February 2026

Back to Baltic Dry Index

27-February-2026

The Baltic Dry Index (BDI) increased by 23 points to reach 2,140 points. The Baltic Capesize Index (BCI) increased by 5 points to 3,056 points, with average daily earnings for capesize bulk carriers increased by $42 to $24,211. The Baltic Panamax Index (BPI) increased by 26 points to 1,942 points, while average daily income for panamax bulk increased by $234 to $17,481. The Baltic Supramax Index (BSI) increased by 39 points to 1,338 points, with average daily earnings for supramax bulk carriers increased by $496 to $16,915. The Baltic Handysize Index (BHSI) increased by 13 points to 776 points, as average daily earnings for handysize bulk carriers increased by $242 to $13,976 per day.

 

 

 

26-February-2026

The Baltic Dry Index (BDI) decreased by 4 points to reach 2,117 points. The Baltic Capesize Index (BCI) decreased by 77 points to 3,051 points, with average daily earnings for capesize bulk carriers decreased by $694 to $24,169. The Baltic Panamax Index (BPI) increased by 26 points to 1,916 points, while average daily income for panamax bulk increased by $233 to $17,247. The Baltic Supramax Index (BSI) increased by 44 points to 1,299 points, with average daily earnings for supramax bulk carriers increased by $562 to $16,419. The Baltic Handysize Index (BHSI) increased by 19 points to 763 points, as average daily earnings for handysize bulk carriers increased by $344 to $13,734 per day.

 

 

 

25-February-2026

The Baltic Dry Index (BDI) decreased by 8 points to reach 2,121 points. The Baltic Capesize Index (BCI) decreased by 79 points to 3,128 points, with average daily earnings for capesize bulk carriers decreased by $722 to $24,863. The Baltic Panamax Index (BPI) increased by 24 points to 1,890 points, while average daily income for panamax bulk increased by $221 to $17,014. The Baltic Supramax Index (BSI) increased by 38 points to 1,255 points, with average daily earnings for supramax bulk carriers increased by $475 to $15,857. The Baltic Handysize Index (BHSI) increased by 20 points to 744 points, as average daily earnings for handysize bulk carriers increased by $352 to $13,390 per day.

 

 

 

24-February-2026

The Baltic Dry Index (BDI) increased by 17 points to reach 2,129 points. The Baltic Capesize Index (BCI) decreased by 3 points to 3,207 points, with average daily earnings for capesize bulk carriers decreased by $23 to $25,585. The Baltic Panamax Index (BPI) increased by 13 points to 1,866 points, while average daily income for panamax bulk increased by $115 to $16,793. The Baltic Supramax Index (BSI) increased by 38 points to 1,217 points, with average daily earnings for supramax bulk carriers increased by $485 to $15,382. The Baltic Handysize Index (BHSI) increased by 13 points to 724 points, as average daily earnings for handysize bulk carriers increased by $235 to $13,038 per day.

 

 

 

23-February-2026

The Baltic Dry Index (BDI) increased by 69 points to reach 2,112 points. The Baltic Capesize Index (BCI) increased by 159 points to 3,210 points, with average daily earnings for capesize bulk carriers increased by $1,436 to $25,608. The Baltic Panamax Index (BPI) increased by 15 points to 1,853 points, while average daily income for panamax bulk increased by $135 to $16,678. The Baltic Supramax Index (BSI) increased by 20 points to 1,179 points, with average daily earnings for supramax bulk carriers increased by $251 to $14,897. The Baltic Handysize Index (BHSI) increased by 2 points to 711 points, as average daily earnings for handysize bulk carriers increased by $37 to $12,803 per day.

 

 

 

20-February-2026

The Baltic Dry Index (BDI) increased by 24 points to reach 2,043 points. The Baltic Capesize Index (BCI) increased by 50 points to 3,051 points, with average daily earnings for capesize bulk carriers increased by $459 to $24,172. The Baltic Panamax Index (BPI) increased by 22 points to 1,838 points, while average daily income for panamax bulk increased by $203 to $16,543. The Baltic Supramax Index (BSI) decreased by 1 point to 1,159 points, with average daily earnings for supramax bulk carriers decreased by $15 to $14,646. The Baltic Handysize Index (BHSI) increased by 3 points to 709 points, as average daily earnings for handysize bulk carriers increased by $58 to $12,766 per day.

