Capesize and Panamax Clawed Back the Week, Supramax Didn’t

A Week That Dipped Before It Recovered

The Baltic Dry Index closed last Friday (30.10.2026) at 2,714. This week it fell to a Tuesday low of 2,590 (03.11.2026), then climbed back to close at 2,740 on 05.11.2026, the last print available this week (HandyBulk). Net for the week is up, but only after giving most of it back first, which says more about the market's mood than the Friday number alone.

Capesize and Panamax Did the Recovering

Both big-ship indices traced the same V-shape and finished ahead of where they started. Capesize (BCI) dropped to 3,821 on Tuesday from last Friday's 4,126, then closed Thursday at 4,191. Panamax (BPI) fell to 1,866 from 1,889, then closed at 1,956 (HandyBulk, 02-05.11.2026). Xclusiv's 02.11.2026 Baltic TC benchmarks had Capesize at $33,917/day and Panamax at $16,999/day, both consistent with larger tonnage holding its ground on ton-mile demand.

Supramax Is the One That Didn't Turn

Supramax (BSI) fell every single trading day this week: 1,856 Monday, 1,846 Tuesday, 1,835 Wednesday, 1,824 Thursday, all below last Friday's 1,865 (HandyBulk). It's not only an index reading either. ISM's Week 44 report (03.11.2026, Metalexpert) shows a real Supramax fixture on ECSA/SE Asia at $18,250/day, well under the Baltic S10TC benchmark of $21,535/day from the same week. A paper rate and an actual fixture pointing the same way is worth noting.

Cheaper Bunkers Didn't Save the Mid-Size Segment

Brent dropped 13% on the week, from 113.43 to 98.29 USD/bbl (investing.com, bunkerindex.com), and Singapore VLSFO moved the same way, down roughly 5.8% from 901.50 to 849.50 (shipandbunker.com). Lower fuel costs help every segment's TCE on paper, but clearly weren't enough to turn Supramax around, which points to a demand problem on that route structure rather than a cost one.

One Gap, Two Things to Watch

Handysize (BHSI) is a genuine gap this week: HandyBulk never published a Thursday update, so there's no clean read on where the smallest segment closed. We're flagging that rather than guessing. Into the weekend, two things worth watching without a number attached yet: the Red Sea/Suez security situation and Panama Canal transit and draft conditions, both feeding directly into whether this week's Capesize and Panamax strength holds, and next week's Baltic benchmark update, which should show whether Supramax has bottomed.