Baltic Dry Index

The Baltic Dry Index (BDI) increased by 27 points to reach 2,991 points. The Baltic Capesize Index (BCI) increased by 120 points to 4,954 points, with average daily earnings for capesize bulk carriers increased by $1,093 to $41,428. The Baltic Panamax Index (BPI) decreased by 53 points to 2,223 points, while average daily income for panamax bulk decreased by $481 to $20,004. The Baltic Supramax Index (BSI) decreased by 4 points to 1,567 points, with average daily earnings for supramax bulk carriers decreased by $62 to $19,801. The Baltic Handysize Index (BHSI) decreased by 3 points to 843 points, as average daily earnings for handysize bulk carriers decreased by $56 to $15,168 per day.

21-May-2026

The Baltic Dry Index (BDI) decreased by 41 points to reach 2,964 points. The Baltic Capesize Index (BCI) decreased by 46 points to 4,834 points, with average daily earnings for capesize bulk carriers decreased by $425 to $40,335. The Baltic Panamax Index (BPI) decreased by 98 points to 2,276 points, while average daily income for panamax bulk decreased by $882 to $20,485. The Baltic Supramax Index (BSI) increased by 5 points to 1,571 points, with average daily earnings for supramax bulk carriers increased by $74 to $19,863. The Baltic Handysize Index (BHSI) decreased by 2 points to 846 points, as average daily earnings for handysize bulk carriers decreased by $32 to $15,224 per day.

20-May-2026

The Baltic Dry Index (BDI) decreased by 49 points to reach 3,005 points. The Baltic Capesize Index (BCI) decreased by 69 points to 4,880 points, with average daily earnings for capesize bulk carriers decreased by $625 to $40,760. The Baltic Panamax Index (BPI) decreased by 85 points to 2,374 points, while average daily income for panamax bulk decreased by $764 to $21,367. The Baltic Supramax Index (BSI) decreased by 2 points to 1,566 points, with average daily earnings for supramax bulk carriers decreased by $33 to $19,789. The Baltic Handysize Index (BHSI) decreased by 2 points to 848 points, as average daily earnings for handysize bulk carriers decreased by $48 to $15,256 per day.

19-May-2026

The Baltic Dry Index (BDI) decreased by 38 points to reach 3,054 points. The Baltic Capesize Index (BCI) decreased by 64 points to 4,949 points, with average daily earnings for capesize bulk carriers decreased by $574 to $41,385. The Baltic Panamax Index (BPI) decreased by 52 points to 2,459 points, while average daily income for panamax bulk decreased by $466 to $22,131. The Baltic Supramax Index (BSI) decreased by 2 points to 1,568 points, with average daily earnings for supramax bulk carriers decreased by $27 to $19,822. The Baltic Handysize Index (BHSI) decreased by 2 points to 850 points, as average daily earnings for handysize bulk carriers decreased by $35 to $15,304 per day.

18-May-2026

The Baltic Dry Index (BDI) decreased by 59 points to reach 3,092 points. The Baltic Capesize Index (BCI) decreased by 160 points to 5,013 points, with average daily earnings for capesize bulk carriers decreased by $1,454 to $41,959. The Baltic Panamax Index (BPI) decreased by 10 points to 2,511 points, while average daily income for panamax bulk decreased by $94 to $22,597. The Baltic Supramax Index (BSI) increased by 5 points to 1,570 points, with average daily earnings for supramax bulk carriers increased by $61 to $19,849. The Baltic Handysize Index (BHSI) increased by 2 points to 852 points, as average daily earnings for handysize bulk carriers increased by $43 to $15,339 per day.

18-May-2026

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market delivered a notably firmer performance over the week, with confidence improving in both the Atlantic and Pacific basins as reduced capesize bulk carrier availability and steady cargo demand gradually gave capesize bulk carrier owners a stronger position in negotiations. The Pacific capesize bulk carrier market started the week in a relatively calm and balanced manner, but regular miner participation on the Baltic Capesize Index (BCI) C5 route helped place a supportive floor under capesize bulk carrier charter rates. Trading gained pace around the middle of the week, with capesize bulk carrier fixtures moving up toward $15.90, although renewed charterer resistance appeared on Thursday during a quieter Ascension Day-influenced session, pulling capesize bulk carrier charter rates back toward the $15.00 level. The strongest upward push came from the East Coast South America (ECSA) and West Africa (WAFR) to China capesize bulk carrier markets, where increased Baltic Capesize Index (BCI) C3 fixing activity rapidly drew down prompt capesize bulk carrier tonnage and sharply tightened capesize bulk carrier availability for early-to-mid June 2026 laycans. This change in supply balance gave sentiment a substantial lift, with Baltic Capesize Index (BCI) C3 charter rates advancing from $36.20 to a weekly peak of $37.90 before easing to $36.90 by the close of the week. The North Atlantic capesize bulk carrier market also strengthened as the week developed, helped by fresh transatlantic capesize bulk carrier enquiry and a steadily shrinking capesize bulk carrier tonnage list, which supported gains on both front-haul and transatlantic business.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market retained a strong upward trend throughout the week, with the Baltic Panamax Index (BPI) P5TC climbing from $20,548 on Monday to $22,691 by Friday. In the Atlantic panamax bulk carrier market, firm panamax bulk carrier owners’ sentiment remained evident, supported by healthy fronthaul returns, tightening panamax bulk carrier supply and continued grain movements from North Coast South America (NCSA) and East Coast South America (ECSA), while mineral cargo demand showed signs of gradual recovery. Transatlantic panamax bulk carrier activity stayed fairly balanced but restrained, as a limited number of panamax bulk carrier fixtures was countered by firmer panamax bulk carrier charter rate expectations. In the Pacific panamax bulk carrier market, consistent mineral cargoes from Indonesia and Australia, combined with improving North Pacific grain enquiry, helped maintain positive rate pressure despite a more cautious mood emerging later in the week. Period panamax bulk carrier interest remained visible, with several clean panamax bulk carrier fixtures concluded. In general, a tighter prompt panamax bulk carrier tonnage list and steady cargo flows preserved a positive market tone, with panamax bulk carrier charter rates continuing to rise across both Atlantic and Pacific basins.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The ultramax and supramax bulk carrier market remained mostly stable during the week, with limited movement and no major shift in direction across the sector. The Atlantic ultramax and supramax bulk carrier market stayed quiet overall, with the Ascension Day holiday further reducing trading activity. A 53K DWT supramax bulk carrier open Algeria to Mexico East Coast was fixed at around $8,000. The US Gulf (USG) ultramax and supramax bulk carrier market showed little change, with a 63K DWT ultramax bulk carrier open US Gulf (USG) to Spain fixed at around $20,500. The East Coast South America (ECSA) ultramax and supramax bulk carrier market recorded some demand, including a 63K DWT ultramax bulk carrier open Argentina to China fixed at around $19,000 plus $900,000 BB (Ballast Bonus). The Asian ultramax and supramax bulk carrier market showed stronger demand, helping keep ultramax and supramax bulk carrier charter rates fairly well supported from the region. Backhaul ultramax and supramax bulk carrier business included a 52K DWT supramax bulk carrier open North China to Nigeria fixed at around $19,500, while a 53K DWT supramax bulk carrier open North China to Dominican Republic was fixed at around $18,000. A 57K DWT supramax bulk carrier open North China to Vietnam was also fixed at around $19,500. Period business was also seen, with a 63K DWT ultramax bulk carrier open Bangladesh in mid-May fixed for a short period at $18,000.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market produced a mixed but generally firmer week, with the main support coming from improved sentiment and healthier cargo volumes in the Asian handysize bulk carrier market, while the Atlantic handysize bulk carrier market remained more subdued and position-driven. The Continent and Mediterranean handysize bulk carrier market saw only limited new enquiry and small handysize bulk carrier charter rate adjustments. The East Coast South America (ECSA) and US Gulf (USG) handysize bulk carrier market stayed broadly steady for most of the week, although some softer signs appeared toward the end of the period. A 37K DWT handysize bulk carrier open Argentina to Colombia East Coast was fixed at around $18,500, while a 33K DWT handysize bulk carrier open US East Coast (USEC) to Germany was fixed at around $18,000. The Asian handysize bulk carrier market performed more positively, with steadier cargo volumes and gradually improving handysize bulk carrier charter rate expectations helping to maintain a firm underlying market tone despite uneven conditions elsewhere. A 37K DWT handysize bulk carrier open Philippines via Australia to Vietnam was fixed at around $17,000.

15-May-2026

The Baltic Dry Index (BDI) decreased by 44 points to reach 3,151 points. The Baltic Capesize Index (BCI) decreased by 143 points to 5,173 points, with average daily earnings for capesize bulk carriers decreased by $1,293 to $43,413. The Baltic Panamax Index (BPI) increased by 18 points to 2,521 points, while average daily income for panamax bulk increased by $163 to $22,691. The Baltic Supramax Index (BSI) increased by 7 points to 1,565 points, with average daily earnings for supramax bulk carriers increased by $90 to $19,788. The Baltic Handysize Index (BHSI) decreased by 1 point to 850 points, as average daily earnings for handysize bulk carriers decreased by $15 to $15,296 per day.

14-May-2026

The Baltic Dry Index (BDI) increased by 6 points to reach 3,195 points. The Baltic Capesize Index (BCI) decreased by 24 points to 5,316 points, with average daily earnings for capesize bulk carriers decreased by $224 to $44,706. The Baltic Panamax Index (BPI) increased by 49 points to 2,503 points, while average daily income for panamax bulk increased by $445 to $22,528. The Baltic Supramax Index (BSI) increased by 5 points to 1,558 points, with average daily earnings for supramax bulk carriers increased by $73 to $19,698. The Baltic Handysize Index (BHSI) increased by 3 points to 851 points, as average daily earnings for handysize bulk carriers increased by $56 to $15,311 per day.

13-May-2026

The Baltic Dry Index (BDI) increased by 126 points to reach 3,189 points. The Baltic Capesize Index (BCI) increased by 258 points to 5,340 points, with average daily earnings for capesize bulk carriers increased by $2,342 to $44,930. The Baltic Panamax Index (BPI) increased by 94 points to 2,454 points, while average daily income for panamax bulk increased by $842 to $22,083. The Baltic Supramax Index (BSI) increased by 18 points to 1,553 points, with average daily earnings for supramax bulk carriers increased by $217 to $19,625. The Baltic Handysize Index (BHSI) increased by 5 points to 848 points, as average daily earnings for handysize bulk carriers increased by $90 to $15,255 per day.

12-May-2026

The Baltic Dry Index (BDI) increased by 62 points to reach 3,063 points. The Baltic Capesize Index (BCI) increased by 106 points to 5,082 points, with average daily earnings for capesize bulk carriers increased by $958 to $42,588. The Baltic Panamax Index (BPI) increased by 77 points to 2,360 points, while average daily income for panamax bulk increased by $693 to $21,241. The Baltic Supramax Index (BSI) increased by 8 points to 1,535 points, with average daily earnings for supramax bulk carriers increased by $108 to $19,408. The Baltic Handysize Index (BHSI) increased by 5 points to 843 points, as average daily earnings for handysize bulk carriers increased by $88 to $15,165 per day.

11-May-2026

The Baltic Dry Index (BDI) increased by 23 points to reach 3,001 points. The Baltic Capesize Index (BCI) increased by 21 points to 4,976 points, with average daily earnings for capesize bulk carriers increased by $192 to $41,630. The Baltic Panamax Index (BPI) increased by 50 points to 2,283 points, while average daily income for panamax bulk increased by $449 to $20,548. The Baltic Supramax Index (BSI) increased by 5 points to 1,527 points, with average daily earnings for supramax bulk carriers increased by $60 to $19,300. The Baltic Handysize Index (BHSI) increased by 5 points to 838 points, as average daily earnings for handysize bulk carriers increased by $83 to $15,077 per day.

11-May-2026

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market posted a firm advance over the week, with momentum developing from a busy opening in the Pacific capesize bulk carrier market after the UK bank holiday. Early strength was largely driven by the Pacific side, where all three major miners remained consistently active on the Baltic Capesize Index (BCI) C5 route, while a steady flow of East Australian coal tender cargoes helped lift capesize bulk carrier charter rates and strengthen market confidence. This firmer tone gradually extended into the Atlantic capesize bulk carrier market, where enquiry improved and sentiment became more positive as the week progressed. Stronger transatlantic round activity and a tighter capesize bulk carrier tonnage list added further support. Around midweek, both Atlantic and Pacific basins saw sentiment accelerate, with the capesize bulk carrier market increasingly shaped by tightening supply and reduced prompt capesize bulk carrier availability. Baltic Capesize Index (BCI) C5 moved clearly above $15.50, while Baltic Capesize Index (BCI) C3 climbed toward $36.90 as bids improved and capesize bulk carrier owners became more resistant to lower levels. Later in the week, however, the upward pace slowed across both basins. Baltic Capesize Index (BCI) C5 eased back toward $15, capesize bulk carrier ballaster availability increased slightly, and charterers became more selective, resulting in some softer Baltic Capesize Index (BCI) C3 fixtures for later loading windows. Despite this moderation, North Atlantic transatlantic capesize bulk carrier market activity remained healthy, and firmer capesize bulk carrier charter rates were also supported by fronthaul demand. Overall, the Baltic Capesize Index (BCI) 182 5TC increased from $42,649 on Tuesday to close the week at $44,941, after reaching $46,610 on Thursday.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market strengthened steadily across both the Atlantic and Pacific basins, supported by tighter panamax bulk carrier tonnage supply and improving cargo demand. At the start of the week, panamax bulk carrier charter rates moved sharply higher, with Atlantic and Pacific routes both gaining ground as stronger grain and mineral flows produced firmer fixtures, particularly on fronthaul employment. Midweek Atlantic panamax bulk carrier market activity became quieter, but sentiment remained positive as available panamax bulk carrier tonnage lists shortened and owners raised offers in response to improved fronthaul fixing volumes. In the Asian panamax bulk carrier market, steady Australian mineral exports and active Indonesian cargo demand, together with limited modern panamax bulk carrier tonnage availability, kept panamax bulk carrier charter rates trending upward. By Thursday, restricted panamax bulk carrier supply and consistent cargo flow pushed the panamax bulk carrier market higher again, with both the Atlantic and Pacific basins reporting stronger fixtures and continuing positive momentum. The Baltic Panamax Index (BPI) P5TC index rose throughout the week, moving from $18,490 on Tuesday to finish at $20,099 on Friday.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The ultramax and supramax bulk carrier market stayed broadly positive despite a shorter working week for some participants after the long weekend. The Atlantic ultramax and supramax bulk carrier market recorded a reasonable level of activity, while owners’ expectations edged higher. A 62K DWT ultramax bulk carrier open US East Coast (USEC) to Finland fixed at around $26,000. The Continent ultramax and supramax bulk carrier market continued to benefit from scrap cargo demand, with a 62K DWT ultramax bulk carrier open Baltic to Turkiye fixed at around $20,000. Although reported ultramax and supramax bulk carrier market activity was limited, shipbrokers said East Coast South America (ECSA) continued to show healthy numbers. A 63K DWT ultramax bulk carrier open Argentina to China fixed at around $17,000 plus $700,000 BB (Ballast Bonus). In Asia, the ultramax and supramax bulk carrier market remained stable, though some market participants said fresh enquiry farther north was thin. A 62K DWT ultramax bulk carrier open South Korea via the NoPac (North Pacific) to Bangladesh fixed at around $17,000. Demand for ultramax and supramax bulk carriers remained visible farther south, where a 55K DWT supramax bulk carrier open Malaysia via Indonesia to Thailand fixed at around $18,250. The Indian Ocean ultramax and supramax bulk carrier market was mainly positional, with a 62K DWT ultramax bulk carrier open West Coast India (WCI) to China fixed at around $16,500.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market was mostly flat to marginally firmer, with regional positioning playing a larger role than any significant rise in cargo demand. In the Continent and Mediterranean handysize bulk carrier market, conditions remained subdued, as limited enquiry and quiet trading continued to weigh on sentiment. The US Gulf (USG) and East Coast South America (ECSA) handysize bulk carrier market showed slightly better movement, supported by fresh interest and a modest increase in activity. Even so, the improvement was not strong enough to absorb surplus handysize bulk carrier tonnage, meaning handysize bulk carrier charter rates only gained gradually. A 39K DWT handysize bulk carrier open West Africa (WAFR) via Brazil to Norway fixed at around $22,000. A 38K DWT handysize bulk carrier open USG (US Gulf) to UK fixed at around $14,500. In Asia, the handysize bulk carrier market also remained flat, partly because regional holidays slowed activity. The handysize bulk carrier tonnage list became slightly longer, while the cargo book showed little real change.

8-May-2026

The Baltic Dry Index (BDI) decreased by 56 points to reach 2,978 points. The Baltic Capesize Index (BCI) decreased by 184 points to 4,955 points, with average daily earnings for capesize bulk carriers decreased by $1,669 to $41,438. The Baltic Panamax Index (BPI) increased by 38 points to 2,233 points, while average daily income for panamax bulk increased by $341 to $20,099. The Baltic Supramax Index (BSI) increased by 1 point to 1,522 points, with average daily earnings for supramax bulk carriers increased by $14 to $19,240. The Baltic Handysize Index (BHSI) increased by 6 points to 833 points, as average daily earnings for handysize bulk carriers increased by $106 to $14,994 per day.

7-May-2026

The Baltic Dry Index (BDI) increased by 43 points to reach 3,034 points. The Baltic Capesize Index (BCI) increased by 65 points to 5,139 points, with average daily earnings for capesize bulk carriers increased by $593 to $43,107. The Baltic Panamax Index (BPI) increased by 60 points to 2,195 points, while average daily income for panamax bulk increased by $542 to $19,758. The Baltic Supramax Index (BSI) increased by 7 points to 1,521 points, with average daily earnings for supramax bulk carriers increased by $90 to $19,226. The Baltic Handysize Index (BHSI) increased by 3 points to 827 points, as average daily earnings for handysize bulk carriers increased by $60 to $14,888 per day.

6-May-2026

The Baltic Dry Index (BDI) increased by 159 points to reach 2,991 points. The Baltic Capesize Index (BCI) increased by 371 points to 5,074 points, with average daily earnings for capesize bulk carriers increased by $3,368 to $42,514. The Baltic Panamax Index (BPI) increased by 81 points to 2,135 points, while average daily income for panamax bulk increased by $726 to $19,216. The Baltic Supramax Index (BSI) decreased by 6 points to 1,514 points, with average daily earnings for supramax bulk carriers increased by $78 to $19,136. The Baltic Handysize Index (BHSI) increased by 3 points to 824 points, as average daily earnings for handysize bulk carriers increased by $54 to $14,828 per day.

5-May-2026

The Baltic Dry Index (BDI) increased by 102 points to reach 2,832 points. The Baltic Capesize Index (BCI) increased by 256 points to 4,703 points, with average daily earnings for capesize bulk carriers increased by $2,318 to $39,146. The Baltic Panamax Index (BPI) increased by 52 points to 2,054 points, while average daily income for panamax bulk increased by $472 to $18,490. The Baltic Supramax Index (BSI) decreased by 12 points to 1,508 points, with average daily earnings for supramax bulk carriers decreased by $151 to $19,058. The Baltic Handysize Index (BHSI) increased by 6 points to 821 points, as average daily earnings for handysize bulk carriers increased by $108 to $14,774 per day.

4-May-2026

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market entered the week with little conviction, as trading conditions lacked a firm direction and sentiment stayed broadly unchanged. Activity was not evenly spread across the major basins. The Pacific capesize bulk carrier market remained the more active side, supported by steady participation from miners and a regular flow of coal stems and tender cargoes. Nevertheless, capesize bulk carrier charter rates were still held in check, with the Baltic Capesize Index (BCI) C5 route hovering near $12.50. The Atlantic capesize bulk carrier market was considerably quieter, with few visible fixtures and a continued mismatch between available capesize bulk carrier tonnage and fresh cargo requirements. The East Coast South America (ECSA) and West Africa (WAFR) to China capesize bulk carrier market failed to build early momentum, as wide bid-offer gaps and no confirmed Baltic Capesize Index (BCI) C3 fixtures kept sentiment restrained, while the North Atlantic capesize bulk carrier market stayed especially muted. Conditions improved later in the week. Stronger miner involvement lifted the Baltic Capesize Index (BCI) C5 route toward $14 for prompt dates, while the South Atlantic also found better support, with Baltic Capesize Index (BCI) C3 fixtures reaching about $34.50 and earlier bid-offer spreads tightening. By the end of the week, the capesize bulk carrier market had moved away from its initial flatness, helped by a firmer undertone. The Baltic Capesize Index (BCI) 182 5TC reflected this improvement, rising from $38,837 at the start of the week to $40,371 by the close.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market showed a pronounced contrast between the Atlantic and Pacific regions. In the Atlantic panamax bulk carrier market, sentiment remained weak as the panamax bulk carrier tonnage list continued to grow, most notably in the North Continent, while transatlantic grain and mineral demand stayed limited. This combination kept panamax bulk carrier charter rates under pressure. Fronthaul enquiry from the US Gulf (USG) and North Coast South America (NCSA) gave the market intermittent support, but overall panamax bulk carrier charter rate levels softened through much of the week. The Baltic Panamax Index (BPI) P1A and Baltic Panamax Index (BPI) P2A indices declined for most of the period before showing a small recovery toward the end. As the week advanced, panamax bulk carrier owners became less willing to follow lower charterer ideas. The Pacific panamax bulk carrier market presented a stronger picture, with demand from Australia, Indonesia, and the wider North Pacific remaining steady. Regular panamax bulk carrier coal movements and continued Pacific panamax bulk carrier market activity helped preserve a healthier tone, while modern and scrubber-fitted ships continued to obtain firmer earnings. Some caution appeared before regional holidays, but overall sentiment stayed constructive, with charterers still active and panamax bulk carrier owners defending rate levels. The Baltic Panamax Index (BPI) P5TC index therefore moved gradually higher, beginning the week at $17,617 on Monday and finishing at $18,018 on Friday.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The ultramax and supramax bulk carrier market had a largely subdued week, with public holidays in several regions near the end of the period prompting many ultramax and supramax bulk carrier market participants to close positions early. In the Atlantic ultramax and supramax bulk carrier market, conditions were mainly positional. Recent support from the US Gulf (USG) ultramax and supramax bulk carrier market faded, and a slight accumulation of prompt tonnage weighed on charter rates. The East Coast South America (ECSA) ultramax and supramax bulk carrier market stayed closely balanced. A 55K DWT supramax bulk carrier open Turkiye fixed to East Coast India (ECI) at around $18,000. The Asian ultramax and supramax bulk carrier market also lost momentum, affected by slower demand from Indonesia and northern areas. A 63K DWT ultramax bulk carrier open North China fixed to East Africa (EAFR) at around $23,000. A 63K DWT ultramax bulk carrier open Bangladesh via Indonesia fixed to East Coast India (ECI) at around $19,500. Period business in the ultramax and supramax bulk carrier market remained sparse, although a 60K DWT ultramax bulk carrier open Bangladesh was fixed for 13 to 15 months trading with worldwide redelivery at $16,000.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market kept a cautiously positive tone throughout the week, although the foundation of the market remained fragile and heavily influenced by regional supply and demand patterns. Conditions differed sharply by area. The Continent and Mediterranean handysize bulk carrier markets continued to struggle, held back by limited new enquiry and softer handysize bulk carrier charter rates. The US Gulf (USG) and East Coast South America (ECSA) handysize bulk carrier markets received some midweek assistance from better cargo availability, but East Coast South America (ECSA) handysize bulk carrier sentiment weakened later as spot tonnage increased. Reported handysize bulk carrier fixtures included a 36K DWT handysize bulk carrier open South West Passage (SW Pass) via the US Gulf (USG) fixed to Spain at around $17,000. A 37K DWT handysize bulk carrier open Argentina fixed to Turkiye at around $25,000. The Asian handysize bulk carrier market, however, improved as the week progressed. Tighter handysize bulk carrier tonnage availability in Southeast Asia (SEA) and the North Pacific (NOPAC) encouraged charterers to raise bids, helping to support firmer handysize bulk carrier charter rates.

1-May-2026

The Baltic Dry Index (BDI) increased by 44 points to reach 2,730 points. The Baltic Capesize Index (BCI) increased by 120 points to 4,447 points, with average daily earnings for capesize bulk carriers increased by $1,087 to $36,828. The Baltic Panamax Index (BPI) increased by 10 points to 2,002 points, while average daily income for panamax bulk increased by $88 to $18,018. The Baltic Supramax Index (BSI) decreased by 5 points to 1,520 points, with average daily earnings for supramax bulk carriers decreased by $69 to $19,209. The Baltic Handysize Index (BHSI) increased by 1 point to 815 points, as average daily earnings for handysize bulk carriers increased by $10 to $14,666 per day.

30-April-2026

The Baltic Dry Index (BDI) increased by 16 points to reach 2,686 points. The Baltic Capesize Index (BCI) increased by 44 points to 4,327 points, with average daily earnings for capesize bulk carriers increased by $401 to $35,741. The Baltic Panamax Index (BPI) increased by 13 points to 1,992 points, while average daily income for panamax bulk increased by $116 to $17,930. The Baltic Supramax Index (BSI) decreased by 9 points to 1,525 points, with average daily earnings for supramax bulk carriers decreased by $113 to $19,278. The Baltic Handysize Index (BHSI) increased by 3 points to 814 points, as average daily earnings for handysize bulk carriers increased by $59 to $14,656 per day.

29-April-2026

The Baltic Dry Index (BDI) decreased by 7 points to reach 2,670 points. The Baltic Capesize Index (BCI) decreased by 21 points to 4,283 points, with average daily earnings for capesize bulk carriers decreased by $196 to $35,340. The Baltic Panamax Index (BPI) increased by 13 points to 1,979 points, while average daily income for panamax bulk increased by $119 to $17,814. The Baltic Supramax Index (BSI) decreased by 8 points to 1,534 points, with average daily earnings for supramax bulk carriers decreased by $96 to $19,391. The Baltic Handysize Index (BHSI) increased by 7 points to 811 points, as average daily earnings for handysize bulk carriers increased by $130 to $14,597 per day.

28-April-2026

The Baltic Dry Index (BDI) increased by 11 points to reach 2,677 points. The Baltic Capesize Index (BCI) increased by 22 points to 4,304 points, with average daily earnings for capesize bulk carriers increased by $202 to $35,536. The Baltic Panamax Index (BPI) increased by 9 points to 1,966 points, while average daily income for panamax bulk increased by $78 to $17,695. The Baltic Supramax Index (BSI) increased by 2 points to 1,542 points, with average daily earnings for supramax bulk carriers increased by $19 to $19,487. The Baltic Handysize Index (BHSI) increased by 2 points to 804 points, as average daily earnings for handysize bulk carriers increased by $39 to $14,467 per day.

27-April-2026

The Baltic Dry Index (BDI) increased by 1 point to reach 2,666 points. The Baltic Capesize Index (BCI) stayed at 4,282 points, with average daily earnings for capesize bulk carriers increased by $1 to $35,334. The Baltic Panamax Index (BPI) decreased by 3 points to 1,957 points, while average daily income for panamax bulk decreased by $21 to $17,617. The Baltic Supramax Index (BSI) increased by 5 points to 1,540 points, with average daily earnings for supramax bulk carriers increased by $65 to $19,468. The Baltic Handysize Index (BHSI) increased by 5 points to 802 points, as average daily earnings for handysize bulk carriers increased by $74 to $14,428 per day.

27-April-2026

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market started the week with a strong advance, as the BCI Baltic Capesize Index (BCI) 182 5TC briefly approached $39,000, largely driven by firmer Atlantic basin sentiment. The initial rise was supported by a solid Baltic Capesize Index (BCI) C3 market and a shorter list of capesize bulk carrier ballasters, particularly for May loading windows, while capesize bulk carrier fronthaul business added further strength. However, the early upward movement became increasingly difficult to preserve. A clear split developed between the Atlantic and Pacific basins, with the Pacific capesize bulk carrier market weakening as BCI Baltic Capesize Index (BCI) C5 capesize bulk carrier charter rates eased from around $13.50 toward $13, even though miners continued to participate at a steady but measured pace. This softer tone in the Pacific capesize bulk carrier market eventually reduced the impact of the Atlantic capesize bulk carrier market’s stronger position. The Atlantic capesize bulk carrier market, by comparison, kept a firmer undertone for much of the week, helped by selective but important capesize bulk carrier fixtures on transatlantic and fronthaul routes. Even so, capesize bulk carrier market activity was irregular, and by the closing stages of the week, the Atlantic capesize bulk carrier market also began to lose upward momentum.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market delivered a muted and uneven performance, with limited panamax bulk carrier fixture activity early in the week and a growing supply of panamax bulk carrier tonnage weighing on confidence. In the Atlantic panamax bulk carrier market, the previous week’s firmer charter rate tone gradually weakened as the week unfolded, pressured by increased panamax bulk carrier availability and softer transatlantic grain demand. Although mineral stems and North Coast South American (NCSA) cargo flows remained reasonably steady, panamax bulk carrier charter rates continued to ease, with routes such as the Baltic Panamax Index (BPI) P1A moving lower. The Asian panamax bulk carrier market, however, showed greater stability, supported by consistent cargo volumes from Australia, Indonesia, and the North Pacific (NOPAC), as well as tighter prompt panamax bulk carrier tonnage. This stronger regional demand helped keep panamax bulk carrier charter rates firmer in Asia. Over the week, the Baltic Panamax Index (BPI) P5TC declined from $17,785 to $17,638.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The ultramax and supramax bulk carrier market enjoyed a constructive week, with shipowners maintaining a stronger negotiating position in several regions. In the Atlantic ultramax and supramax bulk carrier market, good demand from the US Gulf (USG) for transatlantic employment supported sentiment, with 62K DWT ultramax bulk carrier open US Gulf (USG) to Turkiye fixed at around $33,000. The East Coast South America (ECSA) ultramax and supramax bulk carrier market also produced steady enquiry, allowing ultramax and supramax bulk carrier charter rates to remain relatively firm, with 63K DWT ultramax bulk carrier open Argentina to Japan fixed at around $17,500 plus $750,000 BB (Ballast Bonus). The Continent ultramax and supramax bulk carrier market saw a modest increase in interest toward the end of the week, with 62K DWT ultramax bulk carrier open UK to Turkiye fixed at around $19,500. In Asia, fresh tonnage availability remained constrained in the ultramax and supramax bulk carrier market, while improved enquiry levels kept ultramax and supramax bulk carrier market charter rates well supported. 63K DWT ultramax bulk carrier open Vietnam to ARAG fixed at around $18,000. 63K DWT ultramax bulk carrier open Indonesia to West Coast India (WCI) fixed at around $31,000. Period demand was also active in the ultramax and supramax bulk carrier market, with 63K DWT ultramax bulk carrier open Japan fixed at around $22,000 for minimum 5-7 months trading with clean cargo.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market moved steadily higher over the week, with sentiment improving each day despite a relatively small number of reported handysize bulk carrier fixtures. In the Atlantic handysize bulk carrier market, strength was led mainly by the US Gulf (USG) and East Coast South America (ECSA), where limited prompt tonnage for April 2026 helped support firmer handysize bulk carrier charter rates. 39K DWT handysize bulk carrier open Mexico East Coast to US East Coast fixed at around $17,000. 39K DWT handysize bulk carrier open West Africa (WAFR) via Argentina to Peru fixed at around $28,500. The Continent and Mediterranean handysize bulk carrier market, meanwhile, remained mostly steady, with quiet activity and only marginal improvements in handysize bulk carrier market charter rates. 38K DWT handysize bulk carrier open South Spain via Morocco to West Africa (WAFT) fixed at around $14,000. In the Asia handysize bulk carrier market, sentiment gathered pace throughout the week. A shortage of prompt handysize bulk carrier market tonnage in the north, together with stronger enquiry from both northern and southern areas, lifted handysize bulk carrier market charter rates. Shipowners gained additional leverage, encouraging charterers to raise their charter rate expectations. Handysize bulk carrier market activity remained healthy, while some period interest was also reported. 38K DWT handysize bulk carrier open South Korea to Southeast Asia (SEA) fixed at around $16,000.

24-April-2026

The Baltic Dry Index (BDI) decreased by 8 points to reach 2,665 points. The Baltic Capesize Index (BCI) decreased by 33 to 4,282 points, with average daily earnings for capesize bulk carriers decreased by $301 to $35,333. The Baltic Panamax Index (BPI) decreased by 5 points to 1,960 points, while average daily income for panamax bulk decreased by $44 to $17,638. The Baltic Supramax Index (BSI) increased by 13 points to 1,535 points, with average daily earnings for supramax bulk carriers increased by $162 to $19,403. The Baltic Handysize Index (BHSI) increased by 6 points to 797 points, as average daily earnings for handysize bulk carriers increased by $119 to $14,354 per day.

23-April-2026

The Baltic Dry Index (BDI) decreased by 2 points to reach 2,673 points. The Baltic Capesize Index (BCI) decreased by 41 to 4,315 points, with average daily earnings for capesize bulk carriers decreased by $368 to $35,634. The Baltic Panamax Index (BPI) decreased by 6 points to 1,965 points, while average daily income for panamax bulk decreased by $62 to $17,682. The Baltic Supramax Index (BSI) increased by 38 points to 1,522 points, with average daily earnings for supramax bulk carriers increased by $481 to $19,241. The Baltic Handysize Index (BHSI) increased by 10 points to 791 points, as average daily earnings for handysize bulk carriers increased by $185 to $14,235 per day.

22-April-2026

The Baltic Dry Index (BDI) increased by 35 points to reach 2,675 points. The Baltic Capesize Index (BCI) increased by 56 to 4,356 points, with average daily earnings for capesize bulk carriers increased by $507 to $36,002. The Baltic Panamax Index (BPI) decreased by 2 points to 1,971 points, while average daily income for panamax bulk decreased by $14 to $17,744. The Baltic Supramax Index (BSI) increased by 41 points to 1,484 points, with average daily earnings for supramax bulk carriers increased by $520 to $18,760. The Baltic Handysize Index (BHSI) increased by 12 points to 781 points, as average daily earnings for handysize bulk carriers increased by $206 to $14,050 per day.

21-April-2026

The Baltic Dry Index (BDI) increased by 7 points to reach 2,640 points. The Baltic Capesize Index (BCI) stayed at 4,300 points, with average daily earnings for capesize bulk carriers decreased by $1 to $35,495. The Baltic Panamax Index (BPI) decreased by 3 points to 1,973 points, while average daily income for panamax bulk decreased by $27 to $17,758. The Baltic Supramax Index (BSI) increased by 21 points to 1,443 points, with average daily earnings for supramax bulk carriers increased by $270 to $18,240. The Baltic Handysize Index (BHSI) increased by 15 points to 769 points, as average daily earnings for handysize bulk carriers increased by $273 to $13,844 per day.

20-April-2026

The Baltic Dry Index (BDI) increased by 66 points to reach 2,633 points. The Baltic Capesize Index (BCI) increased by 172 points to 4,300 points, with average daily earnings for capesize bulk carriers increased by $1,564 to $35,496. The Baltic Panamax Index (BPI) increased by 1 point to 1,976 points, while average daily income for panamax bulk increased by $12 to $17,785. The Baltic Supramax Index (BSI) increased by 7 points to 1,422 points, with average daily earnings for supramax bulk carriers increased by $84 to $17,970. The Baltic Handysize Index (BHSI) increased by 13 points to 754 points, as average daily earnings for handysize bulk carriers increased by $234 to $13,571 per day.

17-April-2026

The Baltic Dry Index (BDI) increased by 44 points to reach 2,567 points. The Baltic Capesize Index (BCI) increased by 102 points to 4,128 points, with average daily earnings for capesize bulk carriers increased by $920 to $33,932. The Baltic Panamax Index (BPI) increased by 5 points to 1,975 points, while average daily income for panamax bulk increased by $43 to $17,773. The Baltic Supramax Index (BSI) increased by 17 points to 1,415 points, with average daily earnings for supramax bulk carriers increased by $217 to $17,886. The Baltic Handysize Index (BHSI) increased by 11 points to 741 points, as average daily earnings for handysize bulk carriers increased by $194 to $13,337 per day.

16-April-2026

The Baltic Dry Index (BDI) increased by 39 points to reach 2,523 points. The Baltic Capesize Index (BCI) increased by 62 points to 4,026 points, with average daily earnings for capesize bulk carriers increased by $562 to $33,012. The Baltic Panamax Index (BPI) increased by 22 points to 1,970 points, while average daily income for panamax bulk increased by $202 to $17,730. The Baltic Supramax Index (BSI) increased by 27 points to 1,398 points, with average daily earnings for supramax bulk carriers increased by $339 to $17,669. The Baltic Handysize Index (BHSI) increased by 15 points to 730 points, as average daily earnings for handysize bulk carriers increased by $268 to $13,143 per day.

15-April-2026

The Baltic Dry Index (BDI) increased by 130 points to reach 2,484 points. The Baltic Capesize Index (BCI) increased by 293 points to 3,964 points, with average daily earnings for capesize bulk carriers increased by $2,658 to $32,450. The Baltic Panamax Index (BPI) increased by 48 points to 1,948 points, while average daily income for panamax bulk increased by $427 to $17,528. The Baltic Supramax Index (BSI) increased by 27 points to 1,371 points, with average daily earnings for supramax bulk carriers increased by $342 to $17,330. The Baltic Handysize Index (BHSI) increased by 9 points to 715 points, as average daily earnings for handysize bulk carriers increased by $167 to $12,875 per day.

14-April-2026

The Baltic Dry Index (BDI) increased by 104 points to reach 2,354 points. The Baltic Capesize Index (BCI) increased by 234 points to 3,671 points, with average daily earnings for capesize bulk carriers increased by $2,125 to $29,792. The Baltic Panamax Index (BPI) increased by 38 points to 1,900 points, while average daily income for panamax bulk increased by $344 to $17,101. The Baltic Supramax Index (BSI) increased by 24 points to 1,344 points, with average daily earnings for supramax bulk carriers increased by $307 to $16,988. The Baltic Handysize Index (BHSI) increased by 5 points to 706 points, as average daily earnings for handysize bulk carriers increased by $82 to $12,708 per day.

13-April-2026

The Baltic Dry Index (BDI) increased by 49 points to reach 2,250 points. The Baltic Capesize Index (BCI) increased by 119 points to 3,437 points, with average daily earnings for capesize bulk carriers increased by $1,082 to $27,667. The Baltic Panamax Index (BPI) increased by 7 points to 1,862 points, while average daily income for panamax bulk increased by $61 to $16,757. The Baltic Supramax Index (BSI) increased by 12 points to 1,320 points, with average daily earnings for supramax bulk carriers increased by $143 to $16,681. The Baltic Handysize Index (BHSI) increased by 2 points to 701 points, as average daily earnings for handysize bulk carriers increased by $53 to $12,626 per day.

10-April-2026

The Baltic Dry Index (BDI) increased by 40 points to reach 2,201 points. The Baltic Capesize Index (BCI) increased by 83 points to 3,318 points, with average daily earnings for capesize bulk carriers increased by $750 to $26,585. The Baltic Panamax Index (BPI) increased by 13 points to 1,855 points, while average daily income for panamax bulk increased by $114 to $16,696. The Baltic Supramax Index (BSI) increased by 15 points to 1,308 points, with average daily earnings for supramax bulk carriers increased by $194 to $16,538. The Baltic Handysize Index (BHSI) increased by 5 points to 699 points, as average daily earnings for handysize bulk carriers increased by $79 to $12,573 per day.

9-April-2026

The Baltic Dry Index (BDI) increased by 22 points to reach 2,161 points. The Baltic Capesize Index (BCI) increased by 15 points to 3,235 points, with average daily earnings for capesize bulk carriers increased by $133 to $25,835. The Baltic Panamax Index (BPI) increased by 19 points to 1,842 points, while average daily income for panamax bulk increased by $173 to $16,582. The Baltic Supramax Index (BSI) increased by 32 points to 1,293 points, with average daily earnings for supramax bulk carriers increased by $403 to $16,344. The Baltic Handysize Index (BHSI) decreased by 2 points to 694 points, as average daily earnings for handysize bulk carriers increased by $42 to $12,494 per day.

8-April-2026

The Baltic Dry Index (BDI) increased by 44 points to reach 2,139 points. The Baltic Capesize Index (BCI) increased by 72 points to 3,220 points, with average daily earnings for capesize bulk carriers increased by $657 to $25,702. The Baltic Panamax Index (BPI) increased by 21 points to 1,823 points, while average daily income for panamax bulk increased by $189 to $16,409. The Baltic Supramax Index (BSI) increased by 30 points to 1,261 points, with average daily earnings for supramax bulk carriers increased by $377 to $15,941. The Baltic Handysize Index (BHSI) decreased by 2 points to 692 points, as average daily earnings for handysize bulk carriers decreased by $48 to $12,452 per day.

