November 2025
29-November-2025
The Baltic Dry Index (BDI) advanced to its strongest reading in almost two years on Friday and was positioned for a solid weekly increase, fueled by heightened activity in the capesize bulk carrier segment. The Baltic Dry Index (BDI) added 80 points reaching 2,560 points. The Baltic Dry Index (BDI) touched levels last seen in December 2023 and reflected a 12.5% improvement over the week. The Baltic Capesize Index (BCI) jumped by 245 points hitting 4,481 points, its highest figure since March 2024. The Baltic Capesize Index (BCI) expanded by more than 22% during the week. Average daily income for capesize bulk carriers climbed by $2,025 to $37,158.The Baltic Panamax Index (BPI) slipped by 10 points settling at 1,952 points, though the Baltic Panamax Index (BPI) still managed a 1.2% gain for the week. Average daily returns for panamax bulk carriers dipped by $89 to $17,566. The Baltic Supramax Index (BSI) inched higher by 4 points reaching 1,441 points. The Baltic Supramax Index (BSI) posted a 0.6% rise for the week.
28-November-2025
Strong capesize bulk carrier performance has pushed the Baltic Dry Index (BDI) beyond the 2,500-point level. The pool of available capesize bulk carriers remains tight as demand from long-distance bauxite movements continues to absorb tonnage. Improving capesize bulk carrier market conditions have carried the Baltic Dry Index (BDI) above the 2,500-point mark. The Baltic Exchange’s principal freight barometer, the Baltic Dry Index (BDI), rose by 80 points on Friday, reaching 2,560 points.
28-November-2025
The Baltic Dry Index (BDI) rose by 79 points to reach 2,480 points. The Baltic Capesize Index (BCI) advanced by 238 points to 4,236 points, with average daily earnings for capesize bulk carriers increasing by $1,973 to $35,133. The Baltic Panamax Index (BPI) decreased by 3 points, closing at 1,962 points, while average daily income for panamax bulk carriers decreased by $31 to $17,655. The Baltic Supramax Index (BSI) increased by 2 points to 1,437 points, with average daily earnings for supramax bulk carriers increased by $31 to $18,167. The Baltic Handysize Index (BHSI) increased by 3 points to 825 points, as average daily earnings for handysize bulk carriers increased by $53 to $14,845 per day.
27-November-2025
The Baltic Dry Index (BDI) is edging toward its strongest level in nearly two years as momentum in the capesize bulk carrier spot sector accelerates. The Baltic Dry Index (BDI) continues to serve as a key indicator of vitality across global dry commodity shipping markets.A fresh surge in capesize bulk carrier spot activity has lifted the Baltic Dry Index (BDI) to heights not seen in almost twenty-four months. Capesize bulk carrier spot earnings climbed beyond $35,000 per day on Thursday as iron ore charterers rushed to secure capesize bulk carriers to satisfy China’s seasonal stocking requirements.A shrinking pool of available capesize bulk carrier tonnage has intensified upward pressure on capesize bulk carrier spot rates.
27-November-2025
The Baltic Dry Index (BDI) rose by 92 points to reach 2,401 points. The Baltic Capesize Index (BCI) advanced by 268 points to 3,998 points, with average daily earnings for capesize bulk carriers increasing by $2,222 to $33,160. The Baltic Panamax Index (BPI) gained 8 points, closing at 1,965 points, while average daily income for panamax bulk carriers improved by $71 to $17,686. The Baltic Supramax Index (BSI) increased by 4 points to 1,435 points, with average daily earnings for supramax bulk carriers increased by $51 to $18,136. The Baltic Handysize Index (BHSI) increased by 4 points to 822 points, as average daily earnings for handysize bulk carriers increased by $70 to $14,792 per day.
26-November-2025
The Baltic Dry Index (BDI) rose by 14 points to reach 2,309 points. The Baltic Capesize Index (BCI) advanced by 30 points to 3,730 points, with average daily earnings for capesize bulk carriers increasing by $253 to $30,938. The Baltic Panamax Index (BPI) gained 13 points, closing at 1,957 points, while average daily income for panamax bulk carriers improved by $117 to $17,615. The Baltic Supramax Index (BSI) decreased by 1 point to 1,431 points, with average daily earnings for supramax bulk carriers decreasing by $18 to $18,085. The Baltic Handysize Index (BHSI) decreased by 1 point to 818 points, as average daily earnings for handysize bulk carriers decreased by $28 to $14,722 per day.
