December 2025
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.