 

 

 

19-February-2026

The Baltic Dry Index (BDI) decreased by 44 points to reach 2,019 points. The Baltic Capesize Index (BCI) decreased by 114 points to 3,001 points, with average daily earnings for capesize bulk carriers decreased by $1,034 to $23,713. The Baltic Panamax Index (BPI) increased by 20 points to 1,816 points, while average daily income for panamax bulk increased by $173 to $16,340. The Baltic Supramax Index (BSI) decreased by 20 points to 1,160 points, with average daily earnings for supramax bulk carriers decreased by $256 to $14,661. The Baltic Handysize Index (BHSI) increased by 4 points to 706 points, as average daily earnings for handysize bulk carriers increased by $74 to $12,708 per day.

 

 

 

18-February-2026

The Baltic Dry Index (BDI) decreased by 32 points to reach 2,063 points. The Baltic Capesize Index (BCI) decreased by 79 points to 3,115 points, with average daily earnings for capesize bulk carriers decreased by $717 to $24,747. The Baltic Panamax Index (BPI) increased by 4 points to 1,796 points, while average daily income for panamax bulk increased by $35 to $16,167. The Baltic Supramax Index (BSI) decreased by 14 points to 1,180 points, with average daily earnings for supramax bulk carriers decreased by $175 to $14,917. The Baltic Handysize Index (BHSI) increased by 8 points to 702 points, as average daily earnings for handysize bulk carriers increased by $142 to $12,634 per day.

 

 

 

17-February-2026

The Baltic Dry Index (BDI) decreased by 5 points to reach 2,095 points. The Baltic Capesize Index (BCI) decreased by 15 points to 3,194 points, with average daily earnings for capesize bulk carriers decreased by $141 to $25,464. The Baltic Panamax Index (BPI) increased by 7 points to 1,792 points, while average daily income for panamax bulk increased by $64 to $16,132. The Baltic Supramax Index (BSI) decreased by 4 points to 1,194 points, with average daily earnings for supramax bulk carriers decreased by $45 to $15,092. The Baltic Handysize Index (BHSI) increased by 8 points to 694 points, as average daily earnings for handysize bulk carriers increased by $146 to $12,492 per day.

 

 

 

16-February-2026

The Baltic Dry Index (BDI) increased by 17 points to reach 2,100 points. The Baltic Capesize Index (BCI) increased by 28 points to 3,209 points, with average daily earnings for capesize bulk carriers increased by $259 to $25,605. The Baltic Panamax Index (BPI) increased by 8 points to 1,785 points, while average daily income for panamax bulk increased by $79 to $16,068. The Baltic Supramax Index (BSI) increased by 12 points to 1,198 points, with average daily earnings for supramax bulk carriers increased by $144 to $15,137. The Baltic Handysize Index (BHSI) increased by 6 points to 686 points, as average daily earnings for handysize bulk carriers increased by $99 to $12,346 per day.

 

 

 