25-November-2025
The Baltic Dry Index (BDI) rose by 20 points to reach 2,295 points. The Baltic Capesize Index (BCI) advanced by 47 points to 3,700 points, with average daily earnings for capesize bulk carriers increasing by $393 to $30,685. The Baltic Panamax Index (BPI) gained 16 points, closing at 1,944 points, while average daily income for panamax bulk carriers improved by $144 to $17,498. The Baltic Supramax Index (BSI) remained at 1,432 points, with average daily earnings for supramax bulk carriers increasing by $5 to $18,103. The Baltic Handysize Index (BHSI) decreased by 1 point to 819 points, as average daily earnings for handysize bulk carriers decreased by $10 to $14,750 per day.
24-November-2025
Capesize Bulk Carrier Market – Baltic Capesize Index (BCI) Throughout the week, the capesize bulk carrier arena delivered a generally upbeat trend, beginning with robust movements in both the Atlantic and the Pacific before easing into a slower end. The Baltic Capesize Index (BCI) 5TC advanced from roughly $27,900 to beyond $30,500, highlighting a strengthening backdrop despite a noticeable soft patch on Thursday. In the Pacific capesize bulk carrier region, ongoing miner activity combined with early-week weather disruptions near North China created steady undercurrents. Even with this support, most capesize bulk carrier fixtures hovered between $10.50 and $10.80, keeping the Baltic Capesize Index (BCI) C5 stuck within familiar boundaries. The Atlantic capesize bulk carrier market acted as the primary engine of the upswing, driven by active enquiry from East Coast South America (ECSA) and West Africa (WAFR) heading to China, which pushed Baltic Capesize Index (BCI) C3 values into the $24.50–$24.90 area. Meanwhile, tightening availability in the North Atlantic capesize bulk carrier zone lifted the Baltic Capesize Index (BCI) C8 during the midweek period. More aggressive bidding, a rise in capesize bulk carrier fixing, and firmer sentiment combined to support the advance until activity began to cool toward the final days of the week.
Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)
The panamax bulk carrier sector improved step by step as the week unfolded, with the Baltic Panamax Index (BPI) time-charter assessment climbing from $16,986 at the start to $17,204 by Thursday. Initial hesitancy in the Pacific panamax bulk carrier market faded as confidence returned, though Tuesday remained notably subdued, prompting several panamax owners to accept spot positions. By midweek, momentum strengthened in both the Atlantic and Pacific panamax bulk carrier markets, supported by restricted regional panamax bulk carrier supply and revived demand for fronthaul routes, especially from the U.S. Gulf (USG). This positive direction continued, influenced by the tight Atlantic panamax bulk carrier landscape and competing fronthaul requests from the U.S. Gulf (USG) and US East Coast (USEC). In Asia, the Pacific panamax bulk carrier segment held firm, with panamax owners increasingly asking above last-done levels and numerous prompt panamax bulk carriers securing firmer numbers for a variety of Pacific round-trip commitments.
Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI) The ultramax and supramax bulk carrier markets displayed a mixed pattern this week. Conditions in the U.S. Gulf (USG) remained subdued, resulting in softer ultramax and supramax bulk carrier returns, while the East Coast South America (ECSA) ultramax and supramax bulk carrier market also lost pace as the outlook stabilised but lacked momentum. A 57,000 DWT supramax bulk carrier open in Algeria for a Brazil–Spain voyage fetched close to $28,000, whereas a 63,000 DWT ultramax bulk carrier open in the U.S. Gulf (USG) bound for Japan achieved approximately $32,000. Within the Continent and Mediterranean ultramax and supramax bulk carrier markets, enquiry levels stayed limited and sentiment was largely positional rather than dynamic. Over in Asia, the ultramax and supramax bulk carrier environment stayed relatively even. Although most short-term requirements were already covered and the forward book tightened, ultramax and supramax bulk carrier owners continued to attract consistent interest, gradually narrowing earlier disparities in rate ideas. A 51,000 DWT supramax bulk carrier open in Japan heading to the UAE fixed around $16,500. Period activity stayed lively as well, with a 63,000 DWT ultramax bulk carrier in South China securing 5–7 months at $16,500, while a 62,000 DWT ultramax bulk carrier situated in the UAE concluded a short period near $16,500.
Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI) The handysize bulk carrier market progressed through a subdued week with only sparse new developments. Across the Continent and Mediterranean handysize bulk carrier regions, sentiment stayed supported, aided by occasional new cargoes and a relatively thin pool of spot handysize bulk carrier availability. A 33,000 DWT handysize bulk carrier open in Denmark for a Netherlands–Turkiye route reportedly secured about $18,000. Conversely, both the East Coast South America (ECSA) and U.S. Gulf (USG) handysize bulk carrier market conditions were notably muted, characterized by minimal fixing and broadly flat handysize bulk carrier levels. A 37,000 DWT handysize bulk carrier open in South Brazil for a Mexico East Coast itinerary fixed close to $19,000, whereas a 40,000 DWT handysize bulk carrier in the SW Passage for a U.S. Gulf (USG) journey obtained nearly $26,500. In Asia, the handysize bulk carrier market portrayed a steady but quiet tone, with limited movement and charter rates holding unchanged. A 36,000 DWT handysize bulk carrier open in North China to Malaysia fixed around $10,000.
22-November-2025
The Baltic Dry Index (BDI) rose by 5 points to reach 2,275 points. The Baltic Capesize Index (BCI) advanced by 6 points to 3,653 points, with average daily earnings for capesize bulk carriers increasing by $40 to $30,292. The Baltic Panamax Index (BPI) gained 16 points, closing at 1,928 points, while average daily income for panamax bulk carriers improved by $150 to $17,354. The Baltic Supramax Index (BSI) decreased by 3 points to 1,432 points, with average daily earnings for supramax bulk carriers decreasing by $42 to $18,098. The Baltic Handysize Index (BHSI) decreased by 1 point to 820 points, as average daily earnings for handysize bulk carriers decreased by $10 to $14,760.
21-November-2025
The Baltic Dry Index (BDI) rose by 10 points to reach 2,270 points. The Baltic Capesize Index (BCI) advanced by 11 points to 3,647 points, with average daily earnings for capesize bulk carriers increasing by $90 to $30,244. The Baltic Panamax Index (BPI) gained 17 points, closing at 1,912 points, while average daily income for panamax bulk carriers improved by $147 to $17,204. The Baltic Supramax Index (BSI) edged up by 5 points to 1,435 points, with average daily earnings for supramax bulk carriers rising by $60 to $18,140. The Baltic Handysize Index (BHSI) inched up by 1 point to 821 points, as average daily earnings for handysize bulk carriers expanded by $11 to $14,770.
20-November-2025
The Baltic Dry Index (BDI) climbed by 44 points to settle at 2,260 points. The Baltic Capesize Index (BCI) strengthened by 120 points, reaching 3,636 points, with average daily earnings for capesize bulk carriers improving by $994 to stand at $30,154. The Baltic Panamax Index (BPI) moved 13 points higher to 1,895 points, while average daily returns for panamax bulk carriers edged up by $118, reaching $17,057. The Baltic Supramax Index (BSI) added 3 points to record 1,430 points, as average daily earnings for supramax bulk carriers increased by $38 to $18,080. The Baltic Handysize Index (BHSI) remained unchanged at 820 points, with average daily earnings for handysize bulk carriers easing by $8 to $14,759.
19-November-2025
The Baltic Dry Index (BDI) advanced by 63 points, closing at 2,216 points. The Baltic Capesize Index (BCI) surged by 188 points to reach 3,516 points, with average daily earnings for capesize bulk carriers rising by $1,563 to $29,160. The Baltic Panamax Index (BPI) slipped by 5 points to 1,882 points, and average daily income for panamax bulk carriers declined by $47 to $16,939. The Baltic Supramax Index (BSI) edged up by 4 points to 1,427 points, supported by a $53 increase in average daily earnings for supramax bulk carriers, bringing returns to $18,042. The Baltic Handysize Index (BHSI) dipped by 1 point to 820 points, with average daily earnings for handysize bulk carriers softening by $9 to $14,767.
18-November-2025
The Baltic Dry Index (BDI) pushed to its highest reading in more than a month on Monday, buoyed by renewed strength in the capesize bulk carrier sector. The Baltic Dry Index (BDI) advanced by 28 points, reaching 2,153 points — its strongest level since 29 September 2025. The capesize index improved by 76 points, or 2.3%, climbing to 3,328 points. Average daily earnings for capesize bulk carriers rose by $629, bringing returns to $27,597.The Baltic Panamax Index (BPI) slipped by 10 points to 1,887 points. Average daily earnings for panamax bulk carriers decreased by $85 to $16,986.The Baltic Supramax Index (BSI) gained 15 points to 1,423 points, marking its eighth consecutive session of increases.
