Baltic Dry Index Slips to 2,603 as Panamax Extends Losses: Market Insight, 28 October 2026
The Baltic Dry Index (BDI) closed Tuesday 27 October 2026 at 2,603 points, down 25 points on the day and a third consecutive daily decline after 2,660 on Friday and 2,628 on Monday. Panamax again did most of the damage, while Capesize drifted lower and the smaller sizes held broadly flat. All index figures below refer to the 27 October close.
Baltic Indices: Tuesday 27 October 2026 Close
| Index | Close | Daily change | Avg. daily earnings |
|---|---|---|---|
| BDI | 2,603 | -25 pts (-0.9%) | n/a |
| BCI (Capesize) | 3,702 | -24 pts (-0.6%) | $33,575 (-$220) |
| BPI (Panamax) | 2,021 | -54 pts (-2.6%) | $18,193 (-$479) |
| BSI (Supramax) | 1,883 | -5 pts (-0.3%) | $23,806 (-$59) |
| BHSI (Handysize) | 1,020 | unchanged | $18,362 (-$1) |
The Panamax index has now lost roughly 265 points since the 19 October close of 2,286, a fall of about 11.6% in six sessions, and daily earnings have slipped from $20,573 to $18,193 over the same stretch. Capesize, by contrast, remains well above its 19 October level of 3,365, although the index has now eased for three sessions from the 3,848 print on 22 October.
Capesize Routes
For the week of 19-23 October 2026 the C5 route (West Australia to Qingdao iron ore) moved from the low $12s per tonne to a range of $14.15-14.25 by midweek, as miners returned to cover early-November requirements. The 5TC average rose over that week from $30,518 to $34,380 before the current pullback began.
Bunker Prices: 27 October 2026
| Port | VLSFO ($/mt) | Change | MGO ($/mt) | Change |
|---|---|---|---|---|
| Singapore | 990.00 | +10.00 | 1,342.00 | -2.00 |
| Rotterdam | 764.00 | -8.00 | 1,437.00 | -8.50 |
| Fujairah | 987.00 | -2.50 | 1,751.00 | +4.50 |
Singapore VLSFO now sits $226 per tonne above Rotterdam, a spread that matters for owners deciding where to lift fuel on long ballast legs or backhaul routings. Fujairah remains the most expensive of the three for MGO.
Brent Crude
Brent is showing $88.02 per barrel at the time of writing, which keeps fuel cost assumptions in voyage estimates firmly elevated against the softer freight backdrop.
Market Developments
The Atlantic remains the weak spot for Panamax. Limited cargo replenishment, subdued grain and mineral demand and a lengthening tonnage list have pushed owners to keep trimming fronthaul and transatlantic expectations, while the Pacific has proved more resilient on healthy Australian demand. In the Supramax sector the Asian backhaul market is carrying the segment, with North China to West Africa and Bangladesh trades fixing in the high $20s to low $30s and operators keen to cover with period tonnage.
What We Are Watching
- Whether Panamax finds a floor around the $18,000 level or the Atlantic oversupply drags earnings lower into November.
- Capesize miner participation in the Pacific and any early-November cargo flow on C5 to support the 5TC.
- Singapore versus Rotterdam VLSFO spread and its effect on bunkering strategy.
- Brent direction around $88 and its pass-through to bunker costs.
This note is market commentary for information purposes only and does not constitute chartering advice.