July 2025
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31-July-2025
The Baltic Dry Index (BDI) extended its losing streak to a fourth consecutive session on Wednesday, dropping 114 points to 1,995 points, the lowest level recorded since 16 July 2025, as weakening demand impacted all bulk carrier segments, while the Baltic Capesize Index (BCI) declined by 290 points to 3,186, marking a one-week low and registering its third straight session of losses, with average daily earnings for capesize bulk carriers falling by $2,408 to $26,422, and the Baltic Panamax Index (BPI) decreased by 52 points to 1,689, reaching its lowest since 9 July 2025 and marking its eleventh consecutive session of decline, as average daily earnings for panamax bulk carriers slipped by $468 to $15,203, while the Baltic Supramax Index (BSI) dropped 10 points to 1,271, falling to its lowest level in over two weeks.
30-July-2025
The Baltic Dry Index (BDI) declined on Tuesday by 117 points to 2,109 points, marking its lowest level since 22 July 2025, as softening demand across all ship segments applied downward pressure, with the Baltic Capesize Index (BCI) falling 298 points to 3,476, also the lowest level in a week, while average daily earnings for capesize bulk carriers dropped by $2,466 to $28,830, and the Baltic Panamax Index (BPI) decreased by 57 points to 1,741, its weakest point since 10 July 2025, with average daily earnings for panamax bulk carriers down $509 to $15,671, as the Baltic Supramax Index (BSI) also slipped 8 points to 1,281.
30-July-2025
China’s economy expanded by 5.2% in Q2 2025, slowing slightly from 5.4% in Q1 2025 but surpassing the market consensus of 5.1%, with limited tariff impacts contributing to the outperformance of the official 5.0% growth target; domestic consumer activity remained subdued, with retail sales increasing by 4.8% in June 2025, down from 6.4% in May 2025, while electric vehicle (EV) sales surged 32% year-on-year in the first half of 2025 to 5.5 million units, now accounting for 50% of passenger car sales; demand for imported non-ferrous ores including bauxite and battery metals is projected to rise, boosting dry bulk trade, with aluminium production climbing 3.4% year-on-year in June 2025 and 3.3% for the first half, whereas steel production declined 3.9% month-on-month and 9.2% year-on-year in June to 83.18 million tonnes, and total output for H1 2025 fell 3% year-on-year to 514.8 million tonnes; iron ore imports defied falling steel output, rising 8% in June over May to reach 106 million tonnes as Chinese importers capitalized on price dips to $93.35 per ton on 1 July, rebounding to around $98 by 17 July 2025; the dry bulk carrier market showed strong performance in July 2025 despite the Baltic Dry Index (BDI) averaging 1,598 points so far—below June’s 1,686 average—with the recovery in Chinese iron ore intake lifting the Baltic Capesize Index (BCI) by 43% in July to 3,021 from 2,111 at the end of June, fully recouping losses since 19 June 2025 and setting the stage for a potential break above the previous 3,660 peak logged on 17 June 2025, as brokers cite steady demand and balanced tonnage, while the Baltic Capesize Index (BCI) C5 rate rallied from $7,904 on 27 June 2025 to $23,836 by 17 July 2025, and freight on the Brazil–China capesize route jumped 32% to $22,068; panamax bulk carrier earnings also advanced, with the Baltic Panamax Index (BPI) P5TC rate rising 29% from $13,502 on 30 June 2025 to $17,399 on 17 July 2025—its highest mark since June 2024—supported by South American grain activity and Chinese coal imports, as TCEs for panamax bulk carriers from the Continent to China via the US Gulf (USG) and Panama increased 30% to $26,450, while the US Gulf (USG) to China voyage rose 34% to $25,673, Brazil to China via Panama added 27% to reach $17,289, South China to Indonesia gained 26% to hit $15,122, and North Pacific round trips via the US West Coast (USWC) moved up 18% to $14,729; the ultramax bulk carrier market has mirrored the surge, with a 63,000 DWT ultramax bulk carrier earning 37% more on the China–Indonesia round voyage at $13,793, while the China–Indonesia–India leg grew 31% to $16,818, the US Gulf (USG) to China via Panama route soared 46% to $28,418, and Argentina to China rose 39% to $21,771, while in the Atlantic, the US Gulf (USG) to ARAG route climbed 42% to $29,021 and the West Africa–Argentina–ARAG trip increased 31% to $17,771, lifting the average July TCE for ultramax bulk carriers to $12,687—the highest level since October 2024; handysize bulk carrier earnings rebounded as well, with the Baltic Handysize Index (BHSI) H7 up 6% to $12,066, the Continent–US Gulf (USG) route rising 8% to $8,496, the reverse direction falling 7% to $15,514, ARAG–Argentina voyages gaining 15% to $6,439, the return trip up 3% to $18,211, South China–Australia round voyages advancing 8% to $12,431, and China–North Pacific (NOPAC) circuits up 10% to $11,669; with the bulk carrier market historically strengthening in Q3, July 2025 stands out as the strongest month of the year so far, fueling optimism among shipowners for continued market strength into the latter half of the year.
