Baltic Dry Index Climbs 35 Points to 2,546 as Capesize Rebounds: Market Insight, 20 October 2026
The Baltic Dry Index rose 35 points to 2,546 at the 19 October 2026 close, with the Capesize segment leading the move higher while Panamax gave back a small part of last week's strength. Supramax and Handysize edged up again, and the overall tone remains one of divergence between the large and small ship segments.
Baltic Indices: 19 October 2026 Close
| Index | Close | Change | Average daily earnings |
|---|---|---|---|
| BDI | 2,546 | +35 (+1.4%) | n/a |
| BCI (Capesize) | 3,365 | +116 (+3.6%) | $30,518 (+$1,054) |
| BPI (Panamax) | 2,286 | -28 (-1.2%) | $20,573 (-$254) |
| BSI (Supramax) | 1,868 | +3 (+0.2%) | $23,611 (+$38) |
| BHSI (Handysize) | 1,016 | +5 (+0.5%) | $18,280 (+$80) |
Capesize earnings recovered by just over $1,000 per day to $30,518, a technical bounce after a punishing week in which the 5TC fell from $37,618 on Monday 12 October to $29,464 by Friday 16 October. Panamax lost a little ground as Atlantic tonnage accumulation continues to outweigh a still-healthy Pacific. Supramax and Handysize both added modestly, keeping the smaller sizes on a gentle upward path.
Capesize: Pacific Tone Stays Fragile
For the week of 12-16 October 2026 the West Australia to Qingdao iron ore route (C5) closed at $11.70 per tonne. Fixtures had slipped from around $13.40 at the start of that week to $11.25 by Thursday before the return of two miners on Friday gave owners enough support to resist further cuts. Limited fresh miner enquiry through most of the week kept charterers in control, and today's index bounce will need to be confirmed by sustained cargo flow rather than a single day of participation.
Panamax and Smaller Sizes
Panamax and Kamsarmax tonnage is building in the North Continent and East Coast South America, where thin grain enquiry has widened bid-offer spreads. The Pacific is more resilient on Australian, Indonesian and North Pacific demand, though easing East Coast Australia enquiry suggests the recent run may be close to a near-term ceiling. Supramax continues to be supported by Asian demand, while US Gulf and Atlantic conditions are softer.
Bunkers: 19 October 2026
| Port | VLSFO ($/mt) | VLSFO change | MGO ($/mt) |
|---|---|---|---|
| Singapore | 934.00 | +20.50 | 1,272.50 (+18.50) |
| Rotterdam | 755.50 | +15.00 | 1,403.00 (+10.50) |
| Fujairah | 973.00 | +6.00 | 1,638.00 (+31.50) |
Bunker prices firmed across all three hubs, with Singapore VLSFO up $20.50 to $934.00 and Rotterdam up $15.00 to $755.50. Marine gasoil gained in every port, with Fujairah MGO adding $31.50 to $1,638.00. The VLSFO to MGO spread remains very wide, which continues to favour scrubber-fitted tonnage and keeps fuel cost a central element in voyage estimates.
Brent Crude
Brent is trading at $110.72 per barrel at the time of writing. With crude at these levels, bunker costs remain a heavy component of the voyage calculation, and charterers are weighing speed and routing decisions closely against net freight.
What We Are Watching
- Whether Capesize holds today's bounce or the 5TC resumes its slide below the $29,464 recorded on 16 October.
- Miner participation on the West Australia to Qingdao route (C5), which closed the previous week at $11.70.
- Atlantic Panamax tonnage accumulation and any pick-up in grain enquiry.
- Bunker direction, particularly Singapore and Fujairah, as it feeds into voyage estimates.