16-February-2026

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market began the week under mild pressure, then shifted upward from mid-week as support emerged from both basins. The Capesize 5 Timecharter Average (C5TC 182) started at $25,692 and finished at $28,849, posting a $3,157 gain across five trading sessions. Across all capesize bulk carrier routes, the transpacific run contributed most to the week’s advance before the Pacific capesize bulk carrier market entered the Chinese New Year holiday period. The Baltic Capesize Index (BCI) C5 West Australia to Qingdao route climbed to $9.37 in the middle of the week, then edged down to $9.27 at the close. A comparable movement was recorded on the Baltic Capesize Index (BCI) C3 Brazil to Qingdao route after the laycan window moved fully into early-March 2026 dates. The Baltic Capesize Index (BCI) C3 Brazil to Qingdao route softened to $23.92 by Friday. In the North Atlantic capesize bulk carrier market, activity stayed firm into the end of the week, with the transatlantic and fronthaul run indicated at $34,344 and $55,028, respectively.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The week concluded with an overall stronger tone, as confidence improved in both the Atlantic and Pacific basins despite some late-week split in direction. Early signals of prompt transatlantic panamax bulk carrier demand established the tone, and momentum expanded through mid-week as charterers sought to secure nearby panamax bulk carrier tonnage. Grain volumes from East Coast South America (ECSA) for panamax bulk carriers remained steady, while the US Gulf (USG) added further Atlantic support for the panamax bulk carrier market, though pace moderated slightly near week’s end as rates began to level off. In the Pacific panamax bulk carrier market, upside was more visible. The Indonesian short-haul panamax bulk carrier market tightened prompt availability, while the Australian and North Pacific (NOPAC) panamax bulk carrier market run produced solid enquiry and fixing turnover. Panamax bulk carrier period appetite also remained present. Mirroring stronger sentiment, the Baltic Panamax Index (BPI) P5TC average rose from $14,829 on Monday to $15,989 on Friday, delivering a meaningful week-on-week improvement for panamax bulk carriers.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

Over the week, the Atlantic ultramax and supramax bulk carrier market registered notable upside from key loading zones such as the US Gulf (USG). Ultramax bulk carriers reached about $31,500 for fronthaul (FH) US Gulf (USG) to China business and about $33,500 for US Gulf (USG) to Continent transatlantic runs. Stronger ultramax and supramax bulk carrier demand also appeared from East Coast South America (ECSA), where a 63K DWT ultramax bulk carrier open Argentina to UAE fixed near $17,000 plus $700,000 BB (Ballast Bonus). By comparison, in the Asia ultramax and supramax bulk carrier market, charterers controlled the ultramax and supramax bulk carrier market, with very limited fresh enquiry entering the market. A 57K DWT supramax bulk carrier open Vietnam via Australia to Indonesia fixed around $14,000. The Indian Ocean ultramax and supramax bulk carrier market stayed comparatively more active, with a 63K DWT ultramax bulk carrier open UAE to Bangladesh fixed near $16,000. Period coverage in the ultramax and supramax bulk carrier market remained short, with a 57K DWT supramax bulk carrier open in the East Mediterranean (EMED) fixing 5 to 7 months trading, redelivery worldwide (WW), at around $14,500.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market recorded gradual strengthening in the Atlantic basin, while the Pacific basin stayed pressured, creating a mixed yet progressively firmer overall tone. East Coast South America (ECSA) and US Gulf (USG) clearly outperformed during the week. A busy transatlantic handysize bulk carrier market, together with tight handysize bulk carrier tonnage for February positions, supported firmer freight levels. A 37K DWT handysize bulk carrier open Argentina to Algeria fixed at about $20,000, while a 39K DWT handysize bulk carrier open US Gulf (USG) to Mexico East Coast fixed at about $22,000. The Continent–Mediterranean handysize bulk carrier market remained broadly balanced, with only slight hardening observed. A 37K DWT handysize bulk carrier open Portugal via Morocco to Argentina fixed near $7,000. The Pacific handysize bulk carrier market stayed weak through the week, as restricted cargo circulation and a lengthening handysize bulk carrier tonnage list continued to pressure charter levels. A 39K DWT handysize bulk carrier open North China to Indonesia fixed at around $7,000. In the period handysize bulk carrier market, activity improved modestly, with multiple handysize bulk carrier fixtures reported. A 39K DWT handysize bulk carrier open fixed for delivery China, redelivery worldwide (WW), for 3 years at 120.5% of Baltic Handysize Index (BHSI).