7-April-2026

The Baltic Dry Index (BDI) increased by 29 points to reach 2,095 points. The Baltic Capesize Index (BCI) increased by 62 points to 3,148 points, with average daily earnings for capesize bulk carriers increased by $557 to $25,045. The Baltic Panamax Index (BPI) increased by 18 points to 1,802 points, while average daily income for panamax bulk increased by $164 to $16,220. The Baltic Supramax Index (BSI) increased by 7 points to 1,231 points, with average daily earnings for supramax bulk carriers increased by $88 to $15,564. The Baltic Handysize Index (BHSI) decreased by 1 point to 694 points, as average daily earnings for handysize bulk carriers decreased by $8 to $12,500 per day.

2-April-2026

The Baltic Dry Index (BDI) increased by 36 points to reach 2,066 points. The Baltic Capesize Index (BCI) increased by 63 points to 3,086 points, with average daily earnings for capesize bulk carriers increased by $570 to $24,488. The Baltic Panamax Index (BPI) increased by 26 points to 1,784 points, while average daily income for panamax bulk increased by $231 to $16,056. The Baltic Supramax Index (BSI) increased by 15 points to 1,224 points, with average daily earnings for supramax bulk carriers increased by $191 to $15,476. The Baltic Handysize Index (BHSI) decreased by 1 point to 695 points, as average daily earnings for handysize bulk carriers decreased by $24 to $12,508 per day.

1-April-2026

The Baltic Dry Index (BDI) increased by 35 points to reach 2,030 points. The Baltic Capesize Index (BCI) increased by 76 points to 3,023 points, with average daily earnings for capesize bulk carriers increased by $697 to $23,918. The Baltic Panamax Index (BPI) increased by 14 points to 1,758 points, while average daily income for panamax bulk increased by $133 to $15,825. The Baltic Supramax Index (BSI) increased by 7 points to 1,209 points, with average daily earnings for supramax bulk carriers increased by $95 to $15,285. The Baltic Handysize Index (BHSI) decreased by 6 points to 696 points, as average daily earnings for handysize bulk carriers decreased by $97 to $12,532 per day.

31-March-2026

The Baltic Dry Index (BDI) decreased by 22 points to reach 1,995 points. The Baltic Capesize Index (BCI) decreased by 57 points to 2,947 points, with average daily earnings for capesize bulk carriers decreased by $524 to $23,221. The Baltic Panamax Index (BPI) increased by 2 points to 1,744 points, while average daily income for panamax bulk increased by $10 to $15,692. The Baltic Supramax Index (BSI) decreased by 1 point to 1,202 points, with average daily earnings for supramax bulk carriers decreased by $18 to $15,190. The Baltic Handysize Index (BHSI) decreased by 6 points to 702 points, as average daily earnings for handysize bulk carriers decreased by $123 to $12,629 per day.

30-March-2026

The Baltic Dry Index (BDI) decreased by 14 points to reach 2,017 points. The Baltic Capesize Index (BCI) decreased by 28 points to 3,004 points, with average daily earnings for capesize bulk carriers decreased by $249 to $23,745. The Baltic Panamax Index (BPI) decreased by 14 points to 1,742 points, while average daily income for panamax bulk decreased by $118 to $15,682. The Baltic Supramax Index (BSI) decreased by 3 points to 1,203 points, with average daily earnings for supramax bulk carriers decreased by $33 to $15,208. The Baltic Handysize Index (BHSI) decreased by 5 points to 708 points, as average daily earnings for handysize bulk carriers decreased by $90 to $12,752 per day.

30-March-2026

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market started the week on a softer footing, with widespread weakness across both the Atlantic and Pacific basins before a gradual rebound enabled the market to close only slightly firmer overall. Early sentiment was pressured by a lack of conviction, particularly in the Pacific capesize bulk carrier market, where the absence of major miner enquiry and disruption concerns connected to Cyclone Narelle curtailed activity and contributed to a steady accumulation of capesize bulk carrier tonnage. This subdued appetite for capesize bulk carriers set the initial tone, while the Atlantic basin capesize bulk carrier market, although at first relatively balanced, failed to generate meaningful upward momentum amid uneven activity. As the week unfolded, a more distinct regional split became apparent in the capesize bulk carrier market. The Pacific capesize bulk carrier market remained comparatively quiet, with a gradual reappearance of miner enquiry and Baltic Capesize Index (BCI) C5 moving around $10.50, before a late-week rise in cargo flow pushed rates closer to $11.20. By comparison, the Atlantic capesize bulk carrier market offered the main support, as tightening capesize bulk carrier tonnage availability and improved cargo visibility, especially from East Coast South America (ECSA) and West Africa (WAFR) to China, lifted capesize bulk carrier charter rates. Baltic Capesize Index (BCI) C3 notably improved to about $30.80, while firmer West Africa (WAFR) and fronthaul capesize bulk carrier fixtures reinforced the wider recovery.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The week began with a weaker tone in the panamax bulk carrier market across both the Atlantic and Pacific basins, as panamax bulk carrier charter rates in the Atlantic and Asia drifted lower and overall sentiment remained cautious. The Atlantic panamax bulk carrier market showed limited movement, with transatlantic and fronthaul panamax bulk carrier activity remaining subdued and a widening standoff developing between panamax shipowners and charterers. As the week moved on, North Atlantic panamax bulk carrier market demand softened further, with some cargoes absorbed internally and abundant panamax bulk carrier tonnage preventing any significant improvement in rates. In the Asian panamax bulk carrier market, activity remained muted throughout the week, although the North Pacific panamax bulk carrier market offered some relative support, while Australia and India panamax bulk carrier routes recorded only modest gains. Several panamax bulk carrier fixtures were reported, though details were limited. Overall panamax bulk carrier market sentiment weakened through midweek, with little real momentum despite some early indications of activity. The Baltic Panamax Index (BPI) P5TC fell steadily during the week and ended at $15,800, reflecting ongoing downward pressure across the principal routes.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

It was another rather subdued week for the ultramax and supramax bulk carrier market, as prompt tonnage remained readily available in many regions. In the Atlantic ultramax and supramax bulk carrier market, the US Gulf (USG) came under further pressure amid a limited volume of fresh enquiry for ultramax and supramax bulk carriers. A 62K DWT ultramax bulk carrier open US Gulf (USG) to East Coast India (ECI) fixed at around $19,000, while a 63K DWT ultramax bulk carrier open US Gulf (USG) to Germany fixed at about $16,500. Toward the close of the week, the East Coast South America (ECSA) ultramax and supramax bulk carrier market was said to have stabilised, with a 65K DWT ultramax bulk carrier open West Africa (WAFR) via Argentina to Vietnam fixed at around $17,000 plus $500,000 BB (Ballast Bonus). In the Asian ultramax and supramax bulk carrier market, sentiment again remained weak. The main source of demand for ultramax and supramax bulk carriers appeared to come from North China. A 53K DWT supramax bulk carrier open North China fixing via NoPac (NOPAC) to South Korea fixed at around $14,500, while a 62K DWT ultramax bulk carrier open Indonesia to the Philippines fixed at about $16,000. Demand for ultramax and supramax bulk carriers also remained visible in the Indian Ocean, where a 55K DWT supramax bulk carrier open South Africa (SAFR) to Pakistan fixed at around $19,000 plus $190,000 BB (Ballast Bonus). In the ultramax and supramax bulk carrier period market, activity included a 62K DWT ultramax bulk carrier open Asia fixing for one year’s trading at around $17,000.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market weakened over the course of the week, with sentiment remaining broadly negative across both the Atlantic and Pacific basins. In the Atlantic handysize bulk carrier market, the Continent and Mediterranean handysize bulk carrier market stayed subdued throughout the week, with limited cargo availability and a growing tonnage list keeping handysize bulk carrier charter rates under pressure. A 33K DWT handysize bulk carrier open North France to Morocco fixed at around $12,500. The US Gulf (USG) handysize bulk carrier market followed a similar trend, as ample handysize bulk carrier tonnage supply and cautious chartering activity weighed on freight levels, with a 33K DWT handysize bulk carrier open US Gulf (USG) to East Coast Mexico fixed at around $15,000. The East Coast South America (ECSA) handysize bulk carrier market appeared somewhat more stable, although bunker price fluctuations continued to affect voyage costs and prevented any notable rise in charter rates. A 39K DWT handysize bulk carrier open Argentina to the US Gulf (USG) fixed at around $16,500. In the Pacific handysize bulk carrier market, activity remained generally quiet. Handysize bulk carrier tonnage availability in Southeast Asia and the North Pacific increased during the week, while handysize bulk carrier cargo volumes remained relatively limited, resulting in handysize bulk carrier fixtures being concluded around or slightly below previous levels. A 40K DWT handysize bulk carrier open South Korea via Japan to Malaysia fixed at around $13,500.

27-March-2026

The Baltic Dry Index (BDI) increased by 17 points to reach 2,031 points. The Baltic Capesize Index (BCI) increased by 58 points to 3,032 points, with average daily earnings for capesize bulk carriers increased by $523 to $23,994. The Baltic Panamax Index (BPI) decreased by 14 points to 1,756 points, while average daily income for panamax bulk decreased by $131 to $15,800. The Baltic Supramax Index (BSI) increased by 1 point to 1,206 points, with average daily earnings for supramax bulk carriers increased by $9 to $15,241. The Baltic Handysize Index (BHSI) decreased by 8 points to 713 points, as average daily earnings for handysize bulk carriers decreased by $127 to $12,842 per day.

26-March-2026

The Baltic Dry Index (BDI) increased by 13 points to reach 2,014 points. The Baltic Capesize Index (BCI) increased by 59 points to 2,974 points, with average daily earnings for capesize bulk carriers increased by $534 to $23,471. The Baltic Panamax Index (BPI) decreased by 26 points to 1,770 points, while average daily income for panamax bulk decreased by $235 to $15,931. The Baltic Supramax Index (BSI) decreased by 3 points to 1,205 points, with average daily earnings for supramax bulk carriers decreased by $43 to $15,232. The Baltic Handysize Index (BHSI) decreased by 5 points to 721 points, as average daily earnings for handysize bulk carriers decreased by $103 to $12,969 per day.

25-March-2026

The Baltic Dry Index (BDI) increased by 12 points to reach 2,001 points. The Baltic Capesize Index (BCI) increased by 71 points to 2,915 points, with average daily earnings for capesize bulk carriers increased by $645 to $22,937. The Baltic Panamax Index (BPI) decreased by 43 points to 1,796 points, while average daily income for panamax bulk decreased by $386 to $16,166. The Baltic Supramax Index (BSI) decreased by 7 points to 1,208 points, with average daily earnings for supramax bulk carriers decreased by $89 to $15,275. The Baltic Handysize Index (BHSI) decreased by 5 points to 726 points, as average daily earnings for handysize bulk carriers decreased by $91 to $13,072 per day.

24-March-2026

The Baltic Dry Index (BDI) decreased by 48 points to reach 1,989 points. The Baltic Capesize Index (BCI) decreased by 93 points to 2,844 points, with average daily earnings for capesize bulk carriers decreased by $839 to $22,292. The Baltic Panamax Index (BPI) decreased by 49 points to 1,839 points, while average daily income for panamax bulk decreased by $442 to $16,552. The Baltic Supramax Index (BSI) decreased by 3 points to 1,215 points, with average daily earnings for supramax bulk carriers decreased by $37 to $15,364. The Baltic Handysize Index (BHSI) decreased by 6 points to 731 points, as average daily earnings for handysize bulk carriers decreased by $109 to $13,163 per day.

24-March-2026

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market showed an uneven pattern across the main routes during the week. Even so, after finishing Friday on a firmer note, the Capesize Time Charter Average (C5TC 182) still recorded a week-on-week increase of $817. The Baltic Capesize Index (BCI) C3 Brazil to China route climbed above $30, a threshold not seen since July 2024, with present laycans covering both the first and second halves of April. On the other hand, the Baltic Capesize Index (BCI) C5 West Australia to China route remained under downward pressure, slipping from $13.47 on Monday to $11.71 by Friday. In the North Atlantic capesize bulk carrier market, momentum improved from midweek onward as fresh transatlantic and fronthaul capesize bulk carrier cargoes entered the market. That strengthening tone was reflected in firmer returns by week’s end, with transatlantic capesize bulk carrier rounds assessed at $28,575 and fronthaul voyages at $51,111. In the period capesize bulk carrier market, a capesize bulk carrier delivering from China in April 2026 was fixed for about three years at $32,000.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market began the week cautiously before gradually building firmer momentum, although bunker price uncertainty continued to inject volatility into sentiment. Monday opened with a mixed tone, as the Atlantic panamax bulk carrier market hinted at a possible floor while the Asia panamax bulk carrier market weakened because of softer cargo volumes. By Tuesday, demand had improved, especially in the Atlantic panamax bulk carrier market, where stronger enquiry lifted rates despite plentiful tonnage, while the Asia panamax bulk carrier market also recovered on the back of healthier regional trade. By the middle of the week, the gains became more pronounced. Activity in the Atlantic panamax bulk carrier market strengthened, backed by mineral and grain demand, tightening prompt tonnage in the north and pushing rates upward. The Asia panamax bulk carrier market followed the same direction, supported by steady Pacific and Australian cargo flows together with firmer fixture activity. By Thursday, the constructive tone held across both the Atlantic and Pacific basins, with further panamax bulk carrier rate gains and improved sentiment. In the end, the panamax bulk carrier market closed the week on a stronger footing, showing clear evidence of recovery and underlying demand support, with the Baltic Panamax Index (BPI) P5TC ending the week at $17,132.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The ultramax and supramax bulk carrier market ended the week cautiously, as limited cargo availability and abundant ultramax and supramax bulk carrier tonnage supply continued to weigh on ultramax and supramax bulk carrier rates across both Atlantic and Pacific regions. In the Atlantic ultramax and supramax bulk carrier market, conditions stayed weak throughout the week. The US Gulf (USG) ultramax and supramax bulk carrier market remained under pressure because of restricted cargo demand and a growing list of prompt ultramax and supramax bulk carriers, while the East Coast South America (ECSA) ultramax and supramax bulk carrier market gradually lost strength as the week unfolded. A supramax bulk carrier 55K DWT open Mexico East Coast was reported fixed for a trip delivery US Gulf (USG) to Mexico East Coast at around $16,000. Another supramax bulk carrier 55K DWT open Argentina to West Coast Central America (WCCA) was fixed at around $21,000. Activity in the Continent–Mediterranean ultramax and supramax bulk carrier market remained generally subdued, with only scattered enquiry and little movement in rates. A supramax bulk carrier 57K DWT open Italy via Spain to West Africa (WAFR) was fixed at around $13,000. Across the Asian ultramax and supramax bulk carrier market, sentiment remained soft as charterers continued to press for lower rate ideas while cargo volumes stayed limited. Rising bunker prices also added to the cautious mood across the region. Although the spot ultramax and supramax bulk carrier market remained soft, the period ultramax and supramax bulk carrier sector still recorded some activity. An ultramax bulk carrier 63K DWT open South China for four to six months was fixed at around $17,000.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market continued to ease over the course of the week, as limited fresh enquiry across most regions weighed on sentiment. In the Continent and Mediterranean handysize bulk carrier market, activity remained largely quiet throughout the week, with little meaningful change in handysize bulk carrier charter rate levels. Across the East Coast South America (ECSA) and US Gulf (USG), sentiment weakened gradually as the week progressed. A persistent oversupply of handysize bulk carrier tonnage, combined with a shortage of fresh cargo, pushed handysize bulk carrier charter rates lower, while charterers increasingly tested softer numbers. Reported handysize bulk carrier fixtures included a handysize bulk carrier 38K DWT open US Gulf (USG) to Turkiye Med fixed at around $19,000, along with another handysize bulk carrier 38K DWT open Argentina to North Brazil fixed at around $18,000. In the Asia handysize bulk carrier market, trading remained slow and sentiment broadly negative. While some shipbrokers noted slight tightening in handysize bulk carrier tonnage in the North Pacific handysize bulk carrier market toward the end of the week, limited cargo volumes and ongoing uncertainty over bunker prices kept handysize bulk carrier charter rates broadly steady. A handysize bulk carrier 38K DWT open via Australia to Japan was fixed at around $13,500. In the period handysize bulk carrier market, a handysize bulk carrier 39K DWT open Asia was fixed for three years at 122% of the Baltic Handysize Index (BHSI).

23-March-2026

The Baltic Dry Index (BDI) decreased by 19 points to reach 2,037 points. The Baltic Capesize Index (BCI) decreased by 34 points to 2,937 points, with average daily earnings for capesize bulk carriers decreased by $307 to $23,131. The Baltic Panamax Index (BPI) decreased by 16 points to 1,888 points, while average daily income for panamax bulk decreased by $138 to $16,994. The Baltic Supramax Index (BSI) decreased by 6 points to 1,218 points, with average daily earnings for supramax bulk carriers decreased by $72 to $15,401. The Baltic Handysize Index (BHSI) decreased by 7 points to 737 points, as average daily earnings for handysize bulk carriers decreased by $117 to $13,272 per day.

20-March-2026

The Baltic Dry Index (BDI) decreased by 1 point to reach 2,056 points. The Baltic Capesize Index (BCI) increased by 6 points to 2,971 points, with average daily earnings for capesize bulk carriers increased by $49 to $23,438. The Baltic Panamax Index (BPI) decreased by 5 points to 1,904 points, while average daily income for panamax bulk decreased by $45 to $17,132. The Baltic Supramax Index (BSI) decreased by 5 points to 1,224 points, with average daily earnings for supramax bulk carriers decreased by $67 to $15,473. The Baltic Handysize Index (BHSI) decreased by 5 points to 744 points, as average daily earnings for handysize bulk carriers decreased by $102 to $13,389 per day.

19-March-2026

The Baltic Dry Index (BDI) decreased by 7 points to reach 2,057 points. The Baltic Capesize Index (BCI) decreased by 21 points to 2,965 points, with average daily earnings for capesize bulk carriers decreased by $185 to $23,389. The Baltic Panamax Index (BPI) increased by 18 points to 1,909 points, while average daily income for panamax bulk increased by $161 to $17,177. The Baltic Supramax Index (BSI) decreased by 11 points to 1,229 points, with average daily earnings for supramax bulk carriers decreased by $136 to $15,540. The Baltic Handysize Index (BHSI) decreased by 10 points to 749 points, as average daily earnings for handysize bulk carriers decreased by $177 to $13,491 per day.

18-March-2026

The Baltic Dry Index (BDI) increased by 40 points to reach 2,064 points. The Baltic Capesize Index (BCI) increased by 98 points to 2,986 points, with average daily earnings for capesize bulk carriers increased by $883 to $23,574. The Baltic Panamax Index (BPI) increased by 38 points to 1,891 points, while average daily income for panamax bulk increased by $343 to $17,016. The Baltic Supramax Index (BSI) decreased by 16 points to 1,240 points, with average daily earnings for supramax bulk carriers decreased by $202 to $15,676. The Baltic Handysize Index (BHSI) decreased by 11 points to 759 points, as average daily earnings for handysize bulk carriers decreased by $195 to $13,668 per day.

17-March-2026

The Baltic Dry Index (BDI) decreased by 14 points to reach 2,024 points. The Baltic Capesize Index (BCI) decreased by 39 points to 2,888 points, with average daily earnings for capesize bulk carriers decreased by $349 to $22,691. The Baltic Panamax Index (BPI) increased by 17 points to 1,853 points, while average daily income for panamax bulk increased by $145 to $16,673. The Baltic Supramax Index (BSI) decreased by 12 points to 1,256 points, with average daily earnings for supramax bulk carriers decreased by $152 to $15,878. The Baltic Handysize Index (BHSI) decreased by 18 points to 770 points, as average daily earnings for handysize bulk carriers decreased by $323 to $13,863 per day.

16-March-2026

The Baltic Dry Index (BDI) increased by 10 points to reach 2,038 points. The Baltic Capesize Index (BCI) increased by 47 points to 2,927 points, with average daily earnings for capesize bulk carriers increased by $419 to $23,040. The Baltic Panamax Index (BPI) decreased by 2 points to 1,836 points, while average daily income for panamax bulk decreased by $18 to $16,528. The Baltic Supramax Index (BSI) decreased by 15 points to 1,268 points, with average daily earnings for supramax bulk carriers decreased by $183 to $16,030. The Baltic Handysize Index (BHSI) decreased by 8 points to 788 points, as average daily earnings for handysize bulk carriers decreased by $144 to $14,186 per day.

13-March-2026

The Baltic Dry Index (BDI) increased by 56 points to reach 2,028 points. The Baltic Capesize Index (BCI) increased by 159 points to 2,880 points, with average daily earnings for capesize bulk carriers increased by $1,448 to $22,621. The Baltic Panamax Index (BPI) increased by 3 points to 1,838 points, while average daily income for panamax bulk increased by $30 to $16,546. The Baltic Supramax Index (BSI) decreased by 7 points to 1,283 points, with average daily earnings for supramax bulk carriers decreased by $90 to $16,213. The Baltic Handysize Index (BHSI) decreased by 11 points to 796 points, as average daily earnings for handysize bulk carriers decreased by $204 to $14,330 per day.

12-March-2026

The Baltic Dry Index (BDI) increased by 46 points to reach 1,972 points. The Baltic Capesize Index (BCI) increased by 147 points to 2,721 points, with average daily earnings for capesize bulk carriers increased by $1,330 to $21,173. The Baltic Panamax Index (BPI) increased by 4 points to 1,835 points, while average daily income for panamax bulk increased by $37 to $16,516. The Baltic Supramax Index (BSI) decreased by 22 points to 1,290 points, with average daily earnings for supramax bulk carriers decreased by $279 to $16,303. The Baltic Handysize Index (BHSI) decreased by 15 points to 807 points, as average daily earnings for handysize bulk carriers decreased by $262 to $14,534 per day.

11-March-2026

The Baltic Dry Index (BDI) increased by 7 points to reach 1,926 points. The Baltic Capesize Index (BCI) increased by 72 points to 2,574 points, with average daily earnings for capesize bulk carriers increased by $655 to $19,843. The Baltic Panamax Index (BPI) decreased by 30 points to 1,831 points, while average daily income for panamax bulk decreased by $271 to $16,479. The Baltic Supramax Index (BSI) decreased by 30 points to 1,312 points, with average daily earnings for supramax bulk carriers decreased by $382 to $16,582. The Baltic Handysize Index (BHSI) decreased by 9 points to 822 points, as average daily earnings for handysize bulk carriers decreased by $171 to $14,796 per day.

10-March-2026

The Baltic Dry Index (BDI) decreased by 147 points to reach 1,919 points. The Baltic Capesize Index (BCI) decreased by 333 points to 2,502 points, with average daily earnings for capesize bulk carriers decreased by $3,019 to $19,188. The Baltic Panamax Index (BPI) decreased by 53 points to 1,861 points, while average daily income for panamax bulk decreased by $473 to $16,750. The Baltic Supramax Index (BSI) decreased by 31 points to 1,342 points, with average daily earnings for supramax bulk carriers decreased by $391 to $16,964. The Baltic Handysize Index (BHSI) decreased by 2 points to 831 points, as average daily earnings for handysize bulk carriers decreased by $35 to $14,967 per day.

9-March-2026

The Baltic Dry Index (BDI) increased by 56 points to reach 2,066 points. The Baltic Capesize Index (BCI) increased by 204 points to 2,835 points, with average daily earnings for capesize bulk carriers increased by $1,852 to $22,207. The Baltic Panamax Index (BPI) decreased by 48 points to 1,914 points, while average daily income for panamax bulk decreased by $433 to $17,223. The Baltic Supramax Index (BSI) decreased by 13 points to 1,373 points, with average daily earnings for supramax bulk carriers decreased by $170 to $17,355. The Baltic Handysize Index (BHSI) increased by 6 points to 833 points, as average daily earnings for handysize bulk carriers increased by $109 to $15,002 per day.

6-March-2026

The Baltic Dry Index (BDI) decreased by 128 points to reach 2,010 points. The Baltic Capesize Index (BCI) decreased by 320 points to 2,631 points, with average daily earnings for capesize bulk carriers decreased by $2,907 to $20,355. The Baltic Panamax Index (BPI) decreased by 35 points to 1,962 points, while average daily income for panamax bulk decreased by $314 to $17,656. The Baltic Supramax Index (BSI) decreased by 6 points to 1,386 points, with average daily earnings for supramax bulk carriers decreased by $75 to $17,525. The Baltic Handysize Index (BHSI) increased by 8 points to 827 points, as average daily earnings for handysize bulk carriers increased by $145 to $14,893 per day.

5-March-2026

The Baltic Dry Index (BDI) decreased by 95 points to reach 2,138 points. The Baltic Capesize Index (BCI) decreased by 251 points to 2,951 points, with average daily earnings for capesize bulk carriers decreased by $2,279 to $23,262. The Baltic Panamax Index (BPI) decreased by 17 points to 1,997 points, while average daily income for panamax bulk decreased by $157 to $17,970. The Baltic Supramax Index (BSI) stayed at 1,392 points, with average daily earnings for supramax bulk carriers increased by $8 to $17,600. The Baltic Handysize Index (BHSI) increased by 9 points to 819 points, as average daily earnings for handysize bulk carriers increased by $175 to $14,748 per day.

4-March-2026

The Baltic Dry Index (BDI) decreased by 9 points to reach 2,233 points. The Baltic Capesize Index (BCI) decreased by 43 points to 3,202 points, with average daily earnings for capesize bulk carriers decreased by $388 to $25,541. The Baltic Panamax Index (BPI) increased by 12 points to 2,014 points, while average daily income for panamax bulk increased by $112 to $18,127. The Baltic Supramax Index (BSI) increased by 9 points to 1,392 points, with average daily earnings for supramax bulk carriers increased by $116 to $17,592. The Baltic Handysize Index (BHSI) increased by 11 points to 810 points, as average daily earnings for handysize bulk carriers increased by $194 to $14,573 per day.

3-March-2026

The Baltic Dry Index (BDI) increased by 55 points to reach 2,242 points. The Baltic Capesize Index (BCI) increased by 112 points to 3,245 points, with average daily earnings for capesize bulk carriers increased by $1,019 to $25,929. The Baltic Panamax Index (BPI) increased by 23 points to 2,002 points, while average daily income for panamax bulk increased by $201 to $18,015. The Baltic Supramax Index (BSI) increased by 22 points to 1,383 points, with average daily earnings for supramax bulk carriers increased by $269 to $17,476. The Baltic Handysize Index (BHSI) increased by 14 points to 799 points, as average daily earnings for handysize bulk carriers increased by $245 to $14,379 per day.

2-March-2026

The Baltic Dry Index (BDI) increased by 47 points to reach 2,187 points. The Baltic Capesize Index (BCI) increased by 77 points to 3,133 points, with average daily earnings for capesize bulk carriers increased by $699 to $24,910. The Baltic Panamax Index (BPI) increased by 37 points to 1,979 points, while average daily income for panamax bulk increased by $333 to $17,814. The Baltic Supramax Index (BSI) increased by 23 points to 1,361 points, with average daily earnings for supramax bulk carriers increased by $292 to $17,207. The Baltic Handysize Index (BHSI) increased by 9 points to 785 points, as average daily earnings for handysize bulk carriers increased by $158 to $14,134 per day.

27-February-2026

The Baltic Dry Index (BDI) increased by 23 points to reach 2,140 points. The Baltic Capesize Index (BCI) increased by 5 points to 3,056 points, with average daily earnings for capesize bulk carriers increased by $42 to $24,211. The Baltic Panamax Index (BPI) increased by 26 points to 1,942 points, while average daily income for panamax bulk increased by $234 to $17,481. The Baltic Supramax Index (BSI) increased by 39 points to 1,338 points, with average daily earnings for supramax bulk carriers increased by $496 to $16,915. The Baltic Handysize Index (BHSI) increased by 13 points to 776 points, as average daily earnings for handysize bulk carriers increased by $242 to $13,976 per day.

26-February-2026

The Baltic Dry Index (BDI) decreased by 4 points to reach 2,117 points. The Baltic Capesize Index (BCI) decreased by 77 points to 3,051 points, with average daily earnings for capesize bulk carriers decreased by $694 to $24,169. The Baltic Panamax Index (BPI) increased by 26 points to 1,916 points, while average daily income for panamax bulk increased by $233 to $17,247. The Baltic Supramax Index (BSI) increased by 44 points to 1,299 points, with average daily earnings for supramax bulk carriers increased by $562 to $16,419. The Baltic Handysize Index (BHSI) increased by 19 points to 763 points, as average daily earnings for handysize bulk carriers increased by $344 to $13,734 per day.

25-February-2026

The Baltic Dry Index (BDI) decreased by 8 points to reach 2,121 points. The Baltic Capesize Index (BCI) decreased by 79 points to 3,128 points, with average daily earnings for capesize bulk carriers decreased by $722 to $24,863. The Baltic Panamax Index (BPI) increased by 24 points to 1,890 points, while average daily income for panamax bulk increased by $221 to $17,014. The Baltic Supramax Index (BSI) increased by 38 points to 1,255 points, with average daily earnings for supramax bulk carriers increased by $475 to $15,857. The Baltic Handysize Index (BHSI) increased by 20 points to 744 points, as average daily earnings for handysize bulk carriers increased by $352 to $13,390 per day.

24-February-2026

The Baltic Dry Index (BDI) increased by 17 points to reach 2,129 points. The Baltic Capesize Index (BCI) decreased by 3 points to 3,207 points, with average daily earnings for capesize bulk carriers decreased by $23 to $25,585. The Baltic Panamax Index (BPI) increased by 13 points to 1,866 points, while average daily income for panamax bulk increased by $115 to $16,793. The Baltic Supramax Index (BSI) increased by 38 points to 1,217 points, with average daily earnings for supramax bulk carriers increased by $485 to $15,382. The Baltic Handysize Index (BHSI) increased by 13 points to 724 points, as average daily earnings for handysize bulk carriers increased by $235 to $13,038 per day.

23-February-2026

The Baltic Dry Index (BDI) increased by 69 points to reach 2,112 points. The Baltic Capesize Index (BCI) increased by 159 points to 3,210 points, with average daily earnings for capesize bulk carriers increased by $1,436 to $25,608. The Baltic Panamax Index (BPI) increased by 15 points to 1,853 points, while average daily income for panamax bulk increased by $135 to $16,678. The Baltic Supramax Index (BSI) increased by 20 points to 1,179 points, with average daily earnings for supramax bulk carriers increased by $251 to $14,897. The Baltic Handysize Index (BHSI) increased by 2 points to 711 points, as average daily earnings for handysize bulk carriers increased by $37 to $12,803 per day.

20-February-2026

The Baltic Dry Index (BDI) increased by 24 points to reach 2,043 points. The Baltic Capesize Index (BCI) increased by 50 points to 3,051 points, with average daily earnings for capesize bulk carriers increased by $459 to $24,172. The Baltic Panamax Index (BPI) increased by 22 points to 1,838 points, while average daily income for panamax bulk increased by $203 to $16,543. The Baltic Supramax Index (BSI) decreased by 1 point to 1,159 points, with average daily earnings for supramax bulk carriers decreased by $15 to $14,646. The Baltic Handysize Index (BHSI) increased by 3 points to 709 points, as average daily earnings for handysize bulk carriers increased by $58 to $12,766 per day.

19-February-2026

The Baltic Dry Index (BDI) decreased by 44 points to reach 2,019 points. The Baltic Capesize Index (BCI) decreased by 114 points to 3,001 points, with average daily earnings for capesize bulk carriers decreased by $1,034 to $23,713. The Baltic Panamax Index (BPI) increased by 20 points to 1,816 points, while average daily income for panamax bulk increased by $173 to $16,340. The Baltic Supramax Index (BSI) decreased by 20 points to 1,160 points, with average daily earnings for supramax bulk carriers decreased by $256 to $14,661. The Baltic Handysize Index (BHSI) increased by 4 points to 706 points, as average daily earnings for handysize bulk carriers increased by $74 to $12,708 per day.

18-February-2026

The Baltic Dry Index (BDI) decreased by 32 points to reach 2,063 points. The Baltic Capesize Index (BCI) decreased by 79 points to 3,115 points, with average daily earnings for capesize bulk carriers decreased by $717 to $24,747. The Baltic Panamax Index (BPI) increased by 4 points to 1,796 points, while average daily income for panamax bulk increased by $35 to $16,167. The Baltic Supramax Index (BSI) decreased by 14 points to 1,180 points, with average daily earnings for supramax bulk carriers decreased by $175 to $14,917. The Baltic Handysize Index (BHSI) increased by 8 points to 702 points, as average daily earnings for handysize bulk carriers increased by $142 to $12,634 per day.

17-February-2026

The Baltic Dry Index (BDI) decreased by 5 points to reach 2,095 points. The Baltic Capesize Index (BCI) decreased by 15 points to 3,194 points, with average daily earnings for capesize bulk carriers decreased by $141 to $25,464. The Baltic Panamax Index (BPI) increased by 7 points to 1,792 points, while average daily income for panamax bulk increased by $64 to $16,132. The Baltic Supramax Index (BSI) decreased by 4 points to 1,194 points, with average daily earnings for supramax bulk carriers decreased by $45 to $15,092. The Baltic Handysize Index (BHSI) increased by 8 points to 694 points, as average daily earnings for handysize bulk carriers increased by $146 to $12,492 per day.

16-February-2026

The Baltic Dry Index (BDI) increased by 17 points to reach 2,100 points. The Baltic Capesize Index (BCI) increased by 28 points to 3,209 points, with average daily earnings for capesize bulk carriers increased by $259 to $25,605. The Baltic Panamax Index (BPI) increased by 8 points to 1,785 points, while average daily income for panamax bulk increased by $79 to $16,068. The Baltic Supramax Index (BSI) increased by 12 points to 1,198 points, with average daily earnings for supramax bulk carriers increased by $144 to $15,137. The Baltic Handysize Index (BHSI) increased by 6 points to 686 points, as average daily earnings for handysize bulk carriers increased by $99 to $12,346 per day.

16-February-2026

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market began the week under mild pressure, then shifted upward from mid-week as support emerged from both basins. The Capesize 5 Timecharter Average (C5TC 182) started at $25,692 and finished at $28,849, posting a $3,157 gain across five trading sessions. Across all capesize bulk carrier routes, the transpacific run contributed most to the week’s advance before the Pacific capesize bulk carrier market entered the Chinese New Year holiday period. The Baltic Capesize Index (BCI) C5 West Australia to Qingdao route climbed to $9.37 in the middle of the week, then edged down to $9.27 at the close. A comparable movement was recorded on the Baltic Capesize Index (BCI) C3 Brazil to Qingdao route after the laycan window moved fully into early-March 2026 dates. The Baltic Capesize Index (BCI) C3 Brazil to Qingdao route softened to $23.92 by Friday. In the North Atlantic capesize bulk carrier market, activity stayed firm into the end of the week, with the transatlantic and fronthaul run indicated at $34,344 and $55,028, respectively.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The week concluded with an overall stronger tone, as confidence improved in both the Atlantic and Pacific basins despite some late-week split in direction. Early signals of prompt transatlantic panamax bulk carrier demand established the tone, and momentum expanded through mid-week as charterers sought to secure nearby panamax bulk carrier tonnage. Grain volumes from East Coast South America (ECSA) for panamax bulk carriers remained steady, while the US Gulf (USG) added further Atlantic support for the panamax bulk carrier market, though pace moderated slightly near week’s end as rates began to level off. In the Pacific panamax bulk carrier market, upside was more visible. The Indonesian short-haul panamax bulk carrier market tightened prompt availability, while the Australian and North Pacific (NOPAC) panamax bulk carrier market run produced solid enquiry and fixing turnover. Panamax bulk carrier period appetite also remained present. Mirroring stronger sentiment, the Baltic Panamax Index (BPI) P5TC average rose from $14,829 on Monday to $15,989 on Friday, delivering a meaningful week-on-week improvement for panamax bulk carriers.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

Over the week, the Atlantic ultramax and supramax bulk carrier market registered notable upside from key loading zones such as the US Gulf (USG). Ultramax bulk carriers reached about $31,500 for fronthaul (FH) US Gulf (USG) to China business and about $33,500 for US Gulf (USG) to Continent transatlantic runs. Stronger ultramax and supramax bulk carrier demand also appeared from East Coast South America (ECSA), where a 63K DWT ultramax bulk carrier open Argentina to UAE fixed near $17,000 plus $700,000 BB (Ballast Bonus). By comparison, in the Asia ultramax and supramax bulk carrier market, charterers controlled the ultramax and supramax bulk carrier market, with very limited fresh enquiry entering the market. A 57K DWT supramax bulk carrier open Vietnam via Australia to Indonesia fixed around $14,000. The Indian Ocean ultramax and supramax bulk carrier market stayed comparatively more active, with a 63K DWT ultramax bulk carrier open UAE to Bangladesh fixed near $16,000. Period coverage in the ultramax and supramax bulk carrier market remained short, with a 57K DWT supramax bulk carrier open in the East Mediterranean (EMED) fixing 5 to 7 months trading, redelivery worldwide (WW), at around $14,500.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market recorded gradual strengthening in the Atlantic basin, while the Pacific basin stayed pressured, creating a mixed yet progressively firmer overall tone. East Coast South America (ECSA) and US Gulf (USG) clearly outperformed during the week. A busy transatlantic handysize bulk carrier market, together with tight handysize bulk carrier tonnage for February positions, supported firmer freight levels. A 37K DWT handysize bulk carrier open Argentina to Algeria fixed at about $20,000, while a 39K DWT handysize bulk carrier open US Gulf (USG) to Mexico East Coast fixed at about $22,000. The Continent–Mediterranean handysize bulk carrier market remained broadly balanced, with only slight hardening observed. A 37K DWT handysize bulk carrier open Portugal via Morocco to Argentina fixed near $7,000. The Pacific handysize bulk carrier market stayed weak through the week, as restricted cargo circulation and a lengthening handysize bulk carrier tonnage list continued to pressure charter levels. A 39K DWT handysize bulk carrier open North China to Indonesia fixed at around $7,000. In the period handysize bulk carrier market, activity improved modestly, with multiple handysize bulk carrier fixtures reported. A 39K DWT handysize bulk carrier open fixed for delivery China, redelivery worldwide (WW), for 3 years at 120.5% of Baltic Handysize Index (BHSI).

13-February-2026

The Baltic Dry Index (BDI) decreased by 12 points to reach 2,083 points. The Baltic Capesize Index (BCI) decreased by 60 points to 3,181 points, with average daily earnings for capesize bulk carriers decreased by $547 to $25,346. The Baltic Panamax Index (BPI) increased by 11 points to 1,777 points, while average daily income for panamax bulk increased by $92 to $15,989. The Baltic Supramax Index (BSI) increased by 21 points to 1,186 points, with average daily earnings for supramax bulk carriers increased by $268 to $14,993. The Baltic Handysize Index (BHSI) increased by 10 points to 680 points, as average daily earnings for handysize bulk carriers increased by $191 to $12,247 per day.

12-February-2026

The Baltic Dry Index (BDI) increased by 137 points to reach 2,095 points. The Baltic Capesize Index (BCI) increased by 327 points to 3,241 points, with average daily earnings for capesize bulk carriers increased by $2,964 to $25,893. The Baltic Panamax Index (BPI) increased by 31 points to 1,766 points, while average daily income for panamax bulk increased by $282 to $15,897. The Baltic Supramax Index (BSI) increased by 25 points to 1,165 points, with average daily earnings for supramax bulk carriers increased by $313 to $14,725. The Baltic Handysize Index (BHSI) increased by 13 points to 670 points, as average daily earnings for handysize bulk carriers increased by $238 to $12,056 per day.

11-February-2026

The Baltic Dry Index (BDI) increased by 76 points to reach 1,958 points. The Baltic Capesize Index (BCI) increased by 143 points to 2,914 points, with average daily earnings for capesize bulk carriers increased by $1,304 to $22,929. The Baltic Panamax Index (BPI) increased by 65 points to 1,735 points, while average daily income for panamax bulk increased by $588 to $15,615. The Baltic Supramax Index (BSI) increased by 17 points to 1,140 points, with average daily earnings for supramax bulk carriers increased by $212 to $14,412. The Baltic Handysize Index (BHSI) increased by 11 points to 657 points, as average daily earnings for handysize bulk carriers increased by $195 to $11,818 per day.

10-February-2026

The Baltic Dry Index (BDI) decreased by 13 points to reach 1,882 points. The Baltic Capesize Index (BCI) decreased by 62 points to 2,771 points, with average daily earnings for capesize bulk carriers decreased by $564 to $21,625. The Baltic Panamax Index (BPI) increased by 22 points to 1,670 points, while average daily income for panamax bulk increased by $198 to $15,027. The Baltic Supramax Index (BSI) increased by 9 points to 1,123 points, with average daily earnings for supramax bulk carriers increased by $123 to $14,200. The Baltic Handysize Index (BHSI) increased by 7 points to 646 points, as average daily earnings for handysize bulk carriers increased by $130 to $11,623 per day.

