pace, and utilization shocks from route disruptions.
2 case studies →
Key Players
Glencore
Baar, Switzerland
The world's largest commodity trader by revenue and one of the largest mining companies. Glencore trades everything from coal and copper to oil and agricultural products. Founded by Marc Rich, now headquartered in Baar, Switzerland.
Revenue model
Margin on physical commodity trades + mining/production equity. Profit from information asymmetry, logistical edge, and balance sheet to hold inventory. Marketing (trading) and industrial (mining) segments.
Largest coal trader globally; controls ~10% of seaborne thermal coal trade
WebsiteMarket Snapshot
STALELSE:GLEN (GBP)
Price
N/A
Daily Change
N/A
Market Cap
N/A
P/E
N/A
As of 2026-03-21T00:00:00Z · Source: Pending first automated market snapshot run
Financial Snapshot
Public filing derivedFY
2024
Revenue
$217bn
EBITDA
$17.0bn
Net Income
$4.3bn
Confidence: medium · Source: Glencore annual reporting (rounded)
Rounded values for educational orientation.
Trafigura
Geneva, Switzerland
The second-largest private commodity trader. Trafigura focuses on oil and petroleum products, metals, and bulk commodities. Known for aggressive trading strategy and significant infrastructure investments in ports and storage.
Revenue model
Physical commodity trading margins + logistics infrastructure. Structured finance (prepay deals with producers) as a competitive weapon. Owns Impala terminals and other port assets.
One of the largest oil traders; pioneered prepay finance deals with African state oil companies
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
200-300bn
EBITDA
8-15bn
Net Income
2-7bn
Confidence: low · Source: Company disclosures and market estimates
Private company ranges, not audited public filings.
Cargill
Minnetonka, Minnesota, USA
The largest privately held company in the US by revenue. Cargill dominates agricultural commodity trading — grain, oilseeds, meat, and sugar — alongside financial risk management and logistics. Its Black River hedge fund arm trades across commodities.
Revenue model
Margin on agricultural trading, processing (crush, milling), and logistics. Risk management services for agricultural producers. Also trades metals and financial instruments.
Largest privately held US company; dominant in global grain trading and processing
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
160-190bn
EBITDA
7-12bn
Net Income
2-6bn
Confidence: medium · Source: Company disclosures and market estimates
Private-company metrics normalized to USD ranges.
Viterra
Rotterdam, Netherlands
A major agricultural commodity trader and processor, particularly dominant in canola/rapeseed and grain. Formed from the merger of Glencore's agricultural business with Viterra. Now being acquired by Bunge.
Revenue model
Origination, processing, and distribution of agricultural commodities across North America, Australia, and Europe.
Dominant canola trader in Canada; major grain handler in Australia
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
40-70bn
EBITDA
1.5-4.0bn
Net Income
0.4-1.5bn
Confidence: low · Source: Company disclosures and market estimates
Private-company metrics normalized to USD ranges.