BIMCO shipping analyst Filipe Gouveia recently noted in a market report that from January to November 2025, seaborne volumes of cement, including clinker, increased by 13% year-on-year, primarily driven by a 39% year-on-year rise in shipments along Africa's Atlantic coast. The region is experiencing rapid economic growth, accelerated urbanization, and booming infrastructure development, which are supporting construction activities and boosting cement demand.
Given the insufficient domestic production capacity in most African countries, the region heavily relies on imports of cement and clinker. Production bottlenecks are particularly evident for clinker. As an intermediate product in cement manufacturing, even when local grinding facilities are available, producers still need to import clinker, thereby driving demand for bulk transportation.
Nearly all cement and clinker transported in bulk are carried by Supramax and Handysize bulk carriers. From the beginning of 2025 to date, 60% of the cargo has been transported by Supramax vessels and 38% by Handysize vessels. These shipments account for 6% and 5% of the tonne-mile demand for Supramax and Handysize vessels, respectively.
Since the beginning of 2025, thanks to the growth in transportation volumes from Asia to Africa's Atlantic coast, the average shipping distance for cement and clinker has lengthened, leading to a 23% year-on-year increase in tonne-mile demand, thereby supporting the Supramax and Handysize vessel markets. Overall, cement and clinker transportation accounted for 2% of dry bulk tonne-mile demand in 2025.
Beyond the African market, cement shipments have expanded to East Asia, Southeast Asia, and the west coast of Central and South America, while clinker shipments have remained stable. Some Asian countries are experiencing increased exports due to overcapacity in the cement industry, intensifying market price competition. China's seaborne exports surged by 135% year-on-year, while Vietnam's seaborne exports grew by 16% year-on-year, maintaining its position as the world's largest exporter with a 27% market share.
Despite the United States raising cement tariffs, its cement imports still saw a modest 3% year-on-year increase, retaining its status as the world's largest importer. Tariffs have failed to significantly boost domestic production in the U.S., with clinker output declining by 7% year-on-year from January to July 2025. Meanwhile, two major exporters, Vietnam and Turkey, saw their exports to the U.S. increase by 27% and 14% year-on-year, respectively.
Given the growth in African demand and fierce price competition among exporters, the outlook for seaborne cement and clinker trade remains optimistic. It is worth noting that from January to August 2025, U.S. building permits declined by 5% year-on-year, suggesting a potential short-term slowdown in demand.