9-February-2026

The Baltic Dry Index (BDI) decreased by 28 points to reach 1,895 points. The Baltic Capesize Index (BCI) decreased by 85 points to 2,833 points, with average daily earnings for capesize bulk carriers decreased by $776 to $22,189. The Baltic Panamax Index (BPI) decreased by 4 points to 1,648 points, while average daily income for panamax bulk decreased by $36 to $14,829. The Baltic Supramax Index (BSI) increased by 10 points to 1,114 points, with average daily earnings for supramax bulk carriers increased by $119 to $14,077. The Baltic Handysize Index (BHSI) increased by 1 point to 639 points, as average daily earnings for handysize bulk carriers increased by $14 to $11,493 per day.

9-February-2026

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market went through a clearly weaker week, with confidence fading in both the Pacific and Atlantic basins. The Baltic Capesize Index (BCI) 5TC fell from about $31,200 at the beginning of the week to nearly $26,468 by the close. In the Pacific capesize bulk carrier market, initial support from mining interest and stable West Australia cargo flow could not stop the downturn, and Baltic Capesize Index (BCI) C5 dropped quickly from around $9.50 to nearly $8.30. In the East Coast South America (ECSA) and West Africa (WAFR) to China capesize bulk carrier market, trading stayed quiet for end-February/early-March laycans. Baltic Capesize Index (BCI) C3 levels kept slipping and reached around $22.80 by week’s end, while only scattered fixtures appeared for forward dates. The North Atlantic capesize bulk carrier market also eased, although late in the week there were early hints of a slightly tighter tonnage position despite thin overall activity. In summary, the capesize bulk carrier market ended the week subdued and defensive.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The Baltic Panamax Index (BPI) moved lower throughout the week, with Baltic Panamax Index (BPI) 5TC decreasing from $15,735 on Monday to $14,865 on Friday, as market mood softened in both basins. In the Atlantic panamax bulk carrier market, fresh cargo remained limited, and both transatlantic and fronthaul panamax bulk carrier demand stayed subdued, with many charterers already covered through backstop positions. Longer panamax bulk carrier tonnage lists, together with weather-related delays, increased pressure and gradually handed bargaining strength to charterers, though panamax bulk carrier owners mostly resisted discounting. Fronthaul panamax bulk carrier business was concluded around previous done numbers, with minimal signs of improvement. In Asia, the panamax bulk carrier cargo book thinned further, especially from the North Pacific and East Australia, while East Coast South America (ECSA) support lost momentum. A split market remained in place: larger and newer ships still drew attention and occasional premiums, even as the wider panamax bulk carrier market stayed soft.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

During the week, the Atlantic ultramax and supramax bulk carrier market remained more active than the Pacific side. Several Atlantic ultramax and supramax bulk carrier routes showed firmer cargo interest, and stronger rate ideas circulated. From the US Gulf (USG), a 63K DWT ultramax bulk carrier fixed around $24,000 for a transatlantic trip, while slightly smaller supramax bulk carriers achieved comparable levels on fronthaul employment. Stronger results were also recorded from East Coast South America (ECSA), where a 63K DWT ultramax bulk carrier open Argentina fixed to China at roughly $16,500 plus $650,000 BB (ballast bonus). In Asia, however, demand for both backhaul (BH) and North Pacific (NOPAC) runs weakened as the week progressed, preventing further upside. A 55K supramax bulk carrier open North China fixed to Indonesia at about $8,000. The Indian Ocean offered steadier demand, with a 63K DWT ultramax bulk carrier open South Africa (SAF) fixing to Japan near $15,500 plus $150,000 BB (ballast bonus). Period activity stayed short in duration, and a 64K DWT ultramax bulk carrier open Far East fixed for 13–15 months at around $16,000.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market delivered a cautiously stronger week, with sentiment improving gradually, most notably in the Atlantic basin. East Coast South America (ECSA) and US Gulf (USG) provided the main support, as both charterers and shipowners lifted bid and offer levels, and multiple handysize bulk carrier fixtures were agreed at firmer rates. A 38K DWT handysize bulk carrier open US Gulf (USG) fixed to Morocco at around $19,000, while a 39K DWT handysize bulk carrier open Argentina fixed to Morocco at around $20,000. The Continent and Mediterranean handysize bulk carrier market remained largely stable, showing only slight gains and limited fresh enquiry; a 33K DWT handysize bulk carrier open Portugal via UK fixed to Morocco at approximately $13,500. Asia remained the quietest area for 38K DWT handysize bulk carrier open ships, with restrained cargo demand. Although some tightening appeared in the North Pacific (NOPAC) late in the week, handysize bulk carrier rates mostly held sideways. A 37K DWT handysize bulk carrier open UAE fixed to Australia at around $7,000. On period, activity was thin, with a 39K DWT handysize bulk carrier newbuilding reported fixed for three years at 120% of Baltic Handysize Index (BHSI).

6-February-2026

The Baltic Dry Index (BDI) decreased by 13 points to reach 1,923 points. The Baltic Capesize Index (BCI) decreased by 33 points to 2,918 points, with average daily earnings for capesize bulk carriers decreased by $298 to $22,965. The Baltic Panamax Index (BPI) decreased by 7 points to 1,652 points, while average daily income for panamax bulk decreased by $66 to $14,865. The Baltic Supramax Index (BSI) increased by 2 points to 1,104 points, with average daily earnings for supramax bulk carriers increased by $29 to $13,958. The Baltic Handysize Index (BHSI) increased by 2 points to 638 points, as average daily earnings for handysize bulk carriers increased by $35 to $11,479 per day.

5-February-2026

The Baltic Dry Index (BDI) decreased by 19 points to reach 1,936 points. The Baltic Capesize Index (BCI) decreased by 43 points to 2,951 points, with average daily earnings for capesize bulk carriers decreased by $390 to $23,263. The Baltic Panamax Index (BPI) decreased by 26 points to 1,659 points, while average daily income for panamax bulk decreased by $235 to $14,931. The Baltic Supramax Index (BSI) increased by 10 points to 1,102 points, with average daily earnings for supramax bulk carriers increased by $128 to $13,929. The Baltic Handysize Index (BHSI) increased by 7 points to 636 points, as average daily earnings for handysize bulk carriers increased by $115 to $11,444 per day.

4-February-2026

The Baltic Dry Index (BDI) decreased by 73 points to reach 1,955 points. The Baltic Capesize Index (BCI) decreased by 181 points to 2,994 points, with average daily earnings for capesize bulk carriers decreased by $1,635 to $23,653. The Baltic Panamax Index (BPI) decreased by 39 points to 1,685 points, while average daily income for panamax bulk decreased by $349 to $15,166. The Baltic Supramax Index (BSI) increased by 9 points to 1,092 points, with average daily earnings for supramax bulk carriers increased by $110 to $13,801. The Baltic Handysize Index (BHSI) increased by 3 points to 629 points, as average daily earnings for handysize bulk carriers increased by $70 to $11,329 per day.

3-February-2026

The Baltic Dry Index (BDI) decreased by 96 points to reach 2,028 points. The Baltic Capesize Index (BCI) decreased by 259 points to 3,175 points, with average daily earnings for capesize bulk carriers decreased by $2,350 to $25,288. The Baltic Panamax Index (BPI) decreased by 24 points to 1,724 points, while average daily income for panamax bulk decreased by $220 to $15,515. The Baltic Supramax Index (BSI) increased by 11 points to 1,083 points, with average daily earnings for supramax bulk carriers increased by $136 to $13,691. The Baltic Handysize Index (BHSI) increased by 5 points to 626 points, as average daily earnings for handysize bulk carriers increased by $74 to $11,259 per day.

2-February-2026

The Baltic Dry Index (BDI) decreased by 24 points to reach 2,124 points. The Baltic Capesize Index (BCI) decreased by 73 points to 3,434 points, with average daily earnings for capesize bulk carriers decreased by $668 to $27,638. The Baltic Panamax Index (BPI) increased by 5 points to 1,748 points, while average daily income for panamax bulk increased by $49 to $15,735. The Baltic Supramax Index (BSI) increased by 5 points to 1,072 points, with average daily earnings for supramax bulk carriers increased by $66 to $13,555. The Baltic Handysize Index (BHSI) increased by 3 points to 621 points, as average daily earnings for handysize bulk carriers increased by $61 to $11,185 per day.

2-February-2026

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market experienced a choppy yet encouraging week, shaped by a powerful early-week surge and a broadly upbeat tone despite a midweek breather. The Pacific capesize bulk carrier market set the pace, with Baltic Capesize Index (BCI) C5 charter rates jumping into Tuesday as persistent miner volumes and a tighter capesize bulk carrier tonnage pool drove fixtures beyond $9.00. The capesize bulk carrier market then softened briefly, before regaining traction into the finish, with the Baltic Capesize Index (BCI) C5 closing at $9.80. In the Atlantic capesize bulk carrier market, East Coast South America (ECSA) and West Africa (WAFR) loadings to China clearly outperformed. Baltic Capesize Index (BCI) C3 values advanced steadily on the back of tightening February laycans and sustained enquiry. Following a short-lived midweek pause, fresh buying pushed capesize bulk carrier fixtures to new peaks, with late-week business lifting the Baltic Capesize Index (BCI) C3 to $26.20 and bolstering near-term confidence. The North Atlantic capesize bulk carrier market stayed more restrained but remained underpinned, with acute capesize bulk carrier supply tightness sparking sharp early gains across fronthaul and transatlantic capesize bulk carrier routes, alongside firmer time charter indications, before a mild pullback toward week’s end.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market opened the week in a quiet, evenly balanced posture across both basins, with panamax bulk carrier charter rates largely unchanged and sentiment guarded. In the Atlantic panamax bulk carrier market, grain business continued to lead minerals, while prior tightness eased into a more measured, wait-and-see setting, even as weather disruptions generated pockets of immediate spot demand. Midweek brought a sturdier tone, with higher panamax bulk carrier fixing volumes and improving levels supported by fresh grain and mineral stems for mid-February, although shipowners remained unhurried as additional tonnage was expected to re-enter the market. The Asian panamax bulk carrier market stayed muted overall, constrained by limited South Pacific mineral flows and only momentary pressure from softer Indonesian enquiry. Even so, the broader mood remained constructive, reflected in a gradual week-on-week improvement in the Baltic Panamax Index (BPI) P5TC and Baltic Panamax Index (BPI) averages, with the Baltic Panamax Index (BPI) P5TC ending Friday at $15,686.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The ultramax and supramax bulk carrier market recorded a solid week, though conditions remained notably positional, with most regions showing better demand and resilient levels. In the Atlantic ultramax and supramax bulk carrier market, while larger bulk carriers absorbed much of the East Coast South America (ECSA) pull, ultramax bulk carriers still found momentum: a 64K DWT open Argentina to China was concluded around $15,000 plus $500,000 BB (Ballast Bonus) for fronthaul (FH) employment. A supramax bulk carrier 55K DWT open Argentina to Turkiye fixed around $22,500. West Africa (WAFR) also contributed, with a supramax bulk carrier 55K DWT open West Africa (WAFR) to China heard done around $14,500. In Asia, activity was primarily driven from the North, supported by a healthy flow of North Pacific (NOPAC) and backhaul (BH) demand. Further south, the ultramax and supramax bulk carrier market remained positional, with a supramax bulk carrier 57K DWT open Indonesia to China fixed around $9,000. The Indian Ocean ultramax and supramax bulk carrier market held a steady profile, as a supramax bulk carrier 55K DWT open Pakistan via UAE to Bangladesh fixed around $12,000. Period interest was also evident, with a newbuilding ultramax bulk carrier securing 10–14 months at $16,000.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market gathered strength through the week, as sentiment improved across both Atlantic and Asian basins. In the Atlantic handysize bulk carrier market, East Coast South America (ECSA) and the US Gulf (USG) provided the main lift, backed by stronger cargo flows and a tightening handysize bulk carrier supply list. A handysize bulk carrier 33K DWT open Argentina to Morocco was fixed around $15,500, while a handysize bulk carrier 39K DWT open US Gulf (USG) to Turkiye was concluded near $19,000. The Continent–Mediterranean handysize bulk carrier market was comparatively steady, with ample tonnage limiting further upside despite intermittent new enquiry. The Asian handysize bulk carrier market also firmed, even though fixture counts were modest: charterers repeatedly paid above prior ideas and handysize bulk carrier availability tightened across the North Pacific (NOPAC) and Southeast Asia. Several runs into Southeast Asia (SEA) and the Far East were agreed at stronger levels, including a handysize bulk carrier 39K DWT open Singapore via Australia to Indonesia fixed around $10,000. Handysize bulk carrier period business remained thin, as most operators continued to act cautiously and were reluctant to add incremental risk at this stage.

30-January-2026

The Baltic Dry Index (BDI) increased by 146 points to reach 2,148 points. The Baltic Capesize Index (BCI) increased by 376 points to 3,507 points, with average daily earnings for capesize bulk carriers increased by $3,409 to $28,306. The Baltic Panamax Index (BPI) increased by 27 points to 1,743 points, while average daily income for panamax bulk increased by $242 to $15,686. The Baltic Supramax Index (BSI) increased by 5 points to 1,067 points, with average daily earnings for supramax bulk carriers increased by $69 to $13,489. The Baltic Handysize Index (BHSI) increased by 4 points to 618 points, as average daily earnings for handysize bulk carriers increased by $79 to $11,124 per day.

29-January-2026

The Baltic Dry Index (BDI) decreased by 14 points to reach 2,002 points. The Baltic Capesize Index (BCI) decreased by 78 points to 3,131 points, with average daily earnings for capesize bulk carriers decreased by $706 to $24,897. The Baltic Panamax Index (BPI) increased by 35 points to 1,716 points, while average daily income for panamax bulk increased by $314 to $15,444. The Baltic Supramax Index (BSI) increased by 14 points to 1,062 points, with average daily earnings for supramax bulk carriers increased by $171 to $13,420. The Baltic Handysize Index (BHSI) increased by 5 points to 614 points, as average daily earnings for handysize bulk carriers increased by $89 to $11,045 per day.

28-January-2026

The Baltic Dry Index (BDI) increased by 17 points to reach 2,016 points. The Baltic Capesize Index (BCI) decreased by 6 points to 3,209 points, with average daily earnings for capesize bulk carriers decreased by $50 to $25,603. The Baltic Panamax Index (BPI) increased by 56 points to 1,681 points, while average daily income for panamax bulk increased by $509 to $15,130. The Baltic Supramax Index (BSI) increased by 9 points to 1,048 points, with average daily earnings for supramax bulk carriers increased by $111 to $13,249. The Baltic Handysize Index (BHSI) increased by 5 points to 609 points, as average daily earnings for handysize bulk carriers increased by $77 to $10,956 per day.

27-January-2026

The Baltic Dry Index (BDI) increased by 219 points to reach 1,999 points. The Baltic Capesize Index (BCI) increased by 589 points to 3,215 points, with average daily earnings for capesize bulk carriers increased by $5,339 to $25,653. The Baltic Panamax Index (BPI) increased by 13 points to 1,625 points, while average daily income for panamax bulk increased by $117 to $14,621. The Baltic Supramax Index (BSI) increased by 4 points to 1,039 points, with average daily earnings for supramax bulk carriers increased by $56 to $13,138. The Baltic Handysize Index (BHSI) increased by 3 points to 604 points, as average daily earnings for handysize bulk carriers increased by $69 to $10,879 per day.

26-January-2026

The Baltic Dry Index (BDI) increased by 18 points to reach 1,780 points. The Baltic Capesize Index (BCI) increased by 43 points to 2,626 points, with average daily earnings for capesize bulk carriers increased by $386 to $20,318. The Baltic Panamax Index (BPI) stayed the same, closing at 1,612 points, while average daily income for panamax bulk carriers stayed the same at $14,504. The Baltic Supramax Index (BSI) increased by 9 points to 1,035 points, with average daily earnings for supramax bulk carriers increased by $107 to $13,082. The Baltic Handysize Index (BHSI) increased by 1 point to 601 points, as average daily earnings for handysize bulk carriers increased by $17 to $10,810 per day.

26-January-2026

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market started the week on a strong footing, with confidence improving and capesize bulk carrier freight rates lifting across both the Atlantic and Pacific, before a late-week reversal trimmed gains. In the Pacific, steady miner activity, solid cargo flow, and a shrinking capesize bulk carrier open list helped drive the market higher, pushing the Baltic Capesize Index (BCI) C5 up to $8.90. The Atlantic capesize bulk carrier market echoed that strength. Better enquiry from East Coast South America (ECSA) and West Africa (WAFR) into China lifted the Baltic Capesize Index (BCI) C3 route to $22.20, reinforced by firm shipowner price resistance. The North Atlantic capesize bulk carrier market also contributed, as transatlantic and fronthaul fixtures improved against a backdrop of limited capesize bulk carrier availability. Momentum turned late in the week, led by a sharp pullback in the Pacific capesize bulk carrier market. With miner presence fading, Baltic Capesize Index (BCI) C5 slipped back to $7.90. Even so, the Atlantic capesize bulk carrier market—particularly ECSA/WAFR to China—proved comparatively steady, indicating the dip was more about sentiment cooling than a meaningful weakening in underlying fundamentals.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

Panamax bulk carrier markets opened with a clearer bid in both basins, supported by improved demand and more ambitious panamax bulk carrier rate ideas. In the Atlantic, transatlantic business gathered momentum early on, with grain employment continuing to command a premium versus mineral cargoes, while fronthaul enquiry remained supportive. By midweek, prompt panamax bulk carrier tonnage tightened as positions were fixed and remaining shipowners showed little urgency, keeping upward pressure on numbers. Into Thursday, the panamax bulk carrier market shifted into a more balanced rhythm as charterers reduced bids—most noticeably on fronthaul—yet overall sentiment stayed constructive and transatlantic business held its ground. In the Pacific, panamax bulk carrier rates advanced despite muted South Pacific mineral demand, helped by Atlantic strength, firmer overall pricing, and fewer ballasting decisions toward East Coast South America (ECSA). Period activity remained busy, with multiple medium-term fixtures reported around $17,750. The Baltic Panamax Index (BPI) P5TC average climbed from $13,688 to $14,504 over the week.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The ultramax and supramax bulk carrier market was widely viewed as position-driven, with outcomes differing by region. In the Atlantic, the US Gulf (USG) improved early in the week, although some participants felt the market met resistance as it progressed. In East Coast South America (ECSA), demand was present, but a sufficient number of open bulk carriers kept freight rates largely capped. Indicative levels saw ultramax bulk carriers fixing near $15,000 plus $500,000 BB (ballast bonus) for fronthaul business, while transatlantic runs were heard around $22,000. In Asia, conditions were mixed: a 63K DWT ultramax bulk carrier open North China via North Pacific (NOPAC) back to North China fixed around $13,000. A 57K DWT supramax bulk carrier open Singapore via Indonesia to North China was reported fixed for one year at roughly $16,500. Elsewhere, a 64K DWT ultramax bulk carrier open West Africa (WAFR) fixed for 7/10 months trading with worldwide redelivery at about $17,000.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

Handysize bulk carrier markets strengthened gradually through the week and closed firmer, led by improving conditions in the Atlantic, while the Pacific continued to trail. In East Coast South America (ECSA), steady cargo volumes and a tightening handysize bulk carrier tonnage list lifted rates, highlighted by a 36K DWT handysize bulk carrier open Argentina to West Africa (WAFR) fixed at roughly $22,500. The US Gulf (USG) handysize bulk carrier market stayed supported as demand improved and tonnage cleared, with a 36K DWT handysize bulk carrier reported fixed open SW Passage via US Gulf (USG) to El Salvador around $17,500. In contrast, the Continent and Mediterranean handysize bulk carrier market was largely unchanged, with limited fresh enquiry leaving rate levels steady; a 38K DWT handysize bulk carrier open Egypt Med to West Africa (WAFR) was fixed around $12,000. In Asia, handysize bulk carrier fixing remained thin, though a 39K DWT handysize bulk carrier open Australia to North China was reported done at approximately $15,500.

23-January-2026

The Baltic Dry Index (BDI) increased by 1 point to reach 1,762 points. The Baltic Capesize Index (BCI) decreased by 6 points to 2,583 points, with average daily earnings for capesize bulk carriers decreased by $48 to $19,928. The Baltic Panamax Index (BPI) decreased by 2 points, closing at 1,612 points, while average daily income for panamax bulk carriers decreased by $21 to $14,504. The Baltic Supramax Index (BSI) increased by 7 points to 1,026 points, with average daily earnings for supramax bulk carriers increased by $90 to $12,975. The Baltic Handysize Index (BHSI) increased by 2 points to 600 points, as average daily earnings for handysize bulk carriers increased by $33 to $10,793 per day.

22-January-2026

The Baltic Dry Index (BDI) decreased by 42 points to reach 1,761 points. The Baltic Capesize Index (BCI) decreased by 143 points to 2,589 points, with average daily earnings for capesize bulk carriers decreased by $1,303 to $19,976. The Baltic Panamax Index (BPI) increased by 8 points, closing at 1,614 points, while average daily income for panamax bulk carriers increased by $67 to $14,525. The Baltic Supramax Index (BSI) increased by 23 points to 1,019 points, with average daily earnings for supramax bulk carriers increased by $292 to $12,885. The Baltic Handysize Index (BHSI) increased by 4 points to 598 points, as average daily earnings for handysize bulk carriers increased by $62 to $10,760 per day.

21-January-2026

The Baltic Dry Index (BDI) increased by 74 points to reach 1,803 points. The Baltic Capesize Index (BCI) increased by 162 points to 2,732 points, with average daily earnings for capesize bulk carriers increased by $1,475 to $21,279. The Baltic Panamax Index (BPI) increased by 36 points, closing at 1,606 points, while average daily income for panamax bulk carriers increased by $328 to $14,458. The Baltic Supramax Index (BSI) increased by 13 points to 996 points, with average daily earnings for supramax bulk carriers increased by $165 to $12,593. The Baltic Handysize Index (BHSI) increased by 3 points to 594 points, as average daily earnings for handysize bulk carriers increased by $54 to $10,698 per day.

20-January-2026

The Baltic Dry Index (BDI) increased by 79 points to reach 1,729 points. The Baltic Capesize Index (BCI) increased by 167 points to 2,570 points, with average daily earnings for capesize bulk carriers increased by $1,511 to $19,804. The Baltic Panamax Index (BPI) increased by 49 points, closing at 1,570 points, while average daily income for panamax bulk carriers increased by $442 to $14,130. The Baltic Supramax Index (BSI) increased by 13 points to 983 points, with average daily earnings for supramax bulk carriers increased by $171 to $12,428. The Baltic Handysize Index (BHSI) increased by 2 points to 591 points, as average daily earnings for handysize bulk carriers increased by $49 to $10,644 per day.

19-January-2026

The Baltic Dry Index (BDI) increased by 83 points to reach 1,650 points. The Baltic Capesize Index (BCI) increased by 179 points to 2,403 points, with average daily earnings for capesize bulk carriers increased by $1,623 to $18,293. The Baltic Panamax Index (BPI) increased by 63 points, closing at 1,521 points, while average daily income for panamax bulk carriers increased by $568 to $13,688. The Baltic Supramax Index (BSI) increased by 3 points to 970 points, with average daily earnings for supramax bulk carriers increased by $37 to $12,257. The Baltic Handysize Index (BHSI) increased by 1 point to 589 points, as average daily earnings for handysize bulk carriers increased by $17 to $10,595 per day.

19-January-2026

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market went through another rough week, with confidence fading across most trades as freight levels continued to grind lower. In the Pacific capesize bulk carrier market, regular miner requirements and a fair amount of operator interest could not absorb the mounting pressure created by plentiful capesize bulk carrier tonnage. The Baltic Capesize Index (BCI) C5 route weakened steadily, with capesize bulk carrier fixtures drifting from around $7.90 down to roughly $7.10. Even so, as the week drew to a close, there were the first hints of a tentative uptick in sentiment. Across the Atlantic capesize bulk carrier market, East Coast South America (ECSA) and West Africa (WAFR) to China trades took a pronounced hit around midweek. Baltic Capesize Index (BCI) C3 levels slid from about $20.30 to near $19.00, as easing cargo pull and sharper competition on offers undercut the mood. By Thursday, the capesize bulk carrier market appeared to find some footing, with bids returning toward $19.00 and fixtures heard around $19.20, pointing to a potential near-term base. By the end of the week, the tone had improved again, and the Baltic Capesize Index (BCI) C3 inched up to 19,559. The North Atlantic capesize bulk carrier market recorded the steepest setbacks, with both fronthaul and transatlantic capesize bulk carrier earnings moving lower. Activity remained patchy and failed to shift the broader narrative, although late-week chatter of a slightly firmer transatlantic capesize bulk carrier fixture offered some support and helped underpin confidence into the finish.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market started the week on a guarded note. Cheaper mineral transatlantic business stood in contrast to firmer grain flows, while fronthaul demand provided a consistent underpinning. Heavy panamax bulk carrier tonnage availability in the Continent continued to cap gains, even with decent cargo enquiry in the background. Through midweek, panamax bulk carrier spot rates stayed under pressure. Grain transatlantic business retained a small premium, Indonesian cargo demand remained active, and modern panamax bulk carriers increasingly angled toward longer Pacific employment or positioning into East Coast South America (ECSA). Period business added a more constructive element, with several mid- to longer-term deals reported at improved levels. By Thursday, panamax bulk carrier sentiment strengthened in both basins. Atlantic discounts narrowed, fronthaul activity was lively, and Pacific panamax bulk carrier ideas firmed. The improvement was captured in the Baltic Panamax Index (BPI) P5TC, which rebounded to finish the week at $13,120.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

It was largely a positional week in the ultramax and supramax bulk carrier market, with conditions varying by region. The Atlantic ultramax and supramax bulk carrier market was notably more supportive, especially out of the US Gulf (USG), where fresh enquiry increased and prompt availability tightened. Ultramax bulk carrier transatlantic runs were being discussed around $21,000. A 64K DWT ultramax bulk carrier open East Coast South America (ECSA) to China reportedly fixed near $14,000 plus $450,000s BB (ballast bonus). The Continent–Mediterranean ultramax and supramax bulk carrier market remained largely steady and positional, though some noted slightly healthier enquiry from the Continent side. In Asia, conditions stayed subdued from the shipowner’s standpoint, although late in the week there was a growing sense that the downside may have been largely priced in. A 57K DWT supramax bulk carrier open South China to Bangladesh was fixed around $13,500. The Indian Ocean ultramax and supramax bulk carrier market showed little new spark. A 57K DWT supramax bulk carrier open Oman via UAE to West Coast India (WCI) was reported fixed around $15,500.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market remained stuck in a sluggish pattern, with weak fundamentals persisting as supply continued to exceed demand across the Atlantic and Pacific basins. In the Continent and Mediterranean handysize bulk carrier market, the week was mostly positional with limited fresh cargoes, and rates hovering at or marginally below recent levels. A 33K DWT handysize bulk carrier open Bulgaria to Germany fixed near $9,000. East Coast South America (ECSA) showed early signs of steadiness, with some shipowners beginning to test slightly higher targets, though overall activity levels remained muted. A 35K DWT handysize bulk carrier open West Africa (WAFR) via Argentina to Algeria fixed around $17,000. In the US Gulf (USG), the tone stayed soft due to a shortage of new enquiry and an extended handysize bulk carrier tonnage list. A 39K DWT handysize bulk carrier open US Gulf (USG) to Mexico East Coast fixed around $15,500. The Asian handysize bulk carrier market was also quiet, with limited cargo flow dampening sentiment. A longer handysize bulk carrier tonnage list—especially on Southeast Asia–North Asia trades—added light downward pressure, though levels largely stayed close to last done. A 39K DWT handysize bulk carrier open North China to West Coast India (WCI) fixed near $10,000. Handysize bulk carrier period activity was intermittent, but a handful of short-period fixtures were still reported during the week.

16-January-2026

The Baltic Dry Index (BDI) increased by 35 points to reach 1,567 points. The Baltic Capesize Index (BCI) increased by 49 points to 2,224 points, with average daily earnings for capesize bulk carriers increased by $444 to $16,670. The Baltic Panamax Index (BPI) increased by 60 points, closing at 1,458 points, while average daily income for panamax bulk carriers increased by $535 to $13,120. The Baltic Supramax Index (BSI) increased by 4 points to 967 points, with average daily earnings for supramax bulk carriers increased by $54 to $12,220. The Baltic Handysize Index (BHSI) decreased by 1 point to 588 points, as average daily earnings for handysize bulk carriers decreased by $20 to $10,578 per day.

15-January-2026

The Baltic Dry Index (BDI) decreased by 34 points to reach 1,532 points. The Baltic Capesize Index (BCI) decreased by 147 points to 2,175 points, with average daily earnings for capesize bulk carriers decreased by $1,334 to $16,226. The Baltic Panamax Index (BPI) increased by 57 points, closing at 1,398 points, while average daily income for panamax bulk carriers increased by $513 to $12,585. The Baltic Supramax Index (BSI) increased by 10 points to 963 points, with average daily earnings for supramax bulk carriers increased by $126 to $12,166. The Baltic Handysize Index (BHSI) decreased by 1 point to 589 points, as average daily earnings for handysize bulk carriers decreased by $15 to $10,598 per day.

14-January-2026

The Baltic Dry Index (BDI) decreased by 42 points to reach 1,566 points. The Baltic Capesize Index (BCI) decreased by 124 points to 2,322 points, with average daily earnings for capesize bulk carriers decreased by $1,117 to $17,560. The Baltic Panamax Index (BPI) increased by 10 points, closing at 1,341 points, while average daily income for panamax bulk carriers increased by $94 to $12,072. The Baltic Supramax Index (BSI) increased by 1 point to 953 points, with average daily earnings for supramax bulk carriers increased by $2 to $12,040. The Baltic Handysize Index (BHSI) decreased by 3 points to 590 points, as average daily earnings for handysize bulk carriers decreased by $62 to $10,613 per day.

13-January-2026

The Baltic Dry Index (BDI) decreased by 51 points to reach 1,608 points. The Baltic Capesize Index (BCI) decreased by 128 points to 2,446 points, with average daily earnings for capesize bulk carriers decreased by $1,161 to $18,677. The Baltic Panamax Index (BPI) decreased by 9 points, closing at 1,331 points, while average daily income for panamax bulk carriers decreased by $80 to $11,978. The Baltic Supramax Index (BSI) decreased by 8 points to 952 points, with average daily earnings for supramax bulk carriers decreased by $96 to $12,038. The Baltic Handysize Index (BHSI) decreased by 6 points to 593 points, as average daily earnings for handysize bulk carriers decreased by $102 to $10,675 per day.

12-January-2026

The Baltic Dry Index (BDI) decreased by 29 points to reach 1,659 points. The Baltic Capesize Index (BCI) decreased by 66 points to 2,574 points, with average daily earnings for capesize bulk carriers decreased by $606 to $19,838. The Baltic Panamax Index (BPI) decreased by 5 points, closing at 1,340 points, while average daily income for panamax bulk carriers decreased by $50 to $12,058. The Baltic Supramax Index (BSI) decreased by 7 points to 960 points, with average daily earnings for supramax bulk carriers decreased by $89 to $12,134. The Baltic Handysize Index (BHSI) decreased by 6 points to 599 points, as average daily earnings for handysize bulk carriers decreased by $120 to $10,777 per day.

12-January-2026

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

Capesize bulk carrier trading turned choppy but ultimately leaned weaker over the week, with confidence fading even though Atlantic capesize bulk carrier activity briefly brightened midweek. After the holiday lull, participation improved, yet the Pacific capesize bulk carrier basin stayed firmly on the back foot as Baltic Capesize Index (BCI) C5 levels slid; miner interest was not enough to absorb the expanding pool of available tonnage. By the end of the week, capesize bulk carrier fixtures had eased from about $8.30 to roughly $7.80–$8.00, underlining the softer bias. In the Atlantic capesize bulk carrier market, ECSA (East Coast South America) and WAFR (West Africa) to China business remained heavily position- and date-driven: end-January 2026 liftings achieved small premiums, while February 2026 capesize bulk carrier stems were concluded at cheaper numbers. Baltic Capesize Index (BCI) C3 momentum also weakened as bids drifted down into the $20.50–$20.80 area, and softer transatlantic and Seven Islands fixtures further reduced earnings. The Baltic Capesize Index (BCI) 5TC fell hard from $27,652 to $23,947, reflecting longer tonnage lists and broadly deteriorating sentiment.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market closed the week with a firmer tone after a slow post-holiday opening. Initial softness—most visible on fronthaul—gradually gave way to a more constructive feel as more participants re-entered and enquiry improved for end-January 2026 and early-February 2026 panamax bulk carrier positions. The Atlantic panamax bulk carrier market held relatively steady, with fronthaul panamax bulk carriers proving more resilient and helping to work through prompt tonnage, while transatlantic demand remained moderate. In the Pacific panamax bulk carrier market, the shipowner selling pressure seen in quarter 4 2025 has largely disappeared; Indonesian demand improved, and owners defended higher ideas, particularly for modern panamax bulk carriers. Cargo volumes were uneven, but tightening prompt supply in Asia supported rates. The improving backdrop was mirrored by the Baltic Panamax Index (BPI) P5TC, which climbed through the week to finish at $12,108.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The first full week for many after the seasonal holiday was largely uneventful. With both Atlantic and Pacific basins still rebalancing—and the usual gap between cargo flow and ultramax and supramax bulk carriers—charterers largely dictated terms. In the Atlantic ultramax and supramax bulk carrier market, levels stayed depressed: a 64K DWT ultramax bulk carrier open Argentina to Bangladesh fixed at around $15,500 plus $550,000 BB (ballast bonus), while a 63K ultramax bulk carrier open Argentina to the Netherlands fixed close to $21,500. The Continent-Mediterranean again lacked energy, with a 64K DWT ultramax bulk carrier open UK to Turkiye done near $17,500. Asia was similarly heavy with prompt tonnage: a 63K ultramax bulk carrier open South Korea via North Pacific (NOPAC) to Vietnam fixed around $11,000, and a 55K supramax bulk carrier open Indonesia to the Philippines fixed near $12,500. The Indian Ocean also offered limited support, with a 64K DWT ultramax bulk carrier open UAE to Bangladesh fixed around $15,000.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

As expected, the first full week of the year was characterized by thin activity in both Atlantic and Asian basins, keeping handysize bulk carrier sentiment on the negative side. In the Atlantic handysize bulk carrier market, the overall feel remained soft as tonnage lists stayed lengthy in most loading areas. A 37K DWT handysize bulk carrier open Egypt Med to Brazil fixed around $6,000. The U.S. Gulf (USG) and ECSA (East Coast South America) handysize bulk carrier market saw some new cargo interest, but it was not sufficient to meaningfully reduce the oversupply of open tonnage, leaving rates under pressure and below previous levels. A 35K DWT handysize bulk carrier open Argentina to (or on a trip to) Peru fixed near $18,500, while a 35K DWT handysize bulk carrier open US Gulf (USG) to Turkiye fixed around $15,000. In Asia, the handysize bulk carrier market stayed weak as owners with prompt ships lowered expectations amid limited cargo availability, leading to further erosion. A 33K DWT handysize bulk carrier open North China to East Coast India (ECI) fixed around $9,500. Handysize bulk carrier period business remained limited, with most handysize bulk carrier operators maintaining a cautious stance and avoiding additional exposure for the time being.

9-January-2026

The Baltic Dry Index (BDI) decreased by 30 points to reach 1,688 points. The Baltic Capesize Index (BCI) decreased by 81 points to 2,640 points, with average daily earnings for capesize bulk carriers decreased by $735 to $20,444. The Baltic Panamax Index (BPI) increased by 9 points, closing at 1,345 points, while average daily income for panamax bulk carriers increased by $80 to $12,108. The Baltic Supramax Index (BSI) decreased by 9 points to 967 points, with average daily earnings for supramax bulk carriers decreased by $113 to $12,223. The Baltic Handysize Index (BHSI) decreased by 8 points to 605 points, as average daily earnings for handysize bulk carriers decreased by $143 to $10,897 per day.

8-January-2026

The Baltic Dry Index (BDI) decreased by 58 points to reach 1,718 points. The Baltic Capesize Index (BCI) decreased by 157 points to 2,721 points, with average daily earnings for capesize bulk carriers decreased by $1,416 to $21,179. The Baltic Panamax Index (BPI) increased by 19 points, closing at 1,336 points, while average daily income for panamax bulk carriers increased by $177 to $12,028. The Baltic Supramax Index (BSI) decreased by 17 points to 976 points, with average daily earnings for supramax bulk carriers decreased by $213 to $12,336. The Baltic Handysize Index (BHSI) decreased by 11 points to 613 points, as average daily earnings for handysize bulk carriers decreased by $189 to $11,040 per day.

7-January-2026

The Baltic Dry Index (BDI) decreased by 54 points to reach 1,776 points. The Baltic Capesize Index (BCI) decreased by 138 points to 2,878 points, with average daily earnings for capesize bulk carriers decreased by $1,259 to $22,595. The Baltic Panamax Index (BPI) increased by 13 points, closing at 1,317 points, while average daily income for panamax bulk carriers increased by $115 to $11,851. The Baltic Supramax Index (BSI) decreased by 18 points to 993 points, with average daily earnings for supramax bulk carriers decreased by $231 to $12,549. The Baltic Handysize Index (BHSI) decreased by 15 points to 624 points, as average daily earnings for handysize bulk carriers decreased by $272 to $11,229 per day.

6-January-2026

The Baltic Dry Index (BDI) decreased by 21 points to reach 1,830 points. The Baltic Capesize Index (BCI) decreased by 33 points to 3,016 points, with average daily earnings for capesize bulk carriers decreased by $295 to $23,854. The Baltic Panamax Index (BPI) increased by 11 points, closing at 1,304 points, while average daily income for panamax bulk carriers increased by $96 to $11,736. The Baltic Supramax Index (BSI) decreased by 32 points to 1,011 points, with average daily earnings for supramax bulk carriers decreased by $409 to $12,780. The Baltic Handysize Index (BHSI) decreased by 21 points to 639 points, as average daily earnings for handysize bulk carriers decreased by $373 to $11,501 per day.

5-January-2026

The Baltic Dry Index (BDI) decreased by 31 points to reach 1,851 points. The Baltic Capesize Index (BCI) decreased by 59 points to 3,049 points, with average daily earnings for capesize bulk carriers decreased by $538 to $24,149. The Baltic Panamax Index (BPI) increased by 11 points, closing at 1,293 points, while average daily income for panamax bulk carriers increased by $104 to $11,640. The Baltic Supramax Index (BSI) decreased by 33 points to 1,043 points, with average daily earnings for supramax bulk carriers decreased by $412 to $13,189. The Baltic Handysize Index (BHSI) decreased by 25 points to 660 points, as average daily earnings for handysize bulk carriers decreased by $455 to $11,874 per day.

2-January-2026

The Baltic Dry Index (BDI) increased by 5 points to reach 1,882 points. The Baltic Capesize Index (BCI) decreased by 211 points to 3,108 points, with average daily earnings for capesize bulk carriers decreased by $2,836 to $24,687. The Baltic Panamax Index (BPI) increased by 15 points, closing at 1,282 points, while average daily income for panamax bulk carriers increased by $131 to $11,536. The Baltic Supramax Index (BSI) decreased by 68 points to 1,076 points, with average daily earnings for supramax bulk carriers decreased by $860 to $13,601. The Baltic Handysize Index (BHSI) decreased by 34 points to 685 points, as average daily earnings for handysize bulk carriers decreased by $610 to $12,329 per day.

23-December-2025

The Baltic Dry Index (BDI) decreased by 90 points to reach 1,889 points. The Baltic Capesize Index (BCI) decreased by 222 points to 3,337 points, with average daily earnings for capesize bulk carriers decreased by $1,842 to $27,676. The Baltic Panamax Index (BPI) decreased by 16 points, closing at 1,266 points, while average daily income for panamax bulk carriers decreased by $149 to $11,391. The Baltic Supramax Index (BSI) decreased by 31 points to 1,162 points, with average daily earnings for supramax bulk carriers decreased by $396 to $14,687. The Baltic Handysize Index (BHSI) decreased by 9 points to 728 points, as average daily earnings for handysize bulk carriers decreased by $149 to $13,112 per day.

22-December-2025

The Baltic Dry Index (BDI) continued to retreat on Monday, with freight levels slipping across every bulk carrier category. The Baltic Dry Index (BDI) fell by 44 points to 1,979, its weakest reading since 4 November 2025. The Baltic Capesize Index (BCI) dropped 65 points to 3,559, marking its lowest level in more than a month. Average daily earnings for capesize bulk carriers eased by $534 to $29,518. The Baltic Panamax Index (BPI) extended its downturn for an 18th straight session, shedding 41 points to 1,282, the lowest since 9 June 2025. Average daily earnings for panamax bulk carriers declined by $368 to $11,540. The Baltic Supramax Index (BSI) also moved down, losing 29 points to 1,193.

