June 2025
Back to Baltic Dry Index
30-June-2025
The Baltic Dry Index (BDI) declined by 32 points to 1,489 points; the Baltic Dry Index (BDI) recorded its highest level on 20 May 2008 when it reached 11,793 points, and its lowest level on 10 February 2016 when it fell to 290 points.
27-June-2025
The Baltic Dry Index (BDI) dropped by 112 points to 1,553 on Thursday, reaching its lowest level since 4 June 2025, as declining capesize bulk carrier rates continued to pressure overall sentiment; the Baltic Capesize Index (BCI) plunged 379 points to 2,345, marking its steepest daily percentage loss since 10 January 2024 and registering its eighth consecutive decline, with average daily earnings for capesize bulk carriers down by $3,145 to $19,447, while activity on the BCI C5 route remained subdued with no participation from miners and only minimal fixtures reported; meanwhile, the Baltic Panamax Index (BPI) rose for a fourth straight session, gaining 43 points to 1,468, supported by consistent seasonal demand and stable enquiry in both the Atlantic and Pacific basins, lifting average daily earnings for panamax bulk carriers by $389 to $13,214; the Baltic Supramax Index (BSI) also inched up by 6 points to reach 1000.
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.
25-June-2025
The Baltic Dry Index (BDI) broke its five-session losing run on Tuesday, supported by a rise in panamax bulk carrier rates, as the Baltic Dry Index (BDI) increased by 7 points to 1,681, while the Baltic Panamax Index (BPI) advanced 22 points to 1,384 and average daily earnings for panamax bulk carriers rose by $201 to $12,455, in contrast to the Baltic Capesize Index (BCI), which edged down by 1 point to 2,817, marking its lowest level since 4 June 2025, with average daily earnings for capesize bulk carriers declining by $7 to $23,360, and the Baltic Supramax Index (BSI) posted a 4-point gain to reach 983.
24-June-2025
The Baltic Dry Index (BDI) declined to a more than two-week low on Monday, dropping by 15 points to 1,674, the weakest level since 6 June 2025, as a result of falling capesize bulk carrier freight rates, with the Baltic Capesize Index (BCI) slipping 61 points to 2,818, its lowest point since 4 June 2025, and average daily earnings for capesize bulk carriers decreasing by $512 to $23,367, while Dalian iron ore futures climbed to their highest level in over a week on Monday due to improved short-term demand expectations in top consumer China; in contrast, the Baltic Panamax Index (BPI) rose 12 points to 1,362, with average daily earnings for panamax bulk carriers increasing by $103 to $12,254, and the Baltic Supramax Index (BSI) advanced 6 points to 979.
23-June-2025
Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)
The capesize bulk carrier market declined this week, with sentiment weakening steadily, especially in the Pacific. The Baltic Capesize Index (BCI) C5 route came under downward pressure due to reduced iron ore shipments from West Australia. Coal cargoes from East Australia provided limited support but failed to counterbalance the overall decline. The BCI C5 rates consistently dropped from $11.00 at the start of the week to $9.30 by its end. In the Atlantic, the week began with stronger momentum, supported by limited capesize bulk carrier tonnage and a steady cargo stream. However, this firmness faded as the week progressed, with offers softening on both Trans-Atlantic and Fronthaul capesize bulk carrier routes. On the South Brazil to China BCI C3 route, backwardation emerged clearly, as capesize bulk carrier rates fell from $26.50 to $20.50. Overall, the market reversed previous gains, with the Baltic Capesize Index (BCI) 5TC shedding over $7,000 and settling at $23,879 by Friday.
Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)
It was a quiet week in the panamax bulk carrier market. Trans-Atlantic trades were scarce, with demand for both grain and minerals weakening in the Atlantic basin. The East Coast South America (ECSA) panamax bulk carrier market had a mixed tone; activity was limited overall, but Baltic Panamax Index (BPI) P6 dates remained relatively balanced. First-half July arrival dates started the week firm but weakened as excess panamax bulk carrier tonnage met with subdued demand. Midweek fixtures for index dates ranged between $11,500 and $13,000 for panamax bulk carrier delivery in the India–South East Asia (SEA) region. In Asia, the panamax bulk carrier market continued to decline due to an increasing tonnage list and limited inquiries, especially from North Pacific (NOPAC), Australia, and Indonesia, with mineral demand proving insufficient to support rates. On the period front, an 82K DWT kamsarmax bulk carrier open in Taiwan was fixed at around $11,000 for a 6/8 month charter.