 

 

 

13-February-2026

The Baltic Dry Index (BDI) decreased by 12 points to reach 2,083 points. The Baltic Capesize Index (BCI) decreased by 60 points to 3,181 points, with average daily earnings for capesize bulk carriers decreased by $547 to $25,346. The Baltic Panamax Index (BPI) increased by 11 points to 1,777 points, while average daily income for panamax bulk increased by $92 to $15,989. The Baltic Supramax Index (BSI) increased by 21 points to 1,186 points, with average daily earnings for supramax bulk carriers increased by $268 to $14,993. The Baltic Handysize Index (BHSI) increased by 10 points to 680 points, as average daily earnings for handysize bulk carriers increased by $191 to $12,247 per day.

 

 

 

12-February-2026

The Baltic Dry Index (BDI) increased by 137 points to reach 2,095 points. The Baltic Capesize Index (BCI) increased by 327 points to 3,241 points, with average daily earnings for capesize bulk carriers increased by $2,964 to $25,893. The Baltic Panamax Index (BPI) increased by 31 points to 1,766 points, while average daily income for panamax bulk increased by $282 to $15,897. The Baltic Supramax Index (BSI) increased by 25 points to 1,165 points, with average daily earnings for supramax bulk carriers increased by $313 to $14,725. The Baltic Handysize Index (BHSI) increased by 13 points to 670 points, as average daily earnings for handysize bulk carriers increased by $238 to $12,056 per day.

 

 

 

11-February-2026

The Baltic Dry Index (BDI) increased by 76 points to reach 1,958 points. The Baltic Capesize Index (BCI) increased by 143 points to 2,914 points, with average daily earnings for capesize bulk carriers increased by $1,304 to $22,929. The Baltic Panamax Index (BPI) increased by 65 points to 1,735 points, while average daily income for panamax bulk increased by $588 to $15,615. The Baltic Supramax Index (BSI) increased by 17 points to 1,140 points, with average daily earnings for supramax bulk carriers increased by $212 to $14,412. The Baltic Handysize Index (BHSI) increased by 11 points to 657 points, as average daily earnings for handysize bulk carriers increased by $195 to $11,818 per day.

 

 

 

10-February-2026

The Baltic Dry Index (BDI) decreased by 13 points to reach 1,882 points. The Baltic Capesize Index (BCI) decreased by 62 points to 2,771 points, with average daily earnings for capesize bulk carriers decreased by $564 to $21,625. The Baltic Panamax Index (BPI) increased by 22 points to 1,670 points, while average daily income for panamax bulk increased by $198 to $15,027. The Baltic Supramax Index (BSI) increased by 9 points to 1,123 points, with average daily earnings for supramax bulk carriers increased by $123 to $14,200. The Baltic Handysize Index (BHSI) increased by 7 points to 646 points, as average daily earnings for handysize bulk carriers increased by $130 to $11,623 per day.

 

 

 

9-February-2026

The Baltic Dry Index (BDI) decreased by 28 points to reach 1,895 points. The Baltic Capesize Index (BCI) decreased by 85 points to 2,833 points, with average daily earnings for capesize bulk carriers decreased by $776 to $22,189. The Baltic Panamax Index (BPI) decreased by 4 points to 1,648 points, while average daily income for panamax bulk decreased by $36 to $14,829. The Baltic Supramax Index (BSI) increased by 10 points to 1,114 points, with average daily earnings for supramax bulk carriers increased by $119 to $14,077. The Baltic Handysize Index (BHSI) increased by 1 point to 639 points, as average daily earnings for handysize bulk carriers increased by $14 to $11,493 per day.

 

 

 

