Maritime Disruptions Continue to Impact Dry Bulk Shipping in 2026

The Black Sea and surrounding waterways have become increasingly volatile due to recent developments in maritime trade. The Strait of Hormuz, Suez Canal, and Red Sea are all experiencing disruptions that are affecting dry bulk shipping.

In the Suez Canal, traffic has recovered slightly from its depressed levels last year, but it remains well below pre-crisis levels. However, a recent escalation in Yemen's Houthi conflict has led to a maritime embargo against Saudi Arabia and warnings for ships to avoid using Saudi ports. This is particularly concerning for dry bulk vessels carrying phosphate and fertiliser cargoes.

The Bosphorus has continued to operate, but the increase in Turkish Straits transit fees will affect voyage costs rather than physical capacity. Meanwhile, commercial access to the Sea of Azov was restricted due to intensified attacks on vessels and maritime infrastructure, which may lead to rerouting of grain exports through deeper Black Sea or Baltic terminals.

The Strait of Hormuz has experienced the clearest direct disruption to dry bulk shipping in 2026. Traffic through the strait fell sharply, and many bulk carriers were stranded inside the Middle East Gulf. Fertilisers and sulphur have been particularly affected due to their reliance on oil and gas processing.

The Panama Canal is also experiencing congestion due to strong reservation demand and competition from higher-value ships. The average slot-auction price has risen significantly, and individual bids for Panamax and Neopanamax vessels have exceeded $385,000.