Spodumene shipments triple as battery boom creates new dry bulk trades

The seaborne trade in spodumene, a lithium-bearing mineral essential for battery production, is emerging as one of dry bulk shipping’s fastest-growing niche cargoes, with volumes more than tripling over the past five years.

New research from Greek shipbroker Ursa Shipbrokers shows global shipments reached 4.04m tonnes in the first nine months of 2026, up 11.9% year-on-year and a record for the period.

Annual shipments have climbed from just 1.58m tonnes in 2020 to 5.08m tonnes last year, reflecting the rapid expansion of lithium mining and growing demand from electric vehicle manufacturers and battery storage projects.

Australia dominates the trade, accounting for 81% of shipments during the first nine months of this year, equivalent to 3.26m tonnes. Brazil ranked second with 570,000 tonnes, while smaller quantities originated in Canada, Mozambique and Vietnam.

China remains overwhelmingly the principal destination, receiving 88% of global seaborne spodumene cargoes, equivalent to 3.56m tonnes, reflecting its dominant position in lithium refining and battery manufacturing.

The trade is providing growing employment opportunities for smaller bulk carriers. Ultramaxes accounted for 39.6% of vessel deadweight employed in spodumene shipments this year, with handysizes representing a further 46%.

New trading routes are also developing as African lithium production expands. Last week, Kodal Minerals confirmed that a fifth shipment of approximately 17,400 tonnes of spodumene concentrate had departed the Ivory Coast’s port of San Pedro in September, carrying material from its Bougouni mine in Mali to China.

Consultancy Drewry has identified lithium-bearing ores as an emerging source of tonne-mile demand, particularly for smaller bulkers, as the energy transition gradually reshapes traditional commodity flows.

Australia’s government forecasts global lithium demand will grow by more than 11% annually through to 2031, supported by electric vehicles and energy storage systems.

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