22-December-2025

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market ended the week on a broadly supportive note, even though the path was uneven—strong gains at the start, a midweek breather, and a more measured finish. Confidence stayed guardedly upbeat, helped by steady demand in the main trading areas, but the market increasingly pushed back once numbers climbed. In the Pacific capesize bulk carrier market, recurring miner participation kept the tone stable, and capesize bulk carrier charter rates remained relatively firm despite a brief early-week fade. Baltic Capesize Index (BCI) C5 softened for a short period, yet the capesize bulk carrier market repeatedly held the $10.50 area before sliding toward $10.00 into the close. On ECSA and WAFR to China, the week opened with a notable jump versus prior levels, moving capesize bulk carrier fixtures into the mid-$20s, where resistance started to cap further upside. As the week progressed, capesize bulk carrier charter rates retreated from the highs, but conditions steadied, with Baltic Capesize Index (BCI) C3 showing fresh strength late in the week as date sensitivity continued to shape negotiations. The North Atlantic capesize bulk carrier market produced the sharpest swings: a strong midweek move on tightening tonnage and healthy TA demand, followed by a slower, more selective end to the week.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market stayed on a downward track all week, with sentiment deteriorating gradually as panamax bulk carrier fixture volume remained thin across both Atlantic and Pacific basins. Trans-Atlantic and fronthaul panamax bulk carrier charter rates faced ongoing pressure, with charterers repeatedly probing lower levels while panamax owners increasingly gave ground. In Asia, heavy prompt panamax bulk carrier tonnage supply dragged on fundamentals, allowing charterers to bid more aggressively to secure near-term cover. Overall activity was subdued and cargo flow appeared light, although some Indonesian tenders surfaced for smaller and older panamax bulk carrier units. Period panamax bulk carrier demand remained muted. Reflecting the broad weakness, the Baltic Panamax Index (BPI) P5TC fell steeply, dropping from $14,796 on Monday to $11,908 by Friday.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

With the long holiday period approaching, the ultramax and supramax bulk carrier market softened in many regions over the week. In the Atlantic, USG ultramax and supramax bulk carrier charter rates declined sharply, with a 63K DWT ultramax bulk carrier reported fixed in the mid-$20s for a trans-Atlantic voyage. The South Atlantic also lost momentum, with a 63K DWT ultramax bulk carrier open Argentina to Bangladesh concluded at roughly $16,000 plus $600,000 BB. The Continent ultramax and supramax bulk carrier market slipped as well, with a 64K DWT ultramax bulk carrier open UK to Turkiye fixed around $20,500. Asia mirrored the softer trend, as fresh enquiry was limited and shipbrokers cited plentiful prompt ultramax and supramax bulk carrier tonnage. A 52K DWT supramax bulk carrier open South China was fixed on an Indonesian round voyage near $7,500. In the Indian Ocean, interest also eased, with a 57K DWT supramax bulk carrier open Pakistan via UAE to Bangladesh fixed at about $15,500.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market faced another tough week, with charter rates continuing to edge lower in both the Atlantic and Pacific. The Continent and Mediterranean handysize bulk carrier markets remained quiet, with limited fixtures and handysize bulk carrier charter rates slightly below previous ideas. A 36K DWT handysize bulk carrier open Turkiye Canakkale via Romania to Turkiye Marmara Sea was fixed at $11,000. In ECSA and the USG, the tone stayed soft as the tonnage list expanded, keeping handysize bulk carrier charter rates under pressure. A 34K DWT handysize bulk carrier open Argentina to Brazil was fixed around $21,000, while a 35K DWT handysize bulk carrier open Colombia East Coast to Brazil concluded near $17,000. In Asia, the handysize bulk carrier market remained firmly negative with no meaningful recovery signals, with a 2K DWT handysize bulk carrier open Singapore via Malaysia to North China fixed around $9,000.

19-December-2025

The Baltic Dry Index (BDI) decreased by 48 points to reach 2,023 points. The Baltic Capesize Index (BCI) decreased by 51 points to 3,624 points, with average daily earnings for capesize bulk carriers decreased by $428 to $30,052. The Baltic Panamax Index (BPI) decreased by 66 points, closing at 1,323 points, while average daily income for panamax bulk carriers decreased by $597 to $11,908. The Baltic Supramax Index (BSI) decreased by 36 points to 1,222 points, with average daily earnings for supramax bulk carriers decreased by $463 to $15,441. The Baltic Handysize Index (BHSI) decreased by 12 points to 746 points, as average daily earnings for handysize bulk carriers decreased by $209 to $13,432 per day.

18-December-2025

The Baltic Dry Index (BDI) decreased by 50 points to reach 2,071 points. The Baltic Capesize Index (BCI) decreased by 19 points to 3,675 points, with average daily earnings for capesize bulk carriers decreased by $157 to $30,480. The Baltic Panamax Index (BPI) decreased by 91 points, closing at 1,389 points, while average daily income for panamax bulk carriers decreased by $813 to $12,505. The Baltic Supramax Index (BSI) decreased by 50 points to 1,258 points, with average daily earnings for supramax bulk carriers decreased by $627 to $15,904. The Baltic Handysize Index (BHSI) decreased by 16 points to 758 points, as average daily earnings for handysize bulk carriers decreased by $286 to $13,641 per day.

17-December-2025

The Baltic Dry Index (BDI) decreased by 83 points to reach 2,121 points. The Baltic Capesize Index (BCI) decreased by 140 points to 3,694 points, with average daily earnings for capesize bulk carriers decreased by $1,163 to $30,637. The Baltic Panamax Index (BPI) decreased by 97 points, closing at 1,480 points, while average daily income for panamax bulk carriers decreased by $871 to $13,318. The Baltic Supramax Index (BSI) decreased by 27 points to 1,308 points, with average daily earnings for supramax bulk carriers decreased by $344 to $16,531. The Baltic Handysize Index (BHSI) decreased by 11 points to 774 points, as average daily earnings for handysize bulk carriers decreased by $205 to $13,927 per day.

16-December-2025

The Baltic Dry Index (BDI) increased by 11 points to reach 2,204 points. The Baltic Capesize Index (BCI) increased by 115 points to 3,834 points, with average daily earnings for capesize bulk carriers increased by $959 to $31,800. The Baltic Panamax Index (BPI) decreased by 67 points, closing at 1,577 points, while average daily income for panamax bulk carriers decreased by $607 to $14,189. The Baltic Supramax Index (BSI) decreased by 25 points to 1,325 points, with average daily earnings for supramax bulk carriers decreased by $314 to $16,875. The Baltic Handysize Index (BHSI) decreased by 11 points to 785 points, as average daily earnings for handysize bulk carriers decreased by $197 to $14,132 per day.

15-December-2025

The Baltic Dry Index (BDI) decreased by 12 points to reach 2,193 points. The Baltic Capesize Index (BCI) increased by 13 points to 3,719 points, with average daily earnings for capesize bulk carriers increased by $110 to $30,841. The Baltic Panamax Index (BPI) decreased by 44 points, closing at 1,644 points, while average daily income for panamax bulk carriers decreased by $398 to $14,796. The Baltic Supramax Index (BSI) decreased by 11 points to 1,360 points, with average daily earnings for supramax bulk carriers decreased by $144 to $17,189. The Baltic Handysize Index (BHSI) decreased by 9 points to 796 points, as average daily earnings for handysize bulk carriers decreased by $153 to $14,329 per day.

12-December-2025

The Baltic Dry Index (BDI) decreased by 89 points to reach 2,205 points. The Baltic Capesize Index (BCI) decreased by 221 points to 3,706 points, with average daily earnings for capesize bulk carriers decreased by $1,838 to $30,731. The Baltic Panamax Index (BPI) decreased by 36 points, closing at 1,688 points, while average daily income for panamax bulk carriers decreased by $325 to $15,194. The Baltic Supramax Index (BSI) decreased by 16 points to 1,371 points, with average daily earnings for supramax bulk carriers decreased by $201 to $17,333. The Baltic Handysize Index (BHSI) decreased by 9 points to 805 points, as average daily earnings for handysize bulk carriers decreased by $168 to $14,482 per day.

11-December-2025

The Baltic Dry Index (BDI) decreased by 136 points to reach 2,294 points. The Baltic Capesize Index (BCI) decreased by 357 points to 3,927 points, with average daily earnings for capesize bulk carriers decreased by $2,958 to $32,569. The Baltic Panamax Index (BPI) decreased by 40 points, closing at 1,724 points, while average daily income for panamax bulk carriers decreased by $359 to $15,519. The Baltic Supramax Index (BSI) decreased by 18 points to 1,387 points, with average daily earnings for supramax bulk carriers decreased by $226 to $17,534. The Baltic Handysize Index (BHSI) decreased by 9 points to 814 points, as average daily earnings for handysize bulk carriers decreased by $169 to $14,650 per day.

10-December-2025

The Baltic Dry Index (BDI) decreased by 127 points to reach 2,430 points. The Baltic Capesize Index (BCI) decreased by 347 points to 4,284 points, with average daily earnings for capesize bulk carriers decreased by $2,876 to $35,527. The Baltic Panamax Index (BPI) decreased by 22 points, closing at 1,764 points, while average daily income for panamax bulk carriers decreased by $200 to $15,878. The Baltic Supramax Index (BSI) decreased by 14 points to 1,405 points, with average daily earnings for supramax bulk carriers decreased by $182 to $17,760. The Baltic Handysize Index (BHSI) decreased by 14 points to 823 points, as average daily earnings for handysize bulk carriers decreased by $240 to $14,819 per day.

9-December-2025

The Baltic Dry Index (BDI) decreased by 137 points to reach 2,557 points. The Baltic Capesize Index (BCI) decreased by 382 points to 4,631 points, with average daily earnings for capesize bulk carriers decreased by $3,168 to $38,403. The Baltic Panamax Index (BPI) decreased by 27 points, closing at 1,786 points, while average daily income for panamax bulk carriers decreased by $235 to $16,078. The Baltic Supramax Index (BSI) decreased by 11 points to 1,419 points, with average daily earnings for supramax bulk carriers decreased by $133 to $17,942. The Baltic Handysize Index (BHSI) decreased by 3 points to 837 points, as average daily earnings for handysize bulk carriers decreased by $54 to $15,059 per day.

8-December-2025

The Baltic Dry Index (BDI) decreased by 33 points to reach 2,694 points. The Baltic Capesize Index (BCI) decreased by 70 points to 5,013 points, with average daily earnings for capesize bulk carriers decreased by $580 to $41,571. The Baltic Panamax Index (BPI) decreased by 24 points, closing at 1,813 points, while average daily income for panamax bulk carriers decreased by $217 to $16,313. The Baltic Supramax Index (BSI) decreased by 6 points to 1,430 points, with average daily earnings for supramax bulk carriers decreased by $79 to $18,075. The Baltic Handysize Index (BHSI) decreased by 1 point to 840 points, as average daily earnings for handysize bulk carriers decreased by $33 to $15,113 per day.

7-December-2025

The Baltic Dry Index (BDI) decreased by 87 points to reach 2,727 points. The Baltic Capesize Index (BCI) decreased by 236 points to 5,083 points, with average daily earnings for capesize bulk carriers decreased by $1,957 to $42,151. The Baltic Panamax Index (BPI) decreased by 26 points, closing at 1,837 points, while average daily income for panamax bulk carriers decreased by $237 to $16,530. The Baltic Supramax Index (BSI) decreased by 5 points to 1,436 points, with average daily earnings for supramax bulk carriers decreased by $59 to $18,154. The Baltic Handysize Index (BHSI) remained at 841 points, as average daily earnings for handysize bulk carriers remained at $15,146 per day.

5-December-2025

The Baltic Dry Index (BDI) decreased by 31 points to reach 2,814 points. The Baltic Capesize Index (BCI) decreased by 68 points to 5,319 points, with average daily earnings for capesize bulk carriers decreased by $564 to $44,108. The Baltic Panamax Index (BPI) decreased by 29 points, closing at 1,863 points, while average daily income for panamax bulk carriers decreased by $265 to $16,767. The Baltic Supramax Index (BSI) decreased by 3 points to 1,441 points, with average daily earnings for supramax bulk carriers decreased by $37 to $18,213. The Baltic Handysize Index (BHSI) increased by 1 point to 841 points, as average daily earnings for handysize bulk carriers increased by $19 to $15,146 per day.

4-December-2025

The Baltic Dry Index (BDI) rose by 245 points to reach 2,845 points. The Baltic Capesize Index (BCI) advanced by 754 points to 5,387 points, with average daily earnings for capesize bulk carriers increasing by $6,245 to $44,672. The Baltic Panamax Index (BPI) decreased by 23 points, closing at 1,892 points, while average daily income for panamax bulk carriers decreased by $205 to $17,032. The Baltic Supramax Index (BSI) increased by 3 points to 1,444 points, with average daily earnings for supramax bulk carriers increased by $41 to $18,250. The Baltic Handysize Index (BHSI) increased by 3 points to 840 points, as average daily earnings for handysize bulk carriers increased by $61 to $15,127 per day.

3-December-2025

The Baltic Dry Index (BDI) rose by 17 points to reach 2,600 points. The Baltic Capesize Index (BCI) advanced by 70 points to 4,633 points, with average daily earnings for capesize bulk carriers increasing by $587 to $38,427. The Baltic Panamax Index (BPI) decreased by 19 points, closing at 1,915 points, while average daily income for panamax bulk carriers decreased by $168 to $17,237. The Baltic Supramax Index (BSI) decreased by 1 point to 1,441 points, with average daily earnings for supramax bulk carriers decreased by $19 to $18,209. The Baltic Handysize Index (BHSI) increased by 7 points to 837 points, as average daily earnings for handysize bulk carriers increased by $134 to $15,066 per day.

2-December-2025

The Baltic Dry Index (BDI) rose by 23 points to reach 2,583 points. The Baltic Capesize Index (BCI) advanced by 82 points to 4,563 points, with average daily earnings for capesize bulk carriers increasing by $682 to $37,840. The Baltic Panamax Index (BPI) decreased by 18 points, closing at 1,934 points, while average daily income for panamax bulk carriers decreased by $161 to $17,405. The Baltic Supramax Index (BSI) increased by 1 point to 1,442 points, with average daily earnings for supramax bulk carriers increased by $13 to $18,228. The Baltic Handysize Index (BHSI) increased by 3 points to 830 points, as average daily earnings for handysize bulk carriers increased by $47 to $14,932 per day.

1-December-2025

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier arena registered another notably upbeat week, with the Baltic Capesize Index (BCI) 5TC pushing upward from roughly $32,000 and closing around $37,000. In the Pacific capesize bulk carrier region, strong momentum emerged early as miners remained active and a steady flow of operator stems continued to absorb capesize bulk carrier availability. This ongoing appetite gradually lifted the Baltic Capesize Index (BCI) C5, with capesize bulk carrier fixtures moving from about $10.50 to $11.90 and reaching the $12.00 mark toward the end of the week. Despite momentary soft spells in the Baltic Capesize Index (BCI), overall fundamentals in the Pacific capesize bulk carrier market stayed healthy, while the thinning capesize bulk carrier supply further boosted morale. In the Atlantic capesize bulk carrier basin, an initially hesitant backdrop evolved into a firmer atmosphere as the balance of tonnage and cargo improved. East Coast South America (ECSA) to China enquiry fluctuated and stayed date-driven, with most capesize bulk carrier assessments hovering around $23.50–$24.50 before edging up to approximately $25. Increased action in the North Atlantic capesize bulk carrier market, bolstered by stronger capesize bulk carrier fronthaul fixtures, added momentum. Sharp rises in Baltic Capesize Index (BCI) C8 and Baltic Capesize Index (BCI) C9 highlighted a tightening of prompt positions and a measurable rise in sentiment across the northern sector.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market maintained an even keel this week, supported by stable fundamentals out of the US Gulf (USG) and US East Coast (USEC), while ongoing fronthaul grain flows continued to underpin confidence across the Atlantic panamax bulk carrier landscape. The Baltic Panamax Index (BPI) Timecharter Average (TA) started Monday at $17,498 and increased gradually to $17,655 by Thursday. In the Asia panamax bulk carrier region, limited prompt panamax bulk carrier supply and consistent Indonesian demand kept Pacific sentiment buoyant. By mid-week, however, panamax bulk carrier owners observed that their offers were being met rather than exceeded, and by Thursday, a more cautious tone took hold. Some identified early signs suggesting that prompt panamax bulk carrier fronthaul values in the Atlantic might be nearing their upper thresholds, especially with national holidays approaching. A notable two-tier environment developed in the Asian panamax bulk carrier segment: modern units attracted premium returns on Indonesia–Japan runs, while shorter Indonesian voyages drew softer conclusions. Panamax bulk carrier period activity was visible, though many concluded that fixtures lacked comprehensive information.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The week unfolded unevenly, with the Atlantic ultramax and supramax bulk carrier markets losing momentum heading into the Thanksgiving stretch. Conditions in the US Gulf (USG) ultramax and supramax bulk carrier market eased slightly, whereas the East Coast South America (ECSA) ultramax and supramax bulk carrier environment remained relatively balanced. A 65,000 DWT ultramax bulk carrier open Argentina to Vietnam reportedly secured close to $17,500 plus $750,000 BB (Ballast Bonus). The Continent–Mediterranean ultramax and supramax bulk carrier space struggled to generate urgency, though a 63,000 DWT ultramax bulk carrier positioned ARAG for a Baltic-to-Brazil run achieved near $22,000. The Asian ultramax and supramax bulk carrier markets retained respectable activity, with steady enquiry emerging from South East Asia (SEA). North Asia ultramax and supramax bulk carrier sentiment remained comparatively unchanged. A 62,000 DWT ultramax bulk carrier open Singapore for an Indonesia to East Coast India (ECI) route fixed at roughly $21,000, and a 55,000 DWT supramax bulk carrier open North China to Vietnam concluded at close to $14,000. The Indian Ocean ultramax and supramax bulk carrier sphere strengthened, as shown by a 63,000 DWT ultramax bulk carrier open UAE fixing to West Coast India (WCI) at around $24,500.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier segment preserved a largely steady rhythm this week, with pockets of mild improvement in certain regions and quieter conditions elsewhere. The Continent and Mediterranean handysize bulk carrier markets saw reduced enquiry and a softer midweek tone as prompt handysize bulk carrier tonnage increased, although handysize bulk carrier earnings remained relatively resilient. A 34,000 DWT handysize bulk carrier open Belgium via France for West Africa (WAFR) reportedly fixed near $12,000, mirroring the region’s overall stability. The South Atlantic handysize bulk carrier area and the US Gulf (USG) handysize bulk carrier scene firmed as the Thanksgiving period approached, supported by improved activity. A 37,000 DWT handysize bulk carrier open Argentina to Peru stood around $26,000. Across Asia, the handysize bulk carrier market stayed quiet, with balanced supply and demand leading to minimal rate fluctuation.

29-November-2025

The Baltic Dry Index (BDI) advanced to its strongest reading in almost two years on Friday and was positioned for a solid weekly increase, fueled by heightened activity in the capesize bulk carrier segment. The Baltic Dry Index (BDI) added 80 points reaching 2,560 points. The Baltic Dry Index (BDI) touched levels last seen in December 2023 and reflected a 12.5% improvement over the week. The Baltic Capesize Index (BCI) jumped by 245 points hitting 4,481 points, its highest figure since March 2024. The Baltic Capesize Index (BCI) expanded by more than 22% during the week. Average daily income for capesize bulk carriers climbed by $2,025 to $37,158.The Baltic Panamax Index (BPI) slipped by 10 points settling at 1,952 points, though the Baltic Panamax Index (BPI) still managed a 1.2% gain for the week. Average daily returns for panamax bulk carriers dipped by $89 to $17,566. The Baltic Supramax Index (BSI) inched higher by 4 points reaching 1,441 points. The Baltic Supramax Index (BSI) posted a 0.6% rise for the week.

28-November-2025

Strong capesize bulk carrier performance has pushed the Baltic Dry Index (BDI) beyond the 2,500-point level. The pool of available capesize bulk carriers remains tight as demand from long-distance bauxite movements continues to absorb tonnage. Improving capesize bulk carrier market conditions have carried the Baltic Dry Index (BDI) above the 2,500-point mark. The Baltic Exchange’s principal freight barometer, the Baltic Dry Index (BDI), rose by 80 points on Friday, reaching 2,560 points.

28-November-2025

The Baltic Dry Index (BDI) rose by 79 points to reach 2,480 points. The Baltic Capesize Index (BCI) advanced by 238 points to 4,236 points, with average daily earnings for capesize bulk carriers increasing by $1,973 to $35,133. The Baltic Panamax Index (BPI) decreased by 3 points, closing at 1,962 points, while average daily income for panamax bulk carriers decreased by $31 to $17,655. The Baltic Supramax Index (BSI) increased by 2 points to 1,437 points, with average daily earnings for supramax bulk carriers increased by $31 to $18,167. The Baltic Handysize Index (BHSI) increased by 3 points to 825 points, as average daily earnings for handysize bulk carriers increased by $53 to $14,845 per day.

27-November-2025

The Baltic Dry Index (BDI) is edging toward its strongest level in nearly two years as momentum in the capesize bulk carrier spot sector accelerates. The Baltic Dry Index (BDI) continues to serve as a key indicator of vitality across global dry commodity shipping markets.A fresh surge in capesize bulk carrier spot activity has lifted the Baltic Dry Index (BDI) to heights not seen in almost twenty-four months. Capesize bulk carrier spot earnings climbed beyond $35,000 per day on Thursday as iron ore charterers rushed to secure capesize bulk carriers to satisfy China’s seasonal stocking requirements.A shrinking pool of available capesize bulk carrier tonnage has intensified upward pressure on capesize bulk carrier spot rates.

27-November-2025

The Baltic Dry Index (BDI) rose by 92 points to reach 2,401 points. The Baltic Capesize Index (BCI) advanced by 268 points to 3,998 points, with average daily earnings for capesize bulk carriers increasing by $2,222 to $33,160. The Baltic Panamax Index (BPI) gained 8 points, closing at 1,965 points, while average daily income for panamax bulk carriers improved by $71 to $17,686. The Baltic Supramax Index (BSI) increased by 4 points to 1,435 points, with average daily earnings for supramax bulk carriers increased by $51 to $18,136. The Baltic Handysize Index (BHSI) increased by 4 points to 822 points, as average daily earnings for handysize bulk carriers increased by $70 to $14,792 per day.

26-November-2025

The Baltic Dry Index (BDI) rose by 14 points to reach 2,309 points. The Baltic Capesize Index (BCI) advanced by 30 points to 3,730 points, with average daily earnings for capesize bulk carriers increasing by $253 to $30,938. The Baltic Panamax Index (BPI) gained 13 points, closing at 1,957 points, while average daily income for panamax bulk carriers improved by $117 to $17,615. The Baltic Supramax Index (BSI) decreased by 1 point to 1,431 points, with average daily earnings for supramax bulk carriers decreasing by $18 to $18,085. The Baltic Handysize Index (BHSI) decreased by 1 point to 818 points, as average daily earnings for handysize bulk carriers decreased by $28 to $14,722 per day.

25-November-2025

The Baltic Dry Index (BDI) rose by 20 points to reach 2,295 points. The Baltic Capesize Index (BCI) advanced by 47 points to 3,700 points, with average daily earnings for capesize bulk carriers increasing by $393 to $30,685. The Baltic Panamax Index (BPI) gained 16 points, closing at 1,944 points, while average daily income for panamax bulk carriers improved by $144 to $17,498. The Baltic Supramax Index (BSI) remained at 1,432 points, with average daily earnings for supramax bulk carriers increasing by $5 to $18,103. The Baltic Handysize Index (BHSI) decreased by 1 point to 819 points, as average daily earnings for handysize bulk carriers decreased by $10 to $14,750 per day.

24-November-2025

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

Throughout the week, the capesize bulk carrier arena delivered a generally upbeat trend, beginning with robust movements in both the Atlantic and the Pacific before easing into a slower end. The Baltic Capesize Index (BCI) 5TC advanced from roughly $27,900 to beyond $30,500, highlighting a strengthening backdrop despite a noticeable soft patch on Thursday. In the Pacific capesize bulk carrier region, ongoing miner activity combined with early-week weather disruptions near North China created steady undercurrents. Even with this support, most capesize bulk carrier fixtures hovered between $10.50 and $10.80, keeping the Baltic Capesize Index (BCI) C5 stuck within familiar boundaries. The Atlantic capesize bulk carrier market acted as the primary engine of the upswing, driven by active enquiry from East Coast South America (ECSA) and West Africa (WAFR) heading to China, which pushed Baltic Capesize Index (BCI) C3 values into the $24.50–$24.90 area. Meanwhile, tightening availability in the North Atlantic capesize bulk carrier zone lifted the Baltic Capesize Index (BCI) C8 during the midweek period. More aggressive bidding, a rise in capesize bulk carrier fixing, and firmer sentiment combined to support the advance until activity began to cool toward the final days of the week.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier sector improved step by step as the week unfolded, with the Baltic Panamax Index (BPI) time-charter assessment climbing from $16,986 at the start to $17,204 by Thursday. Initial hesitancy in the Pacific panamax bulk carrier market faded as confidence returned, though Tuesday remained notably subdued, prompting several panamax owners to accept spot positions. By midweek, momentum strengthened in both the Atlantic and Pacific panamax bulk carrier markets, supported by restricted regional panamax bulk carrier supply and revived demand for fronthaul routes, especially from the U.S. Gulf (USG). This positive direction continued, influenced by the tight Atlantic panamax bulk carrier landscape and competing fronthaul requests from the U.S. Gulf (USG) and US East Coast (USEC). In Asia, the Pacific panamax bulk carrier segment held firm, with panamax owners increasingly asking above last-done levels and numerous prompt panamax bulk carriers securing firmer numbers for a variety of Pacific round-trip commitments.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The ultramax and supramax bulk carrier markets displayed a mixed pattern this week. Conditions in the U.S. Gulf (USG) remained subdued, resulting in softer ultramax and supramax bulk carrier returns, while the East Coast South America (ECSA) ultramax and supramax bulk carrier market also lost pace as the outlook stabilised but lacked momentum. A 57,000 DWT supramax bulk carrier open in Algeria for a Brazil–Spain voyage fetched close to $28,000, whereas a 63,000 DWT ultramax bulk carrier open in the U.S. Gulf (USG) bound for Japan achieved approximately $32,000. Within the Continent and Mediterranean ultramax and supramax bulk carrier markets, enquiry levels stayed limited and sentiment was largely positional rather than dynamic. Over in Asia, the ultramax and supramax bulk carrier environment stayed relatively even. Although most short-term requirements were already covered and the forward book tightened, ultramax and supramax bulk carrier owners continued to attract consistent interest, gradually narrowing earlier disparities in rate ideas. A 51,000 DWT supramax bulk carrier open in Japan heading to the UAE fixed around $16,500. Period activity stayed lively as well, with a 63,000 DWT ultramax bulk carrier in South China securing 5–7 months at $16,500, while a 62,000 DWT ultramax bulk carrier situated in the UAE concluded a short period near $16,500.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market progressed through a subdued week with only sparse new developments. Across the Continent and Mediterranean handysize bulk carrier regions, sentiment stayed supported, aided by occasional new cargoes and a relatively thin pool of spot handysize bulk carrier availability. A 33,000 DWT handysize bulk carrier open in Denmark for a Netherlands–Turkiye route reportedly secured about $18,000. Conversely, both the East Coast South America (ECSA) and U.S. Gulf (USG) handysize bulk carrier market conditions were notably muted, characterized by minimal fixing and broadly flat handysize bulk carrier levels. A 37,000 DWT handysize bulk carrier open in South Brazil for a Mexico East Coast itinerary fixed close to $19,000, whereas a 40,000 DWT handysize bulk carrier in the SW Passage for a U.S. Gulf (USG) journey obtained nearly $26,500. In Asia, the handysize bulk carrier market portrayed a steady but quiet tone, with limited movement and charter rates holding unchanged. A 36,000 DWT handysize bulk carrier open in North China to Malaysia fixed around $10,000.

22-November-2025

The Baltic Dry Index (BDI) rose by 5 points to reach 2,275 points. The Baltic Capesize Index (BCI) advanced by 6 points to 3,653 points, with average daily earnings for capesize bulk carriers increasing by $40 to $30,292. The Baltic Panamax Index (BPI) gained 16 points, closing at 1,928 points, while average daily income for panamax bulk carriers improved by $150 to $17,354. The Baltic Supramax Index (BSI) decreased by 3 points to 1,432 points, with average daily earnings for supramax bulk carriers decreasing by $42 to $18,098. The Baltic Handysize Index (BHSI) decreased by 1 point to 820 points, as average daily earnings for handysize bulk carriers decreased by $10 to $14,760.

21-November-2025

The Baltic Dry Index (BDI) rose by 10 points to reach 2,270 points. The Baltic Capesize Index (BCI) advanced by 11 points to 3,647 points, with average daily earnings for capesize bulk carriers increasing by $90 to $30,244. The Baltic Panamax Index (BPI) gained 17 points, closing at 1,912 points, while average daily income for panamax bulk carriers improved by $147 to $17,204. The Baltic Supramax Index (BSI) edged up by 5 points to 1,435 points, with average daily earnings for supramax bulk carriers rising by $60 to $18,140. The Baltic Handysize Index (BHSI) inched up by 1 point to 821 points, as average daily earnings for handysize bulk carriers expanded by $11 to $14,770.

20-November-2025

The Baltic Dry Index (BDI) climbed by 44 points to settle at 2,260 points. The Baltic Capesize Index (BCI) strengthened by 120 points, reaching 3,636 points, with average daily earnings for capesize bulk carriers improving by $994 to stand at $30,154. The Baltic Panamax Index (BPI) moved 13 points higher to 1,895 points, while average daily returns for panamax bulk carriers edged up by $118, reaching $17,057. The Baltic Supramax Index (BSI) added 3 points to record 1,430 points, as average daily earnings for supramax bulk carriers increased by $38 to $18,080. The Baltic Handysize Index (BHSI) remained unchanged at 820 points, with average daily earnings for handysize bulk carriers easing by $8 to $14,759.

19-November-2025

The Baltic Dry Index (BDI) advanced by 63 points, closing at 2,216 points. The Baltic Capesize Index (BCI) surged by 188 points to reach 3,516 points, with average daily earnings for capesize bulk carriers rising by $1,563 to $29,160. The Baltic Panamax Index (BPI) slipped by 5 points to 1,882 points, and average daily income for panamax bulk carriers declined by $47 to $16,939. The Baltic Supramax Index (BSI) edged up by 4 points to 1,427 points, supported by a $53 increase in average daily earnings for supramax bulk carriers, bringing returns to $18,042. The Baltic Handysize Index (BHSI) dipped by 1 point to 820 points, with average daily earnings for handysize bulk carriers softening by $9 to $14,767.

18-November-2025

The Baltic Dry Index (BDI) pushed to its highest reading in more than a month on Monday, buoyed by renewed strength in the capesize bulk carrier sector. The Baltic Dry Index (BDI) advanced by 28 points, reaching 2,153 points — its strongest level since 29 September 2025. The capesize index improved by 76 points, or 2.3%, climbing to 3,328 points. Average daily earnings for capesize bulk carriers rose by $629, bringing returns to $27,597.The Baltic Panamax Index (BPI) slipped by 10 points to 1,887 points. Average daily earnings for panamax bulk carriers decreased by $85 to $16,986.The Baltic Supramax Index (BSI) gained 15 points to 1,423 points, marking its eighth consecutive session of increases.

17-November-2025

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

Throughout the week, the capesize bulk carrier market moved along a noticeably softer path, with confidence slipping during the opening days before a late-week recovery introduced a degree of stability. Early momentum driven by an active Pacific capesize bulk carrier market—where all three major miners were participating—faded quickly as enquiry thinned out, causing Baltic Capesize Index (BCI) C5 values to fall from $10.20 to $9.50 by mid-week. The Atlantic capesize bulk carrier market faced a similar lack of traction; although interest from East Coast South America (ECSA) and West Africa (WAFR) to China stayed healthy, wide bid–offer gaps prevented meaningful fixing. A more decisive shift took place on Thursday, when renewed cargo flow appeared in both Atlantic and Pacific regions alongside firmer resistance from capesize bulk carrier owners, injecting fresh optimism. Baltic Capesize Index (BCI) C5 edged back toward $10.20, while Baltic Capesize Index (BCI) C3 drew stronger bids and narrowed spreads, with capesize bulk carrier fixtures finalising close to $23.50 by Friday—an indication of building confidence. In the North Atlantic capesize bulk carrier market, sentiment also firmed after a slow beginning, supported by returning fronthaul demand and stronger bidding. The Baltic Capesize Index (BCI) 5TC began at $27,063, reached a mid-week low of $25,067, then climbed to close at $26,968.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier sector delivered a varied performance this week. The North Atlantic panamax bulk carrier market remained thin, with only scattered information available, and although both owners and charterers tried steering sentiment, panamax bulk carrier rates held largely unchanged. Meanwhile, in other regions, panamax bulk carrier charter levels inched upward thanks to adequate demand and a well-balanced panamax bulk carrier tonnage list, with the strongest Transatlantic figures believed to be tied to near-term dates. East Coast South America (ECSA) experienced a subdued period, where November panamax bulk carrier arrivals attracted a premium, while index-aligned timings continued trading below. In Asia, the panamax bulk carrier market posted a firmer performance, supported by active North Pacific grain demand ex NoPac and sustained mineral tonnage ex Australia. Several 82K DWT kamsarmax bulk carriers open North China secured $18,900–$19,000 for Australian round voyages. Period business improved moderately, led by an 82K DWT kamsarmax bulk carrier open North China/Japan fixing about $18,000 for 5/8 months trading.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The ultramax and supramax bulk carrier markets enjoyed an energetic and fast-moving week. The U.S. Gulf (USG) generated strong enquiry, applying upward pressure on rates, while alternatives for ultramax and supramax bulk carriers open in East Coast South America (ECSA) stayed narrow. A 62K DWT ultramax bulk carrier open Argentina to Bangladesh reportedly agreed around $17,000 plus a $700,000 BB (Ballast Bonus). Across the Continent and Mediterranean ultramax and supramax bulk carrier markets, cargo flow was steady, although overall sentiment remained more positional than directional. One 61,000-dwt ultramax/supramax bulk carrier fixed delivery Liverpool via Ghent to the East Mediterranean for scrap at $20,000. In Asia, balance prevailed despite most prompt stems being covered and the cargo slate shortening; owners continued receiving routine interest. A 62K DWT ultramax bulk carrier open Thailand via Indonesia to China secured close to $16,000. Period opportunities were limited, though one 63K DWT ultramax bulk carrier fixed delivery North China for 5–7 months, with redelivery Singapore–Japan, at roughly $17,000.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market progressed through a generally steady but uneven week, shifting between supportive sentiment and light softness. Across the Continent and Mediterranean handysize bulk carrier markets, trading appeared relatively balanced, yet shipowners gradually pushed their rate ideas higher in response to firm enquiry. A 38K DWT handysize bulk carrier open Morocco to Lithuania achieved around $12,000. In East Coast South America (ECSA) and the U.S. Gulf (USG), demand stayed active, enabling owners to elevate expectations as cargo volumes remained encouraging. A 36K DWT handysize bulk carrier open Brazil via Argentina to Venezuela fixed in the region of $18,500, while a 38K DWT handysize bulk carrier open SW Pass via US Gulf (USG) to Mexico East Coast reportedly obtained near $22,500. In Asia, weaker sentiment persisted, with fewer cargoes circulating and handysize bulk carrier availability expanding. A 39K DWT handysize bulk carrier open Thailand via Indonesia to Australia was heard close to $11,000.

15-November-2025

The Baltic Dry Index (BDI) advanced on Friday to reach its highest level in a month and finished the week with a slight overall uptick, supported by strengthening bulk carrier market conditions across all vessel classes. The Baltic Dry Index (BDI) climbed by 48 points to 2,125 points, its loftiest position since 13 October 2025, and posted an approximate 1% improvement for the week. The Baltic Capesize Index (BCI) jumped by 119 points to 3,252 points, although the Baltic Capesize Index (BCI) still closed the week down by 2.7%. Average daily revenue for capesize bulk carriers rose by $988, reaching $26,968. The Baltic Panamax Index (BPI) held steady at 1,897 points, yet the Baltic Panamax Index (BPI) delivered a weekly rise of 3.5%. Average daily income for panamax bulk carriers dipped by $4 to $17,701. The Baltic Supramax Index (BSI) edged up by 21 points to 1,408 points, with the Baltic Supramax Index (BSI) notching a robust 6.7% weekly advance.

14-November-2025

The Baltic Dry Index (BDI) reversed its three-day decline on Thursday, supported by upward movement across every major bulk carrier category. The Baltic Dry Index (BDI) advanced by 47 points, closing at 2,077 points. The Baltic Capesize Index (BCI) surged by 110 points to 3,133 points, likewise ending a three-session retreat. Daily time-charter earnings for capesize bulk carriers increased by $913, reaching $25,980. The Baltic Panamax Index (BPI) strengthened for the seventh day in a row, gaining 10 points to 1,897 points, its highest reading since 28 October 2025. Average daily income for panamax bulk carriers rose by $94 to $17,075. The Baltic Supramax Index (BSI) also pushed higher, adding 22 points to finish at 1,387 points.

13-November-2025

The Baltic Dry Index (BDI) prolonged its decline on Wednesday, sliding to a one-week low as sluggish capesize bulk carrier performance continued to drag the broader market downward. The Baltic Dry Index (BDI) slipped by 42 points to 2,030 points, its weakest figure since 5 November 2025. The Baltic Capesize Index (BCI) tumbled 169 points to 3,023 points, marking its lowest point since 4 November 2025. Average daily earnings for capesize bulk carriers dropped sharply by $1,402 to $25,067. The Baltic Panamax Index (BPI) moved higher for the sixth consecutive trading day, adding 22 points to reach 1,887 points, its best level in more than two weeks. Average daily returns for panamax bulk carriers climbed by $196 to $16,981. The Baltic Supramax Index (BSI) also strengthened, rising by 21 points to close at 1,365 points.

12-November-2025

The Baltic Dry Index (BDI) slipped on Tuesday as continued weakness in capesize bulk carrier rates applied downward pressure to the wider dry bulk market. The Baltic Dry Index (BDI) eased by 12 points to settle at 2,072 points. The Baltic Capesize Index (BCI) retreated by 71 points to 3,192 points. Average daily returns for capesize bulk carriers fell by $594 to $26,469. The Baltic Panamax Index (BPI) advanced for another session, rising 20 points to 1,865 points, its highest mark since 29 October 2025. Average daily earnings for panamax bulk carriers increased by $184 to $16,785. The Baltic Supramax Index (BSI) moved upward as well, adding 17 points to close at 1,344 points.

11-November-2025

The Baltic Dry Index (BDI) halted its four-session climb on Monday, weighed down by renewed softness in capesize bulk carrier momentum. The Baltic Dry Index (BDI) declined by 20 points to 2,084 points. The Baltic Capesize Index (BCI) slipped by 78 points to 3,263 points. Average daily returns for capesize bulk carriers dropped by $646 to $27,063. The Baltic Panamax Index (BPI) continued its upward trajectory, rising 12 points to 1,845 points, marking its strongest reading since 30 October 2025. Average daily earnings for panamax bulk carriers increased by $100 to $16,601. The Baltic Supramax Index (BSI) also firmed, adding 8 points to close at 1,327 points.

