The U.S.-flag Great Lakes shipping fleet closed 2025 with its weakest cargo performance in years, hauling 71.3 million tons across the inland waterway system: an 8.9 percent decline from 2024’s totals, according to data released by the Lake Carriers’ Association.
The numbers tell a straightforward story: nearly every commodity that moves through the Great Lakes system contracted last year. Iron ore shipments fell 10.8 percent. Coal dropped 12 percent. Limestone retreated 4.7 percent. Sand and grain cargos posted double-digit declines.
Only salt bucked the trend, posting a modest 4.1 percent increase.
The 2025 performance marked the fleet’s second consecutive year of decline and landed 8.1 percent below the five-year average. For an industry that serves as the backbone for American steelmaking, construction, and power generation, those are uncomfortable numbers.
Iron Ore: The Largest Slice Shows the Deepest Cut
Iron ore remains the dominant cargo on the Great Lakes, accounting for roughly 55 percent of all tonnage moved by U.S.-flag lakers. In 2025, the fleet transported 39.1 million tons of iron ore: down from 43.9 million tons in 2024.
That 4.8 million ton decline represents the steepest year-over-year drop in iron ore shipments since 2020, when the pandemic disrupted industrial supply chains. The 2025 totals fell well short of both the 2023 (42.4 million tons) and 2024 peaks, which had briefly suggested the fleet might be entering a sustained upswing.
Direct shipments of iron ore totaled 36.7 million tons, while transshipments: ore that’s transferred between vessels or modes of transport: came in at 2.4 million tons. Both categories declined from their 2024 levels.
The pullback reflects broader challenges in North American steel production, where electric arc furnaces and scrap-based steelmaking continue to gain market share against traditional blast furnace operations that require fresh iron ore. Domestic steel production has faced persistent headwinds from import competition and fluctuating demand in the automotive and construction sectors.
Coal’s Continued Retreat
Great Lakes coal shipments dropped to 6.5 million tons in 2025, a 12 percent decline from the previous year and the lowest annual total in the dataset provided by Lake Carriers’ Association.
Coal movements on Lake Superior: historically the largest coal route, serving power plants and industrial facilities along the northern tier: fell to 4.4 million tons, down 15.8 percent from 2024. Lake Michigan coal shipments actually increased to 1.5 million tons, nearly doubling from the prior year, though from a much smaller base.
But the real story sits on Lake Erie, where coal cargos collapsed to just 644,000 tons: a 51.2 percent plunge from 2024’s already-depressed levels. That decline accelerates a multi-year trend as coal-fired power plants along the southern Great Lakes continue decommissioning or converting to natural gas.
The five-year average for total coal shipments stood at 8.5 million tons, highlighting how rapidly this cargo segment has contracted. From 2021’s peak of 10.4 million tons, coal has now shed nearly 40 percent of its Great Lakes volume in just four years.
Limestone and Aggregates: Construction’s Mixed Signals
Limestone: the second-largest commodity by volume on the Great Lakes: totaled 20.1 million tons in 2025, down 4.7 percent from 2024 but relatively stable compared to the iron ore and coal declines.
Limestone serves as a critical flux material in steelmaking and as aggregate for construction projects. The modest decline suggests residential and infrastructure construction activity remained relatively stable through 2025, even as industrial demand softened.
Cement shipments held nearly flat at 3.5 million tons, down just 1 percent year-over-year. That resilience likely reflects ongoing infrastructure spending supported by federal programs, including projects initiated under the Infrastructure Investment and Jobs Act.
Sand cargos, however, told a different story. Shipments plunged 26.5 percent to 622,000 tons: the sharpest percentage decline among major commodity groups. Sand movements on the Great Lakes primarily support frac sand operations for oil and gas extraction, along with industrial and construction applications. The steep drop suggests either reduced drilling activity or a shift toward alternative sourcing regions closer to shale production zones.
The Salt Exception
In a year of across-the-board declines, salt stood alone with positive momentum. Great Lakes salt shipments increased 4.1 percent to approximately 1.28 million tons in 2025.
