September 2025
Back to Baltic Dry Index
30-September-2025
The Baltic Dry Index (BDI) started the week on a weaker note Monday, declining as freight rates softened across all bulk carrier segments. The Baltic Dry Index (BDI) slipped by 39 points to 2,220 points, reflecting a broad pullback in market activity and sentiment. The Baltic Capesize Index (BCI) registered the largest drop among the segments, falling 103 points to 3,524 points, as average daily time charter equivalent earnings for capesize bulk carriers fell by $848 to $29,228. The Baltic Panamax Index (BPI) also moved lower, declining 14 points to 1,818 points, with average daily returns for panamax bulk carriers down by $126 to $16,358. The Baltic Supramax Index (BSI) inched down by 1 point to 1,478 points — its lowest level since 9 September 2025 — as smaller bulk carrier categories continued to experience muted chartering demand and reduced voyage activity.
29-September-2025
Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)
The capesize bulk carrier segment sustained a generally positive trajectory throughout the week, though market energy subsided toward the close. The Baltic Capesize Index (BCI) 5TC began the week just below $28,000, climbing past the $30,000 mark before tapering off slightly to conclude at $30,076. Within the Pacific capesize bulk carrier market, mining activity was active early in the week, ranging from moderate to heavy participation, but by Friday only one miner was reported fixing cargo at $10.80 per ton. Market talk of deals done around $11.20 lacked confirmation, while another was rumored to have been finalized below $11.00. Even with Typhoon Ragasa sweeping through South China midweek, the region’s capesize bulk carrier rates remained largely stable, underpinned by a constrained supply of prompt tonnage. In the Atlantic capesize bulk carrier market, the Baltic Capesize Index (BCI) C3 route advanced to about $26.00 midweek but slipped back to $25.935 by Friday as fresh demand waned and fixtures emerged at marginally softer numbers. The North Atlantic capesize bulk carrier market recorded solid progress earlier in the week, with fronthaul routes surpassing the $50,000 level and transatlantic values strengthening, though enthusiasm cooled as the week drew to a close.
Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)
The panamax bulk carrier segment opened the week on firm ground, maintaining the upward tone that carried over from the previous week, particularly in the Asian sector. However, the Atlantic panamax bulk carrier market started cautiously, facing limited new cargo inquiries in the North Atlantic amid a rising number of available ships. South America’s panamax bulk carrier activity was stable rather than lively, with early-October arrivals continuing to secure premiums over index-linked dates, which fluctuated between the low $15,000s and $16,000. In the Asian panamax bulk carrier arena, consistent Australian mineral demand lent additional support, with average time charter equivalents settling near $15,500. The NoPac (North Pacific) market traded slightly below this due to muted cargo flow. Indonesian demand, however, remained resilient and absorbed a good portion of tonnage in Southeast Asia. Period employment also featured, as an 82K DWT kamsarmax bulk carrier with delivery in Japan was reportedly fixed at $15,500 for a one-year time charter.
Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)
The ultramax/supramax bulk carrier sector displayed a split performance, with the Atlantic region continuing to strengthen while the Asian side lost momentum. The Atlantic ultramax/supramax bulk carrier market maintained firm sentiment amid steady chartering activity. A 63K DWT ultramax bulk carrier open in the US Gulf (USG) for a trip to East Coast India (ECI) fetched about $34,500. Another 63K DWT ultramax bulk carrier open in Brazil for a China voyage was fixed at $17,500 plus a $750,000 ballast bonus (BB). From the Baltic ultramax/supramax bulk carrier market, a 63K DWT ultramax bulk carrier open in East Mediterranean (EMED) for a run via the Baltic to China, routing through the Cape of Good Hope (COGH), was concluded around $21,500. Conversely, the Asian ultramax/supramax bulk carrier market continued to soften, weighed by limited demand and an oversupply of tonnage. A 53K DWT supramax bulk carrier open in Singapore via Indonesia to China achieved approximately $14,000. In contrast, Indian Ocean activity edged upward, with a 63K DWT ultramax bulk carrier open South Africa (SAFR) to China reportedly fixed at about $20,000 plus a $200,000 ballast bonus (BB).
Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)
The handysize bulk carrier market closed the week on a constructive note, with firming rates across nearly all major trading zones. The Continent–Mediterranean handysize bulk carrier market retained a solid tone, supported by balanced supply-demand fundamentals, particularly in the North Continent and Baltic, where multiple fixtures were sealed at competitive levels. A 35K DWT handysize bulk carrier open Poland for a Baltic–West Africa (WAFR) voyage fetched roughly $18,500. Despite limited reported activity, East Coast South America (ECSA) and US Gulf (USG) markets saw steady improvement, aided by tightening tonnage. A 38K DWT handysize bulk carrier open in West Africa (WAFR) for a voyage via Argentina to Turkiye was booked around $16,500, while a 39K DWT handysize bulk carrier open in the US Gulf (USG) for a trip to Egypt Mediterranean fixed close to $23,500. In Asia, handysize bulk carrier sentiment remained stable, with balanced cargo volumes preventing major fluctuations. A 38K DWT handysize bulk carrier open Vietnam for a run to West Coast India (WCI) reportedly fixed at approximately $17,000.
29-September-2025
The Baltic Dry Index (BDI) ended Friday on a softer note as freight levels weakened across most bulk carrier categories, although earlier strength in the larger segments helped the index record a slight weekly improvement. The Baltic Dry Index (BDI) fell by 7 points to settle at 2,259 points, yet still managed to post a 2.5% gain for the week. The Baltic Capesize Index (BCI) slipped by 14 points to 3,627 points, though it retained an approximate weekly increase of 5.5%. Average daily returns for capesize bulk carriers edged down by $118 to $30,076. The Baltic Panamax Index (BPI) eased 3 points to 1,832 points, reflecting a weekly decline of 0.7%. Average daily revenues for panamax bulk carriers decreased by $33 to $16,484. The Baltic Supramax Index (BSI) dropped 4 points to 1,479 points, translating to a weekly loss of roughly 0.7%.
27-September-2025
The Baltic Dry Index (BDI) moved lower on Friday, pressured by softer freight levels across multiple bulk carrier types. Despite the late-week dip, firm pricing in the larger bulk carrier segments earlier in the period supported a modest overall weekly gain. The Baltic Dry Index (BDI) slipped 7 points to 2,259 points but still advanced 2.5% over the week. The Baltic Capesize Index (BCI) declined 14 points to 3,627 points, though it finished roughly 5.5% higher on a weekly basis. Average daily returns for capesize bulk carriers narrowed by $118 to $30,076. The Baltic Panamax Index (BPI) eased 3 points to 1,832 points, representing a 0.7% weekly drop. Average daily earnings for panamax bulk carriers were down by $33 to $16,484. The Baltic Supramax Index (BSI) weakened by 4 points to 1,479 points, translating into a weekly loss of about 0.7%.
26-September-2025
The Baltic Dry Index (BDI) advanced to its strongest level in about a year and a half on Thursday, buoyed by firmer freight rates across most bulk carrier segments. The Baltic Dry Index (BDI) increased by 26 points to reach 2,266 points, its highest figure since March 2024. The Baltic Capesize Index (BCI) climbed 68 points to 3,641 points, as average daily returns for capesize bulk carriers rose by $558 to $30,194. The Baltic Panamax Index (BPI) gained 11 points to stand at 1,835 points, with average daily earnings for panamax bulk carriers edging up by $103 to $16,517. The Baltic Supramax Index (BSI) remained unchanged at 1,483 points
25-September-2025
The Baltic Dry Index (BDI) advanced to its strongest point in almost two months on Wednesday, supported by firmer freight values in the capesize and panamax bulk carrier segments. The Baltic Dry Index (BDI) increased by 40 points to 2,240 points, reaching its highest mark since 25 July 2025. The Baltic Capesize Index (BCI) jumped 104 points to 3,573 points as average daily returns for capesize bulk carriers rose by $866 to $29,636. The Baltic Panamax Index (BPI) improved by 25 points to 1,824 points, ending a seven-session decline, while average daily income for panamax bulk carriers climbed by $224 to $16,414. The Baltic Supramax Index (BSI) edged down 3 points to 1,483 points.
24-September-2025
The Baltic Dry Index (BDI) moved higher on Tuesday, driven by renewed strength in capesize bulk carrier earnings. The Baltic Dry Index (BDI) climbed 28 points to 2,200 points. The Baltic Capesize Index (BCI) surged 104 points to 3,469 points as average daily returns for capesize bulk carriers rose by $867 to $28,770. The Baltic Panamax Index (BPI) declined 23 points to 1,799 points, hitting its lowest reading since 4 September 2025, with average daily revenues for panamax bulk carriers slipping by $210 to $16,190. The Baltic Supramax Index (BSI) held firm at 1,486 points.