29-July-2025
The Baltic Dry Index (BDI) declined on Monday by 31 points to reach 2,226 points as all bulk carrier segments recorded losses, with the Baltic Capesize Index (BCI) falling 55 points to 3,774 and average daily earnings for capesize bulk carriers decreasing by $460 to $31,296, while the Baltic Panamax Index (BPI) dropped 40 points to 1,798, marking its lowest level since 10 July 2025, with average daily earnings for panamax bulk carriers falling by $360 to $16,180, and the Baltic Supramax Index (BSI) slipping 5 points to 1,289; simultaneously, iron ore prices softened as investors awaited signals from the upcoming high-level Politburo meeting in China and the anticipated trade negotiations between the United States and China, with recent trade developments such as the framework agreement reached on Sunday between the United States and the European Union—introducing a 15% import tariff on most EU goods, which is half of the previously proposed rate—viewed as a constructive move that reduces trade tensions and enhances confidence in global trade flows, particularly between major economic blocs like the United States, the European Union, and Japan, which collectively represent close to one-third of global trade volume.
29-July-2025
Panamax bulk carrier rates remain under sustained pressure as average spot rates for panamax bulk carriers have declined for nine consecutive trading days as of Monday, with the downward trend persisting into the start of the week and period charter rates also beginning to weaken. Tonnage availability is gradually increasing, pointing to the likelihood of additional rate declines ahead. On Monday, average spot rates for panamax bulk carriers fell for the ninth straight session, shedding another $360 to settle at $16,180 per day.
28-July-2025
Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)
The Baltic Capesize Index (BCI) 5TC maintained its strength from Tuesday and gained further momentum as the week progressed, surpassing the $30,000 mark and ending Friday at $31,756, representing a weekly increase of over $6,000. In the North Atlantic capesize bulk carrier market, strong transatlantic and fronthaul fixtures were underpinned by a long list of cargoes and a tight supply of available tonnage. Transatlantic round voyages are currently paying around $42,000 per day, while fronthaul time charter trips are achieving rates exceeding $60,000 daily. In Brazil, consistent upward pressure from firm bids and offers pushed the Brazil–China route up to $24.75 for end-August laycan, marking a $1.70 gain week-on-week. In the Pacific capesize bulk carrier market, the Baltic Capesize Index (BCI) C5 climbed by more than 50 cents to $10.57 on Thursday, reaching a six-week high before softening slightly to $10.28 on Friday due to reduced trading activity heading into the weekend. In the period market, a newcastlemax bulk carrier scheduled for delivery in North China next month was reportedly fixed for a three-year charter at $30,000 per day.
Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)
The panamax bulk carrier market recorded a weaker performance this week, with rates softening across all regions. The Atlantic basin remained largely focused on fronthaul routes, supported by steady grain exports from the North Coast of South America (NCSA) and ongoing mineral cargoes from the U.S. East Coast (USEC) to India. Mid-week reports indicated that an 81,000-DWT kamsarmax bulk carrier fixed a fronthaul trip from Spain at $29,000 per day. However, an oversupply of ships in the North Atlantic and declining transatlantic demand weighed on rates, with no clear bottom in sight. In the Asian market, early-week volume from Australia held firm, though North Pacific activity (NOPAC) was weaker, and limited support from South America led to eroding rates. A deal was concluded for an 82,000-DWT kamsarmax bulk carrier delivery Japan, fixed for a round trip via Australia at $15,250. Period activity was limited, but among the few fixtures reported was a scrubber-fitted 82,000-DWT kamsarmax bulk carrier fixed for one year at $15,500, basis delivery in Japan.
Ultramax/Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)
The Atlantic ultramax/supramax bulk carrier market slowed sharply, while the Pacific region maintained relatively stable momentum. Key Atlantic regions experienced a decline in demand, pushing fronthaul rates for ultramax bulk carriers down to $21,000. The South Atlantic saw similarly subdued conditions, with few chartering options available for shipowners. A 58,000 DWT supramax bulk carrier was fixed for a voyage from Argentina to the Arabian Gulf (AG) at approximately $15,800 plus a ballast bonus (BB) of $570,000. The Indian Ocean market was flat, with a 58,000 DWT supramax bulk carrier securing a trip from South Africa to China at $16,000 plus $170,000 BB. Sentiment was stronger in Asia, where a 53,000 DWT supramax bulk carrier fixed a backhaul voyage from North China to West Africa at about $16,000. Additionally, a 63,000 DWT ultramax bulk carrier was fixed for a trip from Singapore via Indonesia to South China at a rate close to $18,500. Market participants await next week for signs of further shifts.
Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)
The handysize bulk carrier market displayed a mixed trend this week, with regional variations across the Atlantic and Pacific basins. The Continent and Mediterranean regions remained subdued, with stable but unimproved rate levels. A 34,000-DWT handysize bulk carrier was fixed for a voyage from Morocco to the ARAG region at around $13,000. In the South Atlantic, minimal activity led to a softening of handysize bulk carrier rates. By contrast, the U.S. Gulf (USG) market was more active, with multiple fixtures recorded, although rates remained steady. One such fixture involved a 37,000 DWT handysize bulk carrier employed for a run from the SW Passage via USG to East Coast Mexico at approximately $15,500. The Pacific market showed modest rate gains supported by tightening tonnage availability. For example, a 34,000 DWT handysize bulk carrier open in North China was fixed for a trip to Malaysia at around $13,250.
26-July-2025
The Baltic Dry Index (BDI) slipped by 1 point to 2,257 points on Friday but still secured its third consecutive weekly gain, driven primarily by continued strength in the capesize bulk carrier segment, and remained close to its highest level since March 2024, which was reached in the previous trading session, with the index up 10% for the week; the Baltic Capesize Index (BCI) rose 39 points to 3,829, marking its highest reading in over a year and a weekly gain of about 24%, extending its streak to a third straight weekly rise, while average daily earnings for capesize bulk carriers increased by $327 to $31,756; in contrast, the Baltic Panamax Index (BPI) dropped 44 points to 1,838, ending the week down 4.2% after four consecutive weeks of increases, as average daily earnings for panamax bulk carriers fell by $400 to $16,540; the Baltic Supramax Index (BSI) declined by 4 points to 1,294.
