Overview

The Bulk carrier segment is the largest segment of the fleet in terms of deadweight tonnage, standing at just over 1,004,281,000 dwt or 42.7% of the total tonnage of the fleet. This fleet comprises four main segments, however this effectively ranges from Vale Max VLOC of c.400,000dwt down to mini bulkers in the 1,000-3,000dwt range. 

Capesize bulk carrier 100,000 dwt and above
Panamax bulk carrier 65,000–99,999 dwt
Handymax bulk carrier 40,000–64,999 dwt
Handysize bulk carrier 10,000–39,999 dwt

There are over 13,000 bulk carriers in operation, making this the second largest segment number of large vessels behind RoRo and General Cargo collectively.

Out of the 1,665 newbuild vessels delivered in 2023, bulkers accounted for 30.7% of the ship gross tonnage delivered making this the second largest newbuild segment after container ships. The bulker fleet is a comparatively young fleet, with three quarters of vessels under 14 years, with 38% of dwt in the 10-14 year age bracket. It also has not unexpectedly been the biggest sector when it comes to scrappage, making up roughly 40% of tonnage there too.

[Source: UNCTAD calculations, based on data from Clarksons Research Shipping Intelligence Network, Review of Maritime Transport 2024 as of 01 January 2024 https://unctad.org/system/files/official-document/rmt2024_en.pdf]

Wind Propulsion Development & Forecasts

The Bulk carrier segment has been identified as a key segment for retrofitting and newbuild installations of wind propulsion systems, currently based on existing hull designs though there is room for further development and optimisation here. Bulk carriers (either geared or ungeared) have available deck space for installation of deck based systems which can be deployed to correspond with hatch placement.  The bulk carrier segment has thus been experiencing a growth in interest in installations which is slated to grow further as installation experience and costs continue to fall.

Estimates made in the CE Delft led report delivered to EU DG Clima in Nov 2016 estimated that by 2030 there could be up to 8,400 wind installed bulkers with that number rising to 16-17,000 by 2050, or approximately 50% of the fleet. [Note – This forecast was developed prior to the COVID pandemic and subsequent logistical disruption, and thus should be viewed with an element of 1-2 year lag time]

[Source: Study on the analysis of market potentials and market barriers for wind propulsion technologies for ships, CE Delft, November 2016]

Wind Propulsion Installations

As of the end of Q4 2025, there were 19 bulkers installed with 57 wind propulsion system units, along with one additional wind-ready vessels. These 20 vessels comprise a small but quickly growing contingent of ships accounting for 3,505,000 dwt of the fleet.

Overview

The small vessel label covers a broad spectrum of different categories and is often classed as ships that are below 400GT and includes cargo, passenger ferries, fishing vessels and numerous other types of specialist ships. Naturally this segment straddles the three main operational areas: domestic, short sea and international.

The International Maritime Organisation (IMO) counts over 40,000 ships in the 100-1,000GT size band and estimates of the small vessel segment vary, especially as many of these ships are traditional artisanal fishing or local small ferries and cargo boats, however we do have a good estimate for the world fishing fleet from the Food and Agricultural Organization of the United Nations (FAO) in their State of World Fisheries and Aquaculture 2024 report.

The world fishing fleet was estimated at 4.9 million vessels in 2022, two-thirds of which were motorized. Asia (71%), Africa (19%), Latin America and the Caribbean (5%), Northern America (2%), Europe (2%) and Oceania (<1%). Of these, approximately two thirds of these were considered to operate in marine waters and while estimates vary, approximately 80% of the motorized fishing vessels were less than 12m length overall (LOA).

Source: The State of World Fisheries and Aquaculture 2024, FAO

Wind Propulsion Development & Forecasts

The small vessel segment has both traditional ships operating on long established domestic and regional routes, such as dhows operating in the Indian Ocean and in the Arabian peninsular but also some pinisi cargo vessels in Indonesia and numerous small wind powered fishing vessels worldwide. This is supplemented by a cluster of new and restored sail cargo vessels operating in, around and between Europe and the US. If the size of vessels is extended up to 1,000GT, then we have a number of newly built vessels in operation, including in the Pacific. This segment is expected to grow significantly as fuel prices increase, especially as a solution for regions such as the Pacific where there are long distances, low volume traffic and historically high fuel prices.

The first IWSA Small Windships Publication was published in September 2024, and rather than being a definitive report on the sector, this is a collection of articles, interviews, survey results and project profiles. This resource will be updated and added to annually. Read here