November Dry Bulk Trends - Panamax & Panama

04 December 2025 AXSMarine 

Panamax Cargo Trends Highlight Shifts in Global Demand

Panamax bulk carriers between 68K and 85K deadweight have transported more than 960 million metric tons of Dry Bulk commodities since the beginning of 2025. This represents a 4.6 percent year-over-year increase and puts the fleet on track to exceed the one billion metric ton threshold for a second consecutive year.

Steam Coal remains the most commonly shipped commodity aboard Panamaxes in 2025. More than 366 million metric tons have been carried so far, which accounts for over 40 percent of all Panamax shipments worldwide and marks a 2.3 percent year-over-year increase. Soybeans follow as the second most common cargo, with more than 103 million metric tons transported since January, an 11.4 percent market share supported by a 4.3 percent year-over-year boost.

Coking Coal ranks very close behind. More than 101.7 million metric tons have been carried aboard Panamaxes this year, up 13.8 percent year over year and representing an 11.3 percent share of global Panamax cargoes.

Other commodity groups also performed strongly. Fertilizers registered a 39.5 percent year-over-year increase in Panamax-carried volumes, while agricultural cargoes as a whole rose 6.7 percent. On the other hand, Iron Ore carried aboard Panamaxes decreased by 4.5 percent, and non-Soybean Grains such as Corn and Wheat saw the steepest decline at 10.6 percent year over year.

Panama Canal Transits Recover, but Fleet Impacts Vary

Bulk Carrier traffic through the Panama Canal has made notable progress toward recovery following the severe drought restrictions that affected global shipping. Over the past three months, Dry Bulk transits have consistently reached more than 90 percent of pre-drought levels. In October alone, more than 240 Bulk Carriers passed through the waterway, which equals nearly 94 percent of the traffic recorded in October 2022.

The recovery, however, differs significantly between vessel segments. Minibulkers and Handysize vessels up to 37K deadweight have surpassed 100 crossings in October, maintaining steady traffic levels above 86 percent of pre-drought averages. Handymax vessels between 37K and 50K deadweight recorded a particularly strong rebound, with crossings up 53.9 percent since the start of the year compared with the same period in 2022.

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