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 pronounced.
Additional findings include:
Long-term perspective: Is “steel value” still the right lens?
The report also contributes to the ongoing debate around dry bulk equity valuations by emphasizing the importance of long-term earnings consistency over point-in-time asset values. Although fleets are continuously renewed, most listed companies maintain relatively stable fleet sizes overtime, making “steel value” a less reliable indicator of underlying value creation.
Instead, the ability to consistently generate earnings and cash flow from a fleet emerges as a more meaningful measure of performance and value creation. The report suggests that several companies with strong and consistent operational execution are not fully reflected in current market valuations, pointing to a potential disconnect between commercial performance and investor perception.
A benchmark for transparency in performance reporting
The Vesselindex Performance Report aims to establish a common industry framework for evaluating TCE performance and to encourage greater transparency in earnings and operational reporting. By isolating the relationship between fleet composition and commercial results, the report provides investors, analysts, and industry stakeholders with a more accurate basis for comparison and decision-making.