9-February-2026

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market went through a clearly weaker week, with confidence fading in both the Pacific and Atlantic basins. The Baltic Capesize Index (BCI) 5TC fell from about $31,200 at the beginning of the week to nearly $26,468 by the close. In the Pacific capesize bulk carrier market, initial support from mining interest and stable West Australia cargo flow could not stop the downturn, and Baltic Capesize Index (BCI) C5 dropped quickly from around $9.50 to nearly $8.30. In the East Coast South America (ECSA) and West Africa (WAFR) to China capesize bulk carrier market, trading stayed quiet for end-February/early-March laycans. Baltic Capesize Index (BCI) C3 levels kept slipping and reached around $22.80 by week’s end, while only scattered fixtures appeared for forward dates. The North Atlantic capesize bulk carrier market also eased, although late in the week there were early hints of a slightly tighter tonnage position despite thin overall activity. In summary, the capesize bulk carrier market ended the week subdued and defensive.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The Baltic Panamax Index (BPI) moved lower throughout the week, with Baltic Panamax Index (BPI) 5TC decreasing from $15,735 on Monday to $14,865 on Friday, as market mood softened in both basins. In the Atlantic panamax bulk carrier market, fresh cargo remained limited, and both transatlantic and fronthaul panamax bulk carrier demand stayed subdued, with many charterers already covered through backstop positions. Longer panamax bulk carrier tonnage lists, together with weather-related delays, increased pressure and gradually handed bargaining strength to charterers, though panamax bulk carrier owners mostly resisted discounting. Fronthaul panamax bulk carrier business was concluded around previous done numbers, with minimal signs of improvement. In Asia, the panamax bulk carrier cargo book thinned further, especially from the North Pacific and East Australia, while East Coast South America (ECSA) support lost momentum. A split market remained in place: larger and newer ships still drew attention and occasional premiums, even as the wider panamax bulk carrier market stayed soft.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

During the week, the Atlantic ultramax and supramax bulk carrier market remained more active than the Pacific side. Several Atlantic ultramax and supramax bulk carrier routes showed firmer cargo interest, and stronger rate ideas circulated. From the US Gulf (USG), a 63K DWT ultramax bulk carrier fixed around $24,000 for a transatlantic trip, while slightly smaller supramax bulk carriers achieved comparable levels on fronthaul employment. Stronger results were also recorded from East Coast South America (ECSA), where a 63K DWT ultramax bulk carrier open Argentina fixed to China at roughly $16,500 plus $650,000 BB (ballast bonus). In Asia, however, demand for both backhaul (BH) and North Pacific (NOPAC) runs weakened as the week progressed, preventing further upside. A 55K supramax bulk carrier open North China fixed to Indonesia at about $8,000. The Indian Ocean offered steadier demand, with a 63K DWT ultramax bulk carrier open South Africa (SAF) fixing to Japan near $15,500 plus $150,000 BB (ballast bonus). Period activity stayed short in duration, and a 64K DWT ultramax bulk carrier open Far East fixed for 13–15 months at around $16,000.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market delivered a cautiously stronger week, with sentiment improving gradually, most notably in the Atlantic basin. East Coast South America (ECSA) and US Gulf (USG) provided the main support, as both charterers and shipowners lifted bid and offer levels, and multiple handysize bulk carrier fixtures were agreed at firmer rates. A 38K DWT handysize bulk carrier open US Gulf (USG) fixed to Morocco at around $19,000, while a 39K DWT handysize bulk carrier open Argentina fixed to Morocco at around $20,000. The Continent and Mediterranean handysize bulk carrier market remained largely stable, showing only slight gains and limited fresh enquiry; a 33K DWT handysize bulk carrier open Portugal via UK fixed to Morocco at approximately $13,500. Asia remained the quietest area for 38K DWT handysize bulk carrier open ships, with restrained cargo demand. Although some tightening appeared in the North Pacific (NOPAC) late in the week, handysize bulk carrier rates mostly held sideways. A 37K DWT handysize bulk carrier open UAE fixed to Australia at around $7,000. On period, activity was thin, with a 39K DWT handysize bulk carrier newbuilding reported fixed for three years at 120% of Baltic Handysize Index (BHSI).

 

 

 

6-February-2026

The Baltic Dry Index (BDI) decreased by 13 points to reach 1,923 points. The Baltic Capesize Index (BCI) decreased by 33 points to 2,918 points, with average daily earnings for capesize bulk carriers decreased by $298 to $22,965. The Baltic Panamax Index (BPI) decreased by 7 points to 1,652 points, while average daily income for panamax bulk decreased by $66 to $14,865. The Baltic Supramax Index (BSI) increased by 2 points to 1,104 points, with average daily earnings for supramax bulk carriers increased by $29 to $13,958. The Baltic Handysize Index (BHSI) increased by 2 points to 638 points, as average daily earnings for handysize bulk carriers increased by $35 to $11,479 per day.

