Baltic Dry Index Rises to 2,652 as Capesize Rebounds: Market Insight, 29 October 2026
The Baltic Dry Index closed at 2,652 points on 28 October 2026, up 49 points on the day, as a sharp rebound in the Capesize segment more than offset further losses in Panamax and marginal softness in the smaller sizes. The figures below refer to the 28 October close, the latest published print at the time of writing.
Baltic Indices, 28 October 2026
| Index | Close | Daily change | Average daily earnings |
|---|---|---|---|
| BDI | 2,652 | +49 | – |
| BCI (Capesize) | 3,886 | +184 | $35,245 (+$1,670) |
| BPI (Panamax) | 1,965 | -56 | $17,686 (-$507) |
| BSI (Supramax) | 1,878 | -5 | $23,733 (-$73) |
| BHSI (Handysize) | 1,017 | -3 | $18,304 (-$58) |
Capesize carried the index, with the BCI adding 184 points and average earnings climbing above $35,000 per day, their highest level since the start of the week of 19 October. Panamax has now slipped in every session since 19 October, with the BPI down from 2,286 to 1,965, as Atlantic tonnage oversupply keeps pressure on owners. Supramax and Handysize remain essentially range-bound.
Capesize: Pacific Leads, C3 and C5 Firm
In the most recent weekly assessment, covering 19-23 October 2026, the Capesize 5TC rose from $30,518 on Monday to $34,380 by Friday. C5 (West Australia to Qingdao) advanced from the low $12s to the $14.15-14.25 per tonne range by midweek, helped by renewed operator demand and miner cover for early-November requirements. C3 (Tubarao to Qingdao) moved from the low $31s to $34.00-34.50 per tonne, although a rumoured fixture at $33.25 for 15-20 November tempered sentiment late in the week. Demand is increasingly concentrated on end-November and November-December split dates, while the North Atlantic remained comparatively subdued.
Panamax and Smaller Sizes
The Atlantic remains the weak basin for Panamaxes, with limited cargo replenishment and long tonnage lists: a transatlantic round was reported at $22,500, while owners accepted lower numbers on fronthaul business from East Coast South America. The Pacific held up better, with East Coast Australia round voyages around $24,000 and North Pacific rounds near $26,000. In the smaller sizes, Asia backhaul business supported Supramax levels, while Handysize was led by a firm South Atlantic.
Bunkers, 28 October 2026
| Port | VLSFO ($/mt) | Change | MGO ($/mt) | Change |
|---|---|---|---|---|
| Singapore | 1,000.50 | +10.50 | 1,322.50 | -19.50 |
| Rotterdam | 770.00 | +6.00 | 1,438.00 | +1.00 |
| Fujairah | 989.50 | +2.50 | 1,714.50 | -36.50 |
VLSFO edged higher in all three hubs, with Singapore back above the $1,000 per tonne mark, while distillates diverged: MGO eased sharply in Singapore and Fujairah but was flat in Rotterdam.
Brent Crude
Brent is trading at $114.59 per barrel at the time of writing, keeping the cost of ballast and laden legs elevated and supporting the fuel cost argument for slow steaming on longer Atlantic-Pacific voyages.
What We Are Watching
- Whether the Capesize rebound extends into November, particularly on C3 and C5 as miners cover end-month requirements.
- Atlantic Panamax sentiment: any pick-up in East Coast South America grain enquiry would help stabilise the BPI.
- Bunker spreads between VLSFO and distillates, and the effect of a Brent price near $115 on voyage estimates.
- The next Baltic weekly assessment for confirmation of C3 and C5 trends.