10-November-2025

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier arena delivered a marked improvement this week, with momentum steadily accelerating across both the Atlantic and Pacific regions. Although the week began slowly on Monday, trading activity intensified from Tuesday onward as stronger cargo interest and a noticeably slimmer capesize bulk carrier supply list supported firmer levels throughout. In the Pacific capesize bulk carrier market, sentiment transitioned from quiet to constructive, with midweek buying from major miners lifting Baltic Capesize Index (BCI) C5 values from $9.20 to above $10.50, before softening slightly to around $10.35 by Friday. The Atlantic capesize bulk carrier market moved in the same positive direction, with East Coast South America (ECSA) and West Africa (WAFR) to China runs strengthening as Baltic Capesize Index (BCI) C3 assessments advanced from $22.20 to $23.70. Even the North Atlantic capesize bulk carrier segment, muted early on, gathered momentum as the week progressed, with transatlantic capesize bulk carrier returns pushing toward $30,000 due to tighter availability and improving enquiry. Overall, capesize bulk carriers saw a constructive week, with the Baltic Capesize Index (BCI) 5TC starting at $23,955 and climbing steadily to finish at $27,709.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market experienced a week of mixed signals, lacking a unified trend, as several regions—particularly the North Atlantic—faced downward pressure before stabilizing late in the period. In the South Atlantic panamax bulk carrier market, renewed fronthaul demand for the first half of December provided some optimism for owners. One of the notable fixtures involved a scrubber-equipped 81K DWT kamsarmax bulk carrier delivering Oman for a voyage via East Coast South America (ECSA) to China at roughly $19,000, with the scrubber advantage credited to Charterers. In Asia, the panamax bulk carrier market benefited from increased coal volumes out of Australia and Indonesia, while North Pacific (NoPac) activity lagged but still maintained a firm undertone. An 83K DWT kamsarmax bulk carrier opening in Japan secured around $18,500 for an Australia–Japan round voyage, whereas Indonesian employment for kamsarmax bulk carriers fluctuated between $17,000 and $19,500. Period business remained relatively thin, though an 81K DWT kamsarmax bulk carrier in North China reportedly closed around $17,500 for a 5/7-month term.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The ultramax and supramax bulk carrier sectors recorded a week shaped largely by regional positioning rather than broad market direction. The US Gulf (USG) and East Coast South America (ECSA) exhibited encouraging signs as more enquiries surfaced, resulting in firmer ultramax and supramax bulk carrier charter discussions from the US Gulf (USG). East Coast South America (ECSA) also saw gradual firming, highlighted by a 61K DWT ultramax bulk carrier opening in Argentina fixing a trip to Bangladesh at about $17,000 plus a $700,000 ballast bonus. Meanwhile, the Continent–Mediterranean ultramax and supramax bulk carrier arena lacked fresh momentum, with charter rates struggling to find support. In Asia, conditions varied, though southern demand improved moderately as the week progressed. A 62K DWT ultramax bulk carrier in Indonesia fixed to China at roughly $16,750, while a 63K DWT ultramax bulk carrier in North China concluded a North Pacific (NoPac) run to Japan around $16,500. The Indian Ocean remained active, with a 55K DWT supramax bulk carrier open in South Africa (SAF) fixing to the UAE at $18,000 plus a $180,000 ballast bonus, and a 62K DWT ultramax bulk carrier open in the Arabian Gulf (AG) fixing via the UAE to West Coast India (WCI) at close to $14,000.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market encountered another lackluster week, with soft sentiment dominating across all principal regions. In the Continent and Mediterranean, the handysize bulk carrier segment saw limited fresh interest, leaving charter rates drifting lower. A 39K DWT handysize bulk carrier was said to have fixed a voyage via the Black Sea (BSEA) to West Africa (WAFR) at approximately $15,000. Likewise, conditions in East Coast South America (ECSA) and the U.S. Gulf (USG) remained subdued, with some owners trimming ideas to secure employment. A 33K DWT handysize bulk carrier open in Argentina fixed around $18,500 for a Brazil run, while a 36K DWT handysize bulk carrier open in the U.S. Gulf (USG) earned close to $21,000 for a trip redelivering on the Mexico East Coast. The Asian handysize segment showed no major shift, as enquiry remained thin; a 37K DWT handysize bulk carrier in North China fixing via Australia back to North China at roughly $12,000 was among few notable reports. On the period front, a 38K DWT handysize bulk carrier reportedly fixed for two years at 120.5% of the Baltic Handysize Index (BHSI). Overall, handysize bulk carriers across both the Atlantic and Pacific maintained a soft tone, with no decisive change in market direction.

8-November-2025

The Baltic Dry Index (BDI) climbed to its strongest level in more than three weeks on Friday and ended the week firmly higher, supported by broad-based gains across all bulk carrier classes. The Baltic Dry Index (BDI) increased by 41 points to 2,104 points, its highest mark since 13 October 2025, finishing the week with a 7% advance. The Baltic Capesize Index (BCI) rose by 99 points to 3,341 points, reaching its best level in over three weeks and delivering a weekly improvement of 14.1%, marking a second consecutive week of upward momentum. Average daily revenue for capesize bulk carriers climbed by $821 to $27,709. The Baltic Panamax Index (BPI) moved up by 16 points to 1,833 points and was also set to close the week in positive territory. Average daily income for panamax bulk carriers increased by $150 to $16,501. The Baltic Supramax Index (BSI) edged higher as well, adding 7 points to settle at 1,319.

7-November-2025

The Baltic Dry Index (BDI) climbed to its highest level in more than two weeks on Thursday, supported by a broad strengthening in freight rates across all bulk carrier segments. The Baltic Dry Index (BDI) advanced by 60 points to reach 2,063 points, marking its strongest reading since 22 October 2025. The Baltic Capesize Index (BCI) recorded a notable surge of 158 points to 3,242, reaching its highest level in over three weeks. Average daily earnings for capesize bulk carriers rose sharply by $1,315 to $26,888, reflecting continued firmness in major iron ore routes from Brazil and Australia. The Baltic Panamax Index (BPI) also moved higher, adding 24 points to settle at 1,817, as average daily earnings for panamax bulk carriers increased by $211 to $16,351 amid steady grain and coal cargo demand. Meanwhile, the Baltic Supramax Index (BSI) posted a modest gain of 5 points to 1,312, indicating gradual improvement in smaller bulk carrier employment despite mixed regional trading conditions.

6-November-2025

The Baltic Dry Index (BDI) advanced to its strongest level in two weeks on Wednesday, buoyed by renewed strength in the capesize and panamax bulk carrier markets. The Baltic Dry Index (BDI) added 45 points to reach 2,003 points, marking its highest reading since 23 October 2025. The Baltic Capesize Index (BCI) recorded a sharp rebound, climbing 137 points to 3,084, as average daily earnings for capesize bulk carriers rose by $1,129 to $25,573, reflecting improved sentiment in the long-haul iron ore trade from Australia and Brazil. The Baltic Panamax Index (BPI) also edged higher, rising 5 points to 1,793 and ending a seven-session decline, with average daily earnings for panamax bulk carriers increasing slightly by $50 to $16,140, amid firmer grain and coal cargo activity. The Baltic Supramax Index (BSI), however, slipped by 4 points to 1,307, weighed down by softer regional trades and subdued demand for smaller bulk carrier tonnage.

5-November-2025

The Baltic Dry Index (BDI) climbed on Tuesday, buoyed by firmer capesize bulk carrier market activity. The overall index improved by 13 points to reach 1,958 points. The Baltic Capesize Index (BCI) advanced 59 points to 2,947, as average daily revenues for capesize bulk carriers rose by $489, bringing returns to $24,444. The Baltic Panamax Index (BPI) continued its downward trend, slipping 13 points to 1,788 — marking the seventh straight session of declines. Average daily earnings for panamax bulk carriers weakened further by $117 to $16,090. Elsewhere, the Baltic Supramax Index (BSI) edged lower by 9 points to 1,311, signaling persistent softness in the smaller bulk carrier categories.

4-November-2025

The Baltic Dry Index (BDI) continued to weaken on Monday, sliding to its lowest point in over three weeks as freight rates across all bulk carrier categories came under pressure. The Baltic Dry Index (BDI) dropped by 21 points to 1,945, its weakest level since 10 October 2025, as sentiment remained sluggish across both Atlantic and Pacific trading routes. The Baltic Capesize Index (BCI) retreated by 41 points to 2,888, while average daily earnings for capesize bulk carriers slipped by $333 to $23,955. Softer iron ore and coal demand from key charterers led to reduced fixture activity, particularly on long-haul Brazil–China and short-haul West Australia–China routes. In the panamax sector, the Baltic Panamax Index (BPI) declined another 20 points to 1,801, marking six consecutive sessions of losses. Average daily returns for panamax bulk carriers dropped by $182 to $16,207 amid quieter grain and coal flows across both the Atlantic and Pacific regions. The Baltic Supramax Index (BSI) was also weaker, easing by 6 points to 1,320, as supramax bulk carrier markets continued to face thin cargo lists and intensified competition among shipowners, further weighing on spot market earnings.

3-November-2025

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier segment began the week under pressure but gradually regained traction midweek before slowing again toward the weekend. By Friday, trading across both the Atlantic and Pacific basins had quieted significantly, marking a restrained close to the period. Initial weakness in freight values was offset from Wednesday onward as chartering interest improved, particularly on key Baltic Capesize Index (BCI) routes C3 (Brazil to China) and C5 (West Australia to China), where firmer fixing levels helped reverse early losses and supported a recovery in sentiment. In the Pacific basin, steady cargo flow from major mining houses lent stability, with several tenders concluded at incrementally higher levels. Meanwhile, in the Atlantic, renewed demand for fronthaul and transatlantic trips tightened tonnage availability, underpinning stronger capesize bulk carrier earnings. Market confidence also benefited from the announcement of a one-year trade détente between Washington and Beijing, which included the mutual suspension of shipping-related tariffs — a move broadly welcomed by owners and charterers alike. The Baltic Capesize Index (BCI) 5TC opened at $23,534, eased to $23,089 by Tuesday, and climbed back to end the week at $24,288, signaling a mild but steady rebound.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market saw a generally lethargic performance, with pockets of activity confined mostly to shorter regional runs. Despite modest fixing interest on select routes, limited fronthaul engagement contributed to a gradual erosion of average earnings. An 82,000 DWT kamsarmax bulk carrier open in the ARAG region via the US East Coast (USEC) to East Coast India (ECI) was reported fixed at around $27,000 daily, yet overall trading remained thin. In the Pacific, subdued cargo demand from North Pacific and Australian origins offered little relief. Freight rates on longer-haul routes drifted lower over the week, evidenced by an 82,000 DWT kamsarmax bulk carrier open in South Korea fixing a South Korea via Australia round trip at approximately $17,500 by Thursday, compared with $18,500 earlier in the week. A lack of positive signals from the Forward Freight Agreement (FFA) market dampened sentiment further. Consequently, period chartering remained sparse, though reports surfaced of an 82,000 DWT kamsarmax bulk carrier delivering in the Far East fixing for 5–7 months at $16,000 per day.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The ultramax and supramax bulk carrier sectors endured another subdued week, with sentiment staying largely negative across most regions. However, by the week’s close, signs of stabilization emerged — particularly in the US Gulf (USG) and Indian Ocean — leading some market observers to suggest that a floor might be forming. Across the Atlantic, a decline in scrap cargo demand softened rates, with a 63,000 DWT ultramax bulk carrier open at ARAG to Turkiye fixing near $24,000, and a 64,000 DWT ultramax bulk carrier open in Morocco to East Coast India (ECI) fixing at approximately $22,000. In South and East Asia, chartering momentum remained muted; a 61,000 DWT ultramax bulk carrier loading South China via Indonesia to China achieved about $14,500 daily, while a 63,000 DWT ultramax bulk carrier open in North China via NoPac (North Pacific) to Bangladesh was said to have fixed close to $17,000. A more optimistic tone surfaced in the Indian Ocean, where stronger demand from South Africa (SAF) supported firmer fixtures — including a 64,000 DWT ultramax bulk carrier reported fixed to China at roughly $21,000 plus a $200,000 ballast bonus (BB). Period activity also revived, with a 64,000 DWT ultramax bulk carrier open in Japan securing an index-linked charter pegged at 126% of the Baltic Supramax Index (BSI) 58 average.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market lost momentum over the week, reversing much of the earlier upward progress as fresh enquiry dwindled and available prompt tonnage swelled. Rates softened across major loading areas, reflecting a more balanced supply-demand dynamic. From South America, a 38,000 DWT handysize bulk carrier open in Argentina was reported fixed for a voyage to Morocco at approximately $20,500, while in Northern Europe, another 38,000 DWT handysize bulk carrier open in ARAG to Turkiye concluded around $22,000. In Asia, the market tone was largely positional, with charterers holding the upper hand. A 42,000 DWT handysize bulk carrier open in South China for a backhaul trip to Brazil reportedly achieved around $13,000 daily. Period employment remained thin, as owners weighed short-term volatility. One 40,000 DWT handysize bulk carrier open in North China for November delivery was said to have agreed to a 12–16 month index-linked charter at roughly 120.5% of the Baltic Handysize Index (BHSI), underscoring the cautious yet steady interest in time-charter coverage.

1-November-2025

The Baltic Dry Index (BDI) weakened on Friday, extending its decline and recording its poorest monthly showing since April 2025. The Baltic Dry Index (BDI) dropped by 17 points, closing at 1,966 points, and posted a loss of around 7.9% for October 2025. The previous monthly downturn for the Baltic Dry Index (BDI) occurred in April 2025, when it registered a sharper 13.3% decrease. The Baltic Capesize Index (BCI) slipped by 16 points to 2,929, marking its steepest monthly contraction in half a year. Average daily income for capesize bulk carriers fell by $140, down to $24,288, as demand for large iron ore and coal shipments slowed. The Baltic Panamax Index (BPI) declined by 28 points to 1,821, though it still managed to post a modest monthly increase of 2.5% in October 2025. Average daily revenue for panamax bulk carriers dropped by $254 to $16,389 amid easing activity in the grain and coal trades. The Baltic Supramax Index (BSI) also softened, losing 10 points to settle at 1,326, as the smaller ship segments continued to face weaker chartering demand and limited fresh fixtures near month-end.

30-October-2025

The Baltic Dry Index (BDI) halted its five-session decline on Wednesday, driven by firmer rates in the capesize bulk carrier segment. The Baltic Dry Index (BDI) advanced by 11 points, reaching 1,961 points. The Baltic Capesize Index (BCI) climbed 59 points to close at 2,843 points, with average daily income for capesize bulk carriers rising by $491 to $23,580.The Baltic Panamax Index (BPI) extended its downward momentum for a third consecutive day, slipping 19 points to 1,885 points — marking its weakest level since 21 October 2025. Average daily returns for panamax bulk carriers declined by $176 to $16,962.The Baltic Supramax Index (BSI) also edged lower, dropping 8 points to finish at 1,342 points.

29-October-2025

The Baltic Dry Index (BDI) slipped further on Tuesday as weaker charter activity across all bulk carrier categories dragged overall market sentiment. The Baltic Dry Index (BDI) declined by 26 points to 1,950 points, touching its lowest mark in more than two weeks. The Baltic Capesize Index (BCI) extended its downward trajectory, shedding 54 points to 2,784 points — its weakest position since 3 October 2025. Average daily returns for capesize bulk carriers dropped by $445 to $23,089.The Baltic Panamax Index (BPI) also moved lower, decreasing by 17 points to 1,904 points, marking its lowest level in seven days. Average daily income for panamax bulk carriers slipped by $154 to $17,138.The Baltic Supramax Index (BSI) recorded another fall, easing by 11 points to 1,350 points.

27-October-2025

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market surrendered much of its earlier momentum this week, concluding on a weaker footing. Initial optimism in the Pacific Basin—fueled by steady cargo inquiries from miners, increased operator activity, and weather-induced disruptions at several Chinese ports—faded toward week’s end as sentiment cooled. The Baltic Capesize Index (BCI) C5 route eased from approximately $10.90 to $9.90 per ton, reflecting limited fixture activity and subdued bidding. In the Atlantic Basin, early firmness in both transatlantic and fronthaul markets gradually dissipated as fresh cargo volumes slowed and a minor build-up in capesize tonnage exerted pressure. Chartering from East Coast South America (ECSA) and West Africa (WAFR) to China also decelerated, dragging the Baltic Capesize Index (BCI) C3 route from around $24.50 to near $22.50. The downturn was exacerbated by a noticeable sell-off in the Forward Freight Agreement (FFA) market, which further dampened confidence across both hemispheres. The Baltic Capesize Index (BCI) 5TC opened the week at $25,944, peaked midweek at $26,404, and slipped back to settle at $23,811 by Friday’s close.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier sector advanced steadily throughout the week, underpinned by firm sentiment and resilient demand across both the Atlantic and Pacific basins. In the Atlantic, strengthening mineral cargo flows and a tightening tonnage list lifted rates, especially on fronthaul routes from the U.S. East Coast (USEC). Late November 2025 positions in East Coast South America (ECSA) attracted notable premiums, with an 84,000 DWT kamsarmax bulk carrier reportedly booked at $16,500 daily plus a $650,000 ballast bonus (BB) for a voyage from Argentina to China. In the Pacific Basin, persistent demand from Australia and the North Pacific (NoPac) sustained bullish momentum, with panamax bulk carrier earnings maintaining solid ground. North Pacific (NoPac) round voyages were assessed between $18,500 and $19,000 per day, while Australian rounds averaged $17,500–$18,500. The period market also showed encouraging signs: an 82,000 DWT kamsarmax bulk carrier open in China was fixed for roughly 12 months at $14,500 daily, while another similar-sized ship was taken for one year at 113% of the Baltic Panamax Index (BPI) 5TC. Overall, the week concluded on a firm tone, with a balanced supply-demand environment hinting at further resilience in the near term.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The ultramax and supramax bulk carrier segment saw a notable shift in tone this week. The Atlantic Basin underperformed as cargo availability declined from primary loading regions such as the U.S. Gulf (USG), prompting a drop in ultramax / supramax charter rates. A 63,000 DWT ultramax bulk carrier open in the U.S. Gulf (USG) reportedly secured a fronthaul at about $25,000 daily to the ARAG range. East Coast South America (ECSA) also remained lackluster, though a 62,000 DWT ultramax bulk carrier open in Argentina was fixed to China at around $16,750 daily plus a $675,000 ballast bonus. The North Continent offered the lone bright spot, supported by consistent scrap cargo demand—evidenced by a 61,000 DWT ultramax bulk carrier open in North France via the UK to Turkiye fixed near $29,000. In Asia, market sentiment was uneven: southern routes weakened further, with a 58,000 DWT supramax bulk carrier open in Thailand via Indonesia to Thailand reportedly earning about $12,500, while northern routes fared better. A 63,000 DWT ultramax bulk carrier open in Japan fixed for a North Pacific (NoPac) to Bangladesh run at roughly $17,500. Period interest remained muted, though one ultramax bulk carrier open in China was fixed for a 5/7-month charter at around $15,750 daily.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market remained broadly steady but somewhat mixed this week, oscillating between restrained optimism and light downward pressure. In the Continent and Mediterranean, limited fresh enquiries kept handysize bulk carrier charter rates relatively unchanged. A 40,000 DWT handysize bulk carrier open in Germany was reported fixed for a voyage to the U.S. Gulf (USG) at approximately $18,000 daily. The South Atlantic and U.S. Gulf (USG) regions were quieter overall, with a handful of fixtures concluded—some at discounted levels as owners sought cover. Among reported deals, a 33,000 DWT handysize bulk carrier open in Argentina fixed to Algeria at roughly $21,000, and a 40,000 DWT handysize bulk carrier open on the U.S. East Coast was fixed to Italy around $30,000. In Asia, activity was initially slow due to regional holidays but gathered modest momentum as the week progressed. A 40,000 DWT handysize bulk carrier open in Japan via the North Pacific (NoPac) to Japan achieved about $14,500. The short-period market remained active, with a 37,000 DWT handysize bulk carrier fixed for 4–7 months at around $17,500, a 33,000 DWT handysize bulk carrier securing a brief period at $13,500, and a 36,000 DWT handysize bulk carrier fixed for 4–6 months at roughly $15,500. On the whole, the handysize bulk carrier market maintained stability across most regions, though the scarcity of new cargo could lead to softening unless additional demand surfaces soon.

25-October-2025

The Baltic Dry Index (BDI) extended its downward trajectory on Friday, closing the week in negative territory as weakening capesize ship market rates continued to drag sentiment across the dry bulk sector. The Baltic Dry Index (BDI) dropped by 66 points to settle at 1,991 points, marking a 3.8% decline over the week. The Baltic Capesize Index (BCI) retreated by 188 points to 2,871 points, its lowest reading in three weeks, reflecting softer demand and limited fixture activity. On a weekly basis, the Baltic Capesize Index (BCI) slipped about 8%. Average daily returns for capesize bulk carriers fell by $1,556, reducing earnings to $28,811.The Baltic Panamax Index (BPI) was steady at 1,924 points but still managed to post a 5.3% gain for the week. Average daily income for panamax bulk carriers edged lower by $1 to $17,318.The Baltic Supramax Index (BSI) declined by 9 points to 1,369 points, ending the week down 3.9% as supramax ship activity showed signs of slowing.

22-October-2025

21-October-2025

21-October-2025

The global freight market has now largely recalibrated to absorb the projected consequences of the port fees enacted by both the United States and China. The renewed escalation in U.S.-China trade hostilities has dampened expectations of any near-term normalization toward a less protectionist trading order. After a relatively stable summer, Beijing’s decision to impose retaliatory port fees on U.S.-linked ships has disrupted global maritime trade flows. The measure directly mirrors the U.S. Trade Representative’s (USTR) earlier action against Chinese vessels. Analysts suggest that China anticipated a possible U.S. escalation and, once it became clear that Washington intended to proceed, chose to respond assertively and proportionally. This latest round of tariff friction has reintroduced a high degree of market uncertainty, once again underscoring how trade policy is being used as both a diplomatic weapon and an instrument of strategic pressure. In many respects, China’s new charges replicate the structure of the American port fee regime. The main distinction lies in China’s “Special Port Fees,” which apply broadly to U.S.-linked ships without singling out specific sectors. By contrast, U.S. measures include a range of exemptions based on ship size and type—covering categories such as LNG carriers and vehicle carriers—designed to cushion domestic industries and stimulate U.S. shipbuilding activity. China’s framework also extends well beyond the relatively small number of U.S.-flagged or U.S.-built ships, encompassing vessels owned or managed by entities with 25% or more American ownership. This clause dramatically expands the total affected fleet. Market observers remain uncertain about how the rule will be applied in practice and await additional clarification from Beijing. China has, however, suggested that certain exemptions—such as for Chinese-built ships or ships ballasting to domestic shipyards for repairs—could reduce the overall burden. Even so, the financial implications are substantial despite the annual limit of five chargeable voyages per ship. A VLCC could face fees approaching $6 million per Chinese port call, rising to nearly $17 million by 2028 at current exchange rates, while a capesize bulk carrier could incur roughly $3 million initially, climbing to about $8 million by 2028. At these levels, calling at Chinese ports becomes commercially prohibitive for U.S.-linked ships, effectively transforming the measure into an exclusionary barrier rather than a simple tariff adjustment. Market reactions were immediate. Forward Freight Agreements (FFAs) and spot freight rates jumped sharply, particularly for larger ship categories. Time Charter Equivalent (TCE) earnings for Very Large Crude Carriers (VLCCs) and capesize bulk carriers surged by roughly 20%, as traders priced in expectations of constrained tonnage access to Chinese ports. While the market’s initial response highlights short-term volatility, it also creates a window for profitable opportunities in the short to medium term. As U.S.-linked ships begin avoiding Chinese cargoes, effective fleet availability is expected to tighten further, lending sustained support to freight earnings rather than producing only a temporary spike. Over time, a structural split in trade routes may emerge, as U.S.-associated tonnage faces persistently higher operational costs compared with non-U.S. ships. From a wider strategic lens, both the United States and China appear to be positioning themselves for a long-term phase of fragmented global trade. China is continuing to expand its Belt and Road Initiative partnerships, deepening ties with South America, the Middle East, and Canada, while also reinforcing domestic production independence. The United States, on the other hand, is redirecting exports of key commodities and energy supplies toward India, Southeast Asia, and Europe. These developments collectively point toward an evolving reconfiguration of global trade routes, as new corridors emerge to offset declining U.S.-China traffic. The renewed tariff confrontation between the world’s two largest economies reinforces the structural drift toward protectionism and geopolitical polarization. This escalation amplifies macroeconomic uncertainty and raises the risk that sustained frictions could suppress global trade growth and potentially trigger a global downturn. For the shipping sector, the outlook for seaborne trade volumes over the medium term will depend on how the situation evolves—particularly on further clarifications from China’s Ministry of Transport regarding the 25% ownership clause—while recent signals of limited exemptions suggest that the scope of enforcement could be narrower than initially feared.

20-October-2025

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

4-October-2025

The Baltic Dry Index (BDI) slipped further on Friday, ending the week with its most severe decline in over eight months as freight market sentiment deteriorated across all major bulk carrier segments. The Baltic Dry Index (BDI) dropped 8 points to close at 1,901 points, marking its weakest level since 21 August 2025. On a weekly basis, the Baltic Dry Index (BDI) plunged 15.8%, its steepest fall since late January 2025, reflecting a widespread correction in the dry bulk freight market. The Baltic Capesize Index (BCI) managed to halt a five-day slide, adding 4 points to reach 2,724 points, although it still recorded a substantial 24.9% decline over the week. Average daily time charter equivalent earnings for capesize bulk carriers edged up by $33 to $22,595. The Baltic Panamax Index (BPI) extended its downward momentum, slipping 23 points to 1,662 points — the lowest reading since 20 August 2025 — and ending the week 9.3% lower. Average daily earnings for panamax bulk carriers decreased by $203 to $14,961. The Baltic Supramax Index (BSI) also weakened, easing by 9 points to 1,447 points and registering a 2.2% weekly loss, underscoring the persistent pressure on smaller bulk carrier categories as market activity continued to soften.

18-September-2025

The Baltic Dry Index (BDI) advanced for a fourth day in a row on Wednesday, moving close to a two-month peak as stronger capesize bulk carrier activity lifted the market, with the index rising 26 points to reach 2,180 points, its firmest level since 28 July 2025. The Baltic Capesize Index (BCI) surged by 111 points to 3,300 points, the highest level recorded since 14 August 2025, while daily hire rates for capesize bulk carriers improved by $923 to stand at $27,366. Iron ore contracts slipped on key exchanges during Wednesday’s session, weighed down by increasing exports from Brazil, the world’s top supplier, alongside a restrained demand outlook from the steel sector. Meanwhile, the Baltic Panamax Index (BPI) declined for the third consecutive day, falling 45 points to 1,923 points, the lowest reading since 8 September 2025, with average daily returns for panamax bulk carriers dropping $404 to $17,308. The Baltic Supramax Index (BSI) inched upward by 1 point, closing at 1,492 points.

28-August-2025

Supramax bulk carrier spot freight rates have surged to their highest level in 15 months, now exceeding the earnings of larger panamax bulk carriers as the start of the US grain export season draws near. Spot rates for supramax and ultramax bulk carriers have reached levels not seen since May 2024, with tightening vessel supply meeting consistent fresh demand from charterers. This upswing in the market coincides with the imminent kickoff of US corn and soybean exports, a key period that will indicate to what extent Brazil has overtaken the United States as China’s dominant soybean supplier. The composite index of average ultramax spot rates, covering 11 principal trading routes, rose by $126 on Wednesday to $18,291 per day, based on a 63K DWT ultramax bulk carrier.

24-July-2025

Capesize bulk carrier spot rates surged by 14% in a single day, reaching their highest level in 2025 despite subdued global steel production data, as tightening tonnage supply and steady cargo volumes at export hubs fueled a sharp rally on Thursday, with Baltic Exchange panellists raising their average rate assessment by 13.5%, marking one of the largest overnight gains in the index this year, as capesize bulk carrier spot rates increased by $3,741 to reach $31,429 per day, the highest level recorded since 2 July 2024.

22-July-2025

The Baltic Dry Index (BDI) declined by 36 points to 2,016 on Monday, ending a seven-session winning streak as weaker rates for capesize and panamax bulk carriers exerted pressure. The Baltic Capesize Index (BCI) dropped 103 points to 2,981, with average daily earnings for capesize bulk carriers down $855 to $24,720. The Baltic Panamax Index (BPI) slipped 4 points to 1,915, while average daily earnings for panamax bulk carriers fell $40 to $17,232. The Baltic Supramax Index (BSI) remained unchanged at 1,346.

21-July-2025

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market recorded a significant and consistent uptrend this week, supported by strong sentiment and rising momentum across both the Atlantic and Pacific regions. The Baltic Capesize Index (BCI) 5TC jumped by $5,942 to settle at $25,575, driven by tightening tonnage availability and increased cargo flows, particularly from Brazil and West Africa to China. In the Pacific, the Baltic Capesize Index (BCI) C5 route saw rates steadily increase amid strong demand from major miners, intensified operator activity, and a shrinking tonnage list. A burst of mid-week fixtures propelled rates close to $9.80 before easing slightly to the $9.50–$9.60 range by week’s close. The Atlantic market also saw elevated activity, especially on the Baltic Capesize Index (BCI) C3 route, where rates climbed from $21.50 to $23 for end-August laycans, supported by firm enquiry and a tightening list of ballasters. In the North Atlantic, sentiment remained optimistic, with tight tonnage and firm fixtures, including a reported fronthaul deal close to $50,000/day, underlining robust demand.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market experienced a mixed week. Although it began on a solid note, gains gradually faded as charterers paused to reassess, but fundamentals strengthened again by the end of the week, with supply appearing tight in some regions and rates holding steady. In the Atlantic, activity in the North remained subdued, while in the South, a kamsarmax of 82,000 DWT was fixed at $18,000 for a voyage from Singapore via Argentina to China. In Asia, demand from Indonesia and Australia remained active, with several fixtures around $16,000 on standard panamax bulk carrier tonnage for round voyages. Period business improved midweek, highlighted by an 82,000 DWT kamsarmax fixed from Japan at $15,500 for 5 to 7 months.

Ultramax/Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The ultramax/supramax bulk carrier market started the week on a strong note, with limited vessel availability and increasing demand pushing rates higher in key regions. However, as the week progressed, this momentum eased and rates appeared to reach a peak. In the Atlantic, ultramax bulk carriers fixing from the US Gulf achieved around $30,000 for fronthaul and similar levels for transatlantic routes. A 63,000 DWT ultramax from Argentina to Bangladesh was fixed at $19,000 plus a $900,000 ballast bonus. In Asia, firm backhaul demand from northern areas kept rates elevated, with a 63,000 DWT ultramax fixing at $17,000 for a trip from Singapore via Indonesia to West Coast India. Increased demand from South America supported Indian Ocean rates, with a 62,000 DWT ultramax fixed from South Africa to China at $19,000 plus $900,000 ballast bonus. Period interest emerged early but weakened later in the week; a 63,000 DWT ultramax open West Coast India fixed at $14,500 for a short period, while another of the same size open on Mexico’s East Coast secured $15,000 for a 9–11 month period.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier segment saw mostly positive developments, with freight rates strengthening across many loading areas. Although fixture activity remained limited, the Continent–Mediterranean market showed gradual improvement, driven by regional positioning. A 38,000 DWT handysize vessel open Algeria fixed around $12,000 for a trip within the Mediterranean. In the South Atlantic and US Gulf, rates remained firm due to steady demand and positive sentiment. A 39,000 DWT handysize bulk carrier fixed from Brazil to Algeria at $14,500, while another 39,000 DWT unit was placed on subjects for a trip via the US Gulf to Panama East Coast at approximately $17,000. The Asian market stayed active, supported by strong cargo flows and tight vessel availability, with a 40,000 DWT handysize fixed from Bangladesh to ARAG at $13,000. Period interest remained healthy across both basins, with a 35,000 DWT unit open US Gulf fixed at $11,500 for a short term, and a 37,000 DWT open in Egypt fixed at $12,500 for a similar period.

10-July-2025

The Baltic Dry Index (BDI) declined on Wednesday, shedding 8 points to settle at 1,423, driven by weaker rates for capesize vessels. The Baltic Capesize Index (BCI) dropped by 97 points to 1,654, extending its losing streak to seventeen sessions, with average daily earnings falling by $806 to $13,715. On the other hand, the Baltic Panamax Index (BPI) climbed 52 points to 1,621, its highest level since August 7, 2024, as average daily earnings rose by $469 to $14,590. The Baltic Supramax Index (BSI) also advanced, gaining 26 points to reach 1,151.

9-July-2025

The Baltic Dry Index (BDI) dropped 5 points to 1,431 on Tuesday, its lowest level since June 3, 2025, primarily due to a decline in capesize bulk carrier rates. The Baltic Capesize Index (BCI) fell for the sixteenth consecutive session, down 74 points to 1,751, with average daily earnings for capesize vessels decreasing by $611 to $14,521. In contrast, iron ore futures rebounded, supported by strong demand from China, although gains were capped by U.S. President Donald Trump’s warning on Monday of steep tariffs taking effect on August 1, 2025—prompting Japan and South Korea to announce negotiations with the U.S. on Tuesday. Meanwhile, the Baltic Panamax Index (BPI) rose 38 points to 1,569, the highest since August 12, 2024, with panamax vessel daily earnings up $344 to $14,121, and the Baltic Supramax Index (BSI) climbed 25 points to 1,125.

8-July-2025

The Baltic Dry Index (BDI) remained unchanged at 1,436 points on Monday, as gains in the panamax and supramax segments offset continued weakness in the capesize sector, where the Baltic Capesize Index (BCI) fell for the fifteenth consecutive session, dropping 30 points to 1,825, with average daily earnings down $250 to $15,132. Iron ore futures also declined due to renewed demand concerns, driven by production restrictions in China’s key steel hub and uncertainty surrounding U.S. trade policy. Meanwhile, the Baltic Panamax Index (BPI) rose 11 points to 1,531—its highest level since September 25, 2024—with daily earnings for panamax vessels up $94 to $13,777, and the Baltic Supramax Index (BSI) gained 19 points to 1,100, its highest since November 6, 2024. Adding to market uncertainty, U.S. President Donald Trump announced he is close to finalizing several trade deals and will notify countries of higher tariffs by July 9, 2025, with the new rates set to take effect on August 1.

7-July-2025

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market showed signs of stabilisation this week after a recent period of softness. Gains were recorded in the Pacific basin, while the Atlantic basin appeared more balanced. In the Pacific basin, the Baltic Capesize Index (BCI) C5 route saw steady improvement, with rates climbing from $6.90 at the start of the week to $7.44 by the end. Increased capesize bulk carrier fixing activity from all three major miners and rising volumes of iron ore and coal contributed to a tightening tonnage list and stronger sentiment. The Atlantic basin began the week on a slow note but gained traction mid-week. On the Brazil–China, Baltic Capesize Index (BCI) C3 route, initial weakness gave way to firmer activity, with a fixture concluded at around $19.50 for end-July 2025 dates. However, the extended capesize bulk carrier ballaster list continued to cap optimism for forward earnings. The North Atlantic capesize bulk carrier market experienced a slight rise in transatlantic and fronthaul activity, though rates remained relatively steady.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market returned largely flat results this week, with East Coast South America (ECSA) being a notable exception. From mid-week, East Coast South America (ECSA) saw a gradual uptick in demand and improved fundamentals. In contrast, the North Atlantic underperformed, with transatlantic panamax bulk carrier rates varying significantly depending on the delivery location. Panamax bulk carriers open in the Continent continued to underachieve relative to those positioned in the West Mediterranean (WMED). Panamax bulk carrier fronthaul activity was marginally better, supported by consistent grain and mineral exports from North America. 82,000 DWT kamsarmax bulk carrier fixed delivery Continent via Colombia East Coast to China at $21,250. In the Pacific basin, panamax bulk carrier activity remained healthy across major loading regions, though demand was steady rather than strong. Panamax bulk carrier rates ex-Australia held firm, with an 82,000 DWT kamsarmax bulk carrier open in Japan fixed for an Australia–Japan round at $11,500. Period interest was subdued; however, a 1-year time charter was reported for an 82,000 DWT kamsarmax bulk carrier open in Southeast Asia (SEA) at $12,000.

Ultramax/Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The ultramax/supramax bulk carrier market had a positive week, with increased demand across key regions. In the Atlantic, the US Gulf saw improved sentiment, with charterers reportedly bidding around $25,000 for transatlantic voyages to attract interest from 63,000 DWT ultramax bulk carrier owners. A 56,000 DWT supramax bulk carrier open in the Black Sea was fixed via Romania to Jordan at $14,500. Asia saw a rebound in demand across both southern and northern regions, particularly for backhaul cargoes. Notable fixtures included a 63,000 DWT ultramax bulk carrier fixed from North China to Turkiye at $17,000 and a 61,000 DWT ultramax bulk carrier from Hong Kong to Singapore at $12,000. In the Indian Ocean, momentum continued, with a 63,000 DWT ultramax bulk carrier fixed from South Africa (SAF) to China at $16,000 plus a $160,000 ballast bonus. Period activity remained stable, with a 63,000 DWT Ultramax open in the UAE fixed for 5–7 months at $15,000.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The Handysize market remained subdued this week, with slowing activity across the Continent and Mediterranean as many participants attended shipping events. A 34,000 DWT handysize bulk carrier was fixed from Algeria to the US Gulf (USG) at $7,000. In the US Gulf, the market remained soft due to limited fixing and an oversupply of open vessels. A 39,000 DWT handysize bulk carrier was fixed from the US East Coast (USEC) via the US Gulf (USG) to Morocco at $15,000. The South Atlantic remained steady, with little change in freight levels; a 38,000 DWT handysize bulk carrier fixed from Brazil to Algeria at $17,500. The Asian market showed minimal movement, with weak fundamentals and flat sentiment. A 41,000 DWT handysize bulk carrier open South Africa (SAF) to Pakistan fixed around $22,500.

5-July-2025

The Baltic Dry Index (BDI) rose slightly by 2 points to 1,436, snapping a seven-day losing streak, but still recorded its third consecutive weekly decline with a 5.6% drop, driven by weakness in capesize bulk carrier rates. The Baltic Capesize Index (BCI) continued its downward trend, falling 39 points to 1,855 and posting a steep weekly loss of 16.4%, with average daily earnings for capesize vessels down by $323 to $15,382. Iron ore futures extended gains for a second straight week, supported by improved market sentiment after Chinese authorities called for curbs on aggressive price-cutting, urging stricter competition controls among domestic companies. In contrast, the Baltic Panamax Index (BPI) climbed 13 points to 1,520—its highest level since September 2024—ending the week 1.1% higher, with average daily earnings rising by $118 to $13,683. The Baltic Supramax Index (BSI) also advanced, gaining 29 points to 1,081 and marking its fourth consecutive week of growth.

4-July-2025

The Baltic Dry Index (BDI) declined for the seventh consecutive session on Thursday, weighed down by reduced demand for capesize bulk carriers. The index fell by 9 points, or 0.6%, to 1,434, its lowest level since June 3, 2025. The Baltic Capesize Index (BCI) dropped 64 points to 1,894, hitting its lowest point since May 28. Average daily earnings for capesize bulk carriers decreased by $537 to $15,705. Iron ore futures climbed to a more than one-month high, driven by China’s renewed efforts to curb low-price competition and reduce industrial overcapacity. On Tuesday, China’s top leadership pledged to strengthen regulations on aggressive price-cutting by Chinese companies, as China continues to battle persistent deflationary pressures. Meanwhile, the Baltic Panamax Index (BPI) gained 15 points to reach 1,507, with average daily earnings for panamax bulk carriers rising by $141 to $13,565. The Baltic Supramax Index (BSI) also advanced, climbing 21 points to 1,052 — its highest level in over seven months.

30-June-2025

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market recorded a notable decline this week as sentiment deteriorated due to persistently weak activity across both the Atlantic and Pacific basins. The extended absence of all major Baltic Capesize Index (BCI) C5 miners in the Pacific led to an oversupply of capesize bulk carriers, further weakening sentiment and dragging Baltic Capesize Index (BCI) C5 rates down to the mid-high $6.00 range, well below the previous $10.00–$11.00 levels. Although East Coast Australia coal cargoes offered limited support, the lack of iron ore movement continued to weigh heavily. The South Brazil and West Africa to China routes showed occasional strength, but rate levels steadily declined, with Baltic Capesize Index (BCI) C3 fixtures falling into the very low $20.00s. The North Atlantic capesize bulk carrier market was comparatively steady due to fresh cargo and a balanced list, though activity remained thin and rates softened towards the week’s close. By the end of the week, the Baltic Capesize Index (BCI) 5TC fell to $18,408.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market had an eventful week, with the North Atlantic runs generating varying opinions on value, particularly between West Mediterranean and Continent deliveries. Nonetheless, overall sentiment stayed firm. South America saw strong activity, with pre-index arrival positions achieving rates above Baltic Panamax Index (BPI) levels, while only a few deals were concluded for the second half of July, generally around $15,500 plus $550,000 APS load port. In Asia, there was healthy volume from Australia, and activity from North Pacific (NOPAC) picked up by week’s end, with rates around $13,000 for 82K DWT kamsarmax bulk carriers on index-length trips. Tonnage remained tight in the south, supporting a $1,000 rate increase over the week to approximately $11,750 ex-Indonesia. Period business was limited but included a 95K DWT unit delivering in Japan that was fixed at $11,250 for 4 to 7 months.

Ultramax/Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The ultramax/supramax bulk carrier market remained largely positional this week. In the Atlantic, lack of fresh enquiry from the US Gulf (USG) caused rates to ease, with a 58K DWT supramax bulk carrier fixed from USG to West Africa at about $20,000. The South Atlantic saw continued activity, although fixing details were scarce. In Asia, the market improved with increased demand from Indonesia and North Pacific (NOPAC); a 63K DWT ultramax bulk carrier was fixed from Singapore via Indonesia to China at $13,500, while a 55K DWT supramax bulk carrier open in China was fixed to China at $12,000. The Indian Ocean experienced firmer demand from South Africa (SAFR), with a 63K DWT ultramax bulk carrier open SAFR to China fixed at $14,000 plus $140,000 BB. Period business remained active, with a 63K DWT ultramax bulk carrier open China fixed for one year at $13,500.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market showed a mixed tone this week, with the Continent and Mediterranean remaining soft and charter rates slipping further. A 35K DWT handysize bulk carrier open in Marmara was fixed via Romania to Algeria at about $6,500. The South Atlantic maintained some strength, although activity from the U.S. Gulf (USG) slowed approaching the weekend. Notable fixtures included a 38K DWT handysize bulk carrier fixed from Colombia East Coast to ARAG at $17,500 and another of the same size fixed from USG to ARAG at $20,000. In Asia, handysize bulk carrier rates stayed steady, supported by balanced supply-demand conditions, with a 35K DWT handysize bulk carrier fixed from Vietnam via South China to Southeast Asia at $12,500. Period interest was active in both basins, with a 38K DWT handysize bulk carrier open in USG placed on subjects for a short period and a 40K DWT handysize bulk carrier open in Hong Kong fixed on a period basis at an index-linked rate of 118%.