 

 

 

5-February-2026

The Baltic Dry Index (BDI) decreased by 19 points to reach 1,936 points. The Baltic Capesize Index (BCI) decreased by 43 points to 2,951 points, with average daily earnings for capesize bulk carriers decreased by $390 to $23,263. The Baltic Panamax Index (BPI) decreased by 26 points to 1,659 points, while average daily income for panamax bulk decreased by $235 to $14,931. The Baltic Supramax Index (BSI) increased by 10 points to 1,102 points, with average daily earnings for supramax bulk carriers increased by $128 to $13,929. The Baltic Handysize Index (BHSI) increased by 7 points to 636 points, as average daily earnings for handysize bulk carriers increased by $115 to $11,444 per day.

 

 

 

4-February-2026

The Baltic Dry Index (BDI) decreased by 73 points to reach 1,955 points. The Baltic Capesize Index (BCI) decreased by 181 points to 2,994 points, with average daily earnings for capesize bulk carriers decreased by $1,635 to $23,653. The Baltic Panamax Index (BPI) decreased by 39 points to 1,685 points, while average daily income for panamax bulk decreased by $349 to $15,166. The Baltic Supramax Index (BSI) increased by 9 points to 1,092 points, with average daily earnings for supramax bulk carriers increased by $110 to $13,801. The Baltic Handysize Index (BHSI) increased by 3 points to 629 points, as average daily earnings for handysize bulk carriers increased by $70 to $11,329 per day.

 

 

 

3-February-2026

The Baltic Dry Index (BDI) decreased by 96 points to reach 2,028 points. The Baltic Capesize Index (BCI) decreased by 259 points to 3,175 points, with average daily earnings for capesize bulk carriers decreased by $2,350 to $25,288. The Baltic Panamax Index (BPI) decreased by 24 points to 1,724 points, while average daily income for panamax bulk decreased by $220 to $15,515. The Baltic Supramax Index (BSI) increased by 11 points to 1,083 points, with average daily earnings for supramax bulk carriers increased by $136 to $13,691. The Baltic Handysize Index (BHSI) increased by 5 points to 626 points, as average daily earnings for handysize bulk carriers increased by $74 to $11,259 per day.

 

 

 

2-February-2026

The Baltic Dry Index (BDI) decreased by 24 points to reach 2,124 points. The Baltic Capesize Index (BCI) decreased by 73 points to 3,434 points, with average daily earnings for capesize bulk carriers decreased by $668 to $27,638. The Baltic Panamax Index (BPI) increased by 5 points to 1,748 points, while average daily income for panamax bulk increased by $49 to $15,735. The Baltic Supramax Index (BSI) increased by 5 points to 1,072 points, with average daily earnings for supramax bulk carriers increased by $66 to $13,555. The Baltic Handysize Index (BHSI) increased by 3 points to 621 points, as average daily earnings for handysize bulk carriers increased by $61 to $11,185 per day.

 

 

 

2-February-2026

Capesize Bulk Carrier Market – Baltic Capesize Index (BCI)

The capesize bulk carrier market experienced a choppy yet encouraging week, shaped by a powerful early-week surge and a broadly upbeat tone despite a midweek breather. The Pacific capesize bulk carrier market set the pace, with Baltic Capesize Index (BCI) C5 charter rates jumping into Tuesday as persistent miner volumes and a tighter capesize bulk carrier tonnage pool drove fixtures beyond $9.00. The capesize bulk carrier market then softened briefly, before regaining traction into the finish, with the Baltic Capesize Index (BCI) C5 closing at $9.80. In the Atlantic capesize bulk carrier market, East Coast South America (ECSA) and West Africa (WAFR) loadings to China clearly outperformed. Baltic Capesize Index (BCI) C3 values advanced steadily on the back of tightening February laycans and sustained enquiry. Following a short-lived midweek pause, fresh buying pushed capesize bulk carrier fixtures to new peaks, with late-week business lifting the Baltic Capesize Index (BCI) C3 to $26.20 and bolstering near-term confidence. The North Atlantic capesize bulk carrier market stayed more restrained but remained underpinned, with acute capesize bulk carrier supply tightness sparking sharp early gains across fronthaul and transatlantic capesize bulk carrier routes, alongside firmer time charter indications, before a mild pullback toward week’s end.

