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The largest size segment of dry bulk vessels, generally comprising ships above 120,000 DWT. The name reflects the fact that these vessels are typically too large to pass through the Panama Canal and must instead route via the Cape of Good Hope or Cape Horn.

Because of their scale, they offer very low unit transportation costs, making them especially well suited for high-volume bulk commodities, principally iron ore and coal, on long-haul trade routes such as Brazil and Australia to Asia.

At the upper end of the segment, they can reach approximately 300 meters in length, 50 meters beam, and more than 200,000 DWT, matching the maximum dimensions that can be accommodated at the Port of Newcastle, Australia, which is why such vessels are commonly known as "Newcastlemax". There are even bigger variants, albeit rare and highly specialized, called very large ore carriers, or "VLOC", which exceed 350 meters in length, 60 meters beam, and 400,000 DWT.

From a market perspective, Capesize earnings are usually the most volatile among major dry bulk classes.

A commercially versatile class of vessels ranging between 70,000 to 85,000 DWT. The term originates from the fact that these vessels were historically designed to fit within the dimensional limits of the old Panama Canal, allowing them to transit one of the world's most important trade corridors.

Panamaxes offer an efficient balance between cargo intake and port accessibility, and are widely used for transporting major bulk commodities, especially coal, grain, and, in some cases, bauxite or minor bulks, across medium- and long-haul routes. They are particularly active in coal exports from Indonesia, Australia, Africa, and the Atlantic Basin to Asia and Europe, as well as grain shipments from the U.S. Gulf, East Coast South America, and the Black Sea to Asia, the Mediterranean, and Europe. They also participate in trades involving bauxite/alumina, fertilizers, petcoke, and other minor bulks. Their versatility and broad port accessibility make them one of the most commercially flexible segments of the dry bulk market.

At the larger end of the segment sits the "Kamsarmax" variant, built to the maximum dimensions that can berth at the Port of Kamsar in Guinea, while still remaining within the old Panamax canal framework. These vessels typically reach around 230 meters in length, 30 meters beam and carry 80,000 to 85,000 DWT, providing greater intake than standard Panamaxes without materially reducing commercial versatility. While Panamax and Kamsarmax are often discussed together commercially, Kamsarmax has become the more prevalent modern design.

Panamax earnings tend to be less volatile than Capesize, while remaining responsive to changes in market dynamics.

A highly flexible class, comprising vessels of 50,000 to 65,000 DWT. In contrast to the larger Panamax and Capesize segments, Supramaxes are typically geared with onboard cranes and often fitted with grabs, allowing them to load and discharge cargoes at ports where shore handling infrastructure is limited.

This combination of moderate carrying capacity and operational flexibility makes Supramaxes well suited to a broad range of trades and commodities, including coal, grain, fertilizers, steel products, forest products, cement, petcoke, and other minor bulks. They are active across both regional and long-haul routes and are particularly useful in cargo flows requiring multi-port operations, smaller parcel sizes, or calls at infrastructure-constrained terminals.

Ultramaxes represent the larger and more modern evolution of the Supramax design, extending to roughly 60,000 to 65,000 DWT while preserving the geared configuration and commercial flexibility that define the segment. They typically feature improved cargo intake and fuel efficiency relative to standard Supramaxes, without materially compromising port accessibility. While Supramax and Ultramax are often grouped together commercially, Ultramax has become an increasingly prevalent modern specification.

Their broader cargo mix and diversified trading patterns tend to make their earnings less exposed to the sharp swings often seen in the larger bulk segments.

The smallest mainstream segment in the dry bulk fleet with vessels of about 20,000 to 40,000 DWT. Handys are also fitted with their own cargo handling equipment, which is why they are sometimes grouped together with Supramaxes. Their smaller size adds to their flexibility as they can call at ports with stricter berth and draft restrictions.

Because of their high degree of flexibility, Handysize vessels are used in a broad range of minor bulk trades, often on shorter-haul or more fragmented routes where parcel sizes do not justify a larger vessel.

Handysize earnings are generally less volatile than those of the larger dry bulk classes, reflecting the segment's broader cargo mix, more diversified trading patterns, and lower dependence on any single major commodity flow.