Baltic Dry Index Eases to 3,445 as Capesize Cools, But C3 Holds Firm in the Low $41s
Market InsightBaltic Dry Index Eases to 3,445 as Capesize Cools, But C3 Holds Firm in the Low $41s
The Baltic Dry Index closed Monday, 14 September 2026, at 3,445 points, down 62 points (-1.8%) on the session, with Capesize once again driving the move. The Baltic Capesize Index (BCI) fell 168 points (-2.8%) to 5,912, taking average Capesize daily earnings down $1,517 to $53,622. Panamax eased more modestly, while Supramax and Handysize both posted small gains, continuing the divergence between the larger and smaller segments that has characterised the market through September.
| Index | Close (14 Sep) | Change | Avg Daily Earnings | Earnings Change |
|---|---|---|---|---|
| BDI | 3,445 | -62 (-1.8%) | — | — |
| BCI (Capesize) | 5,912 | -168 (-2.8%) | $53,622 | -$1,517 |
| BPI (Panamax) | 2,393 | -14 (-0.6%) | $21,540 | -$122 |
| BSI (Supramax) | 1,725 | +6 (+0.3%) | $21,807 | +$79 |
| BHSI (Handysize) | 942 | +2 (+0.2%) | $16,959 | +$34 |
The Capesize headline masks a split by route. On the benchmark Brazil-China run, C3 (Tubarão-Qingdao) held broadly steady through the week of 7-11 September, generally trading in the low $41s per tonne with occasional fixtures reported towards $42, per the Baltic Exchange’s weekly roundup. C5 (West Australia-Qingdao) told a softer story: rates progressed from the low $18s to around $18.50 mid-week before late fixing slipped back below $18/tonne into the close, leaving the Pacific basin looking the weaker of the two main iron ore legs. Atlantic Capesize sentiment was mixed to soft after weaker fronthaul fixtures, though tighter prompt tonnage and a thinner list of remaining stems gave the transatlantic route some support. Elevated bunker costs and continued uncertainty around the Strait of Hormuz remain live considerations for owners pricing Capesize business into the new week.
Panamax found the week’s early sessions quiet around the US Labor Day holiday, with Atlantic conditions staying under pressure from an oversupply of prompt tonnage on the Continent, while the Pacific outperformed on steady coal and grain-backed shorter-haul demand. Supramax/Ultramax continued its steady grind higher, led by an active US Gulf fronthaul market, and Handysize firmed on tightening Atlantic tonnage in the US Gulf and East Coast South America.
Bunkers and Brent
Fuel costs rose across all three hubs we track. VLSFO in Singapore closed at $895.00/mt (+$16.50), Rotterdam at $730.50/mt (+$0.50), and Fujairah at $987.50/mt (+$28.50) on 14 September. Marine gasoil moved further, with Singapore MGO up $53.00 to $1,428.00/mt, Rotterdam up $7.00 to $1,479.50/mt, and Fujairah up $90.00 to $1,698.50/mt — the sharpest single-day gain of the three hubs. Brent crude was last quoted at $107.38/bbl, up 1.6% intraday as of this morning, adding further upward pressure on voyage cost bases across all segments.
| Hub | VLSFO ($/mt) | Chg | MGO ($/mt) | Chg |
|---|---|---|---|---|
| Singapore | 895.00 | +16.50 | 1,428.00 | +53.00 |
| Rotterdam | 730.50 | +0.50 | 1,479.50 | +7.00 |
| Fujairah | 987.50 | +28.50 | 1,698.50 | +90.00 |
Market Developments
Fleet renewal activity continues alongside the rate volatility: Great Eastern Shipping has agreed to acquire a 2015-built kamsarmax bulk carrier of approximately 81,886 dwt for delivery in Q3 FY27, a reminder that owners are still committing capital to secondhand Panamax/Kamsarmax tonnage even as Atlantic rates soften. Separately, dry bulk trade out of the Black Sea has weakened markedly through the summer, with combined shipments of roughly 21.60 million tonnes between June and August, down 42% from the 37.27 million tonnes moved between March and May — a reminder that grain-driven demand for Panamax and Supramax tonnage remains uneven region by region even as headline indices hold up.
What We Are Watching
- Whether C3 can sustain its low-$41s footing into a fresh week, or follows C5 lower now that Pacific Capesize sentiment has turned soft into the close.
- Bunker cost trajectory across all three hubs following today’s Brent gain — a sustained move higher would compress owners’ netbacks on longer-haul Capesize and Panamax fixtures.
- Whether the Atlantic Panamax oversupply on the Continent clears quickly or continues to weigh on Transatlantic round rates into the new week.
- Black Sea grain flows for early signs of a recovery from the sharp June-August pullback, given the segment’s importance to Supramax and Panamax demand.
Sources: handybulk.com/baltic-dry-index (Baltic Dry Index and sub-indices, close 14 Sep 2026), shipandbunker.com/prices (VLSFO and MGO, close 14 Sep 2026), balticexchange.com Weekly Roundup Week 37 (C3/C5, week of 7-11 Sep 2026), bloomberght.com (Brent Crude, live 15 Sep 2026). Additional market colour via general web search.