The global dry bulk shipping market is experiencing significant capacity tightening as bulk carriers spend nearly 20% longer at sea compared to 2020 while operating at reduced speeds. According to research from Ursa Shipbrokers using AXSMarine tracking data for vessels above 20,000 dwt, the average laden voyage reached 22.42 days in June 2026, a 19.1% increase from January 2020. This shift is primarily driven by geopolitical conflict, Red Sea disruptions, Panama Canal drought restrictions, and altered commodity sourcing patterns that have forced ships onto longer alternative routes.
Concurrently, average laden speeds dropped to 10.67 knots in June (down 9.4% from peak 2021 levels), quietly reducing the effective working capacity of the expanding global fleet. This supply squeeze has triggered a sharp surge in dry bulk freight rates across the sector, with Capesize vessel earnings rallying past $55,000 per day to mark one of the strongest market spells in recent years.