IG co-CEO Manu Ravano chaired the dry bulk session at Capital Link’s conference during London International Shipping Week.This year’s LISW comes at a time of exceptional change — and opportunity — for global trade. To keep the world supplied with grains, ores, steel, fertilizers, and coal, dry bulk owners and charterers are positioning themselves to benefit from regulatory clarity, safe passage, and frictionless trade.
While headlines focus on conflicts, tariffs, and debt concerns, the dry bulk market has consistently demonstrated its resilience and capacity to thrive. Even amid geopolitical tension, evolving climate policy, and rapid technological change, demand for essential commodities remains firm, underpinned by infrastructure spending, the energy transition, and the strength of emerging economies.
Manu Ravano told the delegates that “2026 is shaping up as a landmark year: around 700 new bulk carriers are expected to be delivered — likely the strongest influx since the 2010–2013 boom.”
The fleet currently totals just over 14,000 ships, yet ordering this year has been muted (only 184 newbuilds, down 71% YoY), while demolitions are up 26% with 54 vessels already recycled. Limited contracting, healthy scrapping, and a record number of drydockings for 15- and 20-year-old ships — temporarily tightening supply — provide a solid base for the cycle.
He noted that the major bulks (iron ore, coal, and grains) are set to offer solid support in 2026, while minor bulks such as bauxite and metals continue their strong growth path. Structural drivers — infrastructure investment, energy transition cargoes, South American grain exports, China’s stabilizing demand, and diversifying trade patterns — all point to a positive trajectory for dry bulk. Together, they create a market environment where operators have a real opportunity to capture healthy earnings through the second half of the decade.