Ultramax/Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)
The ultramax/supramax bulk carrier market had a largely positional week. In the Atlantic basin, demand for ultramax/supramax bulk carrier tonnage improved, with a 58K DWT supramax bulk carrier open in the SW Passage fixing at approximately $21,000 for a voyage via the US Gulf (USG) to East Coast Mexico. However, this upward pressure began to ease by the end of the week. The South Atlantic remained active, where a 63K DWT ultramax bulk carrier open in Argentina to China fixed around $14,000 plus a $400,000 Ballast Bonus. In contrast, activity in the Continent–Mediterranean region was subdued, and rates remained soft. The Pacific started slowly but saw improved inquiry levels later in the week from North Pacific (NOPAC) and Indonesia. Still, with ample prompt ultramax/supramax bulk carrier availability in the Indian Ocean, rates stayed capped. A 63K DWT ultramax bulk carrier fixing a North Pacific (NOPAC) round from China fetched about $12,500, while a 55K DWT supramax bulk carrier from South East Asia (SEA) to China fixed near $10,500. The Indian Ocean remained quiet, with a 60K DWT ultramax bulk carrier open in the UAE to Australia fixed at around $9,500.
Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)
The handysize bulk carrier market showed mixed performance across regions this week. In the Continent and Mediterranean, handysize bulk carrier conditions stayed weak with limited new inquiries. Meanwhile, activity remained firm in the South Atlantic and U.S. Gulf (USG), driven by continued demand. A 35K DWT handysize bulk carrier open in West Africa (WAFR) for a voyage via Argentina to ARAG fixed at around $17,500. A 37K DWT handysize bulk carrier open in Florida via the US Gulf (USG) to the UK was fixed near $18,000. The Pacific basin remained quiet overall, with long handysize bulk carrier tonnage lists in South East Asia (SEA) and the North Pacific (NOPAC), though rates held relatively stable. A 34K DWT handysize bulk carrier open in Hong Kong to the Philippines fixed at about $9,000. Period interest was limited, with a 28K DWT handysize bulk carrier fixed from delivery Southeast Asia (SEA) for 4-6 months at $9,650 per day.
20-June-2025
The Baltic Dry Index (BDI) declined for the third straight session on Thursday, reaching a one-week low of 1,751 after dropping 123 points, as rates weakened across the larger bulk carrier segments; the Baltic Capesize Index (BCI) fell by 364 points to 3,078, marking its lowest level in more than a week, with average daily earnings for capesize bulk carriers decreasing by $3,022 to $25,524, while iron ore futures prices broke a five-day losing streak due to increased steel production in China, though the gains were limited by ongoing weakness in China’s property market which continued to dampen demand outlook; the Baltic Panamax Index (BPI) dropped 25 points to 1,353, with average daily earnings for panamax bulk carriers declining by $231 to $12,174, whereas the Baltic Supramax Index (BSI) rose 14 points to 963, marking its highest level in three weeks.
19-June-2025
The Baltic Dry Index (BDI) fell by 78 points to 1,874 on Wednesday, hitting a one-week low due to declining rates in the capesize and panamax segments; the Baltic Capesize Index (BCI) dropped 218 points to 3,442, also marking a one-week low, as average daily earnings for capesize bulk carriers decreased by $1,811 to $28,546; iron ore futures continued to slide for the fifth straight session, pressured by softening demand in China, the world’s top steel consumer; the Baltic Panamax Index (BPI) ended a 10-session winning streak with a 28-point decline to 1,378, as panamax bulk carrier earnings fell by $247 to $12,405; in contrast, the Baltic Supramax Index (BSI) edged up 4 points to 949, reaching a two-week high; additionally, marine war risk premiums for ships operating near Israel have climbed to around 0.7% following an escalation of hostilities involving Iran.
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.
18-June-2025
The Baltic Dry Index (BDI) declined on Tuesday due to weaker freight rates for large bulk carriers, falling 23 points to 1,952, while the Baltic Capesize Index (BCI) dropped 71 points to 3,660 and average daily earnings for capesize bulk carriers decreased by $587 to $30,357; meanwhile, Dalian iron ore remained largely unchanged as iron ore traders weighed mixed macroeconomic indicators against continued strong steel demand from top consumer China, the Baltic Panamax Index (BPI) slipped 4 points to 1,406 with average daily earnings for panamax bulk carriers down by $42 to $12,652, and the Baltic Supramax Index (BSI) rose 6 points to 945, reaching its highest level in nearly two weeks.
