Dry bulk indices and bunker prices do not print over the weekend, so Sunday’s picture is still built on the last confirmed closes: the Baltic Exchange’s Thursday (17 September) print and Friday’s (18 September) bunker settlements in Singapore, Rotterdam and Fujairah. Brent crude is the one number still trading live, and it is the one flashing the clearest signal of where the week is likely to reopen.

Brent was last quoted at $103.87/bbl, down 0.91% on the session. That is still a market trading with a geopolitical premium baked in: the Strait of Hormuz remains the dominant risk factor for owners and charterers alike, with commercial shipping through the strait having been disrupted for much of 2026 and reports of talks between Iran, Oman and Qatar on a possible de-escalation or a temporary shipping corridor still unconfirmed by Gulf officials. Until that risk clears, the bunker curve into the Middle East is likely to stay wide.

That is already visible in the numbers. VLSFO settled Friday at $893.50/mt in Singapore (-20.00), $710.00/mt in Rotterdam (-6.50) and $995.50/mt in Fujairah (-26.50) — residual fuel eased at every hub Marcenta tracks. MGO moved the other way: $1,395.50/mt in Singapore (+52.50), $1,482.50/mt in Rotterdam (+30.00) and $1,705.00/mt in Fujairah (+22.00). The Fujairah MGO-over-VLSFO spread is now running north of $700/mt, keeping distillate exposure a live cost conversation for handysize and supramax owners transiting the Gulf.

On the Baltic, Thursday’s close put the BDI at 3,336, up 9 points on the day. Capesize carried the index: the BCI added 44 points to 5,656, with average daily earnings up $396 to $51,296. Panamax stayed the laggard, the BPI off 43 points to 2,282 as average earnings fell $392 to $20,535 — a fourth straight session of declines for the segment. Supramax and handysize both firmed, the BSI up 14 points to 1,762 (earnings $22,275, +$178) and the BHSI up 19 points to 980 (earnings $17,633, +$328).

Route-level detail from the Baltic Exchange’s Week 38 roundup (14-18 September) backs up the Capesize strength: C5 (West Australia-Qingdao) opened the week in the low $17s, eased into the mid-$16s as Pacific tonnage outweighed fresh cargo, then stabilised into the close as Atlantic demand picked up. C3 (Tubarao-Qingdao) firmed through the week into the low-to-mid $42s, with the strongest October-dates fixtures approaching $43 as sustained fixing reduced both cargo availability and the number of ballasters. The BCI 182 5TC ended the week at $52,315, down $1,307 from Monday but improving into the close.

What we are watching into the new week: whether Monday’s reopening print confirms the Pacific Capesize floor the Baltic Exchange flagged, whether Panamax can snap its four-session losing streak, and whether any confirmed movement on a Hormuz shipping corridor eases the Fujairah MGO premium before it feeds further into Gulf voyage costs.