Vesselindex has released its annual Performance Report, providing an independent assessment of how listed dry bulk companies perform relative to peers and the broader market in terms of Time Charter Equivalent (TCE)
Vesselindex has released its annual Performance Report, providing an independent assessment of how listed dry bulk companies perform relative to peers and the broader market in terms of Time Charter Equivalent (TCE) earnings.
The report covers 19 publicly listed companies representing approximately 825 vessels across more than 150 vessel designs. It is based on a normalized benchmarking framework that enables comparisons across fleets with differing specifications.
While industry performance is traditionally measured against Baltic Exchange indices, Vesselindex adjusts for underlying vessel characteristics such as size, fuel consumption, and design efficiency, offering a clear view of underlying commercial performance.
Fewer companies outperform as performance normalizes further in 2025
The 2025 findings indicate a softer performance environment, with fewer companies outperforming when adjusted for fleet earning potential. On average, TCE performance among the listed companies has declined to 1.7% in 2025, compared to 5.3% in 2024, confirming a continued normalization across the sector.
At the top of the rankings, a small group of companies continues to demonstrate strong and consistent commercial execution, while several others show improvements compared to previous years, indicating shifting dynamics within the peer group.
The report also highlights dispersion within the Capesize segment, where differences between companies remain
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