23-September-2025
The Baltic Dry Index (BDI) declined on Monday, pressured by softer sentiment across all major bulk carrier types. The Baltic Dry Index (BDI) dropped 31 points to close at 2,172 points. The Baltic Capesize Index (BCI) broke its six-day upward streak, sliding 72 points to 3,365, as average daily earnings for capesize bulk carriers decreased by $601 to $27,903. The Baltic Panamax Index (BPI) weakened by 23 points to 1,822 points, touching its lowest mark since 5 September 2025, with average daily revenues for panamax bulk carriers down by $203 to $16,400.The Baltic Supramax Index (BSI) slipped 3 points to 1,486 points.
22-September-2025
Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)
The capesize bulk carrier market wrapped up the week with a stronger tone, recording gains across both the Pacific and Atlantic basins. The Baltic Capesize Index (BCI) 5TC advanced steadily, climbing from just over $26,000 at the start of the week to finish at $28,504. In the Pacific, sentiment improved after a sluggish opening, supported by steady cargo flow from miners and stronger coal demand, with Baltic Capesize Index (BCI) C5 levels pushing into the $11 range. The Atlantic painted a more complicated picture. On routes from East Coast South America (ECSA) and West Africa (WAFR) to China, the capesize bulk carrier market maintained a contango profile, with early October 2025 weighed down by excess tonnage, while later laycans gained support as demand firmed, prompting capesize bulk carriers to reposition forward. As prompt supply cleared, confidence returned, with Baltic Capesize Index (BCI) C3 trades reported closer to $25. In the North Atlantic, the market showed additional strength, with solid fronthaul demand and active transatlantic fixtures lifting returns as available capesize bulk carrier supply tightened.
Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)
The panamax bulk carrier market endured another weaker week, with pressure most evident in the Atlantic where owners had difficulty resisting discounts. Early spot ships and ballasters were consistently marked down, dragging values lower. The Baltic Panamax Index (BPI) P1A route registered a steep fall, shedding roughly $4,000 week-on-week as demand slowed sharply. From East Coast South America (ECSA), activity was thin for index dates, with earlier arrivals marked at heavy discounts, even though grain houses concluded a fair number of contracts. In Asia, trade demand was healthier, and by mid-week rates seemed to have found a base, with owner resistance gradually firming. Typical index-linked trips paid around $14,500, while much of Indonesia’s volume was taken by older panamax bulk carriers earning near $13,000. Forward business remained limited, though reports emerged of an 81K DWT kamsarmax bulk carrier open in Thailand fixed for two years at 112% of the Baltic Panamax Index (BPI) 82.
Ultramax/Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)
Performance for ultramax/supramax bulk carriers varied widely depending on region. The Atlantic retained healthy interest from both North Atlantic and South Atlantic, though sentiment in South America cooled toward the end of the week. From the U.S. Gulf (USG), an ultramax bulk carrier secured around $26,000 for 2 to 3 laden legs with redelivery Singapore-Japan. Further south, an ultramax bulk carrier open East Coast South America (ECSA) agreed a trip to China at $16,500 plus a $650,000 ballast bonus (BB). In West Africa, a supramax bulk carrier via Guinea to Ireland achieved $18,500. In Asia, despite sporadic interest from the north, market tone weakened. A supramax bulk carrier open Indonesia via Indonesia to West Coast India (WCI) agreed close to $17,000, while an ultramax bulk carrier open North China to West Africa (WAFR) fixed about $18,000.
Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)
The handysize bulk carrier market delivered a mixed outcome, with only minor shifts across both basins. In the Continent and Mediterranean, handysize bulk carrier earnings nudged slightly upward, supported by steady activity. One handysize bulk carrier open Germany via the Baltic to Turkiye achieved $18,000. In East Coast South America (ECSA) and the U.S. Gulf (USG), conditions balanced out as demand gradually picked up and rates moved higher. A handysize bulk carrier open South Brazil to the U.S. Gulf (USG) secured around $22,000, while a handymax bulk carrier open U.S. Gulf (USG) to East Coast India (ECI) fixed at roughly $21,000. In Asia, the tone stayed quiet with long tonnage lists in Southeast Asia (SEA) and the North Pacific (NOPAC), though levels held steady. A 34K DWT handysize bulk carrier open UAE to West Coast India (WCI) fixed near $13,000.