17-November-2025
Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)
Throughout the week, the capesize bulk carrier market moved along a noticeably softer path, with confidence slipping during the opening days before a late-week recovery introduced a degree of stability. Early momentum driven by an active Pacific capesize bulk carrier market—where all three major miners were participating—faded quickly as enquiry thinned out, causing Baltic Capesize Index (BCI) C5 values to fall from $10.20 to $9.50 by mid-week. The Atlantic capesize bulk carrier market faced a similar lack of traction; although interest from East Coast South America (ECSA) and West Africa (WAFR) to China stayed healthy, wide bid–offer gaps prevented meaningful fixing. A more decisive shift took place on Thursday, when renewed cargo flow appeared in both Atlantic and Pacific regions alongside firmer resistance from capesize bulk carrier owners, injecting fresh optimism. Baltic Capesize Index (BCI) C5 edged back toward $10.20, while Baltic Capesize Index (BCI) C3 drew stronger bids and narrowed spreads, with capesize bulk carrier fixtures finalising close to $23.50 by Friday—an indication of building confidence. In the North Atlantic capesize bulk carrier market, sentiment also firmed after a slow beginning, supported by returning fronthaul demand and stronger bidding. The Baltic Capesize Index (BCI) 5TC began at $27,063, reached a mid-week low of $25,067, then climbed to close at $26,968.
Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)
The panamax bulk carrier sector delivered a varied performance this week. The North Atlantic panamax bulk carrier market remained thin, with only scattered information available, and although both owners and charterers tried steering sentiment, panamax bulk carrier rates held largely unchanged. Meanwhile, in other regions, panamax bulk carrier charter levels inched upward thanks to adequate demand and a well-balanced panamax bulk carrier tonnage list, with the strongest Transatlantic figures believed to be tied to near-term dates. East Coast South America (ECSA) experienced a subdued period, where November panamax bulk carrier arrivals attracted a premium, while index-aligned timings continued trading below. In Asia, the panamax bulk carrier market posted a firmer performance, supported by active North Pacific grain demand ex NoPac and sustained mineral tonnage ex Australia. Several 82K DWT kamsarmax bulk carriers open North China secured $18,900–$19,000 for Australian round voyages. Period business improved moderately, led by an 82K DWT kamsarmax bulk carrier open North China/Japan fixing about $18,000 for 5/8 months trading.
Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)
The ultramax and supramax bulk carrier markets enjoyed an energetic and fast-moving week. The U.S. Gulf (USG) generated strong enquiry, applying upward pressure on rates, while alternatives for ultramax and supramax bulk carriers open in East Coast South America (ECSA) stayed narrow. A 62K DWT ultramax bulk carrier open Argentina to Bangladesh reportedly agreed around $17,000 plus a $700,000 BB (Ballast Bonus). Across the Continent and Mediterranean ultramax and supramax bulk carrier markets, cargo flow was steady, although overall sentiment remained more positional than directional. One 61,000-dwt ultramax/supramax bulk carrier fixed delivery Liverpool via Ghent to the East Mediterranean for scrap at $20,000. In Asia, balance prevailed despite most prompt stems being covered and the cargo slate shortening; owners continued receiving routine interest. A 62K DWT ultramax bulk carrier open Thailand via Indonesia to China secured close to $16,000. Period opportunities were limited, though one 63K DWT ultramax bulk carrier fixed delivery North China for 5–7 months, with redelivery Singapore–Japan, at roughly $17,000.
Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)
The handysize bulk carrier market progressed through a generally steady but uneven week, shifting between supportive sentiment and light softness. Across the Continent and Mediterranean handysize bulk carrier markets, trading appeared relatively balanced, yet shipowners gradually pushed their rate ideas higher in response to firm enquiry. A 38K DWT handysize bulk carrier open Morocco to Lithuania achieved around $12,000. In East Coast South America (ECSA) and the U.S. Gulf (USG), demand stayed active, enabling owners to elevate expectations as cargo volumes remained encouraging. A 36K DWT handysize bulk carrier open Brazil via Argentina to Venezuela fixed in the region of $18,500, while a 38K DWT handysize bulk carrier open SW Pass via US Gulf (USG) to Mexico East Coast reportedly obtained near $22,500. In Asia, weaker sentiment persisted, with fewer cargoes circulating and handysize bulk carrier availability expanding. A 39K DWT handysize bulk carrier open Thailand via Indonesia to Australia was heard close to $11,000.
15-November-2025
The Baltic Dry Index (BDI) advanced on Friday to reach its highest level in a month and finished the week with a slight overall uptick, supported by strengthening bulk carrier market conditions across all vessel classes. The Baltic Dry Index (BDI) climbed by 48 points to 2,125 points, its loftiest position since 13 October 2025, and posted an approximate 1% improvement for the week. The Baltic Capesize Index (BCI) jumped by 119 points to 3,252 points, although the Baltic Capesize Index (BCI) still closed the week down by 2.7%. Average daily revenue for capesize bulk carriers rose by $988, reaching $26,968. The Baltic Panamax Index (BPI) held steady at 1,897 points, yet the Baltic Panamax Index (BPI) delivered a weekly rise of 3.5%. Average daily income for panamax bulk carriers dipped by $4 to $17,701. The Baltic Supramax Index (BSI) edged up by 21 points to 1,408 points, with the Baltic Supramax Index (BSI) notching a robust 6.7% weekly advance.