The gain likely reflects robust demand for road salt driven by winter weather patterns and municipalities stockpiling supplies. Salt remains a relatively small cargo segment by tonnage but provides steady, seasonal work for the fleet.
Grain: The Quiet Contraction
Grain shipments: the smallest major commodity category tracked by Lake Carriers’ Association: declined 13.1 percent to 271,000 tons in 2025. While grain represents less than 0.5 percent of total Great Lakes cargo, the double-digit decline signals headwinds in agricultural export flows through Great Lakes ports.
Grain movements through the Great Lakes system typically involve shipments from Midwest elevators to processing facilities or export terminals. The contraction may reflect shifting trade patterns, increased truck and rail competition, or reduced international demand for U.S. agricultural products.
Historical Context: How 2025 Compares
The Lake Carriers’ Association data provides a five-year window that puts 2025’s decline in perspective. Total cargo peaked in 2021 at 81.8 million tons: a post-pandemic surge driven by pent-up industrial demand and supply chain restocking.
Since that peak, the fleet has shed 10.5 million tons of annual cargo, a 12.9 percent decline in just four years. The 2025 totals fell below even the 2020 pandemic-year performance of 70 million tons.
Iron ore followed a similar trajectory, peaking at 43.9 million tons in 2024 before retreating in 2025. Coal has declined steadily throughout the period, from 10.4 million tons in 2021 to 6.5 million tons in 2025: a 37.7 percent contraction.
Only limestone and cement have demonstrated relative stability, fluctuating within a narrower band around their five-year averages. That divergence underscores the fleet’s increasing dependence on construction-related aggregates as industrial cargos decline.
What It Means for the Fleet
The U.S.-flag Great Lakes fleet operates under unique regulatory and economic conditions. These vessels move bulk materials that form the foundation of American heavy industry: the iron ore that feeds steel mills, the limestone that builds roads, the coal that still generates electricity in parts of the Midwest.
An 8.9 percent cargo decline translates directly into reduced vessel utilization, lower crew employment, and pressure on fleet economics. Lake freighters typically operate on thin margins, with high fixed costs for vessel maintenance, crewing, and winter layup expenses.
The fleet’s carrying capacity: which Lake Carriers’ Association notes can move more than 90 million tons annually: far exceeds current cargo demand. That gap between capacity and utilization creates financial stress across the industry.
Several factors beyond the fleet’s control drive these cargo trends. Domestic steel production has shifted toward electric arc furnaces that use scrap steel rather than iron ore. Coal-fired power generation continues its long-term decline as utilities transition to natural gas and renewables. Even limestone and aggregate demand remains vulnerable to construction cycles and infrastructure spending patterns.
Looking Ahead
The Lake Carriers’ Association press release provides cargo data but stops short of offering forward-looking projections. Industry observers will watch several indicators to gauge whether 2026 brings stabilization or further contraction.
Steel production trends will largely determine iron ore volumes. If domestic mills maintain current production levels: or increase output in response to potential trade policy changes: iron ore shipments could stabilize around current levels. Further declines in blast furnace operations would push volumes lower.
Coal appears locked into structural decline, with few remaining coal-fired power plants along the Great Lakes and limited prospects for reversal. The trajectory points toward continued annual decreases as remaining facilities decommission.
Construction and infrastructure spending will determine limestone, cement, and aggregate demand. Federal infrastructure programs may provide a floor under these cargo segments, though regional economic conditions will drive shorter-term fluctuations.
The data from Lake Carriers’ Association underscores a fundamental challenge: the Great Lakes fleet was built for an industrial economy that has steadily evolved away from the bulk commodities these vessels transport. Adapting to that new reality: or finding new cargo streams to replace declining volumes: will define the fleet’s prospects for the remainder of the decade.
For now, the 2025 numbers mark another year of retreat for Great Lakes shipping. Whether that trend continues or reverses may depend less on the vessels themselves than on the broader industrial transformation reshaping the American heartland.
The Lake Carriers’ Association has represented the U.S.-flag Great Lakes fleet since 1880. The trade group’s members operate the domestic vessels that transport bulk commodities across the five Great Lakes and their connecting waterways.
