Dry Cargo Outlook Q3 2026

The dry bulk fleet is expected to expand by 2 per cent in 2026, surpassing 1,000 Mn DWT, with deliveries peaking at 44.7 Mn DWT, while the orderbook is at 135.5 Mn DWT, representing 13.4 per cent of the fleet. Despite a mixed demand landscape, overall dry bulk demand rose by 4 per cent q-o-q and 2 per cent y-o-y in Q2 2026, driven by robust iron ore and bauxite flows to China, against a backdrop of geopolitical tensions in the Middle East and the Black Sea affecting trade flows and creating potential supply challenges amid an aging fleet where 41 per cent of vessels are over 15 years old.