Panamax vessels lose out in Q3 as shifting grain trade boosts smaller bulk carriers
Panamax bulk carriers have emerged as the principal losers from changing global grain trade patterns, while smaller Supramax and Handysize vessels have benefited from the redistribution of wheat and corn shipments, according to new…
The analysis reveals that Panamax wheat and corn shipping demand fell by 27.65 billion tonne-miles in the third quarter of 2026 compared with the average for the corresponding quarters of 2023–2025. This represents a reduction equivalent to approximately 1.4% of the segment’s total third-quarter dry bulk demand.
By contrast, Supramax vessels gained 10.15 billion tonne-miles, equivalent to approximately 0.6% of total segment demand, while Handysize vessels recorded an increase of 1.53 billion tonne-miles, or 0.2%.
The contrasting performance reflects a significant reshaping of global grain trade, as reduced Russian and Ukrainian exports, stronger shipments from alternative suppliers and a sharp decline in Brazilian corn exports alter both cargo availability and voyage distances.
Alternative suppliers benefit, but Brazil weighs on Panamax demand IG’s research shows that reduced Russian and Ukrainian wheat and corn shipments eliminated 30.63 billion tonne-miles of shipping demand during the quarter. Alternative suppliers, notably Argentina, the United States and Canada, recorded substantial gains. Argentine exports generated an additional 28.72 billion tonne-miles, followed by the US (+17.03 billion) and Canada (+15.81 billion).
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