14-November-2025
The Baltic Dry Index (BDI) reversed its three-day decline on Thursday, supported by upward movement across every major bulk carrier category. The Baltic Dry Index (BDI) advanced by 47 points, closing at 2,077 points. The Baltic Capesize Index (BCI) surged by 110 points to 3,133 points, likewise ending a three-session retreat. Daily time-charter earnings for capesize bulk carriers increased by $913, reaching $25,980. The Baltic Panamax Index (BPI) strengthened for the seventh day in a row, gaining 10 points to 1,897 points, its highest reading since 28 October 2025. Average daily income for panamax bulk carriers rose by $94 to $17,075. The Baltic Supramax Index (BSI) also pushed higher, adding 22 points to finish at 1,387 points.
13-November-2025
The Baltic Dry Index (BDI) prolonged its decline on Wednesday, sliding to a one-week low as sluggish capesize bulk carrier performance continued to drag the broader market downward. The Baltic Dry Index (BDI) slipped by 42 points to 2,030 points, its weakest figure since 5 November 2025. The Baltic Capesize Index (BCI) tumbled 169 points to 3,023 points, marking its lowest point since 4 November 2025. Average daily earnings for capesize bulk carriers dropped sharply by $1,402 to $25,067. The Baltic Panamax Index (BPI) moved higher for the sixth consecutive trading day, adding 22 points to reach 1,887 points, its best level in more than two weeks. Average daily returns for panamax bulk carriers climbed by $196 to $16,981. The Baltic Supramax Index (BSI) also strengthened, rising by 21 points to close at 1,365 points.
12-November-2025
The Baltic Dry Index (BDI) slipped on Tuesday as continued weakness in capesize bulk carrier rates applied downward pressure to the wider dry bulk market. The Baltic Dry Index (BDI) eased by 12 points to settle at 2,072 points. The Baltic Capesize Index (BCI) retreated by 71 points to 3,192 points. Average daily returns for capesize bulk carriers fell by $594 to $26,469. The Baltic Panamax Index (BPI) advanced for another session, rising 20 points to 1,865 points, its highest mark since 29 October 2025. Average daily earnings for panamax bulk carriers increased by $184 to $16,785. The Baltic Supramax Index (BSI) moved upward as well, adding 17 points to close at 1,344 points.
11-November-2025
The Baltic Dry Index (BDI) halted its four-session climb on Monday, weighed down by renewed softness in capesize bulk carrier momentum. The Baltic Dry Index (BDI) declined by 20 points to 2,084 points. The Baltic Capesize Index (BCI) slipped by 78 points to 3,263 points. Average daily returns for capesize bulk carriers dropped by $646 to $27,063. The Baltic Panamax Index (BPI) continued its upward trajectory, rising 12 points to 1,845 points, marking its strongest reading since 30 October 2025. Average daily earnings for panamax bulk carriers increased by $100 to $16,601. The Baltic Supramax Index (BSI) also firmed, adding 8 points to close at 1,327 points.
10-November-2025
Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)
The capesize bulk carrier arena delivered a marked improvement this week, with momentum steadily accelerating across both the Atlantic and Pacific regions. Although the week began slowly on Monday, trading activity intensified from Tuesday onward as stronger cargo interest and a noticeably slimmer capesize bulk carrier supply list supported firmer levels throughout. In the Pacific capesize bulk carrier market, sentiment transitioned from quiet to constructive, with midweek buying from major miners lifting Baltic Capesize Index (BCI) C5 values from $9.20 to above $10.50, before softening slightly to around $10.35 by Friday. The Atlantic capesize bulk carrier market moved in the same positive direction, with East Coast South America (ECSA) and West Africa (WAFR) to China runs strengthening as Baltic Capesize Index (BCI) C3 assessments advanced from $22.20 to $23.70. Even the North Atlantic capesize bulk carrier segment, muted early on, gathered momentum as the week progressed, with transatlantic capesize bulk carrier returns pushing toward $30,000 due to tighter availability and improving enquiry. Overall, capesize bulk carriers saw a constructive week, with the Baltic Capesize Index (BCI) 5TC starting at $23,955 and climbing steadily to finish at $27,709.
Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)
The panamax bulk carrier market experienced a week of mixed signals, lacking a unified trend, as several regions—particularly the North Atlantic—faced downward pressure before stabilizing late in the period. In the South Atlantic panamax bulk carrier market, renewed fronthaul demand for the first half of December provided some optimism for owners. One of the notable fixtures involved a scrubber-equipped 81K DWT kamsarmax bulk carrier delivering Oman for a voyage via East Coast South America (ECSA) to China at roughly $19,000, with the scrubber advantage credited to Charterers. In Asia, the panamax bulk carrier market benefited from increased coal volumes out of Australia and Indonesia, while North Pacific (NoPac) activity lagged but still maintained a firm undertone. An 83K DWT kamsarmax bulk carrier opening in Japan secured around $18,500 for an Australia–Japan round voyage, whereas Indonesian employment for kamsarmax bulk carriers fluctuated between $17,000 and $19,500. Period business remained relatively thin, though an 81K DWT kamsarmax bulk carrier in North China reportedly closed around $17,500 for a 5/7-month term.
Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)
The ultramax and supramax bulk carrier sectors recorded a week shaped largely by regional positioning rather than broad market direction. The US Gulf (USG) and East Coast South America (ECSA) exhibited encouraging signs as more enquiries surfaced, resulting in firmer ultramax and supramax bulk carrier charter discussions from the US Gulf (USG). East Coast South America (ECSA) also saw gradual firming, highlighted by a 61K DWT ultramax bulk carrier opening in Argentina fixing a trip to Bangladesh at about $17,000 plus a $700,000 ballast bonus. Meanwhile, the Continent–Mediterranean ultramax and supramax bulk carrier arena lacked fresh momentum, with charter rates struggling to find support. In Asia, conditions varied, though southern demand improved moderately as the week progressed. A 62K DWT ultramax bulk carrier in Indonesia fixed to China at roughly $16,750, while a 63K DWT ultramax bulk carrier in North China concluded a North Pacific (NoPac) run to Japan around $16,500. The Indian Ocean remained active, with a 55K DWT supramax bulk carrier open in South Africa (SAF) fixing to the UAE at $18,000 plus a $180,000 ballast bonus, and a 62K DWT ultramax bulk carrier open in the Arabian Gulf (AG) fixing via the UAE to West Coast India (WCI) at close to $14,000.
Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)
The handysize bulk carrier market encountered another lackluster week, with soft sentiment dominating across all principal regions. In the Continent and Mediterranean, the handysize bulk carrier segment saw limited fresh interest, leaving charter rates drifting lower. A 39K DWT handysize bulk carrier was said to have fixed a voyage via the Black Sea (BSEA) to West Africa (WAFR) at approximately $15,000. Likewise, conditions in East Coast South America (ECSA) and the U.S. Gulf (USG) remained subdued, with some owners trimming ideas to secure employment. A 33K DWT handysize bulk carrier open in Argentina fixed around $18,500 for a Brazil run, while a 36K DWT handysize bulk carrier open in the U.S. Gulf (USG) earned close to $21,000 for a trip redelivering on the Mexico East Coast. The Asian handysize segment showed no major shift, as enquiry remained thin; a 37K DWT handysize bulk carrier in North China fixing via Australia back to North China at roughly $12,000 was among few notable reports. On the period front, a 38K DWT handysize bulk carrier reportedly fixed for two years at 120.5% of the Baltic Handysize Index (BHSI). Overall, handysize bulk carriers across both the Atlantic and Pacific maintained a soft tone, with no decisive change in market direction.
8-November-2025
The Baltic Dry Index (BDI) climbed to its strongest level in more than three weeks on Friday and ended the week firmly higher, supported by broad-based gains across all bulk carrier classes. The Baltic Dry Index (BDI) increased by 41 points to 2,104 points, its highest mark since 13 October 2025, finishing the week with a 7% advance. The Baltic Capesize Index (BCI) rose by 99 points to 3,341 points, reaching its best level in over three weeks and delivering a weekly improvement of 14.1%, marking a second consecutive week of upward momentum. Average daily revenue for capesize bulk carriers climbed by $821 to $27,709. The Baltic Panamax Index (BPI) moved up by 16 points to 1,833 points and was also set to close the week in positive territory. Average daily income for panamax bulk carriers increased by $150 to $16,501. The Baltic Supramax Index (BSI) edged higher as well, adding 7 points to settle at 1,319.