17-June-2025
The Baltic Dry Index (BDI) climbed to an eight-month high on Monday, driven by stronger rates across all bulk carrier segments, rising 7 points to 1,975, marking its highest level since 2 October 2024, while the Baltic Capesize Index (BCI) increased by 9 points to 3,731, reaching its highest point since July 2024, with average daily earnings for capesize bulk carriers up $78 to $30,944, iron ore futures advanced slightly supported by steady demand for the steelmaking commodity despite concerns over U.S. steel tariffs limiting further gains, the Baltic Panamax Index (BPI) rose by 9 points to 1,410, hitting its highest level in more than ten weeks, with average daily earnings for panamax bulk carriers increasing by $84 to $12,694, and the Baltic Supramax Index (BSI) edged up 3 points to 939, nearing a two-week high.
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.
11-June-2025
The Baltic Dry Index (BDI) declined on Tuesday following a drop in capesize bulk carrier rates, after having reached a seven-month high in the prior session. The Baltic Dry Index (BDI) fell by 11 points to 1,680, after hitting its highest level since 18 November 2025 on Monday. The Baltic Capesize Index (BCI) decreased by 54 points to 2,956, while average daily earnings for capesize bulk carriers declined by $442 to $24,519. The arbitrage in China’s iron ore import pricing has recently widened, with domestic iron ore trading at a $7 per ton premium compared to landed international prices, which is likely contributing to increased iron ore import demand into China. Iron ore futures continued their downward trend for a second consecutive session, pressured by expectations of rising supply, though steady demand from China and optimism over improving China-U.S. trade relations helped limit further losses. Senior officials from both the United States and China have been working to ease tensions that have escalated from tariff disputes to restrictions on rare earths, with trade negotiations entering a second day in London. The Baltic Panamax Index (BPI) gained 36 points to reach 1,300, marking a four-week high, while average daily earnings for panamax bulk carriers rose by $320 to $11,698. The Baltic Supramax Index (BSI) slipped by 7 points to 919, nearing a three-month low.
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.
10-June-2025
The Baltic Dry Index (BDI) climbed on Monday to reach its highest level in nearly seven months, driven by strong demand in the larger bulk carrier segments. The Baltic Dry Index (BDI) increased by 58 points to 1,691, marking its highest point since 18 November 2024. The Baltic Capesize Index (BCI) rose by 168 points to 3,010, also nearing a seven-month high. Average daily earnings for capesize bulk carriers increased by $1,389 to $24,961. The Baltic Panamax Index (BPI) advanced by 18 points to 1,264, hitting a more than two-week high, with average daily earnings for panamax bulk carriers rising by $168 to $11,378. Meanwhile, the Baltic Supramax Index (BSI) declined by 7 points to 926, its lowest level since 13 March 2025.
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%.
5-June-2025
The Baltic Dry Index (BDI) continued its upward trajectory on Wednesday, rising by 59 points to reach 1,489, marking its highest level since 4 April 2025 and registering a sixth consecutive session of gains driven by firmer rates in the larger bulk carrier segments; the Baltic Capesize Index (BCI) climbed 148 points to 2,481, the highest since 27 March 2025, with average daily earnings for capesize bulk carriers increasing by $1,226 to $20,576, as iron ore futures rebounded due to profit-taking by investors who had previously shorted the market, although the upside remained limited by expectations of softer seasonal demand; on the trade policy front, the administration of U.S. President Donald Trump issued a call on Wednesday for “best offers” from key trading partners in an attempt to prevent a new round of import tariffs set to take effect in early July 2025, while newly announced U.S. tariffs on steel and aluminium imports also came into force; the Baltic Panamax Index (BPI) increased by 37 points to 1,145, marking a one-week high, with average daily earnings for panamax bulk carriers rising by $334 to $10,307, whereas the Baltic Supramax Index (BSI) declined by 2 points to 940, its lowest point since 15 April 2025.
4-June-2025
The Baltic Dry Index (BDI) extended its gains for a fifth straight session on Tuesday, rising by 8 points to 1,430, the highest level since 4 April 2025, supported by stronger rates in the capesize and panamax segments; the Baltic Capesize Index (BCI) climbed 33 points to 2,333, its highest since 3 April 2025, with average daily earnings for capesize bulk carriers increasing by $279 to $19,350, while iron ore futures dropped to a nearly two-month low amid demand concerns driven by U.S. President Donald Trump’s announcement to double tariffs on steel imports and disappointing factory data from top consumer China; the Baltic Panamax Index (BPI) inched up by 1 point to 1,108, ending an eight-session losing streak, with panamax average daily earnings ticking up $6 to $9,973, as growing iron ore exports from Brazil and Australia to China continue to support capesize demand, though the wide rate gap between capesize and panamax bulk carriers has led to some cargoes being split and diverted to panamax ships; meanwhile, the Baltic Supramax Index (BSI) declined by 6 points to 942, marking its lowest level since 15 April 2025.
