Baltic Dry Index Eases to 2,628 as Capesize and Panamax Slip: Market Insight, 27 October 2026
The Baltic Dry Index (BDI) finished Monday 26 October 2026 at 2,628 points, down 32 points on the day and the second consecutive daily decline after Friday’s 2,660. The softer print was driven by the larger vessel sizes, with the Capesize and Panamax segments both losing ground while the smaller sectors held flat. All figures below refer to the 26 October close.
Baltic Indices: Monday 26 October 2026 Close
| Index | Close | Daily change | Avg. daily earnings |
|---|---|---|---|
| BDI | 2,628 | -32 pts (-1.2%) | n/a |
| BCI (Capesize) | 3,726 | -65 pts (-1.7%) | $33,795 (-$585) |
| BPI (Panamax) | 2,075 | -34 pts (-1.6%) | $18,672 (-$309) |
| BSI (Supramax) | 1,888 | +1 pt (+0.1%) | $23,865 (+$16) |
| BHSI (Handysize) | 1,020 | unchanged | $18,363 (+$2) |
Capesize earnings gave back some of the gains built earlier in the month but remain comfortably above $33,000 per day. The segment has now eased for two sessions running after peaking near $34,900 on 22 October, a modest pullback that leaves the sector well supported. Panamax earnings of $18,672 per day are now more than $1,900 below the $20,573 recorded a week ago, when the index stood at 2,286.
Supramax and Handysize continue to trade in a very narrow band. The BSI has held between 1,868 and 1,890 over the past week, and the BHSI has been pinned at 1,020 for three sessions. That stability is a useful counterweight to the volatility in the larger sizes, and it points to a steady, if unspectacular, small-ship market.
Market Developments
Capesize recovery loses momentum. Last week’s Capesize market recovered steadily, with the 5TC average climbing from roughly $30,500 on Monday to $34,400 by Friday on stronger Pacific demand and firmer sentiment on the Brazil and West Africa routes to China. Towards the close of that week, however, talk of a softer fixture for mid-November weighed on sentiment, and demand became more concentrated on end-November and split November–December dates. Today’s modest decline fits that picture: charterers are testing resistance while owners with prompt tonnage still have reasons to hold firm.
Panamax pressure centred on the Atlantic. The Panamax market spent last week under persistent downward pressure, with the Atlantic clearly the weaker basin. Limited cargo replenishment, subdued grain and mineral demand and an oversupply of tonnage in the North Continent and East Coast South America favoured charterers, and fronthaul business came under further pressure. The Pacific proved comparatively resilient, helped by healthy Australian demand and balanced conditions in Indonesia. Until Atlantic cargo flow improves, the index is likely to remain tied to Pacific sentiment.
Bunker Prices: 26 October 2026
| Port | VLSFO ($/mt) | Change | MGO ($/mt) | Change |
|---|---|---|---|---|
| Singapore | $980.00 | +17.00 | $1,344.00 | -7.50 |
| Rotterdam | $772.00 | +6.00 | $1,445.50 | -0.50 |
| Fujairah | $989.50 | +8.50 | $1,746.50 | -22.00 |
VLSFO rose at all three hubs, with Singapore adding $17.00 to reach $980.00 per metric tonne and Fujairah edging up to $989.50. Rotterdam remains the cheapest of the three at $772.00, roughly $208 below Singapore, which keeps the Atlantic basin attractive for owners with flexibility on bunkering ports. MGO moved the other way, easing at every port, with Fujairah giving back $22.00 but still standing well above the other two locations at $1,746.50.
Brent Crude
Brent crude is trading at $88.02 per barrel at the time of writing. With VLSFO close to $1,000 per tonne at Singapore and Fujairah, the crude price remains a key variable for voyage cost calculations, particularly on long-haul Capesize and Panamax routes where bunker consumption is a significant share of the freight equation.
What We Are Watching
- Capesize support levels: whether the 5TC holds above $33,000 per day as November requirements are covered in the Pacific and the Atlantic.
- Panamax Atlantic cargo flow: any pick-up in grain or mineral enquiry from East Coast South America and the US Gulf that could stabilise the index.
- Bunker spreads: the gap between Singapore and Rotterdam VLSFO and the continued weakness in MGO, both relevant for fuel-switching and routing decisions.
- Small-ship stability: the Supramax and Handysize indices, which have shown little direction and could break either way once larger-size volatility settles.
For Capesize, Panamax and Supramax employment enquiries, contact the Marcenta chartering desk.