26-June-2025

The Baltic Dry Index (BDI) declined by 16 points to 1,665 on Wednesday, reaching its lowest level since 6 June 2025, as a drop in capesize bulk carrier freight rates continued to weigh on the market; the Baltic Capesize Index (BCI) fell for the seventh consecutive session, shedding 93 points to 2,724, its lowest since 4 June 2025, with average daily earnings for capesize bulk carriers down by $768 to $22,592; in contrast, the Baltic Panamax Index (BPI) rose for the third straight session, adding 41 points to 1,425, with panamax average daily earnings increasing by $370 to $12,825; the Baltic Supramax Index (BSI) also advanced, gaining 11 points or 1.1% to 994.

18-June-2025

The global dry bulk fleet is set to experience a significant reduction in younger, more efficient ships, with projections indicating a 22% decline in ships under 15 years of age by 2028. This expected contraction reflects a structural change resulting from past imbalances in newbuilding activity, coupled with an aging fleet increasingly unfit to meet current efficiency and emissions requirements. A distinct split is emerging within the fleet: on one side, a growing segment of modern, regulation-compliant ships, and on the other, a substantial pool of older, slower, less efficient ships that are being increasingly burdened by environmental regulations. This divergence is expected to intensify over the next five years. The commercial edge of newer ships is likely to grow as scrapping accelerates, driven by mounting regulatory and commercial pressures on aging tonnage. Many older ships are nearing their third special survey just as environmental compliance is tightening and dry dock slots are becoming limited, forcing owners to decide between costly upgrades or relegating these ships to lower-margin trades that may soon face oversupply. With newer ships being prioritized for long-term charters and environmentally aligned operations, the segmentation of the fleet is already influencing commercial dynamics. Modern tonnage is earning premium charter rates and drawing attention from major commodity traders and publicly listed operators, while older ships are increasingly relegated to shorter regional routes, often within jurisdictions with more relaxed oversight. The tightening supply picture—driven by scrapping, aging tonnage, and regulatory change—is expected to play a central role in defining future market opportunities. As the shipping industry moves toward a leaner, more efficient model, success will depend on adopting a data-centric approach, favoring those with the sharpest market insight.

16-June-2025

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market showed a stable yet layered performance throughout the week, beginning quietly due to European holidays but gradually picking up momentum. In the Pacific, the Baltic Capesize Index (BCI) C5 West Australia to China route experienced sustained demand from major Australian miners, with fixture levels rising from below $10.00 early in the week to a peak of $11.01 by Friday. The Atlantic basin led the uptrend, outperforming the Pacific, as tightening tonnage in the North Atlantic and firm demand on the Baltic Capesize Index (BCI) C3 Brazil to China route propelled bid and offer levels upward, with offers on Thursday reaching $27.00–$28.00 for early July 2025 laycans. However, the Baltic Capesize Index (BCI) C3 slowed on Friday, particularly for index laycan business. The North Atlantic retained strength due to a constrained capesize bulk carrier tonnage supply and solid inquiry levels. By the end of the week, the Baltic Capesize Index (BCI) 5TC surged by nearly $6,000, rising from $24,961 on Monday to close at $30,866.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market recorded notable gains during the week, driven by strong grain-related demand in the Atlantic basin, especially in North and South America, for late June 2025 arrivals. Despite robust performance, the trans-Atlantic market diverged into a two-tiered structure, with ships positioned in the West Mediterranean (WMED) commanding stronger rates than those in the Continent. A kamsarmax bulk carrier of 84K DWT open in Spain fixed at about $21,500 for a Colombia East Coast to South China route. In the Pacific, demand ex Australia drove activity, complemented by an improving East Coast South America (ECSA) market that helped maintain regional strength. A kamsarmax bulk carrier of 82K DWT open in China was fixed via Australia to Japan at roughly $13,500. Period charter activity also increased, including a report of an 82K DWT kamsarmax bulk carrier fixed from China at around $13,000 for a 3/5-month period.

Ultramax/Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The ultramax/supramax bulk carrier sector showed a clear divergence between basins. The Atlantic basin saw firm conditions, with tightening tonnage in the U.S. Gulf (USG) and increased activity in South America supporting rate strength. Fixtures included a 58K DWT supramax bulk carrier open in SW Passage fixed at around $20,000 via USG to Japan, and a 63K DWT ultramax bulk carrier open in Tema, West Africa (WAFR), fixed via Brazil to China at around $16,500. In contrast, the Pacific basin remained weak amid scarce fresh inquiry and mounting prompt tonnage. A 60K DWT ultramax bulk carrier open in Indonesia was fixed to China for about $11,500, while a 55K DWT supramax bulk carrier open in Indonesia to West Coast India (WCI) was reported at around $13,000. A slight uptick in period demand was noted, including a newbuilding 64K ultramax bulk carrier open in the Philippines fixed for one year’s trading at about $13,000.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market delivered a mixed performance this week with limited changes in both hemispheres. In the Continent and Mediterranean, new demand and higher activity were observed, though rates remained mostly flat. A 40K DWT handysize bulk carrier open in Egypt was fixed to ARAG at around $10,000. In the South Atlantic, the handysize market held steady with little movement, while the U.S. Gulf (USG) showed firm fundamentals despite a lack of significant fixture reports, supported by stable cargo flows. The Pacific market was largely unchanged, with supply and cargo availability remaining steady across key regions. A 35K DWT handysize bulk carrier open in South Africa (SAFR) was fixed to ARAG at approximately $12,500.

14-June-2025

This week, the capesize bulk carrier market showed strong performance in iron ore flows, which have underpinned demand throughout the year and contributed to the recent rise in the Baltic Capesize Index (BCI) and average earnings on the Baltic Capesize Index (BCI) C5 route. Bauxite shipments also supported capesize bulk carrier employment, particularly with increased volumes from Guinea to China during Q1 2025; however, there are concerns over the sustainability of this trend into Q2 2025 and Q3 2025, as West Africa’s wet season from May to October could hamper mining operations and port efficiency at hubs like Kamsar, potentially reducing bauxite exports and capesize bulk carrier utilization in Q3 2025. Meanwhile, the strength of the Baltic Dry Index (BDI) remains heavily supported by capesize bulk carrier demand, with voyage data showing a solid 7-day moving average in iron ore shipments, reflecting consistent cargo flows. On the supply side, although there are signs of a declining number of ballast capesize bulk carriers, current market sentiment appears more demand-driven than supply-restricted, suggesting that the bullish momentum could continue if iron ore and bauxite demand holds firm. In the second week of June 2025, both capesize and panamax bulk carrier segments performed well, with the Baltic Capesize Index (BCI) hitting its highest point since mid-March 2025; capesize freight rates for Brazil–North China, Brazil–Continent, and West Australia–China routes rose in line with weekly BCI trends, showing notable $/tonne gains, while in the panamax segment, routes from the Continent and East Coast South America (ECSA) to the Far East saw modest improvements, with the Brazil–North China capesize route remaining the standout. Freight rates for the Brazil–North China capesize route rose 8% week-on-week to about $24/tonne, driven by fewer ballasters to the South Atlantic and increased daily loading volumes, which reached 1.3 million tonnes—up from under 1 million tonnes in mid-February 2025. Panamax freight rates from the Continent and ECSA to the Far East stood near $32/tonne; despite increased panamax ballasters to ECSA leading to oversupply and weaker freight returns, the high daily loading volumes indicated sustained cargo support. Supramax bulk carrier freight rates from the US Gulf (USG) to the Far East also strengthened since late April 2025, reaching around $35/tonne—nearly 7% above March 2025 levels—fueled by rebounding cargo volumes and easing oversupply, as supramax counts in USG/USEC fell from March peaks and volumes recovered through May and early June 2025. Finally, iron ore’s dry bulk tonne days, reflecting the aggregate laden time of bulk carriers, surged from mid-May lows and significantly contributed to overall dry bulk tonne day growth, with iron ore tonne days increasing 7% and the Baltic Capesize Index (BCI) rising 25% quarter-over-quarter since mid-May 2025.

13-June-2025

The Baltic Dry Index (BDI) extended its rally, reaching a more than eight-month high as freight rates strengthened across both large and small bulk carrier segments, rising by 166 points or 9.6% to 1,904, marking its highest level since 7 October 2024; the Baltic Capesize Index (BCI) jumped by 459 points to 3,555, the highest since 30 September 2024, with average daily earnings for capesize bulk carriers increasing by $3,802 to $29,481, while iron ore futures prices declined as investors awaited further clarity on U.S.–China trade discussions despite President Donald Trump’s optimistic tone; the Baltic Panamax Index (BPI) advanced by 38 points to 1,375, hitting a six-week high, with average daily earnings for panamax bulk carriers rising by $340 to $12,376, and the Baltic Supramax Index (BSI) edged up 11 points to 933, nearing a one-week high.

12-June-2025

The Baltic Dry Index (BDI) surged by 58 points to reach 1,738, its highest level since 18 November 2024, as rates improved across all bulk carrier segments; the Baltic Capesize Index (BCI) jumped 140 points to 3,096, also approaching a seven-month high, with average daily earnings for capesize bulk carriers rising by $1,160 to $25,679; iron ore futures recovered amid renewed optimism following a trade agreement between the United States and China, where President Donald Trump confirmed that the deal is finalized, including provisions for China to export magnets and rare earth minerals and for the U.S. to admit Chinese students, though lingering uncertainties and weakening steel demand tempered further gains; the Baltic Panamax Index (BPI) added 37 points to 1,337, its highest since 12 May 2025, with panamax bulk carrier earnings increasing by $338 to $12,036, while the Baltic Supramax Index (BSI) broke a six-day losing streak by rising 3 points to 922.

9-June-2025

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market experienced a solid upward trend this week, supported by sustained strength in the Pacific and increasing activity out of Brazil and the North Atlantic. The Baltic Capesize Index (BCI) 5TC rose from $19,071 on Monday to $23,572 by the end of the week, reflecting strong demand and tightening capesize bulk carrier availability in both basins. In the Pacific, Baltic Capesize Index (BCI) C5 rates increased from below $9.00 to levels around $10.50, driven by limited capesize bulk carrier tonnage, heightened iron ore demand, and increased engagement by miners and operators. The Brazil and West Africa (WAFR) to China Baltic Capesize Index (BCI) C3 markets picked up momentum midweek as Brazilian mining giant Vale re-entered the market and the number of capesize bulk carrier ballasters declined, lifting rates from the low $21s to the mid $24s. The North Atlantic market started the week subdued but gained strength midweek, supported by firming trans-Atlantic and East Coast Canada to China fixtures, which boosted sentiment and capesize bulk carrier rates.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market closed the week with notable gains, particularly on the back of renewed strength in the Atlantic. The North Atlantic saw significant rate improvements, while support from South America further boosted the panamax bulk carrier segment. A tightening of panamax bulk carrier availability midweek strengthened sentiment, with reported fixtures reflecting this trend: an 82K DWT kamsarmax bulk carrier was fixed for delivery in Spain for a trip via Colombia East Coast to redelivery Spain at around $11,000, and another 82K DWT kamsarmax bulk carrier was fixed for delivery East Coast India (ECI) via Argentina to China front-haul at around $13,000. The Pacific panamax bulk carrier market presented a mixed picture; East Coast South America (ECSA) demand helped support rates for panamax bulk carrier tonnage open in Southeast Asia, though longer Pacific round routes, especially ex-North Pacific (NOPAC) and Australia, softened into the $8,000s before showing signs of a rebound toward the week’s end. Panamax bulk carrier period activity remained quiet, although a notable fixture was reported of a newbuilding 82K DWT kamsarmax bulk carrier delivery ex-yard China fixed for one year at $13,000.

Ultramax/Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The ultramax/supramax bulk carrier market endured another difficult week, with rates under pressure across both the Atlantic and Pacific basins. In the Continent and Mediterranean, sentiment remained largely positional, and rates held near previously fixed levels. A 57K DWT supramax bulk carrier was fixed for delivery in Germany via the Baltic Sea to redelivery West Coast India (WCI) via Cape of Good Hope (COGH) at around $13,000. The South Atlantic and US Gulf (USG) markets continued to struggle due to oversupply, with demand insufficient to support ultramax/supramax bulk carrier rates. A 64K DWT ultramax bulk carrier was fixed for delivery Uruguay to redelivery East Coast Mexico at approximately $17,500. In Asia, the ultramax/supramax bulk carrier market remained sluggish amid reduced activity during regional holidays and weak sentiment. A 53K DWT supramax bulk carrier was fixed for delivery West Coast India (WCI) for a trip to Vietnam at about $6,500.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market showed mixed results this week, with flat overall sentiment across regions. In the Continent and Mediterranean, the market remained soft with limited visible activity. A 37K DWT handysize bulk carrier was fixed for delivery Denmark to redelivery Portugal at around $9,500. The South Atlantic and US Gulf (USG) maintained stable conditions, supported by balanced tonnage and moderate fresh demand. A 39K DWT handysize bulk carrier was fixed for delivery US Gulf (USG) to redelivery East Africa (EAFR) at approximately $16,000. In Asia, the handysize bulk carrier market remained steady. Although the list of handysize bulk carrier tonnage grew gradually, modest demand helped hold rates stable. No major changes in cargo flow were observed to push rates significantly higher. A 39K DWT handysize bulk carrier was fixed for delivery Indonesia via Australia to redelivery North China with grains at $12,000.

7-June-2025

The Baltic Dry Index (BDI) rose on Friday, recording its strongest weekly increase since early March 2025, supported by firmer panamax bulk carrier rates. The Baltic Dry Index (BDI) climbed 7 points to 1,633, reflecting a weekly gain of approximately 15%. The Baltic Capesize Index (BCI) slipped 3 points to 2,842, breaking a seven-session winning streak, though it still ended the week nearly 25% higher. Average daily earnings for capesize bulk carriers declined slightly by $20 to $23,572. The Baltic Panamax Index (BPI) advanced 35 points to 1,246, achieving a weekly rise of 8.2%—its best performance since late April 2025. Average daily earnings for panamax bulk carriers increased by $311 to $11,210. The Baltic Supramax Index (BSI) fell 3 points to 933, the lowest level since 14 March 2025, closing the week with a decline of nearly 2%.

31-May-2025

The Baltic Dry Index (BDI) climbed 65 points on Friday to 1,418, marking a 5.8% weekly gain and reaching its highest level since 2 May 2025, primarily driven by stronger capesize bulk carrier rates. The Baltic Capesize Index (BCI) rose by 218 points to 2,277, recording a 20% weekly increase and hitting its highest level since 3 April 2025, as average daily earnings for capesize bulk carriers increased by $1,811 to $18,885. The rise in capesize rates was supported by stronger coal shipments from Australia and elevated bauxite rates ahead of Guinea’s rainy season in August, though further gains may be limited, with rates unlikely to surpass the $20,000 per day mark. Iron ore futures edged down and posted weekly losses due to softer demand in China and ongoing trade uncertainty. Meanwhile, the Baltic Panamax Index (BPI) fell 18 points to 1,119, reflecting a 10% weekly decline, with average daily earnings for panamax bulk carriers slipping by $163 to $10,071. The Baltic Supramax Index (BSI) dropped 5 points to 951, down 3% over the week.

30-May-2025

The Baltic Dry Index (BDI) rose by 50 points on Thursday to reach 1,353, its highest level in nearly two weeks since 16 May 2025, driven by gains in the capesize bulk carrier segment, as the Baltic Capesize Index (BCI) advanced 185 points to 2,059, the strongest level since 2 May 2025, with average daily earnings for capesize bulk carriers increasing by $1,535 to $17,074. Iron ore futures ended a four-day losing streak, supported by improved sentiment after a U.S. federal court blocked the implementation of President Donald Trump’s tariffs. Forward Freight Agreements (FFAs) reflect expectations for stable panamax and supramax rates for the remainder of 2025, while capesize bulk carrier freight rates may continue to firm. On the other hand, the Baltic Panamax Index (BPI) declined 32 points to 1,137, hitting its lowest point in more than two months since 11 March 2025, with average daily earnings for panamax bulk carriers falling by $288 to $10,235, while the Baltic Supramax Index (BSI) dropped 8 points to 956, nearing a four-week low.

28-May-2025

The recovery of the dry bulk market has driven a notable increase in dry bulk carrier values, underscoring the fundamental link between spot market performance and asset pricing in dry bulk shipping; an analysis of average monthly data from August 2015 to May 2025, focusing on the Supramax Timecharter Average (S10TC) and the market value of a 15-year-old supramax bulk carrier, highlights consistent patterns and key inflection points that illustrate how today’s S&P (Sale and Purchase) market reflects evolving valuation dynamics, with a strong statistical correlation of 0.65 between the Supramax Timecharter Average (S10TC) and supramax bulk carrier prices indicating that rising earnings generally lead to higher asset values, although the correlation is imperfect and reveals the influence of factors such as sentiment, forward-looking expectations, and broader economic and regulatory conditions; reviewing year-to-date average charter rates and asset prices from 2016 to 2025 shows a clear alignment, as both metrics fell to historic lows in 2016, with 15-year-old supramax bulk carriers valued under $4 million, followed by a sharp rebound in 2017–2018 where both rates and prices nearly tripled, and during the 2021–2022 supercycle driven by pandemic-related disruptions and a global commodities rally, the Supramax Timecharter Average (S10TC) exceeded $30,000/day and supramax bulk carrier prices surged to $18 million, whereas in Q1 2025, despite rates easing to slightly above $7,000/day, asset values have remained elevated, reflecting a shift toward a new price baseline shaped by supply constraints and long-term structural factors; comparing market behavior across different cycles reveals a substantial repricing of vintage tonnage, as a Japanese 15-year-old supramax bulk carrier earning $10,000/day would have sold for $8.5–9.5 million in 2018–2019, but in 2025 the same earnings environment supports values exceeding $15 million—an increase of approximately 60 percent—while in 2016, with the Supramax Timecharter Average (S10TC) near $5,000/day, these ships sold for $5.5 million, and by 2020, even during temporary market downturns, prices seldom dropped below $7 million; the rise in asset values can be attributed to several converging trends including increased newbuilding costs driven by inflation and higher steel prices, a historically low orderbook reflecting ongoing supply discipline, and regulatory uncertainty that enhances the appeal and premium of existing tonnage, prompting shipowners to prioritize replacement cost and long-term market tightness over near-term returns; over the past decade, the dry bulk sector has undergone not only cyclical shifts in rates and values but also a fundamental revaluation of aging tonnage, with the current S&P market shaped by inflationary pressure, regulatory risk, and constrained supply of new ships, all of which support elevated valuations even in a subdued earnings environment, rewarding early investors who entered during prior downturns while presenting challenges to new buyers navigating a high-valuation landscape that reflects both present market realities and an outlook of sustained structural tightness, though any reversal in sentiment or earnings could, as history shows, still prompt a market correction.

19-May-2025

An analysis of the panamax bulk carrier sector reveals shifting dynamics in newbuilding activity, demolition levels, and asset values, with values trending downward across most sub-sectors and age categories compared to the same period in 2024; notably, older 15-year-old panamax bulk carriers have recorded the steepest decline, dropping by -18.14% year-on-year from a high of USD 18.14 million in 2024 to USD 14.85 million today, while 3-year-old panamax bulk carriers have appreciated in value by +4.87%, rising from USD 40.04 million to USD 41.99 million, a reflection of buyer preference for modern, efficient tonnage amid subdued overall market activity; secondhand sales have decreased by -13%, with 85 panamax bulk carriers changing hands so far in 2025 compared to 98 during the same period last year, and newbuild orders have seen an even sharper contraction of -73%, with just 19 new contracts reported to date, underscoring the cautious sentiment prevailing among shipowners, especially as panamax bulk carrier one-year Time Charter rates have fallen by -29% year-on-year to approximately USD 11,850 per day; despite this downturn in earnings, demolition activity remains limited, with slightly elevated but still historically low levels as shipowners continue operating their panamax bulk carriers to maximise returns, even in a softer rate environment, indicating a general reluctance to scrap tonnage and a strategic focus on extracting residual value from aging assets; the panamax bulk carrier fleet is ageing, with a considerable share of ships approaching or exceeding the 15-year mark, and although current conditions have not yet triggered widespread demolition, the medium-term outlook suggests a growing need for fleet renewal, presenting a potential opening for investors targeting modern ships; the panamax bulk carrier sector offers some optimism as newer tonnage has retained or increased in value, while slower activity in secondhand transactions and newbuild commitments reflect a prudent stance in an uncertain market, with sustained interest in younger ships and limited fleet expansion reinforcing the investment case for newer panamax bulk carriers as market fundamentals continue to evolve.

4-May-2025

The shipping freight market continues to be challenging to navigate due to its constant fluctuations, with the dry bulk segment offering a clear example where seasonality, once the primary driver, is now matched in importance by policy developments. Typically, seasonal cycles influence rate behavior, with April to May acting as a transitional phase between winter energy demand and the summer’s agricultural and industrial activity. To evaluate if this period consistently reflects market weakness or stability, an analysis of Baltic Exchange Time Charter Averages (TCA) from 2017 to 2025 was conducted, comparing April–May data to annual trends. The Baltic Capesize Index (BCI), heavily influenced by iron ore and coal shipments, showed notable volatility, with April–May rates falling below yearly averages in 2017, 2018, and 2024, aligning with post-Q1 slowdowns in Chinese iron ore imports. However, in 2021 and 2022, BCI held closer to annual averages due to factors like port congestion and China’s stimulus measures, suggesting that while spring can sometimes offer support, it more often signals a market breather than a breakout. The Baltic Panamax Index (BPI), tied to grain, coal, and minor bulk trade, displayed less volatility but experienced modest spring downturns, notably in 2023 amid weak grain exports from South America and ambiguous trade policies; though a partial recovery occurred in 2025, spring rates still lagged behind the yearly average, reflecting regional vulnerability to agricultural and Atlantic demand shifts. In contrast, the Baltic Supramax Index (BSI) and Baltic Handysize Index (BHSI) showed greater consistency, with April–May performance in 2017, 2020, and 2022 closely tracking annual averages, highlighting the more stable, regional trade patterns and reduced exposure to the major fluctuations affecting larger vessels. This relative steadiness in supramax and handysize markets may stem from their reliance on coastal and intra-Asian trades that follow different dynamics than long-haul capesize or panamax routes. Overall, while April and May seldom mark the lowest points of the year, they often represent a pause rather than momentum, especially for larger bulk carriers, though broad conclusions must be drawn carefully. What has become increasingly apparent is that seasonal trends alone no longer dictate market direction, with external factors—particularly political decisions—playing a growing role. For example, tariff actions from U.S. President Donald Trump, including those targeting China and key industrial goods, have the potential to disrupt dry bulk flows of coal, steel, and grain, potentially dampening ship orders or altering trade routes. Such developments highlight how even historically predictable periods like spring are now shaped as much by political forces as by seasonal ones, emphasizing the need for close monitoring of policy shifts alongside traditional market indicators in a world where trade wars can rapidly upend the shipping industry’s supply-demand balance.

3-May-2025

The Baltic Dry Index (BDI) inched up on Friday, posting a weekly gain as demand for capesize bulk carriers strengthened. The Baltic Dry Index (BDI) increased by 10 points, or 0.8%, closing at 1,421 and registering a 3.5% rise over the week. The Baltic Capesize Index (BCI) advanced by 36 points, or 1.8%, to 2,079, bringing its weekly increase to over 10%. Average daily earnings for capesize bulk carriers rose by $300, reaching $17,241. Meanwhile, the Baltic Panamax Index (BPI) declined by six points to 1,368, reflecting a 1.8% drop for the week. Average daily earnings for panamax bulk carriers decreased by $52 to $12,310. The Baltic Supramax Index (BSI) dipped by one point to 955, with a weekly decline of 2.6%.

1-May-2025

On 1 May 2025, the Baltic Dry Index (BDI) increased by 25 points, reaching 1,411 points. The Baltic Dry Index (BDI) previously reached its highest level on 20 May 2008, peaking at 11,793 points, while its lowest point was recorded on Wednesday, 10 February 2016, when the Baltic Dry Index (BDI) declined to 290 points.

1-May-2025

The Baltic Dry Index (BDI) declined on Wednesday as all ship segments posted losses, with the Baltic Dry Index (BDI) falling by 12 points to 1,386 and the Baltic Capesize Index (BCI) dropping 17 points to 1,961, while average daily earnings for capesize bulk carriers slipped by $143 to $16,265. The supply and demand balance in the dry bulk market is expected to weaken in both 2025 and 2026. A shift in U.S. trade policy has worsened the economic outlook and increased uncertainty, as the United States Trade Representative (USTR) announced additional tariffs on China-linked ships last week, despite easing port fees on ships built in China. The Baltic Panamax Index (BPI) declined by 9 points to 1,380, with average daily earnings for panamax bulk carriers falling by $81 to $12,423. The outlook for the panamax bulk carrier segment is forecast to be the weakest, given that coal, which makes up more than half of its cargo, is seeing reduced demand. On the other hand, limited fleet expansion in the capesize bulk carrier segment could help maintain relatively stronger freight rates. Iron ore futures edged lower for a third straight month amid prospects of steel production cuts in top consumer China and softer demand ahead of the Labour Day holiday. Meanwhile, the Baltic Supramax Index (BSI) fell for the third consecutive day, losing 10 points to 957, and the Baltic Exchange will be closed on Thursday in observance of Labour Day.

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The Capesize Timecharter Average (C5TC) recorded a week-on-week decline of $1,507, closing at $22,190 on Friday. In the North Atlantic, several INL breaching front-haul cargoes with mid-April loading were concluded, with the Baltic Capesize Index (BCI) C9 route reflecting $42,313 by week’s end. In Brazil, freight rates began to recover mid-week as additional cargoes entered the market with second-half April laycans. Market discussions pointed to a limited number of ballasters arriving toward the end of April. The Baltic Capesize Index (BCI) C3 route closed the week up by $0.405, reaching $24.485. In the Pacific region, the laycan window for the Baltic Capesize Index (BCI) C5 route has fully transitioned to April dates. Despite this, the week was relatively slow, with mining companies largely absent from the market for various days. The Baltic Capesize Index (BCI) C5 route was assessed at $9.35.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The Panamax sector experienced a week of gradual decline, despite limited resistance and some upward movement in Forward Freight Agreements (FFAs). The North Atlantic continued to show weak demand, exerting downward pressure, and few significant fixtures were reported. Activity originating from North America introduced some uncertainty, but by week’s end, spreads showed signs of stabilization as the market awaited more concrete developments. A Kamsarmax bulk carrier of 82,000 DWT was reported fixed at $17,000 for a trip via Northern Central South America with redelivery to Singapore-Japan. The South American market remained active, with varied freight rates for front-haul voyages. For index dates, the average hovered around $12,000 to $12,500. In Asia, the market was mixed, with different rate levels observed for longer round trips. Rates ranged from $12,500 to $15,500 for well-maintained grain-clean tonnage from the North Pacific. Period activity remained limited; however, a notable fixture involved an 82,000 DWT vessel open in China securing $17,000 for a three-to-five-month period.

Ultramax/Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The Ultramax and Supramax market registered moderate gains throughout the week. The U.S. Gulf saw some upward momentum at the start of the week, though some participants speculated it may have peaked for now. The South Atlantic market remained stable, while the Mediterranean–Continent region showed limited new activity. An Ultramax bulk carrier of 61,000 DWT was fixed for a trip from the Baltic to West Africa at $14,000. Additionally, a 63,000 DWT vessel secured a trip from West Africa via South Africa to the Far East at $15,500. In Asia, stronger demand supported shipowners, particularly in Indonesia, where a 64,000 DWT vessel was fixed for redelivery to West Coast India at $17,000, with an option for East Coast India at $18,000. For a voyage to China, a Supramax bulk carrier of 58,000 DWT was heard fixed in the mid-$15,000s. Demand appeared weaker in northern regions, although an Ultramax bulk carrier of 63,000 DWT open in China fixed a North Pacific round at close to $15,000. The Indian Ocean saw heightened activity, including an Ultramax bulk carrier of 61,000 DWT fixing delivery at Port Elizabeth, South Africa for a trip to China at $15,000 plus a ballast bonus of $150,000. Period fixtures continued, with an Ultramax bulk carrier of 60,000 DWT open in Japan securing $14,000 for a 7-to-9-month period with worldwide redelivery.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

This week, the Handysize sector witnessed limited visible activity across both the Atlantic and Pacific basins. Freight levels in the Continent and Mediterranean appeared supported, with overall sentiment remaining positional. A Handysize bulk carrier of 33,000 DWT open in Iskenderun on 20/21 March was reported on subjects for a voyage from Canakkale with grain to the USA at $9,250. In the U.S. Gulf, sentiment remained under pressure, with a long list of available tonnage further weighing on rates. The South Atlantic market stayed balanced, particularly for larger Handysize bulk carriers. A 40,000 DWT vessel was reported fixed for delivery at Recalada with redelivery to the U.S. East Coast at $16,000. In Asia, there were indications of a slight increase in available tonnage, though consistent cargo volumes helped sustain favorable rate levels. A 33,000 DWT Handysize bulk carrier fixed delivery in Singapore via Gladstone, redelivering to Samalaju with alumina at $10,500.

22-March-2025

The Baltic Dry Index (BDI), which tracks rates for ships transporting dry bulk commodities, broke a four-session losing streak on Friday, supported by a rise in rates across all bulk carrier categories. The Baltic Dry Index (BDI), which includes rates for capesize, panamax, and supramax shipping bulk carriers, increased by 8 points to reach 1,643 points. Despite the daily gain, the index registered a 2% decline over the week. The Baltic Capesize Index (BCI) rose by 6 points to 2,676 points, halting a five-session decline, although it still ended the week nearly 7% lower. Average daily earnings for capesize bulk carriers, which generally haul 150,000-ton shipments of iron ore and coal, climbed by $51 to $22,190. Iron ore futures edged lower on Friday and were on track for a weekly drop, weighed down by growing concerns over demand in leading consumer China amid a deepening global trade war. The Baltic Panamax Index (BPI) increased by 18 points to 1,375. Average daily earnings for panamax bulk carriers, which typically transport 60,000-70,000 tons of coal or grain, rose by $162 to $12,379. For smaller bulk carriers, the Baltic Supramax Index (BSI) rose by 2 points to 1,012 points, marking its highest level in more than four months. The Baltic Supramax Index (BSI) recorded a 9% gain for the week, marking its second consecutive weekly increase.

18-March-2025

24-February-2025

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

This week, the capesize bulk carrier market continued its upward trajectory, recording an increase of $2,277 to close at $8,216, marking the highest value since late January 2025. Activity in West Australia was subdued despite the reopening of ports and vessels resuming operations at berths. The Baltic Capesize Index (BCI) C5 route saw a gradual increase, reaching $6.485 by week’s end, with the laycan window shifting fully to March dates. In the North Atlantic, conditions firmed overall, though premiums continued for breaking INL. From Brazil, the Baltic Capesize Index (BCI) C3 route experienced a positive shift with increased fixture activity, pushing rates beyond $18 for mid-March loading.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market had a dynamic week, gaining momentum as it progressed due to solid fundamentals. The week started quietly but quickly gained pace with a mid-week FFA surge, stabilizing as the week concluded. In the North Atlantic, the picture remained unclear with minimal trans-Atlantic activity and flat rates, whereas robust demand for minerals and grains supported fronthaul rates. East Coast South America (ECSA) saw stable support for mid-March arrivals, with several agreements at $11,500 for 82,000-dwt vessels from India covering trips via East Coast South America (ECSA) to the Far East. In Asia, continuous cargo replenishment drove rates higher, clearing tonnage across southern and northern regions. A strong week for period deals saw rates around $14,000 for one-year contracts.

Ultramax/Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The week was overall positive for this sector, driven by heightened demand in Asia. The Atlantic started strong but saw a slight dip in demand from the US Gulf and a softening of rates. A 61K DWT ultramax bulk carrier fixed a trip to Chittagong at $17,500. The South Atlantic showed better prospects for trans-Atlantic runs due to increased inquiries from the Continent-Mediterranean, where a 58K DWT supramax bulk carrier secured $12,000 for a trip from Rotterdam to the East Mediterranean. In Asia, strong demand boosted backhaul and trans-Pacific rates, with a 57K DWT supramax bulk carrier securing $14,000 for the first 65 days, then $14,500, and a 64K DWT ultramax fixing a trip via Indonesia to China at $11,000. Period activity also saw a rise, with a 64K DWT ultramax securing a year’s trading at $13,500, and a 58K DWT supramax locking in 3/5 months trading worldwide at $11,500.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize sector experienced a generally positive week with rates climbing across most regions. The Continent-Mediterranean area continued to improve, driven by strong positioning. A 37K DWT handysize was fixed for a trip from Brunsbuttel via Mukran to Conakry at $14,000. The South Atlantic remained upbeat, fueled by limited available tonnage for February and substantial cargo bookings, with a 36K DWT handysize booking from Recalada to Lebanon in the high $16,000s. Meanwhile, the US Gulf market stayed muted with few rate changes. In Asia, tight tonnage in North China and weather disruptions in Southeast China prompted higher bids from charterers. A 39K DWT handysize was booked from Indonesia via Australia to Japan at $8,700.

17-February-2025

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

This week, the Capesize market experienced a generally weaker performance, with the Baltic Capesize Index (BCI) 5TC seeing a decline during the first half of the week before stabilizing due to an uptick in activity, ending at $5,939. This marked a decrease of over $1,000 from the previous week, setting a new low since late February 2023. This was also the lowest among the four main dry bulk sectors. Cyclone conditions interrupted operations at Port Hedland and Dampier in West Australia, and a fire incident occurred at the Praia Mole Coal Terminal in Brazil. The Baltic Capesize Index (BCI) C3 (Tubarao to Qingdao) and Baltic Capesize Index (BCI) C5 (West Australia to Qingdao) concluded the week at $16.755 and $6.03, respectively. In the South Atlantic, a notable increase in ballasters was observed, with some vying with Capesize carriers in the Continent-Mediterranean area for transatlantic and front-haul engagements. Baltic Capesize Index (BCI) C8 for the transatlantic round voyage registered at $3,643, while Baltic Capesize Index (BCI) C9 for the front-haul route was noted at $24,906.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The Panamax sector reported a continuous decline this week. Most of the pressure was felt in the North Atlantic basin, where resistance was notably sparse, leading to lower bids by charterers, especially for the limited trans-Atlantic voyages. Meanwhile, upcoming dates in South America were traded at lower rates, though some support was evident on Baltic Panamax Index (BPI) dates, with a Panamax carrier in Singapore securing $10,000 for a journey via South America to redelivery in China. The Asian market showed a brief upturn early in the week, resulting in slightly firmer rates, which then stabilized as the week progressed. NoPac (North Pacific) routes hovered around $10,000 with multiple transactions closed, while the average rate from Australia for round trips stood at approximately $9,000.

Ultramax/Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The Ultramax/Supramax sector saw another strong week, driven by increased demand and higher rates across various regions. The Atlantic region, particularly the East Mediterranean, experienced robust demand. From the US Gulf, rates improved with an Ultramax carrier securing a voyage from the US Gulf to the Far East in the mid-$19,000 range. Similarly, an Ultramax carrier in the South Atlantic secured approximately $20,000 for a trip from Recalada to the Continent. Demand remained positive in Asia, with an Ultramax carrier arranging a round trip from South China to Australia for $10,000, while backhaul demands led to a Supramax securing a mid-$10,000 rate for a voyage from China to the Mediterranean. However, the Indian Ocean trailed slightly, with a Supramax fixing from Port Elizabeth (South Africa) to China at $9,000 plus a $90,000 ballast bonus.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

This week, the Handysize sector displayed a varied performance across regions. In the Continent and Mediterranean, stability was maintained by a solid cargo book and ongoing scrap orders, with a Handysize securing a trip from the Continent to the East Mediterranean with scrap in the $9,000s. The South Atlantic showed strong market fundamentals, particularly for larger vessels, maintaining robust support. A Handysize in Recalada booked a voyage to redelivery in WC Central America for $18,000. Contrastingly, the US Gulf saw a modest improvement in rates, though activity was limited compared to other regions, with a Handysize securing a journey from South West Pass to redelivery in the Balboa-Puerto Quetzal range with agricultural products for $11,800. The Asian market remained strong, especially in Southeast Asia, where several significant fixtures were noted. A Handysize was fixed from South Korea to redelivery on the West Coast of India (WCI) at $12,000.

12-February-2025

Baltic Dry Index (BDI), which monitors rates for ships transporting dry bulk commodities, experienced a decline for the second consecutive session on Tuesday, influenced by falling rates in both the capesize and panamax bulk carrier segments. The Baltic Dry Index (BDI), encompassing rates for capesize, panamax, and supramax bulk carriers, dropped 8 points to settle at 801 points. The Baltic Capesize Index (BCI) decreased by 31 points to 779 points, marking its lowest level since February 2023. Average daily earnings for capesize bulk carriers, which typically handle 150,000 metric ton cargoes such as iron ore and coal, fell by $258 to $6,458. Iron ore futures reversed early gains, closing lower on Tuesday as disruptions caused by U.S. President Donald Trump’s newly announced tariffs eclipsed concerns about weather-related supply issues from major supplier Australia. The new 25% tariffs on steel and aluminum imports into the US are set to take effect on March 12, 2025, following the executive orders signed by President Donald Trump on Monday. The U.S. tariffs on steel and aluminum are anticipated to have a minor yet negative direct effect on the Baltic Dry Index (BDI), particularly impacting the panamax and handysize bulk carrier segments. Although the US has sufficient domestic production capacity to substitute all imports, a 25% tariff may not be enough to completely replace imports. The Baltic Panamax Index (BPI) declined by 17 points to 1,011 points, while average daily earnings for panamax bulk carriers, which generally transport 60,000-70,000 tons of coal or grain, decreased by $147 to $9,101. In contrast, smaller bulk carriers saw some positive movement; the Baltic Exchange Supramax Index (BSI) rose 16 points to 710 points, reaching its highest point in more than three weeks.

11-February-2025

Baltic Dry Index (BDI), which monitors rates for ships transporting dry bulk commodities, experienced a decline on Monday due to lower rates for larger bulk carriers. The Baltic Dry Index (BDI), which includes rates for capesize, panamax, and supramax bulk carriers, dropped 6 points to 809, ending a six-session winning streak. The Baltic Capesize Index (BCI) decreased by 30 points to 810 points. Average daily earnings for capesize bulk carriers, typically used to haul 150,000-ton cargoes like iron ore and coal, fell by $248 to $6,716. Iron ore futures saw an uptick on Monday, recovering from earlier losses prompted by U.S. President Donald Trump’s recent tariff threats. This recovery was bolstered by signs of renewed demand in China, the top consumer, and decreasing shipments from major suppliers. U.S. President Donald Trump announced on Sunday plans to impose an additional 25% tariff on all steel and aluminum imports into the U.S., adding to the existing metal duties in a significant intensification of his trade policy revamp. The Baltic Panamax Index (BPI) decreased by 7 points to 1,028. Average daily earnings for panamax bulk carriers, which generally transport 60,000-70,000 tons of coal or grain, declined by $70 to $9,248. Meanwhile, among smaller bulk carriers, the Baltic Supramax Index (BSI) rose by 17 points to 694, marking its fifth consecutive session of gains.

7-February-2025

Baltic Dry Index (BDI) climbs for the fifth consecutive session due to stronger panamax and supramax bulk carrier rates. The Baltic Exchange’s dry bulk sea freight index, which tracks shipping rates for vessels that transport dry bulk commodities, increased for the fifth consecutive session on Thursday, driven by improvements in the panamax and supramax bulk carrier sectors. The Baltic Dry Index (BDI), which includes rates for capesize, panamax, and supramax bulk carriers, rose by 22 points to 793 points, reaching a peak not seen in over two weeks. The Baltic Panamax Index (BPI) rose by 41 points to 1,029 points, marking its highest level since January. Average daily earnings for panamax bulk carriers, which typically transport 60,000-70,000 tons of cargo like coal or grain, went up by $364 to $9,259. The Baltic Supramax Index (BSI) increased by 30 points to 649 points. Iron ore futures rebounded higher on Thursday, buoyed by a weaker dollar and supply issues in Australia, while the market awaited new developments in the trade conflict between the United States and China, its largest consumer. The Baltic Capesize Index (BCI) remained steady at 812 points. Average daily earnings for capesize bulk carriers, usually used to ship 150,000-ton cargoes of commodities such as iron ore and coal, saw a marginal decrease of $1 to $6,733.

28-January-2025

Owners of Panamax bulk carriers are facing significant challenges due to the sharp decline in Chinese grain shipments, a trend that is expected to persist through 2025. The downturn in China’s grain imports is likely to continue unless there is a notable recovery in domestic demand. However, analysts predict that increasing surpluses could drive down commodity prices, potentially reviving import activity in the medium term. Panamax vessels, which handle approximately 83% of China’s seaborne grain shipments, have been particularly hard hit by the slump in demand, and this pressure is anticipated to remain a key issue for the foreseeable future.