3-June-2025
The Baltic Dry Index (BDI) climbed to a two-month high on Monday, gaining 4 points to reach 1,422, its highest level since April 4, 2025, driven by increased rates for capesize bulk carriers, with the Baltic Capesize Index (BCI) rising 23 points to 2,300, marking its strongest level since April 3, 2025, as average daily earnings for capesize bulk carriers increased by $186 to $19,071; meanwhile, the Baltic Panamax Index (BPI) declined 12 points to 1,107, with average daily earnings for panamax bulk carriers falling by $105 to $9,967, and the Baltic Supramax Index (BSI) remained flat at 951 points, as U.S. Treasury Secretary Scott Bessent stated on Sunday that President Donald Trump would soon engage in talks with Chinese President Xi Jinping to resolve tensions concerning critical minerals.
2-June-2025
Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)
The capesize bulk carrier market showed notable gains this week after a sluggish start caused by Monday’s UK bank holiday. Activity in the Pacific basin increased, driven by steady cargo demand from miners and a tightening list of available capesize bulk carriers, pushing C5 Baltic Capesize Index (BCI) rates up from $8.25 to $8.85 by week’s end. In the Atlantic, particularly on the Brazil–China route (C3 BCI), stronger momentum prevailed, with rates climbing above $20.00 mid-week and reaching $22.00 amid firm cargo flow and a slightly reduced list of capesize bulk carrier ballasters. The North Atlantic also saw a late-week uptick, especially on the Fronthaul route, while sentiment in the Transatlantic capesize bulk carrier market improved, supported by reports of stronger fixtures. Overall, the Baltic Capesize Index (BCI) 5TC posted a solid weekly gain of $3,880 between Tuesday and Friday, ending at $18,885.
Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)
It was another disappointing week for the panamax bulk carrier market, with the recent weakening trend persisting and minimal momentum at the start of the week, further hampered by multiple holidays. The Atlantic basin remained largely driven by fronthaul activity and consistent cargo flow. A kamsarmax bulk carrier of 82K DWT open in Spain fixed a voyage via Colombia's East Coast to China at $17,750 per day. Transatlantic activity was subdued, with rates slipping slightly as the number of available panamax bulk carriers held steady rather than increasing. In the Pacific, the market lacked support entirely. Even coal shipments from Indonesia were insufficient, forcing many older and smaller bulk carriers to accept steep discounts—one 73K DWT panamax built in 1999 was fixed at $3,000 for a trip via Indonesia to China, while longer trips hovered around $9,000 for most of the week. Period activity was limited, though there were a few index-linked fixtures; a highlight was an 82K DWT kamsarmax fixed in China at 102% of the Baltic Panamax Index (BPI) for one year.
Ultramax/Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)
The ultramax/supramax bulk carrier market faced another challenging week, with rates in both the Atlantic and Pacific regions under continued pressure. The South Atlantic and US Gulf markets remained weak due to a lack of fresh inquiries and a growing supply of available ultramax/supramax bulk carriers. A 57K DWT supramax bulk carrier was fixed from Brazil to China at $12,500 plus a $250,000 ballast bonus. In the Continent and Mediterranean, sentiment was mixed and highly positional, with reported fixtures generally matching last done levels. For example, a 64K DWT ultramax opened in Spain was fixed for a trip via Morocco and the Cape of Good Hope to India carrying fertilizers at $13,250 per day. In Asia, limited ultramax/supramax activity continued, with softening rates in both North Pacific and Southeast Asia. A 64K DWT ultramax was fixed from North China to Southeast Asia at $11,000 per day. In the period market, a 63K DWT ultramax open in South China was fixed for one year at 100% of the Baltic Supramax Index (BSI).
Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)
The handysize bulk carrier market recorded a generally positive week, with rates improving across most loading areas. In the Continent-Mediterranean region, steady progress continued, with sentiment largely positional. For instance, a 40K DWT ship was fixed from the UK via the Baltic to Venezuela at $12,000 per day. In the South Atlantic, the market remained stable, backed by consistent demand and a balanced handysize bulk carrier supply. A 40K DWT handysize was fixed from Argentina to the Dominican Republic at $18,000 per day. The U.S. Gulf was especially active, with notable gains in handysize bulk carrier rates—a 40K DWT unit was fixed from the US Gulf to Italy at $16,000 per day. Meanwhile, the Pacific handysize market remained flat. Although some new demand emerged, it was not enough to absorb the oversupply of handysize bulk carriers. A 40K DWT unit was fixed from Japan to ARAG at $12,500 per day.