22-September-2025
Capesize bulk carrier spot rates, which had been rising consistently since early September 2025, eased as the transatlantic market showed signs of slowing. Average capesize bulk carrier spot rates, which had jumped by more than 21% from the beginning of September 2025, lost strength at the start of the week. Transatlantic capesize bulk carrier round-trip returns posted a strong surge last week, but updated market evaluations on Monday restrained that momentum. Consequently, average capesize bulk carrier spot rates dropped back under the $28,000-per-day threshold on Monday, halting the upward momentum that had dominated in recent weeks. Nevertheless, despite this brief pullback, the wider basket calculation for average capesize bulk carrier spot rates for larger bulk carriers still indicates an increase of just over 21% since 3 September 2025.
19-September-2025
The Baltic Dry Index (BDI) advanced to its strongest level in nearly two months on Thursday, lifted by firming capesize bulk carrier returns, with the benchmark adding 25 points to settle at 2,205 points, the highest mark since 28 July 2025. The Baltic Capesize Index (BCI) likewise touched a near two-month peak, jumping 111 points to 3,411 points, its loftiest level since 29 July 2025, as average daily revenues for capesize bulk carriers climbed by $922 to $28,288. On the commodity front, iron ore futures drifted lower on Thursday under pressure from subdued demand in China’s construction and manufacturing sectors, though inventory building ahead of the upcoming Chinese National Day holiday limited further losses. By contrast, the Baltic Panamax Index (BPI) slipped to its weakest point in more than a week, retreating 42 points to 1,881 points, the lowest since 8 September 2025, with average daily returns for panamax bulk carriers shrinking by $380 to $16,928. The Baltic Supramax Index (BSI) held steady, showing no movement at 1,492 points.
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.
17-September-2025
The Baltic Dry Index (BDI) hovered near its strongest mark in almost two months on Tuesday, as firmer capesize bulk carrier levels balanced declines across smaller bulk carrier classes, with the index edging up 1 point to 2,154 points, the highest reading since 28 July 2025. The Baltic Capesize Index (BCI) advanced by 35 points to reach 3,189 points, its peak since 18 August 2025, while average daily income for capesize bulk carriers increased by $287 to $26,443. Iron ore futures rebounded during Tuesday trading, buoyed by an uptick in Chinese steel production, with steel benchmarks also strengthening as sentiment improved despite lingering weakness in the property sector. In contrast, the Baltic Panamax Index (BPI) continued its slide, dropping 35 points to 1,968 points, the lowest in a week, with average daily earnings for panamax bulk carriers slipping $315 to $17,712. The Baltic Supramax Index (BSI) eased by 2 points, finishing at 1,491 points.
16-September-2025
The Baltic Dry Index (BDI) advanced further on Monday, continuing the upward trajectory from the prior session and touching its strongest mark in more than a month after climbing 27 points to 2,153 points, the highest level since 28 July 2025, driven by solid capesize bulk carrier performance as the Baltic Capesize Index (BCI) jumped 84 points to 3,154 points, its best showing since 18 August 2025, with average daily revenues for capesize bulk carriers rising by $699 to $26,156, while iron ore futures settled lower under pressure from China’s ongoing property sector slump even as steel benchmarks and related raw materials managed to post increases, and at the same time the Baltic Panamax Index (BPI) ended a seven-session upswing by slipping 3 points to 2,003 points with daily income for panamax bulk carriers down $29 to $18,027, whereas the Baltic Supramax Index (BSI) ticked up 1 point to 1,493 points.
10-September-2025
The Baltic Dry Index (BDI) climbed to its strongest level in over a month on Tuesday, lifted by firmer freight rates across every bulk carrier class. The Baltic Dry Index (BDI) advanced by 60 points, closing at 2,079 points, its peak since 29 July 2025. The Baltic Capesize Index (BCI) also strengthened, jumping 104 points to 3,016 points, the highest reading since 26 August 2025. Daily average earnings for capesize bulk carriers rose by $867 to reach $25,017. Iron ore futures continued their upward streak for a sixth session in a row, buoyed by escalating concerns about supply challenges from Guinea’s massive Simandou project and renewed optimism for stronger demand in China, the world’s largest consumer. The Baltic Panamax Index (BPI) improved by 77 points to 1,923 points, marking its highest point since 17 July 2025, with daily returns for panamax bulk carriers up $698 to $17,311. The Baltic Supramax Index (BSI) edged higher as well, adding 9 points to finish at 1,473 points.