27-January-2025

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

This week, the Capesize market faced a difficult period with a consistent downward trend. The Baltic Capesize Index (BCI) 5TC dropped by $2,852, settling at $8,156. Activity in the Pacific was minimal, marked by sparse miner presence and Capesize fixtures from West Australia to China initially quoting in the low $6.00 range and decreasing to $5.85 by week’s end. Despite stable cargo volumes, limited demand and an increase in available tonnage pressured the market negatively. In the South Atlantic, a brief midweek surge in inquiries from South Brazil and West Africa to China lifted the Baltic Capesize Index (BCI) C3 index momentarily. However, the excess tonnage in ballast and diminished trans-Atlantic activity quickly led to significant declines in both the BCI C3 and BCI C8 indices by the weekend.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

Panamax rates persisted in their decline throughout the week, with the market showing scant signs of recovery, evidenced by some notably low transactions. The Pacific started the week energetically, but activity tapered off significantly as Asian holidays neared, especially toward the weekend. In the Atlantic, the lack of adequate demand to offset the extensive volume of ballaster tonnage adversely affected rates across most trade routes. A notable discrepancy between voyage and time charter rates was seen in trades from South America to the Far East, with $30.00 being recorded several times for second-half February arrivals, showing a marked undervaluation against time charter equivalent (TCE) rates relative to spot pricing. In Asia, the previously robust rates from the North Pacific (NoPac) softened, with rates in the $7,000s, while rates for Australian round trips ranged between $4,000 and slightly over $5,000. This period typically sees a fair amount of activity, with kamsarmax bulk carriers (82K DWT) securing rates between $13,750 and $12,000 for short-term contracts up to one year.

Ultramax/Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

It was yet another challenging week for the Ultramax/Supramax sector, as ongoing uncertainties and a scarcity of fresh cargo led to a general decline in rates. The Atlantic was particularly quiet, with minimal inquiries seen from the US Gulf. A mid-week deal saw an Ultramax bulk carrier (61K DWT) delivering petcoke from the US Gulf to China at $16,000. Another similar-sized vessel was fixed for a West Africa to China trip at $12,000. In Asia, the accumulation of immediate tonnage presented a bleak outlook for shipowners, with a Supramax (56K DWT) fixing a voyage from Indonesia to China at $3,000. Limited options persisted in the North Pacific (NoPac), with an Ultramax (61K DWT) securing a round trip from Busan, South Korea at $8,000. Backhaul options also remained scarce, with a Supramax (57K DWT) fixed from China to West Africa in the mid $7,000s. The Indian Ocean’s activity was uninspiring, with a 59K DWT securing a delivery from South Africa for a China trip at $10,000 plus a $100,000 ballast bonus. With the impending Chinese holiday, the sector is likely to face continued challenges.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

Activity in the Handysize sector was minimal this week, with rates continuing their decline across both the Continent and the Mediterranean, reflecting a generally soft market sentiment. A Handysize bulk carrier (30K DWT) secured a trip from Castellan, Spain to Safi, Morocco, then redelivering to Dakar-Abidjan with gypsum at $5,000. In the South Atlantic and U.S. Gulf, the market atmosphere remained subdued, with an ample tonnage count adding further pressure on rates. A Handysize (38K DWT) was fixed from Recalada, Argentina to redelivery in Peru at $15,000. In Asia, the growing tonnage count through the week led to downward rate pressures, with brokers anticipating further softening. A Handysize (37K DWT) was fixed for a coastal trip from Paradip on the 27th of January, redelivering to Kandla at $6,000.

22-January-2025

The dry bulk market is currently facing its typical seasonal downturn between Christmas and Chinese New Year. This decline is more pronounced now than it has been in over a decade, as evidenced by January’s global average speeds for bulk carriers hitting record lows. The average speed of laden bulk carriers was recorded at 10.59 knots, which is slower than the previous lows of January 2024 and December 2024, which were 10.66 knots. These reductions are primarily aimed at decreasing emissions, complying with new environmental regulations affecting shipowners, and reducing voyage costs. The practice of Slow Steaming, which involves operating at lower speeds to reduce bunker costs, has become increasingly significant over the past five years. This is due to heightened bunker prices resulting from the shift to costlier low sulphur fuels and longer voyage distances. The Baltic Exchange’s dry bulk index has dropped for six consecutive sessions to a more than one-year low, as rates decline across all types of vessels. The sluggish freight rates are also influencing the sales and purchasing market, widening the price gap between buyers and sellers. Buyers are looking for discounts due to the weak freight markets, while sellers are setting their prices based on December sales or are waiting to see if the market improves after the Chinese New Year holidays.

18-December-2024

The Baltic Exchange’s dry bulk sea freight index, which measures rates for ships transporting dry bulk commodities, declined on Tuesday as rates decreased across all bulk carrier segments. The Baltic Dry Index (BDI), which includes rates for capesize, panamax, and supramax bulk carriers, dropped 18 points to 1,053 points. The Baltic Capesize Index (BCI) lost 32 points, settling at 1,308 points. Average daily earnings for capesize bulk carriers, which typically haul 150,000-ton cargoes like iron ore and coal, fell by $268 to $10,848. Iron ore futures (FFA) fluctuated within a narrow range on Tuesday, as the shipping market balanced slower shipments against subdued demand and high portside inventories in China, the top consumer. The Baltic Panamax Index (BPI) decreased by 18 points to 959 points, marking its lowest level since July 2023. Average daily earnings for panamax bulk carriers, which generally transport 60,000-70,000 tons of coal or grain, dropped $169 to $8,627. Meanwhile, the Baltic Supramax Index (BSI), covering smaller bulk carriers, declined by 6 points to 949 points, reaching its lowest point since August 2023.

17-December-2024

The Baltic Exchange’s dry bulk sea freight index, which monitors rates for ships transporting dry bulk commodities, experienced an increase on Monday, buoyed by significant gains in the capesize bulk carrier segment. The Baltic Dry Index (BDI), which incorporates rates for capesize, panamax, and supramax shipping vessels, climbed 20 points to 1,071 points. The Baltic Capesize Index (BCI) rose by 77 points to 1,340 points. Average Daily Earnings for capesize bulk carriers, typically hauling 150,000-ton cargoes such as iron ore and coal, surged by $642 to $11,116. Iron ore futures saw a rebound on Monday, as renewed optimism for monetary easing in China, the top consumer, overcame concerns about weak near-term demand and discouraging property data that had previously driven prices to their lowest levels a week earlier. The Baltic Panamax Index (BPI) dropped 18 points to 977 points, marking its lowest level since July 2023. Average Daily Earnings for panamax bulk carriers, which generally transport 60,000-70,000 tons of coal or grain cargo, decreased by $159 to $8,796. Meanwhile, the Baltic Supramax Index (BSI) declined by 4 points to 955 points, reaching its lowest point since August 2023.

16-December-2024

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The Capesize Bulk Carrier Market experienced a challenging week, with continuous declines and limited support across both the Pacific and Atlantic basins. The Baltic Capesize Index (BCI) 5TC opened at $12,702, only to experience a steady drop, closing at $10,474 by Friday—reflecting a significant weekly loss of over $2,200. In the Pacific, despite an initial surge in cargo volumes, the momentum could not be sustained due to an increasing list of available tonnage and subdued demand. The lack of substantial activity from major miners further depressed earnings. The Baltic Capesize Index (BCI) C5 index declined from $742 to $6,990 by week’s end. In the Atlantic, while there was a slight increase in cargo availability for January 2025 from South Brazil and West Africa to China markets, Brazilian iron ore exports slowed, and an excess of bulk carriers kept rates depressed. The Baltic Capesize Index (BCI) C3 index dropped from $17.56 to $16.230 by the end of the week. Fronthaul activities from East Coast Canada further contributed to the negative sentiment, with significantly discounted fixtures being reported.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The week started stable for rates in the Atlantic, continuing from the previous week. Trans-Atlantic demand remained the primary driver, though fronthaul interest was consistently low throughout the week. An 81K DWT Panamax Bulk Carrier delivery Skaw secured $10,000 for a trip via US Gulf and Egypt, redelivery Gibraltar earlier in the week; however, this rate adjusted closer to $9,000 as the week concluded, highlighting a gradual decline. Asia found it difficult to gain traction this week, with increasing tonnage count and a thin demand book pushing rates lower; a rate of $7,000 was rumored for an 81K DWT Panamax Bulk Carrier delivery China for a NoPac (North Pacific) round. Despite the challenging conditions in Asia, there was significant discussion about periods, and despite lower levels than previously, several deals were concluded, including an 81K DWT Panamax Bulk Carrier delivery China fixed basis 9/12 months at $7300 for the first 40 days and thereafter at $11,750.

Ultramax/Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

As the widespread festive period approached, the Atlantic market remained somewhat stagnant throughout the week. The North Atlantic continued its subdued trend with a 64K DWT Ultramax Bulk Carrier fixing delivery US Gulf for a petcoke run to India at $23,000. Additionally, a 63K DWT Ultramax Bulk Carrier was fixed for a trip from the US Gulf to North Brazil at $18,500. The Mediterranean-Continent region struggled with limited fresh inquiries. A 58K DWT Supramax Bulk Carrier was fixed delivery Hamburg for a trip to South Brazil at $9,250 with an option for North Brazil at $9,700 for the first 45 days and thereafter at $14,000. The South Atlantic saw limited activity and remained finely balanced. Losses continued in the Asian market as sentiment stayed low, with a 63K DWT Ultramax Bulk Carrier open CJK fixed for a NoPac (North Pacific) round at $12,000. Further south, a 55K DWT Supramax Bulk Carrier was fixed delivery Singapore for a trip via Indonesia redelivery China in the low $10,000s. Demand from the Indian Ocean was fairly good, although rates remained subdued. A 57K DWT Supramax Bulk Carrier fixed delivery Richards Bay Coal Terminal (RBCL) for a trip to Pakistan at $15,000 plus $150,000 BB (Ballast Bonus). Period activity lacked much interest with a 58K DWT Supramax Bulk Carrier open Mumbai fixing 3/5 months trading in the low $10,000s.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The market experienced limited visible activity across both basins this week. In the Continent and Mediterranean regions, the Continent appeared softer due to a lack of fresh scrap orders and Russian demand, while the Mediterranean side was relatively stable. A 37K DWT Handysize Bulk Carrier was fixed delivery Brunsbuttel for a trip via Poland to Conakry at $11,300. In the U.S. Gulf, the market remains very slow, with minimal fixing activity recorded, and charterers bidding lower than previously agreed levels. A 38K DWT Handysize Bulk Carrier was fixed for delivery U.S. Gulf to redelivery Morocco at $12,000. Meanwhile, the South Atlantic appeared more balanced with market sentiment remaining generally stable. A 34K DWT Handysize Bulk Carrier was heard fixed delivery Recalada redelivery West Africa at $16,000. In Asia, the tonnage count increased throughout the week, leading to downward pressure on rates and some shipbrokers anticipating further market softening. A 28K DWT Handysize Bulk Carrier was heard fixed delivery Japan redelivery Southeast Asia at $8,000.

14-December-2024

The Baltic Dry Index (BDI) is approaching the 1,000-point mark as earnings for large bulk carriers continue to be lower than expected. The Baltic Dry Index (BDI), a key measure of the strength of bulk carrier markets, has dropped to levels not observed since mid-2023. On Friday, the Baltic Dry Index (BDI) edged closer to 1,000 points as chartering activity decreased and rates for capesize and panamax bulk carriers declined. The Baltic Dry Index (BDI), which serves as a comprehensive gauge of the health of bulk carrier markets, dipped an additional four points to 1,051. Consequently, the Baltic Dry Index (BDI) has seen a 41% decline from its last high of 1,785 points on November 15, 2023.

9-December-2024

Panamax bulk carriers are diverting from the Brazil-China grain route due to restricted exports stemming from a severe drought. This shift in the grain-run route to Australia impacts earnings for Panamax bulk carriers due to shorter sailing times. Brazil’s most severe drought on record continues to depress grain exports, reducing both the number of Panamax bulk carriers and the rates on the Baltic Panamax Index P8 (Panamax Santos to Qingdao grain 66,000 metric tonnes) route. On the Panamax bulk carrier front, grain shipments from Brazilian ports remain constrained. Consequently, cargo volumes of 60,000 metric tonnes on the Santos-Qingdao route have sharply declined from $38 per tonne in October to $33 per tonne in November 2024, marking a 13% decrease month-on-month.

9-December-2024

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The Capesize Bulk Carrier Market faced a challenging week, with the BCI (Baltic Capesize Index) 5TC experiencing a steady decline, losing $3,909 over the week to settle at $12,727. This downturn reflects subdued market sentiment and an excess supply of tonnage in both the Atlantic and Pacific basins. While the Pacific basin did receive intermittent fresh cargo, the persistent oversupply continued to pressure rates, with the BCI C5 index dropping from $8,705 at the start of the week to $7,415 by the end. Minimal fixtures from West Australia to China highlighted the low activity levels, despite some support from coal cargoes originating from East Australia. The Atlantic Capesize Bulk Carrier Market similarly faced difficulties, especially in the South Brazil and West Africa to China routes, where limited demand and an abundance of ballasters suppressed rates. The BCI C3 index decreased from $19.19 to $17.48 by week’s end. However, as the week concluded, Shipbrokers noted some resistance from Shipowners on the BCI C3, with the North Atlantic showing signs of potential recovery and slightly firmer fixtures emerging, suggesting possible positive developments.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The week brought a spark of life to the Panamax Bulk Carrier Market in the Atlantic, with a healthy demand for grain and mineral cargoes providing a boost to an otherwise stagnant market. A mini-rally emerged from South America with improved offers being accepted for end December arrival dates, a trend many anticipated extending into January 2025 arrival rates, though this has yet to be fully realized. The highlight of the week was a well-spec’d Kamsarmax Bulk Carrier, 82K DWT, securing $14,500 + $450,000 for end December 2024 arrival from Asia. In Asia, excitement was limited due to a sparse fresh inquiry from Australia and NoPac, yet the Panamax Bulk Carrier Market seemed to have found a floor by week’s end. A Kamsarmax Bulk Carrier, 82K DWT, delivery Korea, was reported fixed at $11,000 for a NoPac round trip with grains. Period action was limited, though a new building Kamsarmax Bulk Carrier, 82K DWT delivery from a yard in China, was fixed at $14,250 based on a 10/15 month period.

Ultramax/Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The week was challenging for the sector, with rates across most regions struggling to gain any positive momentum. In the Atlantic, both northern and southern markets lacked fresh impetus, with Shipbrokers noting limited demand from the south amid an ample supply of tonnage. The US Gulf experienced an uneventful week, with a Supramax Bulk Carrier, 56K DWT, fixed for a short trip to Spain at $20,000. Demand from the Mediterranean diminished, with an Ultramax Bulk Carrier, 63K DWT, fixing delivery from Egypt and redelivery to EC South America at $6,000. In Asia, the availability of bulk carriers was more than sufficient to meet demand, with an Ultramax Bulk Carrier, 64K DWT, fixed for a NoPac round trip redelivery to the Philippines at $11,000. Further south, a Supramax Bulk Carrier, 56K DWT, was fixed from Singapore via Indonesia, redelivering to SE Asia at $12,000. The Indian Ocean region was described as positional, with an Ultramax Bulk Carrier, 64K DWT, fixed from Chittagong for a trip via EC India redelivering to China at $10,000. As the festive season approaches, it will be interesting to see the market’s next moves.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

It was another challenging week for the Handysize Bulk Carrier Market, with rates in both the Atlantic and Pacific regions facing downward pressures. The Continent and Mediterranean markets showed little new activity, with the overall sentiment remaining positional and rates hovering around last done figures. A Handysize Bulk Carrier, 32K DWT, was fixed for delivery aps Canakkale on a trip via Turkey to Goa, redelivering in Bangladesh at $9,500. In the South Atlantic, the market fundamentals for Handysize Bulk Carriers remained relatively unchanged, with transatlantic cargoes continuing to drive the region. A Handysize Bulk Carrier, 37K DWT, open in Salvador between 25/27 November, was fixed for delivery aps Recalada for a trip to West Coast South America at $21,000. However, the US Gulf market was notably quiet, largely due to the Thanksgiving holiday, with minimal fixing activity reported. Charterers have been bidding lower than previously agreed levels. A Handysize Bulk Carrier, 38K DWT, fixed delivery SW Pass to redelivery West Coast with grains at $14,750. In the Pacific, despite rising free tonnages and limited cargo availability, some sources suggested that the Handysize Bulk Carrier Market may have reached its nadir, with no further significant drops in rates anticipated. A Handysize Bulk Carrier, 28K DWT, was fixed for delivery dop Vancouver to redelivery in Japan with petcoke at $13,000.

6-December-2024

The Baltic Exchange’s dry bulk sea freight index, which monitors rates for ships transporting dry bulk commodities, declined on Thursday, weighed down by lower rates for capesize bulk carriers. The index, incorporating rates for capesize, panamax, and supramax bulk carriers, dropped 20 points to 1,160 points, marking its lowest level since September 2023. The capesize index fell 79 points to 1,530 points, its lowest since September 14, 2023. Average daily earnings for capesize bulk carriers, which typically carry 150,000-ton cargoes such as iron ore and coal, decreased by $655 to $12,690. Iron ore futures prices also declined on Thursday as investor sentiment softened following state media reports in China, the largest consumer, focusing on qualitative improvements ahead of a highly anticipated meeting expected to shape economic growth strategies for next year. In contrast, the panamax bulk carrier index increased by 26 points to 1,040 points, with average daily earnings for panamax bulk carriers, which generally transport 60,000–70,000 tons of coal or grain cargo, rising by $240 to $9,364. Among smaller bulk carriers, the supramax bulk carrier index edged down by 3 points to 979 points.

21-October-2024

Capesize bulk carrier spot rates have dropped below $19,000 per day as optimism about China diminishes. The average capesize bulk carrier spot rates decreased for the fifth straight trading day on Monday due to a lack of positive developments. The combined average assessment of capesize bulk carrier rates, based on five key benchmarks, dipped below $19,000 per day for the first time since August 1, 2024. Baltic Exchange panelists reduced their estimate by $701, bringing the rate to $18,174 per day.

24-September-2024

The Baltic Dry Index (BDI) surged to 2,000 points following China’s unexpected announcement of an economic stimulus. Analysts, however, are skeptical about the stimulus’s ability to boost consumer demand in sectors like new housing and construction. Two significant developments occurred on Tuesday, both promising for the dry cargo shipping markets in the immediate and more distant future. The Baltic Dry Index (BDI) surpassed the 2,000-point mark, reaching its highest level since July. Concurrently, China, the largest global consumer of seaborne dry commodities, unveiled new economic stimuli. This move could potentially increase shipping demand if these measures effectively enhance China’s GDP growth.

24-September-2024

Australian iron ore dry bulk carrier fixtures have revitalized the previously dormant spot market for capesize bulk carriers. On 19 September 2024, the average spot rates for capesize bulk carriers saw a significant increase of nearly 8%. The spot rate assessments for capesize bulk carriers experienced a notable surge on 19 September 2024, as chartering activities began to revive. Panelists from the Baltic Exchange added $1,897 to their evaluation of the average capesize bulk carrier spot rates across five key routes, elevating the collective estimate to $26,980 per day, which corresponds to a 7.6% rise.

23-April-2024

Spot rates for capesize bulk carriers have seen a sharp decline of 13% in just two days, as mining companies have reduced their activities in the fixtures market. On Tuesday, average spot rates for capesize bulk carriers were adjusted downwards by $2,021, setting the daily rate at $20,389. This significant reduction follows a previous cut of $1,133 on Monday. Overall, the rate assessment for these large vessels, as tracked across five benchmark routes (5TC) by Baltic Exchange panelists, has decreased by 13% since the end of the previous week, highlighting a notable slowdown in the spot market for capesize bulk carriers.

9-March-2024

Rates for Capesize bulk carriers have reached a new 12-week peak, with futures climbing due to a significant increase in cargo volume. On Friday, the rates for these carriers spiked, ending the week at over $35,000 per day for the first time in three months. Futures also surged, suggesting these high rates may persist into the next month. The Baltic Exchange’s index for average Capesize spot rates rose by 6.7% in a single session to $35,200 per day, marking a slight increase from the previous Friday. This comes after the rates experienced a midweek drop but subsequently recovered.

26-February-2024

The Baltic and International Maritime Council (BIMCO) has warned that a significant decrease in cargo volumes due to Houthi attacks in the Red Sea might lead to further destabilization in the region. The Baltic and International Maritime Council (BIMCO) has observed a 21% decline in regional cargo volumes as a result of these attacks, with vessels increasingly bypassing the area. According to recent data from the Baltic and International Maritime Council (BIMCO), there has been a 21% drop in cargo traffic to and from ports located in and around the Red Sea. The Baltic and International Maritime Council (BIMCO) highlights that the assaults by Houthi Rebels and the subsequent avoidance of this critical maritime corridor by some vessels, particularly container ships and gas carriers, since November, are significantly impacting global trade. The Baltic and International Maritime Council (BIMCO) also notes that this decrease in local cargo traffic could jeopardize the fragile geopolitical balance in the region.

22-February-2024

Following the Lunar New Year, capesize bulk carrier spot rates saw a significant surge as major mining operations resumed, leading to a sharp increase in demand. On Thursday, spot rates for capesize bulk carriers were assessed at over $2,000 higher, signaling a revival in activity. This week, the average spot rates for capesize bulk carriers have climbed nearly 14%, coinciding with the conclusion of the Lunar New Year celebrations in Asia and the return of charterers to the market. In anticipation of loading operations scheduled for the first and second weeks of March, major mining firms have been actively securing China-bound capesize bulk carriers, causing reported rates to escalate. On Thursday alone, Baltic Exchange panelists raised their combined assessment of capesize bulk carrier spot rates by $2,047 across five key routes, bringing the daily rate to $23,139.

23-January-2023

The Baltic Exchange in London has reported a decrease in its annual earnings, primarily attributed to the absence of one-off gains from the leasehold sale of its headquarters in the previous year. According to financial statements filed with Companies House, the net profit for the year ending on June 30, 2023, amounted to $562,000, compared to the previous year’s figure of $2.61 million. It’s worth noting that the primary source of revenue for the Baltic Exchange is the sale of memberships, and overall performance is considered satisfactory.

23-December-2023

The shipping industry has recently outperformed expectations, primarily due to technical factors, yet challenges like increasing fleet supply and a pessimistic global economic outlook loom ahead. In November, there was a marked rise in freight markets, highlighted by the Baltic Capesize Index, which nearly tripled during the month and soared to about $55,000 per day by mid-December, a high not seen since October 2021. Similarly, other dry bulk freight market indicators such as the Baltic Panamax Index peaked at $22,000 per day, with the Baltic Supramax and Handysize Indices reaching $17,000 per day and $16,000 per day, respectively. Despite the current upbeat spot markets buoying shipowners, the average rates for Capesizes over the past year are still 8% lower than the 2022 average, and Panamax rates are 40% below last year’s figures. The overall mood in the industry is one of unfulfilled expectations for bulk carrier earnings, compounded by robust trade volume growth, including a sharp increase in Chinese coal imports. A major reason for the underwhelming freight rates is the evolution of fleet trading efficiencies. The increase in inefficiencies in 2021-2022 drove strong freight markets, but the near normalization of these factors in 2023 has affected market balances. However, recent events show that issues impacting fleet trading efficiency, such as rising congestion and the Panama Canal’s virtual closure to bulkers, can still significantly influence freight markets. Recent spikes in shipping capacity tied up at ports globally, especially in the Panamax market, have significantly boosted market rates. Unlike the pandemic period, the current delays are mainly at loading ports in Brazil, Indonesia, and to a lesser extent, East Coast Australia. While this congestion is expected to ease after the seasonal peak in coal, grain, and iron ore exports, the disruptions at the Panama Canal might persist longer due to drought-induced transit restrictions. This situation necessitates longer shipping routes for exports from the US Gulf and other Caribbean origins to Asia, reducing the effective capacity of the fleet by about 30%. There’s also the potential risk of bulkers avoiding the Suez Canal due to rising tensions in the Red Sea. Typically, increased freight rates lead to higher sailing speeds to maximize trade opportunities, but interestingly, speeds have not increased with the recent rate uptick. Analysts, shipowners, and charterers anticipate continued volatility in freight markets, influenced by geopolitical tensions, new regulations, economic factors especially in China, recurring congestion, and inherent volatility towards the end of 2023.

30-November-2023

Capesize bulk carrier rates have seen a remarkable surge since last Friday, achieving daily increases unprecedented in recent years. According to the Baltic Exchange, the average spot rates for capesize vessels jumped by an additional $7,410 yesterday, more than doubling within a week to reach $41,796. This surge in rates is attributed to consistently strong demand over the past three weeks in the long-haul Atlantic trades, which has led to a tightening of capesize bulk carrier capacity. As a result, rates have soared to new highs. Additionally, the number of capesize bulk carriers experiencing congestion has risen in recent weeks, with around 120 such vessels currently affected. The recent increase in rates echoes a similar pattern observed about a month ago, when capesize earnings exceeded $30,000. This was primarily due to a significant reduction in available tonnage in the Atlantic, robust shipments of bauxite from West Africa, and sustained iron ore volumes from Brazil. Overall, the demand for capesize bulk carriers, measured in tonne-miles, has been robust, showing an average increase of around 4% in 2023. The current deadweight tonne-miles are also exceeding typical seasonal norms. Contributing to this rally in capesize bulk carrier rates are China’s economic measures, which include injecting liquidity and accelerating bond issuances. These efforts have boosted demand in the sector, along with the extensive queues of capesize bulk carriers at South Africa’s main bulk export terminals, which have been particularly congested this month. Furthermore, since mid-October 2023, weekly coal cargo order volumes have surged by nearly 150% to 2.7 million tonnes, further fueling the increase in capesize bulk carrier rates.

30-November-2023

The spot rates for capesize bulk carriers have recently experienced their most significant daily surge since 2010, reaching the highest levels observed in the past two years. This remarkable increase was noted by the panelists at the Baltic Exchange, who made a substantial adjustment to their weighted average assessment of these rates. On Wednesday, the cost of hiring a capesize bulk carrier saw an extraordinary rise, increasing by over $7,000 per day compared to just 24 hours earlier. This adjustment represents the largest single-day change in the Baltic Capesize Index in the last 13 years. Specifically, the Baltic Exchange panelists increased their daily assessment of average capesize spot rates across five key routes (5TC) by $7,140. Not only is this the most considerable rise since 2010, but it’s also the most substantial increase in the 5TC assessment since it replaced the previous index in 2014. This significant movement in the capesize market highlights the dynamic nature of shipping rates and their susceptibility to various market factors.

28-November-2023

The capesize bulk carrier spot rates have recently reached an 18-month high, driven by sustained demand for transatlantic iron ore. However, this upward trend in spot rates is expected to be temporary as Brazil’s rainy season approaches, which typically impacts iron ore shipments and, consequently, the demand for capesize vessels. On Tuesday, the capesize bulker market experienced a significant surge, marking the fourth consecutive business day of increases. This rally resulted in the average spot rate for capesizes across five key routes climbing by 9.4%, reaching nearly $34,700 per day, as reported by the Baltic Exchange. Notably, this increase occurred despite a decrease in rates for fixtures in the Pacific market. The Baltic Exchange 5TC route basket, which is a benchmark for the industry, reflected this notable rise in rates. This surge underscores the dynamic nature of the shipping market, where various factors like regional demand, seasonal changes, and global economic conditions can have a significant impact on freight rates. The approaching rainy season in Brazil, a key exporter of iron ore, is anticipated to temper this rally as it usually affects mining operations and exports, leading to a potential decrease in the demand for capesize vessels.

21-November-2023

The panamax bulker market has reached a 13-month high, driven by a scarcity of available tonnage and an ongoing imbalance in the North Atlantic region. On Monday, the Baltic Exchange’s Panamax 5TC, which represents spot-rate averages across five significant routes, surged by 2.2%, reaching $17,235 per day. This marks the first time the average spot rate for Panamax vessels has exceeded $17,000 per day since October 27, 2022.

16-November-2023

The panamax bulker market has hit a seven-month peak, driven by a combination of strong demand and a healthy volume of cargo. This uptrend was particularly notable on Thursday when panamax bulkers saw a significant increase of 6.3%, reaching an average spot rate of approximately $16,200 per day. This rate marks the highest point for the market since it was nearly $16,700 per day on April 11, 2023. This rise in rates is attributed to the favorable conditions of robust demand coupled with an adequate supply of vessels. The Baltic Exchange’s Panamax 5TC index, a benchmark for the industry, has been on a steady upward trajectory over the past week, reflecting the positive momentum in the panamax bulker sector. This current trend indicates a strong recovery and buoyancy in this segment of the shipping market.

31-October-2023

The capesize spot market is currently experiencing a significant decline, described as being “halfway down the mountain,” with India poised to increase its demand for coal. India has been keeping its coal plants operational for longer periods, leading to a need for replenishing its dwindling domestic coal supply. Baltic Exchange’s Capesize 5TC index has fallen by 9.6% in the past two days, dropping to less than $16,800 per day as of Tuesday. This decline follows a sharp 37% drop within a week, from around $29,500 per day on 20 October 2023, as reported by the Baltic Exchange’s Capesize 5TC index. It is anticipated that the capesize bulker market will gradually slow down its descent and stabilize in about two weeks, driven by India’s efforts to secure additional coal supplies.

27-October-2023

Capesize spot rates have experienced a significant drop of 37% in just one week, signaling a bear market for this segment. Weak demand has been cited as the primary factor behind this decline, leading to a sharp decrease in capesize spot rates. Specifically, the Baltic Exchange’s Capesize 5TC index has fallen by 37.4% over the past seven days, reaching a rate of approximately $18,500 per day. This marks the lowest point for capesize spot rates since mid-May 2023. The decrease in capesize average spot rates has been observed in both the Atlantic and Pacific basins, with trading activity remaining sluggish in these regions. The oversupply of tonnage further exacerbates the challenges faced by the capesize bulker sector.

21-October-2023

The strengthening capesize bulker market suggests that China may be considering replenishing its iron ore inventory. This surge in the capesize bulker market may be an indicator of China’s intent to restock its relatively low iron ore stockpiles. Over the past week, the Baltic Exchange’s Capesize 5TC has increased by 6.9% to reach nearly $29,500 per day. Despite a slight pullback in the past two days, this indicates an improved situation compared to a week ago. It’s worth noting that Rio Tinto mines iron ore in Western Australia’s Pilbara region, and the dynamics of the iron ore market often have significant implications for China’s economic activities and global trade.

17-October-2023

The Baltic Dry Index (BDI) has surged past the 2,000-point mark, with average capesize spot rates surpassing $30,000 per day on 17 October 2023. This marks the first time the Baltic Dry Index has exceeded 2,000 points since July 2022. This remarkable uptick can be attributed to a significant enhancement in the assessment of average capesize spot rates. The Baltic Dry Index (BDI), serving as a comprehensive gauge of the strength of bulk shipping markets, excluding smaller bulk carriers, witnessed an impressive 86-point increase on 17 October 2023, reaching a level of 2,058 points. The Baltic Dry Index (BDI) has been on a consistent upward trajectory since the beginning of September 2023, benefiting from a renewed sense of optimism for the Q3 2023, which traditionally represents the most robust period of the year for capesize bulk carriers.

16-October-2023

The Baltic Exchange has offered reassurance to freight futures participants who have been experiencing frustration, although challenges still persist. Some of the globe’s most prominent freight derivatives traders have reported progress in their efforts to compel the Baltic Exchange to address underlying concerns regarding the reliability of its indices. Recent interactions and discussions between the Baltic Exchange and leaders of the newly established Independent FFA Association have been described as a highly positive development by one trader. However, they emphasize that they will persist in advocating for enhancements and increased transparency in the future.

13-October-2023

Handysize bulker rates have reached a six-month peak, driven by increased optimism in the Americas. Shipbrokers report a surge in rates for trips originating from the US Gulf Coast (USG) and the Eastern Coasts of South America (ECSA). The average spot rates for handysize bulk carriers have soared to levels unseen since late March 2023, propelled by a buoyant spot market in the Americas. According to the Baltic Exchange, the handysize average spot rates escalated to approximately $12,400 per day on Friday, marking the first time they’ve achieved this level in half a year. This increase denotes a modest 1.8% rise over the past week, but it’s a substantial 14.1% uptick when viewed in broader terms, highlighting significant growth in the sector.

7-October-2023

Capesize bulk carriers have made a significant recovery with spot rates surpassing $20,000 per day, a level higher than initially predicted. This resurgence in rates is due to tighter supply conditions than anticipated. These capesize bulkers are currently operating in their strongest quarter, and their performance in the typically softer first quarter of the year will depend on natural factors like El Niño. The Baltic Exchange’s Capesize 5TC basket has shown a 4.6% improvement, reaching just over $20,100 per day as of October 7, 2023. This marks the second time in less than two weeks that these rates have crossed the $20,000-per-day threshold.

1-October-2023

The capesize bulker market experienced fluctuations over the past week due to various influencing factors. After a steady rise during the initial part of the week, the capesize bulker market saw a decline towards the end. Analysts attribute these shifts to a combination of shipping market dynamics. The Baltic Exchange’s Capesize 5TC, which provides spot-rate averages across five major routes, recorded a 23.7% increase from 22 September 2023, reaching close to $21,400 per day by Wednesday. However, this was followed by a 4% drop over the subsequent two days, bringing the rate down to slightly above $20,500 per day by Friday.

27-September-2023

Capesize shipping rates have surged by 11% in a single day, reaching a four-month peak, driven by China’s strong demand for iron ore and coal. Baltic Exchange’s data indicates that China’s steel production in August 2023 increased by 3.2% compared to the previous year. The capesize bulker market experienced a significant rise on Tuesday, achieving its highest rate in the past four months. The robust demand from China for essential commodities like iron ore and coal has been a significant factor behind this surge. The Baltic Exchange’s Capesize 5TC index, which provides an average of spot rates across five crucial routes, saw an 11.4% increase on Tuesday, reaching close to $19,900 per day. This rate is the highest since mid-June 2023. The primary iron ore routes to China contributed the most to this increase in the 5TC, as per the Baltic Exchange’s data.

16-September-2023

Brazil’s bountiful grain yield, coupled with impediments at the Panama Canal, have greatly invigorated midsize bulk carriers. Spot rates for both panamax and supramax bulk carriers have surged by nearly 60% since the waning days of July 2023, as per the Baltic Exchange’s data. The opulent grain produce of Brazil and the setbacks faced by the drought-afflicted Panama Canal have breathed new life into the midsize bulk carrier sector. Specifically, these circumstances are enhancing two prominent grain routes.

15-September-2023

The dry bulk spot market experienced a significant uptick this week, buoyed by the heightened trade in bauxite and the surging grain exports from South America. Encouraging sentiments regarding China’s imminent economic stimulus further propelled spot rates, according to industry experts. Over the recent week, there was a marked rise in the dry bulk spot market due to China’s unprecedented bauxite imports and South America’s prolific grain exports. The Baltic Dry Index, an encompassing barometer of the spot market’s vitality, saw a remarkable surge of 16.4%.

30-August-2023

The medium-sized bulker market remains buoyant as vessels circumvent the congested Panama Canal. Extended journeys are diminishing capacity within the midsize bulker realm, consequently sustaining elevated average spot rates. Vessels linger in the Pacific, awaiting passage through the Panama Canal. Insufficient rain in early August prompted authorities to curtail the transit count. The demand for medium-sized bulkers is sustained at a high, as ships bypass the beleaguered Panama Canal in favor of lengthier voyages to their terminus. The mean spot rate for panamax bulk carriers ascended to $13,400 per day on Tuesday, following a 2.8% surge in the Baltic Exchange’s Panamax 5TC basket.

23-August-2023

Midsize bulk carriers are invigorated by the surge in South American grain outflows. Anticipations point to a bounteous grain yield in the Americas this forthcoming harvest. Midsize bulk carriers have been buoyed by the formidable grain shipments from South America, a trend poised to persist through the latter half of the annum. Since the 25th of July, the Baltic Exchange’s Panamax 5TC index has soared by 72%, touching an almost $13,900 daily rate.

21-August-2023

Panamax Market: The sector witnessed a favorable week, underpinned by robust demand from South America, juxtaposed with a tonnage paucity, thus escalating rates. In the North Atlantic, an 80K DWT secured delivery Gydnia via the Baltic to Turkey at $24,500. South America’s impetus led to an 81K DWT finalizing at $17,000 plus a $700,000 ballast bonus for a front haul redelivery from Singapore to Japan. In Asia, an augmented interest from Australia, coupled with continued NoPac demand, resulted in bolstered rates. An 85K DWT, open in Yeosu, settled an Australian circuit at $12,500. As the week neared its denouement, Asian sentiments turned somewhat wary with diminished Indonesian ventures. Nevertheless, spurred by South American demand, proprietors were averse to rate reductions. Considerable period coverage emerged, with an 82K DWT,in North China finalizing 9 to 11 months trading with global redelivery at $14,350.

21-August-2023

Handysize Market: The handy sector reaped benefits this week. In the South Atlantic, reports indicated constrained tonnage availability, with a 37K DWT securing from Rio Grande to West Coast Central America (WCCA) at $19,500. Concurrently, a 35K DWT was decided upon, upon readiness, from Upriver Plate for an Eastern Mediterranean trip in the mid $13,000 range. The Black Sea resonated with activity; a 37K DWT settled a trip from Canakkale via the Black Sea to the Western Mediterranean at $7,400, while a 36K DWT mirrored a similar journey in the $7,000 range. In Southeast Asia, tonnage constraints influenced a 38K DWT finalizing from the Philippines via Australia to China at $12,500, and a 32K DWT in Kandla secured a route passing through Colombo via Australia to Indonesia with Alumina cargo at $8,750. The period market witnessed activity with a 38K DWT from Georgetown, Guyana, settling for 12 months at 105.5% of the Baltic Handysize Index (BHSI).

15-August-2023

The Panamax bulker market achieved a zenith unseen in the past trimester on Monday, as vessels languished in protracted queues to traverse the Panama Canal, consequent to limitations imposed by drought-induced draught constraints. Daily average rates for panamax bulk carriers have ascended by a notable sum exceeding $4,000 daily in the preceding three weeks. On Monday, the Baltic Exchange’s Panamax 5TC surged 2%, culminating at an impressive near $12,300 daily, eclipsing the $12,200 threshold for the inaugural occasion.

29-July-2023

The market for capesize bulk carriers surged to a four-week pinnacle as activity intensified in the Atlantic basin. On Wednesday, the average capesize bulk carrier spot rates experienced a remarkable surge of $2,500 in just one day, following a sluggish start earlier in the week. During the past week, fixture activity in the Atlantic basin gained momentum, propelling the Baltic Exchange’s Capesize 5TC basket of spot-rate averages across five vital routes to a remarkable 27% increase since 21 July. As of Friday, the BCI 5TC (Baltic Capesize Index 5TC) rates reached an impressive almost $15,200 per day, marking the highest point since 28 June.

24-July-2023

Panamax bulk carriers average spot rate is at a four-month low, according to market data. The panamax bulk carrier market must be in higher demand in the Atlantic basin if it is to reverse its steady downward trend. The Baltic Exchange’s Panamax 5TC basket of spot-rate averages across five key routes has fallen 17.4%.

6-July-2023

The Baltic Dry Index (BDI) has dipped below the 1,000-point mark, signifying a decline, as the steel market shows signs of weakening. Concurrently, there is an upsurge in the export of iron ore from Brazil and other nations, coinciding with a pullback in capesize bulk carrier futures. Notably, market analysts and shipbrokers attribute this drop in the Baltic Dry Index (BDI) to persistently lackluster iron ore demand from China, causing steel prices to remain subdued for the past month.

1-July-2023

The capesize dry bulk carrier segment experienced a reversal in the momentum of average spot rates, following the weakening of China’s manufacturing sector for the third consecutive month. On Friday, the Baltic Exchange’s Capesize 5TC declined to $14,100 per day. This marked an 18.1% decrease from the previous week, offsetting the 36% surge in average spot rates achieved in the prior week. Due to the persistently subdued economic data from China since the Q1 2023, growth forecasts for 2023 have been revised downward.

22-June-2023

Over the past week, the Baltic Dry Index (BDI), serving as an indicator for the dry bulk spot market, experienced a substantial 15.2% increase, reaching its highest level in a month at 1,240 points on Friday. Among the different sectors, the capesize bulk carrier segment played a pivotal role in boosting the Baltic Dry Index (BDI). Capesize bulk carriers were engaged in transporting coal to China, facilitating the country’s electricity plants in meeting the escalated demand for air conditioning.