25-July-2025
The Baltic Dry Index (BDI) advanced for the third consecutive session on Thursday, supported by a significant rise in capesize bulk carrier rates. The Baltic Dry Index (BDI) increased by 138 points to reach 2,258 points, the highest level recorded since March 2024. The Baltic Capesize Index (BCI) jumped 451 points to 3,790, reaching a one-year high, with average daily earnings for capesize bulk carriers climbing by $3,741 to $31,429. Projections indicate that bulk carrier deliveries will steadily rise in 2025 and 2026, reaching 41.2 million Deadweight Tonnes (DWT), the highest total in six years. Meanwhile, the Baltic Panamax Index (BPI) declined by 23 points to 1,882, with average daily earnings for panamax bulk carriers falling by $202 to $16,940. The Baltic Supramax Index (BSI) also posted a decrease, dropping 15 points to 1,298.
24-July-2025
The Baltic Dry Index (BDI) advanced by 85 points on Wednesday to reach 2,120, marking its highest level since July 2024, supported by a sharp rise in capesize bulk carrier freight rates. The Baltic Capesize Index (BCI) jumped 278 points to 3,339, its strongest reading in five weeks, with average daily earnings for capesize bulk carriers increasing by $2,298 to $27,688. Meanwhile, the Baltic Panamax Index (BPI) edged down 4 points to 1,905, as average daily earnings for panamax bulk carriers slipped by $40 to $17,142. The Baltic Supramax Index (BSI) also declined, falling 16 points to 1,313.
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.
23-July-2025
The Baltic Dry Index (BDI) advanced by 19 points on Tuesday to 2,035, supported by higher rates in the capesize bulk carrier segment. The Baltic Capesize Index (BCI) rose 80 points to 3,061, as average daily earnings for capesize bulk carriers increased by $670 to $25,390. Meanwhile, the Baltic Panamax Index (BPI) dipped 6 points to 1,909, with panamax bulk carrier earnings down by $50 to $17,182, while the Baltic Supramax Index (BSI) fell 17 points to 1,329.
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.
19-July-2025
Except for the capesize bulk carrier sector, most bulk carrier classes have recorded rates that are well below the past seven-year average for the summer period, based on an analysis of daily Baltic Exchange Time Charter Equivalent (TCE) data from January 2018 through July 2025, which reveals consistent seasonal cycles across the main dry bulk carrier classes. Capesize bulk carriers, which generally experience rate peaks in late winter linked to Chinese steel restocking followed by a stable summer plateau, have a historical June–July average capesize bulk carrier Time Charter Equivalent (TCE) of $21,740 per day, while between June and July 2025, capesize bulk carrier rates averaged $21,613 per day, a marginal difference that reflects adherence to the typical mid-summer performance. The kamsarmax bulk carrier segment, which services coal and grain trades and historically posts a June–July average kamsarmax bulk carrier Time Charter Equivalent (TCE) of $16,662 per day, showed more pronounced weakness in mid-2025 with rates averaging $12,564 per day, suggesting diminished coal restocking and lower agricultural export volumes compared to previous summers. Panamax bulk carriers, vital for both thermal coal and grain cargoes, registered a seven-year June–July average panamax bulk carrier Time Charter Equivalent (TCE) of $15,176 per day, but in June–July 2025, panamax bulk carrier rates averaged $11,228 per day, highlighting reduced minor bulk demand and a seasonal lull in exports. Supramax bulk carriers, known for their flexibility in carrying minor bulks, fertilizers, and steel products, had a historical June–July average supramax bulk carrier Time Charter Equivalent (TCE) of $15,418 per day, yet in the current period, rates averaged $10,530 per day, reflecting the absence of the high-rate spikes seen in past summers. Handysize bulk carriers demonstrated the least volatility, with a historical June–July average handysize bulk carrier Time Charter Equivalent (TCE) of $14,088 per day from 2018 to 2024. In summary, the usual seasonal trend of spring rate peaks followed by a moderation phase in summer persists but varies in strength across bulk carrier classes in mid-2025, with capesize and handysize bulk carrier rates remaining close to their historical medians, whereas kamsarmax, panamax, and supramax bulk carrier rates are 9–10 percent below seasonal medians and 25–32 percent lower than their long-term summer averages, a discrepancy attributed to subdued commodity flows and cautious chartering during the first half of July 2025, and the shipbroker concluded that continued observation will be necessary to assess whether the current muted summer freight conditions indicate a broader shift in dry bulk demand trends or represent a temporary seasonal slowdown.