9-September-2025
The Baltic Dry Index (BDI) advanced to its strongest point in a week on Monday, lifted by firmer freight rates across every bulk carrier category. The Baltic Dry Index (BDI) rose by 40 points, settling at 2,019 points, its highest reading since 1 September 2025. The Baltic Capesize Index (BCI) also reached a weekly peak, climbing 77 points to 2,912 points, the strongest level recorded since 1 September 2025. Average daily earnings for capesize bulk carriers improved by $637, reaching $24,150. Iron ore futures gained for the fifth consecutive session on Monday, supported by a sharp drop in shipments from a key supplier alongside continued resilience in steel exports from leading consumer China. The Baltic Panamax Index (BPI) advanced 44 points to 1,846 points, marking its highest level since 29 August 2025. Average daily income for panamax bulk carriers grew by $392 to $16,613. Meanwhile, the Baltic Supramax Index (BSI) edged upward by 8 points to 1,464 points.
8-September-2025
Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)
The capesize bulk carrier sector witnessed fluctuating dynamics over the week, beginning with a muted but stable tone, softening in the middle days, before regaining momentum in both Atlantic and Pacific regions toward the end. In the Pacific, steady demand from mining houses and operators lent support, though Baltic Capesize Index (BCI) C5 route values mostly lingered in the narrow band of $9.95 to just above $10.00. Midweek saw increased interest on Brazil and West Africa (WAFR) to China trades, with Baltic Capesize Index (BCI) C3 contracts closing at $23.50, reflecting strong appetite for late-October stems. Although activity slowed somewhat on Thursday, forward demand expectations provided stability. The North Atlantic was the standout performer, with fronthaul earnings pushing up into the $44,000s. The Baltic Capesize Index (BCI) 5TC opened at $24,455, dipped under $23,000 midweek, and finished at $23,513 after a modest recovery.
Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)
The panamax bulk carrier market started quietly but firmed noticeably midweek as fundamentals turned supportive, with the Atlantic basin leading the charge. Limited early tonnage in the North Atlantic tightened availability and drove transatlantic round voyage returns to approximately $21,500. Fronthaul fixtures also improved, with rates near $29,000 for trips via the US East Coast (USEC) to India, fuelling bullish momentum. In the Pacific, sentiment mirrored the Atlantic’s positive tone, and gains accumulated as the week progressed. North Pacific (NoPac) and Australian round voyage values remained near $13,000. Additional fixtures were concluded on kamsarmax bulk carriers out of South America, with an 82K DWT kamsarmax delivering in South China achieving $18,500 for an Argentina round and $17,500 for a Brazil round, representing a premium compared with standard Pacific routes.
Ultramax/Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)
The ultramax/supramax bulk carrier market had a mixed week, particularly in Asia where muted enquiry levels constrained activity. In the Atlantic, trading was largely positional. From the US Gulf (USG), demand shifted throughout the week yet remained fairly firm overall, highlighted by a 61K DWT ultramax bulk carrier earning in the high $20,000s for a transatlantic voyage. South Atlantic activity was evenly balanced, with a 63K DWT ultramax bulk carrier fixed delivery Brazil to Bangladesh at about $16,500 plus a $650,000 ballast bonus (BB). The Continent-Mediterranean produced further business, as seen with a 63K DWT ultramax bulk carrier fixed from the UK to the East Mediterranean (EMED) at $22,000. In Asia, weaker sentiment persisted, with fixtures including a 58K DWT supramax bulk carrier open South China via Philippines fixed back into South China at $16,000, and a 61K DWT ultramax bulk carrier out of North China securing $16,500 for a run to West Africa (WAFR). The Indian Ocean remained active, with a 63K DWT ultramax bulk carrier fixed open UAE to Bangladesh at $16,500.
Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)
The handysize bulk carrier market retained a relatively balanced tone, with small upward adjustments in certain regions. In the Continent and Mediterranean, freight levels inched higher, and sentiment improved. Illustratively, a 30K DWT handysize bulk carrier fixed from Belgium to Turkiye at $9,500. The South Atlantic was well supported, especially for larger handysize bulk carriers, with a 39K DWT handysize bulk carrier fixed from Argentina to Algeria at $22,500. By contrast, the US Gulf (USG) showed softer signs, as reflected in a 37K DWT handysize bulk carrier fixed SW Passage via US Gulf to Colombia East Coast at $19,000. In Asia, the handysize bulk carrier segment stayed mostly steady with positional moves, and some tightening of tonnage was noted in both the North Pacific (NoPac) and Southeast Asia (SEA). A 37K DWT handysize bulk carrier open North China fixed to Thailand at around $14,000 demonstrated the generally stable tone.