December 2025: Dry Bulk Data Trends

15 January 2026 AXSMarine

Japan Emerges as the Leading Seaborne Corn Importer

Japan ranked as the world’s top destination for seaborne Corn shipments throughout the first 11 months 2025. Between January and November, Japanese ports discharged more than 15.5 million metric tons of Corn, reflecting a 3.5 percent year-over-year increase. This marked the eighth consecutive year in which Japan’s imports exceeded 15 million metric tons, underscoring the stability of its demand profile. With several weeks remaining in the year at the time of measurement, volumes were also on track to potentially exceed 16 million metric tons for the first time since 2019.

Egypt followed in second place, importing just over 10.5 million metric tons so far in 2025. This represented a sharp 40.8 percent year-over-year increase and lifted Egypt’s share of global seaborne Corn demand to 6.9 percent, up from 3.8 percent two years earlier.

Source: AXSMarine

South Korea and Vietnam ranked third and fourth, importing approximately 9.7 million and 9.4 million metric tons, respectively. Both markets, however, recorded year-over-year declines, with South Korea down 9 percent and Vietnam down 3.6 percent.

Despite strong performances by the leading importers, the Corn market remained highly diversified. Smaller importing countries collectively accounted for more than 42 percent of global seaborne Corn discharges in 2025.

China represented a notable exception to historical trends. After ranking among the top two Corn importers for five consecutive years, China accounted for less than 2 percent of global seaborne demand in 2025. The 2.8 million metric tons discharged since January reflected the impact of a large domestic harvest and elevated stockpiles and amounted to less than 10 percent of the record volumes seen in 2021.

Seaborne Steel Trade Reaches New Record Levels

Steel and Steel product flows continued to expand through December, pushing global seaborne volumes to new annual highs. With two weeks remaining in the year, bulk carrier discharges of Steel products including Billets, Coils, and Slabs exceeded 226 million metric tons. This already surpassed total 2024 volumes by 3.2 percent.

Source: AXSMarine

Based on cargoes already on the water and typical discharge patterns, total 2025 shipments were projected to approach 240 million metric tons. This would correspond to a 9.1 percent year-over-year increase and confirm 2025 as a record year for seaborne Steel trade.

Demand growth was not limited to traditional importing countries. While Turkiye, Indonesia, and Thailand remained major destinations, imports also increased across a broad group of smaller markets such as the UAE, Taiwan, Saudi Arabia, the UK, the Philippines, and Pakistan. This reinforced the highly diversified nature of the Steel trade, with even the largest importer, the United States, accounting for less than 8 percent of global market share.

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