7-November-2025
The Baltic Dry Index (BDI) climbed to its highest level in more than two weeks on Thursday, supported by a broad strengthening in freight rates across all bulk carrier segments. The Baltic Dry Index (BDI) advanced by 60 points to reach 2,063 points, marking its strongest reading since 22 October 2025. The Baltic Capesize Index (BCI) recorded a notable surge of 158 points to 3,242, reaching its highest level in over three weeks. Average daily earnings for capesize bulk carriers rose sharply by $1,315 to $26,888, reflecting continued firmness in major iron ore routes from Brazil and Australia. The Baltic Panamax Index (BPI) also moved higher, adding 24 points to settle at 1,817, as average daily earnings for panamax bulk carriers increased by $211 to $16,351 amid steady grain and coal cargo demand. Meanwhile, the Baltic Supramax Index (BSI) posted a modest gain of 5 points to 1,312, indicating gradual improvement in smaller bulk carrier employment despite mixed regional trading conditions.
6-November-2025
The Baltic Dry Index (BDI) advanced to its strongest level in two weeks on Wednesday, buoyed by renewed strength in the capesize and panamax bulk carrier markets. The Baltic Dry Index (BDI) added 45 points to reach 2,003 points, marking its highest reading since 23 October 2025. The Baltic Capesize Index (BCI) recorded a sharp rebound, climbing 137 points to 3,084, as average daily earnings for capesize bulk carriers rose by $1,129 to $25,573, reflecting improved sentiment in the long-haul iron ore trade from Australia and Brazil. The Baltic Panamax Index (BPI) also edged higher, rising 5 points to 1,793 and ending a seven-session decline, with average daily earnings for panamax bulk carriers increasing slightly by $50 to $16,140, amid firmer grain and coal cargo activity. The Baltic Supramax Index (BSI), however, slipped by 4 points to 1,307, weighed down by softer regional trades and subdued demand for smaller bulk carrier tonnage.
5-November-2025
The Baltic Dry Index (BDI) climbed on Tuesday, buoyed by firmer capesize bulk carrier market activity. The overall index improved by 13 points to reach 1,958 points. The Baltic Capesize Index (BCI) advanced 59 points to 2,947, as average daily revenues for capesize bulk carriers rose by $489, bringing returns to $24,444. The Baltic Panamax Index (BPI) continued its downward trend, slipping 13 points to 1,788 — marking the seventh straight session of declines. Average daily earnings for panamax bulk carriers weakened further by $117 to $16,090. Elsewhere, the Baltic Supramax Index (BSI) edged lower by 9 points to 1,311, signaling persistent softness in the smaller bulk carrier categories.
4-November-2025
The Baltic Dry Index (BDI) continued to weaken on Monday, sliding to its lowest point in over three weeks as freight rates across all bulk carrier categories came under pressure. The Baltic Dry Index (BDI) dropped by 21 points to 1,945, its weakest level since 10 October 2025, as sentiment remained sluggish across both Atlantic and Pacific trading routes. The Baltic Capesize Index (BCI) retreated by 41 points to 2,888, while average daily earnings for capesize bulk carriers slipped by $333 to $23,955. Softer iron ore and coal demand from key charterers led to reduced fixture activity, particularly on long-haul Brazil–China and short-haul West Australia–China routes. In the panamax sector, the Baltic Panamax Index (BPI) declined another 20 points to 1,801, marking six consecutive sessions of losses. Average daily returns for panamax bulk carriers dropped by $182 to $16,207 amid quieter grain and coal flows across both the Atlantic and Pacific regions. The Baltic Supramax Index (BSI) was also weaker, easing by 6 points to 1,320, as supramax bulk carrier markets continued to face thin cargo lists and intensified competition among shipowners, further weighing on spot market earnings.
3-November-2025
Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)
The capesize bulk carrier segment began the week under pressure but gradually regained traction midweek before slowing again toward the weekend. By Friday, trading across both the Atlantic and Pacific basins had quieted significantly, marking a restrained close to the period. Initial weakness in freight values was offset from Wednesday onward as chartering interest improved, particularly on key Baltic Capesize Index (BCI) routes C3 (Brazil to China) and C5 (West Australia to China), where firmer fixing levels helped reverse early losses and supported a recovery in sentiment. In the Pacific basin, steady cargo flow from major mining houses lent stability, with several tenders concluded at incrementally higher levels. Meanwhile, in the Atlantic, renewed demand for fronthaul and transatlantic trips tightened tonnage availability, underpinning stronger capesize bulk carrier earnings. Market confidence also benefited from the announcement of a one-year trade détente between Washington and Beijing, which included the mutual suspension of shipping-related tariffs — a move broadly welcomed by owners and charterers alike. The Baltic Capesize Index (BCI) 5TC opened at $23,534, eased to $23,089 by Tuesday, and climbed back to end the week at $24,288, signaling a mild but steady rebound.
Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)
The panamax bulk carrier market saw a generally lethargic performance, with pockets of activity confined mostly to shorter regional runs. Despite modest fixing interest on select routes, limited fronthaul engagement contributed to a gradual erosion of average earnings. An 82,000 DWT kamsarmax bulk carrier open in the ARAG region via the US East Coast (USEC) to East Coast India (ECI) was reported fixed at around $27,000 daily, yet overall trading remained thin. In the Pacific, subdued cargo demand from North Pacific and Australian origins offered little relief. Freight rates on longer-haul routes drifted lower over the week, evidenced by an 82,000 DWT kamsarmax bulk carrier open in South Korea fixing a South Korea via Australia round trip at approximately $17,500 by Thursday, compared with $18,500 earlier in the week. A lack of positive signals from the Forward Freight Agreement (FFA) market dampened sentiment further. Consequently, period chartering remained sparse, though reports surfaced of an 82,000 DWT kamsarmax bulk carrier delivering in the Far East fixing for 5–7 months at $16,000 per day.
Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)
The ultramax and supramax bulk carrier sectors endured another subdued week, with sentiment staying largely negative across most regions. However, by the week’s close, signs of stabilization emerged — particularly in the US Gulf (USG) and Indian Ocean — leading some market observers to suggest that a floor might be forming. Across the Atlantic, a decline in scrap cargo demand softened rates, with a 63,000 DWT ultramax bulk carrier open at ARAG to Turkiye fixing near $24,000, and a 64,000 DWT ultramax bulk carrier open in Morocco to East Coast India (ECI) fixing at approximately $22,000. In South and East Asia, chartering momentum remained muted; a 61,000 DWT ultramax bulk carrier loading South China via Indonesia to China achieved about $14,500 daily, while a 63,000 DWT ultramax bulk carrier open in North China via NoPac (North Pacific) to Bangladesh was said to have fixed close to $17,000. A more optimistic tone surfaced in the Indian Ocean, where stronger demand from South Africa (SAF) supported firmer fixtures — including a 64,000 DWT ultramax bulk carrier reported fixed to China at roughly $21,000 plus a $200,000 ballast bonus (BB). Period activity also revived, with a 64,000 DWT ultramax bulk carrier open in Japan securing an index-linked charter pegged at 126% of the Baltic Supramax Index (BSI) 58 average.
Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)
The handysize bulk carrier market lost momentum over the week, reversing much of the earlier upward progress as fresh enquiry dwindled and available prompt tonnage swelled. Rates softened across major loading areas, reflecting a more balanced supply-demand dynamic. From South America, a 38,000 DWT handysize bulk carrier open in Argentina was reported fixed for a voyage to Morocco at approximately $20,500, while in Northern Europe, another 38,000 DWT handysize bulk carrier open in ARAG to Turkiye concluded around $22,000. In Asia, the market tone was largely positional, with charterers holding the upper hand. A 42,000 DWT handysize bulk carrier open in South China for a backhaul trip to Brazil reportedly achieved around $13,000 daily. Period employment remained thin, as owners weighed short-term volatility. One 40,000 DWT handysize bulk carrier open in North China for November delivery was said to have agreed to a 12–16 month index-linked charter at roughly 120.5% of the Baltic Handysize Index (BHSI), underscoring the cautious yet steady interest in time-charter coverage.
1-November-2025
The Baltic Dry Index (BDI) weakened on Friday, extending its decline and recording its poorest monthly showing since April 2025. The Baltic Dry Index (BDI) dropped by 17 points, closing at 1,966 points, and posted a loss of around 7.9% for October 2025. The previous monthly downturn for the Baltic Dry Index (BDI) occurred in April 2025, when it registered a sharper 13.3% decrease. The Baltic Capesize Index (BCI) slipped by 16 points to 2,929, marking its steepest monthly contraction in half a year. Average daily income for capesize bulk carriers fell by $140, down to $24,288, as demand for large iron ore and coal shipments slowed. The Baltic Panamax Index (BPI) declined by 28 points to 1,821, though it still managed to post a modest monthly increase of 2.5% in October 2025. Average daily revenue for panamax bulk carriers dropped by $254 to $16,389 amid easing activity in the grain and coal trades. The Baltic Supramax Index (BSI) also softened, losing 10 points to settle at 1,326, as the smaller ship segments continued to face weaker chartering demand and limited fresh fixtures near month-end.