Panamax Bulk Carrier Market – Baltic Panamax Index (BPI)

The panamax bulk carrier market opened the week in a quiet, evenly balanced posture across both basins, with panamax bulk carrier charter rates largely unchanged and sentiment guarded. In the Atlantic panamax bulk carrier market, grain business continued to lead minerals, while prior tightness eased into a more measured, wait-and-see setting, even as weather disruptions generated pockets of immediate spot demand. Midweek brought a sturdier tone, with higher panamax bulk carrier fixing volumes and improving levels supported by fresh grain and mineral stems for mid-February, although shipowners remained unhurried as additional tonnage was expected to re-enter the market. The Asian panamax bulk carrier market stayed muted overall, constrained by limited South Pacific mineral flows and only momentary pressure from softer Indonesian enquiry. Even so, the broader mood remained constructive, reflected in a gradual week-on-week improvement in the Baltic Panamax Index (BPI) P5TC and Baltic Panamax Index (BPI) averages, with the Baltic Panamax Index (BPI) P5TC ending Friday at $15,686.

Ultramax / Supramax Bulk Carrier Market – Baltic Supramax Index (BSI)

The ultramax and supramax bulk carrier market recorded a solid week, though conditions remained notably positional, with most regions showing better demand and resilient levels. In the Atlantic ultramax and supramax bulk carrier market, while larger bulk carriers absorbed much of the East Coast South America (ECSA) pull, ultramax bulk carriers still found momentum: a 64K DWT open Argentina to China was concluded around $15,000 plus $500,000 BB (Ballast Bonus) for fronthaul (FH) employment. A supramax bulk carrier 55K DWT open Argentina to Turkiye fixed around $22,500. West Africa (WAFR) also contributed, with a supramax bulk carrier 55K DWT open West Africa (WAFR) to China heard done around $14,500. In Asia, activity was primarily driven from the North, supported by a healthy flow of North Pacific (NOPAC) and backhaul (BH) demand. Further south, the ultramax and supramax bulk carrier market remained positional, with a supramax bulk carrier 57K DWT open Indonesia to China fixed around $9,000. The Indian Ocean ultramax and supramax bulk carrier market held a steady profile, as a supramax bulk carrier 55K DWT open Pakistan via UAE to Bangladesh fixed around $12,000. Period interest was also evident, with a newbuilding ultramax bulk carrier securing 10–14 months at $16,000.

Handysize Bulk Carrier Market – Baltic Handysize Index (BHSI)

The handysize bulk carrier market gathered strength through the week, as sentiment improved across both Atlantic and Asian basins. In the Atlantic handysize bulk carrier market, East Coast South America (ECSA) and the US Gulf (USG) provided the main lift, backed by stronger cargo flows and a tightening handysize bulk carrier supply list. A handysize bulk carrier 33K DWT open Argentina to Morocco was fixed around $15,500, while a handysize bulk carrier 39K DWT open US Gulf (USG) to Turkiye was concluded near $19,000. The Continent–Mediterranean handysize bulk carrier market was comparatively steady, with ample tonnage limiting further upside despite intermittent new enquiry. The Asian handysize bulk carrier market also firmed, even though fixture counts were modest: charterers repeatedly paid above prior ideas and handysize bulk carrier availability tightened across the North Pacific (NOPAC) and Southeast Asia. Several runs into Southeast Asia (SEA) and the Far East were agreed at stronger levels, including a handysize bulk carrier 39K DWT open Singapore via Australia to Indonesia fixed around $10,000. Handysize bulk carrier period business remained thin, as most operators continued to act cautiously and were reluctant to add incremental risk at this stage.