18-July-2025
The Baltic Dry Index (BDI) advanced on Thursday to its highest mark in more than nine months, propelled by a steep increase in capesize bulk carrier rates, rising 124 points to 2,030 points, the highest recorded since 30 September 2024. The Baltic Capesize Index (BCI) surged by 379 points to 3,021, reaching a one-month peak, while average daily earnings for capesize bulk carriers grew by $3,147 to $25,055. Iron ore futures strengthened for a second consecutive session, supported by resilient steel demand despite production limitations in major Chinese steelmaking hubs. The Baltic Panamax Index (BPI) declined by 34 points to 1,933, with average daily earnings for panamax bulk carriers dropping $301 to $17,399. The Baltic Supramax Index (BSI) edged up by 20 points to 1,335.
17-July-2025
The Baltic Dry Index (BDI) advanced on Wednesday to a one-month peak, driven by a notable rise in capesize bulk carrier rates as it gained 40 points to reach 1,906 points, marking the highest level since 17 June 2025. The Baltic Capesize Index (BCI) increased by 109 points to 2,642, with average daily earnings for capesize bulk carriers up by $905 to $21,908. Iron ore futures climbed, supported by improving relations between top producer Australia and leading consumer China, although gains were tempered by ongoing concerns over the persistent weakness in China’s property sector. The Baltic Panamax Index (BPI) dropped 23 points to 1,967, snapping a nine-session winning streak, while average daily earnings for panamax bulk carriers decreased by $214 to $17,700. The Baltic Supramax Index (BSI) rose by 28 points to 1,315.
16-July-2025
The Baltic Dry Index (BDI) advanced on Tuesday to its highest level in a month, driven by gains across all bulk carrier segments, increasing by 83 points to 1,866 points, the strongest level recorded since 18 June 2025. The Baltic Capesize Index (BCI) climbed 166 points to 2,533, with average daily earnings for capesize bulk carriers rising by $1,370 to $21,003. Iron ore futures recovered, erasing earlier declines as encouraging economic data and closer cooperation between major producer Australia and top consumer China helped counterbalance the ongoing weakness in China’s property sector. The Baltic Panamax Index (BPI) gained 41 points to 1,990, marking its ninth consecutive session of growth, while average daily earnings for panamax bulk carriers improved by $370 to $17,914. The Baltic Supramax Index (BSI) increased by 43 points to 1,287.
15-July-2025
The Baltic Dry Index (BDI) climbed to a four-week high on Monday, supported by gains across all bulk carrier segments as it rose by 120 points to 1,783 points, the highest level recorded since 18 June 2025. The Baltic Capesize Index (BCI) surged by 263 points to 2,367, with average daily earnings for capesize bulk carriers increasing by $2,180 to $19,633. Iron ore futures moved higher, driven by strong trade data from China, although gains remained constrained due to production restrictions in key steelmaking areas of the world’s second-largest economy. The Baltic Panamax Index (BPI) advanced 89 points to 1,949, reaching its highest level since 18 June 2024, while average daily earnings for panamax bulk carriers rose by $801 to $17,544. The Baltic Supramax Index (BSI) gained 25 points to settle at 1,244.
14-July-2025
Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)
The capesize bulk carrier market carried a cautiously optimistic sentiment this week, underpinned by firm activity in the Pacific basin and gradual recovery signs in the Atlantic basin. In the Pacific, all three major miners remained actively engaged, although the Baltic Capesize Index (BCI) C5 route rates eased from early-week highs of $7.60 to around $7.35–$7.45 by midweek. However, by week’s end, the market turned distinctly bullish, with capesize bulk carrier owners now quoting in the low to mid $8.00s. The Atlantic basin started quietly on the Fronthaul and Trans-Atlantic trades, but sentiment improved by Thursday on the back of firmer spreads and fresh fixtures. On the Brazil to China route, Baltic Capesize Index (BCI) C3 bids climbed from the high $17s to between $19.00 and $20.00. The Baltic Capesize Index (BCI) 5TC fell from $15,132 on Monday to $13,715 midweek, before surging to $17,453 by Friday, highlighting renewed strength across the market.
Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)
The panamax bulk carrier market delivered strong gains this week, particularly within the Atlantic basin. The North Atlantic panamax bulk carrier market recorded an increase of nearly $3,000 week-on-week on the Baltic Panamax Index (BPI) P1A route, while the East Coast South America (ECSA) market advanced by about 25%. Supply constraints in the Continent and West Mediterranean emerged by midweek, prompting charterers to swiftly meet owners’ offers, with an 82,000 DWT kamsarmax bulk carrier fixed at $20,500 for a trans-Atlantic round voyage from ARAG to the US Gulf. The South Atlantic displayed strength, with early laycan premiums influencing rates and several Baltic Panamax Index (BPI)-type panamax bulk carriers securing around $16,500 for trips from India–Southeast Asia via South America. The Asian panamax bulk carrier market was relatively subdued due to ample vessel availability despite consistent demand from the North Pacific and Australia. Nevertheless, sentiment firmed slightly, as shown by an 82,000 DWT kamsarmax bulk carrier fixed at around $12,500 for a North Pacific round voyage loading in mid-July from China and redelivering Singapore–Japan.
Ultramax/Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)
The ultramax and supramax bulk carrier market enjoyed a firm week, supported by tight tonnage supply and increased cargo demand across various regions. In the South Atlantic, ultramax bulk carriers gained from a strong panamax bulk carrier market, with a 63,000 DWT ultramax bulk carrier fixed at approximately $27,000 from Argentina to ARAG, and a 56,000 DWT supramax bulk carrier fixed near $27,000 from the US Gulf to Morocco. The Continent-Mediterranean region improved as well, with a 63,000 DWT ultramax bulk carrier open in Egypt fixed to Nigeria at about $15,000. In Asia, demand improved, as illustrated by a 57,000 DWT supramax bulk carrier open in North China fixed to Nigeria for roughly $12,500, while a 63,000 DWT ultramax bulk carrier open in Vietnam was fixed to Bangladesh at $20,500. Period employment was active, with a 63,000 DWT ultramax bulk carrier fixed from the US Gulf for 9-11 months at around $15,000, and a 61,000 DWT ultramax bulk carrier fixed from Singapore for a year at about $13,300.
Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)
The handysize bulk carrier market remained broadly steady throughout the week. Modest rate increases were recorded in the Continent and Mediterranean, where a 32,000 DWT handysize bulk carrier open Marmara via Romania to Algeria was fixed at around $11,500. The South Atlantic fundamentals remained solid for larger handysize bulk carriers, with a 40,000 DWT handysize bulk carrier open Argentina fixed to ARAG for approximately $23,000. In the US Gulf, the market continued to ease, evidenced by a 39,000 DWT handysize bulk carrier open SW Passage via US Gulf fixed to New Zealand at about $15,000. In Asia, sentiment was mostly steady, though tightening availability and selective demand increases led to firmer rates on some routes, such as a 31,000 DWT handysize bulk carrier open North China fixed to Taiwan for around $9,000.
12-July-2025
The Baltic Dry Index (BDI) rose on Friday, supported by strong performance across all bulk carrier segments, registering its first weekly gain in four weeks. The BDI jumped 198 points to 1,663, reaching its highest level since 25 June 2025, and ended the week up 2%. The Baltic Capesize Index (BCI) surged 440 points to 2,104, marking its strongest daily percentage increase since 1 March 2023, though it still posted a weekly loss of over 10%. Average daily earnings for capesize bulk carriers increased by $3,654 to $17,453. Iron ore futures extended their rally for a third consecutive week, supported by expectations that China’s crackdown on price wars will lead to further reforms to address steel overcapacity. The Baltic Panamax Index (BPI) gained 137 points to 1,860, its highest since 20 June 2024, with a weekly rise of 13.4%. Average daily earnings for panamax bulk carriers climbed by $1,236 to $16,743. The panamax market saw strong momentum this week, driven by a firm Atlantic basin, which also had a spillover effect on the quieter Indonesian market and helped strengthen sentiment in the Pacific. Meanwhile, the Baltic Supramax Index (BSI) added 37 points to reach 1,219.
