The INTERCARGO “Benchmarking Bulk Carriers” 2024-2025 report has been published and it is available free of charge to INTERCARGO members.
Members may access the report below or download the attached (.pdf) file (login required).
Non-members may order the report from the Secretariat at info@intercargo.org or online here.
Prices are GBP 60.00 for the electronic version and GBP 75.00 for hardcopy.
Foreword / Executive Summary
During 2024 major efforts were underway regarding decarbonisation and alternative fuels. In Western Australia, a major bulk export port
completed its first ammonia transfer between vessels, marking a pivotal step toward adopting zero-carbon fuels. Despite ammonia’s potential, challenges related to cost and safety remain, necessitating further innovation and regulatory frameworks.
2024 saw an alarming rise in cases of crew abandonment, particularly among vessels operating within the “shadow fleet” engaged in sanctioned trades. By mid-November 2024, over 4,000 sailors had been reported abandoned, highlighting the need for stricter enforcement of maritime labour rights and better support systems for affected seafarers.
The launch of the Dry Bulk Centre of Excellence and its DryBMS portal in August 2024 represents a major advancement in operational excellence. This initiative, alongside our inaugural ESG Review, demonstrates our industry’s commitment to sustainable operations and transparent governance. The strong initial uptake by numerous companies reflects the industry’s shared vision for continuous improvement.
The INTERCARGO badge of quality is widely recognized within the industry, and this 16th edition of the benchmarking report once again highlights the invaluable contributions of our members in achieving our ambitious goals.
This report provides a comprehensive evaluation of the bulk carrier industry, presenting key performance indicators, including the following
highlights:
Global Fleet and Market Trends
In 2024, the Baltic Dry Index (BDI) exhibited notable volatility. In July, it stood above 2,100 points, reflecting an increase from previous months. However, by December, the index had declined to 1,000 points. This downward trend continued into early 2025, with the BDI reaching just above 700 points by February, before recovering to 1,400 levels in May 2025.
The Bulker fleet has continued to grow over the last few years as the number of live vessels has increased by 6% from January 2023 to January 2025; this figure is expected to grow in the year ahead, levelling out in 2026. Overall, removals have remained low as earnings have been firm overall for bulkers over the past few years. However, scrapping is likely to pick up in 2026.
Classification societies
In 2024 IACS members “Classed” 95.9% of the bulk carrier fleet with an average DPI of 1.78 significantly outperforming non IACS classed vessels that had an average DPI of 5.66. Class NK maintains top slot with 34% of total market share.
Flag
Flag States play a crucial role in maritime governance by ensuring that ships registered under their flag comply with national and international laws and standards. They are responsible for certifying the safety, security, environmental performance, and labour conditions of vessels, as well as enforcing regulations established by global conventions like those of the International Maritime Organization (IMO).
This oversight helps promote safe and sustainable shipping practices worldwide.
In 2024 the global bulk carrier fleet was registered with 88 Flags, out of which 16 have fleets of 100 bulk carriers or more accounting for just under 86% of the global bulker fleet.
INTERCARGO – Entered Ships’ Performance
INTERCARGO and its members are dedicated to achieving operational excellence in Safety, Security, Health, and Environmental standards. Upholding a stringent and robust entry policy, INTERCARGO consistently surpasses industry benchmarks.
In 2024, detention rates as a percentage experienced a modest rise for both the INTERCARGO-entered fleet and non-entered fleet, while global rates remained unchanged. The accompanying tables and graphs illustrate a gradual increase in detention numbers for the INTERCARGO-entered fleet, mirroring a similar trend in the overall dry bulk fleet. Additionally, Deficiencies Per Inspection (DPI) showed
a slight uptick across all industry segments.
Owners’ benchmarking
As demonstrated in Chapter 5, vessels registered with INTERCARGO consistently exhibit superior performance compared to the broader industry in both Detention Rates (DTR) and Deficiencies per Inspection ratios (DPI). The tables provided offer owners the opportunity, and indeed encourage them, to assess and benchmark the performance of their fleets against their peers within the industry.
Casualty reporting and injury frequency rates
Reference to the INTERCARGO annual casualty report shows that twenty (20) bulk carriers over 10,000 dwt have been identified as total losses over the years 2015 to 2024. The average age of bulk carriers lost was 18.3 years and in total 1.8m dwt have been lost which equates to an average 179k dwt per year. Cargo shift and liquefaction remain the greatest contributors to loss of life and groundings remain the greatest causes of ship losses. 89 crew members lost their lives during the period; in principle, loss of one life is too many, however, on the positive side the trend in lives and vessels lost has been significantly improving year on year over the last 30 years.
Turning to personal safety, members data for the last five years shows a general downwards trend in terms of both lost time and total recordable incident frequency rates although the trend has plateaued since 2023.
Protection & Indemnity
The market share enjoyed by the members of the International Group of P&I Clubs (IG) increased from approximately 73% in 2023 to approximately 81% in 2024. If we measure performance in terms of deficiencies per inspection (DPI), on average members of the IG Clubs continue to outperform the rest of the industry with an average of DPI 1.71 versus 3.32. The recently merged North of England and Standard Clubs has challenged Gard for the top spot with 12.7% and 12.8% of market share respectively. The best performance in DPI terms goes to Gard with a score of 1.46.
Port State Control (PSC)
Port State Control (PSC) remains a crucial mechanism for ensuring maritime safety, security, and environmental protection by inspecting foreign vessels in national ports. Its primary role is to enforce international regulations, including SOLAS, MARPOL, and MLC, by verifying ship documentation, crew qualifications, and vessel conditions. Ships found with serious deficiencies face detention to prevent unsafe operations.
In 2024, vessels calling at Australian ports continue to have the highest deficiencies per inspection (DPI) rate at 3.98, significantly above the global average of 1.67, as reported by AMSA. When it comes to bulk carrier detentions, the Paris MoU has overtaken AMSA with a detention
rate of 5.30%, well above the global average of 1.91%. The Black Sea, Tokyo, and AMSA regions all recorded detention rates higher than this average, signalling continued enforcement challenges in these areas.
The Tokyo MoU conducted the highest number of bulk carrier inspections, reaching 12,800, while Vina Del Mar and Paris followed with 4,185 and 3,922 inspections, respectively. These statistics highlight the ongoing efforts of PSC authorities to uphold international maritime
standards and address substandard shipping practices, particularly in regions where compliance issues remain prevalent.
Members and non-Members of our Association are encouraged to continue participating in INTERCARGO’s Reporting Schemes, including ‘Ship-Terminal Interface Experiences and Problems’ and ‘Safe Loading/Unloading at Anchorage’, as well as ‘Benchmarking crew injury
frequency and lost time’.
Thank you for your continued support in all our endeavours to improve the safe operations of the dry bulk fleet globally.
The INTERCARGO secretariat
May 2025
