GLOBAL BULK CARRIER SHIP MARKET
The ‘Bulk Carrier’ Ships are the lifeline of on-going trade in the world. These ships are put in use for transporting some loose cargo or important products like food grains, petroleum, minerals, or anything one may enlist.
With the introduction of these cargo ships in the 1850s, they have served as an integral part of serving the global economy since then. Over the years, with so many variations in designs and modifications, these ships have created a market for themselves.
Based on the carrying capacitance, the ships are classified into different categories. Other classifications of the ship may include Navigation channels in which they operate. For the utmost quality, standards have been fixed like – Common Structural Rules (CSR) for manufacturing of the bulk cargo ships. These standards are a mark of credibility and reliability as well of the ships.
Since these ships can be dense and abrasive at the same time, safety concerns arise. Thus, opportunities for reforms and developments of ships’ design find a way for themselves to pave in.
In the following report, we will further analyze the importance and scope of this market by providing a global and local insight.
The following enumeration describes the driving features responsible for the sustenance of the Bulk Carrier ship market:
- Expeditious Urbanization and industrialization.
- Globe trade expansions, taking globalization into account.
- Growing investments by developing countries in transportation.
- Advancing research and development for better and efficient designs.
- Safety concerns for the crew, thus, focusing on creating the best safety standards and structure of the ship as well.
With the diversification within types and regions of employability of Bulk carrier ships, it is important to gain insight into market segmentation of the same to have a deeper understanding and features associated with it.
Based on the commodity being transported
An uncountable number of products are transported overseas every day which includes Iron, Bauxite, Coal of different varieties, Petroleum, Food Grain, liquified chemicals and the list goes on.
Every product, to be transported carefully, may require certain specifications on board the ship or environmental conditions to prevent deterioration of material being transported. For example, Cotton, when transported requires a specific range of moisture in the containers in which it is being transported to keep the quality at its best.
Besides, some hazardous materials being transported require more sensitive care and the ships’ structure must be less turbulent and more stable to withstand climatic extremes.
These materials call for specific configurations of the containers and facilities on-board and therefore, demand arises for specific configurations of the containers and materials to facilitate them to be put in use.
Based on Vessel Type
In this division, a bulk carrier ship can be divided based on size and design.
A carrier ship could be a Conventional Bulker, i.e., it is built with hatchways quipped with cranes for loading-unloading of cargo and carrying multiple cargoes at once, or a Combined Bulk Carrier which is more expensive in comparison to the latter and is generally used to transport ores and oil overseas. Other more Bulk carriers’ designs include Gearless, Self-Dischargers, Bulker Lakes, BIBO (Bulk-In, Bags Out), and Open hatch with each having its purpose of utilization.
Furthermore, based on size, a bulk carrier ship could be: Mini Bulk Carrier, Small Bulk Carrier, Handy size carrier, Handymax carrier, Panamax, Post-Panamax, Capesize or Very Large Bulk Carriers. Every category listed here is different from each other based on holding capacity and some are restricted to usage in only a few regions of the world. The demands on reliability, low maintenance costs, and efficiency are growing. Thus, the introduction of designs like two-stroke diesel engines is an opportunistic area to work upon in this market.
This also involves an optimization of ships’ design to lower the rpm for the same and manufacturing large propellors to work with a two-stroke diesel engine to meet this demand. Therefore, innovations involving engines, are sought to see encouraging opportunities in the forecast period.
MARKET SIZE AND FORECAST
The global bulk carrier ship market can primarily be divided into the regions of Europe, Asia-Pacific, North, and Latin America, and MEA.
The European region market might have fruitful opportunities in the forecast period because of the increase in demand for bulk carrier ships owing to an increase in the transportation of goods. Not only this, the establishment of major industries in Europe makes it a favorable destination for the growth of the bulk carrier ships market.
Additionally, the Asia-Pacific region is also projected to have further growth because of the growing economies of developing nations and as a result prospective increase in investments in the ships to facilitate trade. Besides, this region has the abundance of raw materials required for industries to set-up globally. Hence, the trade and transportation in this region are ought to see a boom in the countries comprising of this region.
With this market holding such a prominent place in today’s time, various regulations have been put to observe safety, greater efficiency, and less clash of interests for its smooth functioning.
Some of them include the IMSBC Code, SOLAS Chapter seeing the loss of bulk carriers in the early 1990s with numerous amendments still today, the BLU code and various others with each dealing with issues of safety, loading/unloading, improvisation on the existing models, policies and decisions for certain vessels after they cross a certain age of 15 or so. Thus, it’s important to have a thorough understanding of these codes for better decisions and thus the functioning of this market.
Thus, with a positive perception of the market, there are almost no hurdles in opportunities in this market. A straight-line upward rise is expected from this market in the forecast period, with contribution from every country employing the use of Bulk Carrier ships.
Transportation is a never-ending market. The bulk carrier ships are the lifeline of economies to keep them alive. Besides, the progressing economies are the best places to set up the market.
Countries in Asia-Pacific and MEA are resources-rich and in the move of making Rich countries’ economies stronger, they are creating a fortune for themselves too. With various competitors in the market place, the market is vulnerable to opportunities. Safety concerns are a place for competitors to develop a safe body design of the ships to earn more credibility.
Additionally, owing to the brisk development in the container ships market, an obvious increase in competition is expected. The ship owners are now looking forward to new segments of ships capable of 18000 TEU (Twenty Equivalent Unit). Therefore, new rules are required for developing these ships.
Also, the pieces of machinery associated with the ships call for advanced designs for better stability, more ease, and less wear and tear in the forecast period.
- Star Bulk Carriers Corporation
- Freeseas Inc.
- NYK Line
- Western Bulk
- Berge Bulk
- Globus Maritime Limited
- Genco Shipping and Trading Limited
- Diana Shipping Inc.
- Scorpio Bulkers