30-April-2023

The Baltic Exchange’s Capesize 5TC increased 17.3% since 21 April 2023. The Baltic Exchange’s Capesize 5TC reached to $19,100 per day on Friday which is the highest point since surpassing $21,000 per day in December 2022. Notwithstanding the downtrend in iron ore prices, the Capesize 5TC of the Baltic Exchange witnessed an increment. The capesize charter rates have reached their peak for the year 2023, despite the decreasing prices of steel and iron ore. The Atlantic and Pacific basins have observed a surge in capesize fixture activity over the past week, as China prepares for Labour Day. Although the prices for iron ore and Chinese steel have experienced a continuous decline, the capesize bulk carrier market concluded the week on a highly positive note.

18-March-2023

The Baltic Exchange’s Handysize 7TC (Average Spot-Rates Seven Key Routes) increased 10% over the week to $11,361 per day on Friday. The Baltic Exchange’s Handysize 7TC is at its highest point since late December 2022. The Baltic Exchange’s Handysize 7TC started an upward trend in mid-February 2023. Dry bulk shipping market positivity has resumed this week. The Baltic Exchange’s Handysize 7TC increased as a consequence of an abundance of fixture activity in the spot and period dry bulk markets. Likewise, average spot rates for other bulk carrier sizes increased but plunged on Friday.

12-March-2023

The Baltic Exchange’s Capesize 5TC has soared 544% over the past 21 days to $14,500 per day on Friday. The Baltic Exchange’s Capesize 5TC was $2,246 per day on 17 February 2023. Capesize bulk carriers’ average spot rates have increased by more than five times in the last three weeks due to China’s strong manufacturing, better weather in Brazil, and the Australian mine maintenance conclusion. Currently, Australia to China capesize bulk carrier iron ore rate is at $8.30 per metric ton.

7-March-2023

The Baltic Exchange’s Capesize 5TC increased 11.3% on Monday to $11,026 per day to cross the $10,000 for the first time since mid-January 2023. The Baltic Exchange’s Capesize C10 increased 14.9% on Monday. The dry bulk spot rates continue their acceleration on Monday after China announced a target GDP (Gross Domestic Product) growth of 5% for 2023.

27-January-2023

The Baltic Exchange’s Capesize 5TC declined 31.2% over the week to $4,443 per day. The Baltic Exchange’s Capesize 5TC plunged to its lowest level since August 2022. The Baltic Exchange’s Capesize 5TC plunged by a third over the past week as China observed the Chinese New Year holiday.

23-December-2022

The Baltic Exchange’s Capesize 5TC (Capesize Bulk Carriers Spot Rate Averages Across Five Key Routes) bounced 18.3% on Wednesday to nearly $23,200 per day, following an 8.2% leap on Tuesday. Capesize Bulk Carriers Spot Rates jumped for the second straight day on Wednesday, reaching their highest point in five months as China begins construction again. Capesize Bulk Carriers Fixtures have been more abundant over the past week.

18-November-2022

The Baltic Exchange’s Capesize 5TC (Capesize Bulk Carriers Spot Rate Averages Across Five Key Routes) plummeted 27.3% since 11 November 2022 to $9,305 per day on Friday. The Baltic Exchange’s Capesize C5 iron-ore route from Western Australia to Qingdao, China plummeted 11.3%. The spot rate market for capesize bulk carriers plummeted last week due to China’s economic uncertainty continued, while that for the panamax, ultramax, and supramax bulk carrier spot rates stagnated due to light chartering activity.

26-October-2022

November Baltic Exchange Capesize Bulk Carriers FFAs (Forward Freight Agreements) plunged 1.88% to $12,889 per day on 25 October 2022. On the other hand, December Baltic Exchange Capesize Bulk Carriers FFAs (Forward Freight Agreements) plunged 1.48% to $11,829 per day on 25 October 2022. Bulk Carriers FFAs (Forward Freight Agreements) indicate rough times ahead for dry bulk shipping as China encounters financial headwinds. Furthermore, November Baltic Exchange Panamax Bulk Carriers FFAs (Forward Freight Agreements) plunged 3.68% on 25 October 2022. Any spike in Capesize and Panamax Bulk Carrier Spot Rates could be short-lived as China’s economy continues to struggle.

17-October-2022

November Capesize Bulk Carriers FFAs (Forward Freight Agreements) plunged nearly 12% on Monday. November Capesize Bulk Carriers FFAs (Forward Freight Agreements) market for bulk carriers collapsed on Monday, while Capesize Bulk Carrier Spot Rates did not provide much excitement for dry bulk shipping. The Baltic Exchange’s Capesize 5TC (Spot Rate Averages Across Five Key Routes) tumbled on Monday due to low cargo volumes in the Atlantic basin.

5-October-2022

The Baltic Exchange’s Capesize 5TC (Spot Rate Averages Across Five Key Routes) increased 13.8% on Wednesday to $21,175 per day. The Baltic Exchange’s Capesize 5TC increased to its highest point since the end of July 2022. The Baltic Exchange’s Capesize 5TC increased despite China’s celebration of Golden Week. Capesize bulk carriers have been somewhat limited this week due to the holidays in the Far East. The Forward Freight Agreement (FFA) market decline implies a more serious decline in future spot rates of capesize bulk carriers.

4-October-2022

The Baltic Exchange’s Capesize 5TC (Capesize Spot-Rate Average Rates Across Five Key Routes) increased 10% to $18,611 per day to mark its highest point since late July 2022. The Baltic Exchange’s Panamax 5TC (Panamax Spot-Rate Average Rates Across Five Key Routes) increased to $18,987 per day. The Baltic Exchange’s Supramax 10TC (Supramax Spot-Rate Average Rates Across Ten Key Routes) increased to $18,351 per day. The Baltic Exchange’s Handysize 7TC (Handysize Spot-Rate Average Rates Across Seven Key Routes) increased to $18,313 per day. Dry bulk shipping’s spot rates are increasing regardless due to low supply. The low supply balance of bulk carriers will remain tight over the coming years due to more stringent regulatory burdens and a low bulk carrier new building order book in the Far East shipyards. Currently, the international fleet of bulk carriers is around 13,105. Today, 1,937 capesize bulk carriers, 3,008 panamax bulk carriers, 4,069 handysize bulk carriers are trading in the oceans.

3-October-2022

The Baltic Exchange Capesize 5TC (Spot Rate Average Across Five Benchmark Routes) has improved 170% since 12 September 2022 to just over $16,900 per day. However, since 12 September 2022, November Capesize FFAs (Freight Forward Agreements) plunged from about $17,800 per day to about $15,100 per day. FFAs (Freight Forward Agreements) indicate a return to lower physical rates after the bulk carrier sector rebounded from September 2022 lows. FFAs (Freight Forward Agreements) is indicating a turn for the more alarming over the next several months.

15-September-2022

Panamax Bulk Carrier Spot Rates shift downward for the first time since late August as FFA (Forward Freight Agreement) curve moves negatively. Panamax Bulk Carrier Spot Rates took their first plunge in more than two weeks on Thursday, ending a recovery that has seen the Panamax Bulk Carrier segment withstand a dry bulk slump. On Wednesday, the PanamaxFFA (Forward Freight Agreement) market turned the futures curve in a downward direction. The Baltic Exchange’s Panamax 5T (spot earnings of panamax bulk carriers on five key benchmark routes), plunged 2.6%.

9-September-2022

The Baltic Exchange’s Panamax 5TC (Average Spot-Rate Across Five Key Routes) increased to $16,786 per day on 9-September-2022 due to port congestion and strong grain cargoes. The Baltic Exchange’s Panamax 5TC increased due to South American grain exports and port congestion. On the other hand, Capesize Bulk Carrier spot rates have declined. Panamax Bulk Carrier spot rates increased as the grain markets in both the East Coast South America (NOPAC) and NoPac (North Pacific) came busy.

2-September-2022

The decreasing Atlantic market for Panamax Bulk Carriers is witnessing some hope in the Forward Freight Agreement (FFA) for higher spot rates. However, that does not necessarily mean that a floor for spot rates is on the way. The Average Panamax Spot Rate for the Baltic Exchange P7 Route (the US Gulf to Qingdao) has plunged 19.7% since 1 August to $52.44 per tonne. On the other hand, The Average Panamax Spot Rate for the Baltic Exchange P9 Route (Santos to Qingdao) plunged 27.9% to $39.63 per tonne.

29-August-2022

The Baltic Exchange’s Capesize 5TC (a spot-rate average across five benchmark routes) plunged 14.7% during the day to reach $5,636 per day. The Baltic Exchange’s Capesize 5TC is at its lowest point in more than two years, when it came in at $6,177 per day on 4 June 2020. Capesize bulk carrier freight rates plunged to a two-year low as China’s faltering real estate sector forces steel cutbacks. China’s steel production has fallen 6.4% for H1 2022. On 24 August 2022. Capesize bulk carrier freight rates plunged further as China’s hurting real-estate industry continues to put the brakes on turning iron ore into steel for construction.

28-August-2022

Capesize bulk carrier spot rates continue to plunge. However, China’s looming $1 trillion economic stimulus plan focused on infrastructure spending may boost the dry bulk shipping market. In Q4 2022, average capesize bulk carrier spot rates may reach $14,500 per day. The Baltic Exchange’s Capesize 5TC (spot-rate average across five key routes) plunged 46% over the past week to $3,413 per day. Currently, the Baltic Exchange’s Capesize 5TC is at the lowest figure in about 27 months. Furthermore, capesize bulk carrier spot rates reached their lowest point since May 2020.

27-August-2022

The average spot rate for handysize bulk carriers has plunged to its lowest level since February 2021. The average spot rate for handysize bulk carriers’ freight rates plunged 18-month low as the Atlantic market weakens. The Baltic Exchange’s Handysize 7TC (spot-rate average across seven key routes) dropped to $17,189 per day, marking the lowest level since it came in at $17,011 per day on 22 February 2021. The Baltic Exchange’s Handysize 7TC has been on a downward trend since mid-May when Handysize 7TC topped out at $30,004 per day on 16 May 2022.

19-August-2022

The Baltic Exchange’s Capesize 5TC (Spot-rate average across five key routes) plummeted 20% during the day to reach 7,188 per day. The Baltic Exchange’s Capesize 5TC plummeted below $8,000 per day for the first time since late January 2022. The Baltic Exchange’s Capesize 5TC plummeted due to China’s demand for iron ore staying soft. At the core of 2022’s weak demand for capesize bulk carriers has been the decline in iron ore trades. The economic stimulus from the Chinese government may increase capesize bulk carriers rates.

15-August-2022

The Baltic Dry Index (BDI) fell to its lowest level in a half year as holidays and low demand weighed heavily on dry bulk shipping. The Baltic Dry Index (BDI) which functions as a barometer for dry bulk market performance, plunged 5.3% over the past week to 1,477 points on Friday. The Baltic Dry Index (BDI) fell under 1,500 points for the first time it came in at 1,422 points on 7 February 2022. Capesize bulk carrier market resumes dwelling in the doldrums.

15-June-2022

The Baltic Dry Index (BDI) increased to 2,284 points. The dry bulk markets revealed a little hope on Tuesday after plunging steadily for two weeks. Tuesday’s gain marked the first time that the Baltic Dry Index (BDI) enhanced after declining gradually from 2,633 points on 1 June 2022. Capesize 5TC reached over $19,000 per day. Capesize 5TC ascended back to the positive with support mostly from the Atlantic Basin. Capesize C3 route was at $31.18 per tonne on Tuesday. Capesize C5 route was at $12.41 per tonne on Tuesday. Rio Tinto capesize bulk carrier for 190,000 tonnes of iron ore from Dampier, to Qingdao at $12.40 per tonne. The Panamax 5TC route reached $23,657 per day on Tuesday. This small gain came after the Panamax 5TC slid steadily by 23% from $30,392 per day on 23 May 2022.

14-April-2022

Baltic Exchange Handysize 7TC decreased to $26,075 per day. Average Spot Rates for Handysize Bulk Carriers reached the lowest levels for the second time in more than a month. On 28 March 2022, Baltic Exchange Handysize 7TC at $32,616 per day. In the Atlantic basin, according to Handysize Shipbrokers, more enquiries would be required for Handysize Bulk Carriers to witness more advancements moving forward. In the Pacific basin, according to Handysize Shipbrokers, Handysize Bulk Carriers suffered a setback as all three transpacific routes reported losses amid light chartering activity. Baltic Exchange Handysize HS6 roundtrip voyage between North China and North America Pacific Coast plunged to $25,750 per day. Handysize Shipbrokers has reported little chartering activity.

7-December-2021

The capesize bulk carrier market resumed its upward trend today. The Baltic Exchange Capesize 5TC (Average Five Capesize Benchmark Spot Rates) climbed $43,030 per day. This situation is caused by weather delays and port congestions. Furthermore, there is respectable capesize cargo flow in the Atlantic and more capesize cargoes are predicted in near future. Capesize time charter rates in Q1 2022 are anticipated to be better than historical averages. China’s economic growth may support demand for iron ore. The average freight rate for the iron ore Western Australia-to-China route increased to $14.84 per metric tonne. Panamax, ultramax, and supramax bulk carriers saw more modest spot rate improvements over the last week.

29-September-2021

The capesize bulk carrier market experienced a notable shift on Thursday, with rates for transpacific round-trips witnessing a significant drop, disrupting the positive momentum seen in the Baltic Capesize Index since the previous week. The spot rates for the China-Japan transpacific round-trip (C10) route between South America and Asia declined by 6.6%, settling at $77,723 per day, as per data from the Baltic Exchange. In contrast, the benchmark round-voyage rate from China to Brazil and back saw a minor reduction of $159, closing at $64,255 per day. This downturn marks a pause in the bull run, particularly on the C10 route, which, despite the decline, remains approximately $13,000 higher than the Brazil-China roundtrip rates. The decrease in the transpacific rate is seen as a minor correction in the face of broader market instability, influenced by cyclone disruptions and fluctuations in the iron ore market. With the futures market significantly lagging behind spot rates, there’s an anticipation of a more pronounced drop in spot market prices in the forthcoming weeks. This adjustment reflects a slight weakening in the Pacific market, contrasting with the ongoing strength in the Atlantic basin, where rates are buoyed by a limited supply of vessels. The overall average spot rates for capesize bulk carriers, as measured by the Baltic Exchange’s capesize 5TC (a weighted average across five key routes), fell by $610 to $74,176 per day, interrupting a 22% increase observed from the previous Friday to Wednesday. Despite this, the Atlantic market’s robustness, driven by short vessel availability, presents a contrasting scenario to the Pacific downturn. In the derivatives market, Capesize Forward Freight Agreements (FFAs) for September showed some resilience, gaining $236 per day on Wednesday to settle at $54,257 per day, as reported by the Baltic Exchange. This movement in FFAs, particularly for prompt contracts, remains notably lower than current spot rates, highlighting a bearish outlook among traders for the near-term future of capesize bulk carrier rates.

12-September-2021

The Baltic Exchange’s assessment of Capesize Bulk Carrier Average Spot Rates (5TC) increased to $52,908 on 12 September 2021. Capesize bulk carrier spot rates reached the highest level observed since May 2010. The most prominent one-day leap of the 5TC was observed on 12 September 2021. Baltic Capesize Index (BCI) influenced the capesize bulk carrier futures market on Monday, especially for front-month contracts. October 2021 capesize future contracts were asking about $47,000 per day. Bauxite exporter Guinea is experiencing a rainy season and last week’s military coup increase the risks. Gigantic aluminum producer Emirates Global Aluminium (EGA) has a facility in Guinea. On the other hand, one of the biggest capesize charterers Vale is striving to obtain capesize bulk carriers to meet the demand. Vale chartered around 20 capesize bulk carriers for loading in October for voyages to China from Brazil, all at around $30.50 per metric tonne which is the most expensive level since November 2009. Iron ore prices are sinking, but fixtures for capesize taking ore voyages to China have achieved higher rates.

15-July-2021

Freight rates for capesize bulk carriers are plummeting. China reduced the demand for iron ore, one of the two main cargoes for the capesize business. China’s iron ore imports fell to their lowest in 13 months in June 2021. Analysts expect China’s iron-ore consumption to fall during Q3 2021. China reduces its annual crude steel output to reach its emissions targets. In June 2021, China’s iron ore imports slipped to 89 million tonnes. Front-end capesize bulk carrier contracts took the greatest hit. Capesize bulk carrier contracts traded at $32,750 per day by mid-afternoon. On the physical side, chartering activity for capesize bulk carriers has been relatively steady but shipbrokers report that capesize bulk carrier freight rates have softened as charterers and shipowners look around for direction in the market. The Baltic Exchange’s capesize 5TC, a spot-rate average weighted across five (5) routes, plummeted to $30,272 per day. Furthermore, the China-Brazil capesize bulk carrier round voyage plummeted to $27,040 per day. Western Australia-China capesize bulk carrier route plummeted to $10.88 per tonne on Tuesday.

29-April-2021

Spot rates for capesize bulk carriers have surpassed the $40,000 per day. Baltic Dry Index breaks 3,000 points in more than a decade. FFA (Forward Freight Agreements) capesize 5TC contracts for 2022 trade at levels of over $20,000 per day during trading on Friday. Positive sentiment has come to the capesize market on the back of Vale’s announcement that Vale will intend to produce 450 million tonnes of iron ore annually by the end of 2022. Capesize 5TC May contract was trading at levels of around $42,000 per day on Friday in London. Australian miners are striving to ship as much product as possible before the end of the fiscal year and while iron-ore prices remain high. Baltic Exchange Western Australia to China capesize route increased to $13.24 per tonne, its priciest level since mid-December 2013. Dry Bulk Shipping Analysts anticipate capesize rates to average $26,000 per day in 2021.

5-April-2021

Rizhao Steel’s shipping arm Cara Shipping chartered out 2010 built capesize bulk carrier 180K DWT MV Stella Alice for around $20,650 per day to Rio Tinto for the long-term. Currently, Singapore-based Cara Shipping owns and operates fourteen (14) large bulk carriers. Australia-based Rio Tinto has booked capesize bulk carriers for iron-ore voyages from Dampier Port to China. Capesize bulk carriers FFA (Forward Freight Agreement) rates surpassing $25,000 per day for Q2 and Q3 2021. Lately, Baltic Exchange’s 5TC capesize bulk carrier rates have increased to $22,468 per day. Capesize bulk carrier front-haul rates from the Continent to China increased to $45,000 per day. Other Australia-based mining giant BHP chartered in capesize bulk carriers for iron-ore voyages from Western Australia to China for around $10.30 per tonne. Recently, iron-ore prices approached $170 per tonne which increased the capesize freight rates.

13-January-2021

On 13 January 2021, Capesize bulk carriers weighted TCE (Time-Charter Equivalent) average rate reached to $26,489 per day. This is the highest point since October 2020 due to a stronger outlook for the capesize market. On 13 January 2021, the Baltic Exchange attributed the capesize physical rally to the paper market rising on 2021 optimism but remarked the capesize market viewed the paper spike as unsustainable. Capesize FFA (Freight-Forward Agreement) rates are still showing momentum and gained for February 2021 to $15,338 per day. On 6 January 2021, Capesize FFA (Freight-Forward Agreement) volumes increased to 6,251 lots from 2,310 lots. In FFA (Freight-Forward Agreement), a lot is equal to 1,000 metric tonnes of cargo or one day of charter hire.

23-October-2020

Baltic Capesize Index TCA (Weighted Time-Charter Average) increased to $18,749 per day on 23 October 2020. Baltic Capesize Index volatility has been relatively low this week. Capesize market players are optimistic for Q4 2020. Brazil iron-ore cargo supported the capesize spot rates. Capesize market exceeded to the downside late last week, due to negative sentiment rather than real cargo imbalance in the Atlantic. Abundant capesize tonnage supply in the Atlantic contributed remarkable pressure to capesize charter rates on the Brazil-China route and for trans-Atlantic voyages. However, mid-week, Brazil iron-ore cargoes reversed the situation and capesize spot rates increased. Brazil’s iron-ore giant Vale’s quarterly production report contributed positive sentiments for the capesize market. On the Pacific market, capesize bulk carrier supply reached something of an equilibrium with iron-ore cargo supply from Australia, which pointed to work in charterers’ favor. While the capesize bulk carriers experienced more favorable charter rates, supramax and handysize charter rates kept falling. Handysize TCE (Time Charter Equivalent) from the US Gulf to China decreased to $13,414 per day.

14-August-2020

Handysize bulk carriers TCE (Weighted Time Charter Equivalent) increased to $8,846 per day on 14 August 2020 due to firm handysize bulk carrier fixture activity in European markets. BHSI (Baltic Handysise Index) increased to 491 points and reached 2020’s peak. Capesize bulk carrier spot rates dropped while handysize bulk carriers spot rates reached new highs. Handysize bulk carriers spot rates increased ex-United States Gulf. However, the Pacific handysize bulk carriers spot rates remained considerably flat. Handysize bulk carriers TCE (Weighted Time Charter Equivalent) for the South America-Skaw/Passero route increased to $11,388 per day on 14 August 2020. Panamax bulk carriers TCE (Weighted Time Charter Equivalent) increased to $16,415 per day on 14 August 2020 due to limited tonnage supply. Capesize bulk carriers TCE (Weighted Time Charter Equivalent) increased to $19,916 per day on 14 August 2020.

6-August-2020

Panamax bulk carrier’s TCE (Average Time Charter Equivalent) increased to $14,070 per day due to strong demands for American grain and Australian coal. Panamax bulk carrier’s rate for the benchmark US-China route improved to $43.25 per metric tonne this week. Panamax bulk carrier’s TCE (Average Time Charter Equivalent) for the Japan-South Korea transpacific roundtrip increased to $13,242 per day. Atlantic panamax market increased with strong grain demand from US Gulf as well as a coal shipping from the Baltic sea. On the other hand, capesize bulk carrier rates see more modest gains last week. Capesize bulk carrier’s TCE (Average Time Charter Equivalent) for the Brazil-China route increased over the week to $17,486 per day.Capesize bulk carrier’s rates for a voyage from Australia to China at $8.50 per metric tonne. Capesize bulk carrier’s TCE (Average Time Charter Equivalent) should stay around $19,000 to $21,000 per day for the rest of 2020.

30-July-2020

Over the past week, capesize bulk carrier rates improved insignificantly. TCE (Weighted Time Charter Equivalent) for capesize bulk carriers increased by 7.5% to $18,300 per day. The capesize bulk carrier rates increase simply represent a precursor to another move upwards. The capesize bulk carrier rates increase is driven predominantly by the Brazil and Australian round voyages on continued iron ore demand strength”, the Baltic said. The capesize bulk carrier rates for Brazil-to-China route gained increased to $17.47 per tonne. On the other hand, capesize bulk carrier rates for Australia-China route increased to $7.16 per tonne. Handysize bulk carrier rates continued to increase quietly. TCE (Weighted Time Charter Equivalent) for handysize bulk carriers rates increased to $8,539 per day. Handysize bulk carriers rates were broadly flat with limited cargoes from ECSA (East Coast South America) and in the Pacific market.

17-June-2020

Capesize freight rates jumped to $19,036 per day on Wednesday. Capesize spot markets are no longer being fixed at loss-making levels. Baltic Dry Index (BDI) passed the 1,000-point mark for the first time in 2020. A standard capesize bulk carrier requires around $9,000 per day to break-even on an operating cash flow basis and around $14,000 daily on a free cash flow basis, after deducting regular debt repayments. Brazilian mining giant Vale’s iron ore export has returned to the market after mining stoppages due to coronavirus lockdowns and heavy rains. Baltic Dry Index (BDI) July 5TC contracts closed at $22,266 daily. Baltic Dry Index (BDI) Panamax contracts are also increased essentially due to the movement in the capesize market rather than any underlying factors.

4-June-2020

Baltic Dry Index (BDI) increased to, supported by a more robust capesize spot market. In May 2020, the Baltic Dry Index (BDI) reached the lowest level reported for that period in 20 years. However, BIMCO predicts that dry bulk markets will survive at gloomy levels for the remainder of 2020. According to BIMCO, there will be a vital decrease in demand in the dry bulk market in 2020, as well as extraordinary supply-side overcapacity as seen in 2016. After the global financial crisis in 2008, the Chinese financial incentive rescued the dry bulk market. However, 2020 will not be the same recovery. Capesize bulk carriers earnings were appraised at $6,177 per day. Capesize bulk carriers in the spot market back above the estimated daily operating expenditure of $5,019, excluding bunker costs.

13-May-2020

On 13 May 2020, Baltic Exchange Capesize Index fell to -17 from 123 on 12 May 2020. Capesize bulk carriers weighted TCE (Time Charter Equivalent) plunged to $2,082 per day. Capesize bulk carrier rates plunged due to coronavirus pandemic. On 20 April 2020, Capesize bulk carriers weighted TCE (Time Charter Equivalent) reached $10,081 per day. Capesize bulk carrier earnings have dropped over the past few weeks from last month’s high of $10,081 per day achieved on 20 April. However, demand for capesize bulk carriers diminished due to low cargo supply in both the Atlantic and Pacific basin. Capesize bulk carriers weighted TCE (Time Charter Equivalent) plunged to $1,873 on the Brazil-China route. Capesize bulk carriers Australia-China leg dived to $3.57 per metric tonne. Except for supramax bulk carriers, all dry bulk shipping market nosedived.

26-April-2020

Capesize freight rates declined throughout the last week of April 2020 as oil prices plunged to record levels. On 20 April 2020, May 2020 Western Texas Intermediate (WTI) future contract rates plunged below zero for the first time ever to -$40.32 per barrel (bbl) before settling to -$37.63 per barrel (bbl) for the day. On 24 April 2020, June 2020 Western Texas Intermediate (WTI) future contract rate increased significantly to $17.10 per barrel (bbl) but were still low enough to keep capesize freight rates on a downward trend. In a poorly flooded oil market triggered volatility in bunker rates. Therefore, primarily the leading fluctuation came in the form of bunker volatility on the back of the going negative May 2020 Western Texas Intermediate (WTI) future contract rates for the first time in history. According to Baltic Exchange Capesize Index, Capesize bulk carriers’ weighted timecharter equivalent (TCE) average plunged to $8,381 per day on 24 April 2020 from $10,081 on 20 April 2020. Capesize bulk carriers’ weighted timecharter equivalent (TCE) rate of Brazil-China route plunged to $9,045 per day from $11,123 per day. Furthermore, Very Low Sulphur Fuel Oil (VLSFO) plunged to $225 per metric ton. According to Baltic Exchange dry bulk market report, positive tide turned on the last week of April 2020 for capesize freight market, as capesize voyage freight rates extremely plunged due to the softness in the oil market, as the worldwide supply of oil continues to climb. Furthermore, lingering capesize chartering activity amid iron ore importers are anticipating lower prices also weighed down capesize freight rates through 24 April 2020. Baltic Exchange Dry Index plunged to 672 from 757, while Baltic Exchange Panamax Index declined to 747 from 822 on the last week of April 2020. Baltic Exchange​ Supramax Index plunged to 388, while Baltic Exchange​ Handysizes plunged to 247 in the last week of April 2020.​

7-April-2020

After a substantial freight rate increase in the spot market for capesize bulk carriers, the Baltic Dry Index (BDI) has soared. Baltic Dry Index (BDI) has achieved a tremendous daily rise since 2018. On 24 March 2020, Baltic Dry Index (BDI) has risen 626 points which is the biggest daily rise since 20 April 2018. Baltic Capesize Index (BCI) has been at sub-zero levels since February 2020. On 24 March 2020, Baltic Capesize Index (BCI) has rebounded to 204 points. Furthermore, capesize earnings reached $5,853 per day. According to Baltic Exchange, shipowners swiftly accepted offers on both West Australia to China (C5) and Brazil to China (C3). Previously, Baltic Exchange Brazil to China route (C3) for iron ore has been steadily declining since early January 2020 due to insufficient dry bulk fixtures. As of 24 March 2020, Brazil to China route (C3) increased to $10.28. Capesize bulk carriers have been earning less than OPEX (Daily Operating Expenditure) since 24 January 2020. Currently, Capesize OPEX (Daily Operating Expenditure) is $5,026 per day. According to shipbrokers, capesize spike may not be sustainable for a long period. Spot capesize bulk carriers might be affected by steel mill closures in Japan and coronavirus pandemic which might trigger recession all over the world. On the other hand, many shipowners struggling during crew change operations. Dry bulk fixtures in the Atlantic basin is lagging behind that in the Pacific basin. Furthermore, coronavirus restrictions measures in South Africa has provided an additional choice to shipowners. On 24 March 2020, Colombia to Rotterdam capesize route (C7) for coal was the only capesize route that decreased to $5.015 per tonne due to lack of fixtures. Baltic Dry Index (BDI) plummeted on 20 January 2020 as bunker price spreads hit capesize bulk carriers. The majority of capesize bulk carriers do not have scrubbers. Furthermore, capesize shipowners have been avoiding fixing long voyages. Baltic Dry Index (BDI) plummeted 729 points on 20 January 2020. Baltic Dry Index (BDI) 729 points is the lowest point since late April 2019. Due to tight capesize availability, the Atlantic basin was trading at a slight premium to rates in the Pacific basin couple of weeks ago. On 20 January 2020, capesize spot rates plummeted again due to the bunker market. In the bunker market, the spread between very low-sulfur fuel oil (VLSFO) and intermediate fuel oil (IFO) remains high. Global average $662 per metric ton and $402 per metric ton respectively. On 20 January 2020, a weighted time-charter average for the Baltic Capesize Index’s (BCI) five major benchmark routes (5TC) was assessed at $7,760 per day. In Decem 2019, Baltic Capesize Index’s (BCI) five major benchmark routes (5TC) was assessed at $14,451 per day. Furthermore, abundant capesize tonnage in the Pacific basin appears to be building pressure on capesize rates. Shipowners have been trying to fix their vessels for short trips. Just a small percentage of the world’s capesize fleet is fitted with scrubbers. Capesize sector exposed to bunker price volatility for very low-sulfur fuel oil (VLSFO). Currently, at international bunkering hubs, the spread between very low-sulfur fuel oil (VLSFO) and intermediate fuel oil (IFO) remains high. In capesize market, voyage rate weakening in the Pacific basin has been putting earnings firmly sub-opex (operating expenditure) levels. Like capesize bulk carrier market, identical patterns have been appearing in the panamax market, but to a less dramatic extent. Trans-Atlantic panamax fixtures have been low and panamax spot rates plummeted on 20 January 2020 in the Atlantic basin as panamax tonnage slowly piled up. On 20 January 2020, weighted time-charter average for the Baltic Panamax Index’s (BPI) five major benchmark routes was assessed at $7,791 per day, In Baltic Exchange Supramax Index (BSI), which was officially launched in 2006 and is currently based on a standard 58K DWT bulk carrier, market sentiment remains average. Currently, supramax spot rates in the Far East are exceptionally poor. On 20 January 2020, Baltic Exchange Supramax Index’s (BSI) weighted time-charter average to remain static at $6,156 per day.

16-September-2019

In the first week of September 2019, surging iron ore exports from Brazil will keep Capesize and VLOC (Very Large Ore Carrier) ships in high demand in the Atlantic Ocean which will support the continued surge in dry bulk freight rates. Capesize market is witnessing a festive period with spot rates reaching record highs despite growing concerns of a slowdown in the global economy due to the USA-China trade war. Recent strength in spot dry bulk freight rates are expected to continue over Q4 2019 due to the upcoming IMO (International Maritime Organization) 2020 regulations and Brazil’s iron ore exports. In January 2019, Vale’s dam accident triggered widespread casualties in Brazil. Hence, iron ore supply from Brazil tumbled in the first half of 2019. In April 2019,  Brazil could export less than 20 million metric tonnes of iron ore. Baltic Capesize Index (BCI) dropped to historical low values in the first week of April 2019. In Brazil, after approval from the court, Vale’s iron ore supplies have now resumed. After Vale’s dam collapsed in January 2019, Brazil’s iron ore exports registered a steep recovery. In July 2019, Brazil exported 34 million tonnes of iron ore which is more than 80% higher than the exports in April 2019. There is a strong demand for capesize bulk carriers in Brazil which created a shortage of capesize tonnage in the Atlantic Ocean. Hence, huge demand for capesize tonnage has been leading to skyrocketing spot capesize freight rates. Brazil exports most of its iron ore to China. China has been accounting for the lion’s share, capesize bulk carrier takes about 90 days to complete a round voyage from ex Brazil to China. Capesize bulk carriers that loaded cargo in June at Brazilian ports for discharge in China would be available again for loading only in September. According to AIS data, not many capesize bulk carriers and VLOCs (Very Large Ore Carriers) repositioned in the Atlantic to meet the surging demand in Brazil which triggered spot rates are on an upward spiral. Additionally, in the run-up to the impending IMO (International Maritime Organization) 2020 regulations, effective supply of capesize bulk carriers has contracted. In order to avoid using expensive low sulfur fuel and save on bunker costs, many shipowners are retrofitting their capesize bulk carriers with scrubber before IMO (International Maritime Organization) regulation comes into force on January 2020. Scrubber fitting at the shipyard takes about a month, during which time the bulk carriers will be removed from the operating fleet. In total, 45 Capesize bulk carriers and VLOCs (Very Large Ore Carriers) were retrofitted during June-August 2019 which is equivalent to 3% of the Capesize bulk carriers and VLOCs (Very Large Ore Carriers) operating fleet in terms of DWT (Dead Weight Tonnes). As IMO (International Maritime Organization) deadline (January 2020) approaches with almost 10% of the additional Capesize bulk carriers and VLOCs (Very Large Ore Carriers) fleet scheduled for retrofitting at shipyards in the remaining months of 2019. Hence, these two conditions will be taking the spot rates even higher during Q4 2019.

2-September-2019

On 2 September 2019, Baltic Capesize Index (BCI) reached 4,659 points, its highest level since 17 May 2010. Baltic Exchange’s five capesize routes (5TC) reached $36,101 per day today which is the highest in 9 years. In the last three weeks, capesize benchmark routes have increased by 27%. On 22 July 2019, Baltic Exchange’s five capesize routes (5TC) reached $32,963 per day. Capesize spot rate increase caused by cargo supply especially Brazil’s iron ore exports continues to outstrip the list of available capesize ships in the Atlantic Ocean. Brazil’s healthy iron ore demand struggled to find capesize tonnage. According to market veterans, capesize spot rates might potentially reach $50,000 per day over the next few months. In April 2019, Brazilian iron ore exports dropped to 18 million tonnes, but in July 2019 Brazilian iron ore exports reached 34 million tonnes which is predicted to stay at this level till the end of 2019. Baltic Exchange’s capesize Brazil-China (C3) benchmark reach to $28.73 per tonne. On the other hand, capesize spot rates for Trans-Atlantic (TA) round-trips continue to trade at around an $8,000 premium to those for round-voyages across the Pacific Ocean where capesize vessel supply is greater. On 2 September 2019, Baltic Exchange Capesize Index (BCI) Gibraltar-Hamburg (C8_14) for Trans-Atlantic (TA) round voyage reached at $39,725 per day. Baltic Exchange Capesize Index (BCI) China-Japan (C10_14) Trans-Pacific round-trips round voyage reached at $31,688 per day. Baltic Exchange’s Forward Freight curve still points to a bearish trend in rates for the rest of 2019. Current capesize spot rates reflect strong momentum in the physical shipping market. Baltic Exchange’s Capesize Forward Freight assessment for September 5TC contracts rose to $32,058 per day and October 5TC contracts rose to $28,708 per day. Baltic Exchange’s Capesize Forward Freight Contracts for the fourth quarter (Q4) 2019 also rose, but are still lower than those seen for the third quarter (Q3) 2019.

12-March-2019

Capesize dry bulk carrier freight rates have plummeted below operating costs of $5,000 per day last week. Capesize dry bulk carrier owners are planning to idle their vessels because of the weak capesize dry bulk freight market. Experienced shipping market veterans believe that capesize market has bottomed out and is set for a rebound. Capesize dry bulk carrier freight rates can’t go much lower before ship owners start idling vessels. Capesize dry bulk carrier freight rates reached bottom and that an upturn should materialize very shortly. Capesize to panamax dry bulk market ratio is now is the lowest level since early 2016. Previously, when capesize dry bulk carrier freight rate was at such low levels, market rebound followed. Current capesize dry bulk carrier freight rate weakness represents the intra-year low for 2019, and forecast the Baltic Dry Index to average around 125% higher in Q2 2019. Currently, capesize dry bulk carrier freight rate costs around 40% less to hire a vessel and having 125% more cargo capacity. Soon, panamax dry bulk charterers to pool cargoes into capesize dry bulk carriers. United States – China trade negotiations are expected in late March could also trigger a rally in dry bulk rates. Capesize dry bulk operators are turning towards slow steaming amid the weak earnings. Capesize dry bulk carriers’ optimal speed for was lower at 11 knots at the beginning of 2019.

17-April-2017

Baltic Dry Index (BDI) is 36% below its end-March peak at 844 due to a steep drop in iron ore prices, which are down roughly 32% to $54 pmt since the beginning of 2017. Q1 2017 strength in freight rates was driven by the strength in prices for iron and coal. There will not be any recovery on capesize dry bulk carriers until iron ore prices recover from the historic bottom. Q3 and Q4 2017, dry bulk fleet growth matches cargo demand. In order to have a fundamental recovery in freight rates, besides iron ore prices, China’s coal needs might trigger rise. The second half of 2017 will be a soft market with low freight rates. In 2017, net fleet growth will be just around 2% and fleet growth will come in below cargo demand growth. Seasonal growth might impact as a spike but not fundamental. In Q2 2017, Chinese coal imports may increase because of coal-power electricity and less electric generation from hydropower plants.

16-April-2017

As the BDI – Baltic Dry Index shows significant gains, second-hand dry bulk carriers price tags continue to increase. Second-hand dry bulk carrier values suddenly increased in March 2017 due to surging time charter rates. 5-year-old, second-hand capesize dry bulk carrier 180K is now worth $31.2 million up from $24.1 million in the first week of March 2017. 5-year-old, second-hand panamax dry bulk carrier 80K is now worth $18.4 million and supramax dry bulk carrier 53K is now worth $16.4m million.

11-April-2017

Greek tycoon shipowner and operator John Angelicoussis chartered out 2011 built capesize dry bulk carrier 179K DWT M/V Anangel Mariner for a year at $20,750 per day to Engelhart Commodities. BDI – Baltic Dry Index up to 1,262 points and dry bulk market positive sentiment continues with capesize sector progress.

29-March-2017

Credit-Suisse analyst Greg Lewis says dry bulk carrier values will continue to progress. 2017’s improvement means that bulker asset values have risen by around 40% since the BDI – Baltic Dry Index set record lows in Q1 2016. The scarcity of modern dry bulk carriers for sale will push asset prices for both modern and middle-age bulk carriers. Period market is gaining breadth with 83 fixtures Q2 2017 and many charterers fearing higher rates in the near future.

20-November-2016

In the second week of September 2016, Baltic Dry Index (BDI) punched through the 1,000-point mark and hitting highs not seen for nearly 2 years. Capesize rates at least have shown signs of life after a terrible year. Panamax rates have been on a steady upward trend helped by the recent rebound in Asian coal markets and seasonal demand from the US Gulf and Black Sea grain trades. Ship values at lows not seen since the 80s. 5-year-old capesize ships are now worth only around $24 million, panamax and supramax ships only $14 million to $15 million. Dry Bulk Shipping market’s recent rebound can be attributed to the usual seasonal bounce and shipping analysts believe the market is in for around another two years of poor freight rates as new deliveries and weak trade growth slows any rebound. In 2016, 44% of expected new dry bulk deliveries have been delayed which helped the market. Strong and bold shipowners who would be able to sustain at least another 18 months flat rates, then today looks like a good time to invest.

4-May-2016

In February 2016, BDI (Baltic Dry Index) after hitting an all-time low of just 290 points, the Baltic Dry Index has put in a sustained rally to break above 700 in May 2016. Dry bulk shipping market may be breathing a sigh of relief that the market pain has been eased a little bit, dry bulk operators and shipowners will all be well aware this is no moment for hasty celebrations. Cape size spot market rates have now risen to around $8,000 per day which is at or even below break-even levels. Dry bulk shipping bounced due to an unexpected surge in Chinese steel prices and resulting iron ore demand. Iron ore price has hit a 15-month high and spike in speculative trading on steel and iron ore distorted the market. Arguments between bears and bulls, are raging over the real position of China’s economy and its impact on global commodities demand. Bulls argue the current trade slowdown is cyclical rather than structural, and demand will recover sooner than expected. If ship demolition rate is maintained through the year it would total 7.2% of the world fleet will be scrapped in 2016 which would be a record.

23-March-2016

Baltic Exchange might be taken over for $2.55 billion by Chinese interests. 270-year-old The Baltic Exchange story arrives courtesy of The Southeast Asian bourse operator Singapore Exchange Ltd (SGX). the SGX is leading in Iron Ore and LNG. Singapore soon will be an Asian maritime center and The Baltic Exchange is clearly now on the sales block. SGX is unlikely to be the only bidder. The Baltic Exchange is not a huge business in financial terms, probably worth less than $150 million, but it has a big strategic importance to shipping and maritime. The Baltic Exchange soon will lose its independence.

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