11-July-2025
The Baltic Dry Index (BDI) rose by 42 points to 1,465 on Thursday, supported by gains across all bulk carrier segments. The Baltic Capesize Index (BCI) increased by 10 points to 1,664, ending a seventeen-session losing streak, with average daily earnings for capesize bulk carriers up $84 to $13,799. The Baltic Panamax Index (BPI) jumped 102 points to 1,723, its highest level since July 31, 2024, as average daily earnings for panamax bulk carriers rose by $917 to $15,507. The Baltic Supramax Index (BSI) also advanced, adding 31 points to reach 1,182.
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.
3-July-2025
The Baltic Dry Index (BDI) declined to a one-month low on Wednesday, dropping 15 points to 1,443 points, its weakest level since 3 June 2025, as freight rates fell across the capesize and panamax bulk carrier segments; the Baltic Capesize Index (BCI) fell 53 points to 1,958 points, marking its lowest point in over a month, with average daily earnings for capesize bulk carriers slipping by $435 to $16,242, while the Baltic Panamax Index (BPI) eased 8 points to 1,492 points, with average daily earnings for panamax bulk carriers down $74 to $13,424; in contrast, the Baltic Supramax Index (BSI) rose 13 points to 1,031 points.
2-July-2025
The Baltic Dry Index (BDI) declined for the fifth consecutive session on Tuesday, reaching its lowest point in nearly a month as demand for capesize bulk carriers weakened, with the Baltic Dry Index (BDI) down by 31 points to 1,458 points, marking its lowest level since 3 June 2025; the Baltic Capesize Index (BCI) dropped by 100 points to 2,011 points, the weakest level since 28 May 2025, and average daily earnings for capesize bulk carriers fell by $833 to $16,677; the Baltic Panamax Index (BPI) remained unchanged at 1,500 points, while average daily earnings for panamax bulk carriers slipped by $4 to $13,498; the Baltic Supramax Index (BSI) edged up by 6 points to 1,018 points.
2-July-2025
The Baltic Dry Index (BDI) declined by 15 points to settle at 1,443 points. The Baltic Dry Index (BDI) reached its all-time high on 20 May 2008, when it climbed to 11,793 points, while its lowest recorded level occurred on 10 February 2016, when the Baltic Dry Index (BDI) fell to just 290 points.
1-July-2025
The Baltic Dry Index (BDI) declined to an almost three-week low on Monday, weighed down by weaker capesize bulk carrier freight rates, although it still recorded a monthly increase, with the Baltic Dry Index (BDI) falling 32 points to 1,489 points, its lowest since 4 June 2025; the Baltic Dry Index (BDI) rose more than 7% over the course of June 2025 but registered a decline of nearly 8% for Q2 2025; the Baltic Capesize Index (BCI) dropped for a tenth consecutive session, shedding 109 points to 2,111 points, its lowest since 29 May 2025, and ended June 2025 down 2.5%, while average daily earnings for capesize bulk carriers decreased by $898 to $17,510; the Baltic Panamax Index (BPI) climbed 10 points to 1,500 points, its highest level since 31 March 2025, marking a monthly gain after two straight months of declines, with average daily earnings for panamax bulk carriers rising by $92 to $13,502; the Baltic Supramax Index (BSI) advanced 3 points to 1,012 points, reaching its highest level since 26 March 2025 and finishing June 2025 up 6.1%.
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%.