Capesize Eases Again as the Baltic Dry Index Slips to 2,590 and Bunkers Fall: Market Insight, 4 November 2026
The Baltic complex extended its slide on Tuesday 3 November, the latest numerical close available at the time of writing. The Baltic Dry Index lost 58 points to 2,590, its second consecutive decline, with the Capesize segment again doing most of the damage. The figures below are the 3 November closes; bunker prices are also 3 November.
Baltic Indices: 3 November 2026 Close
| Index | Close | Change | Avg. daily earnings |
|---|---|---|---|
| BDI | 2,590 | -58 | - |
| BCI (Capesize) | 3,821 | -142 | $34,651 (-$1,293) |
| BPI (Panamax) | 1,866 | -8 | $16,791 (-$76) |
| BSI (Supramax) | 1,846 | -10 | $23,336 (-$122) |
| BHSI (Handysize) | 1,014 | unchanged | $18,252 (+$9) |
Capesize remains the swing factor. The BCI has now shed 305 points over two sessions (163 on 2 November and 142 on 3 November), taking the 5TC average below $35,000 per day. That follows a strong close to the previous week, when the Baltic Capesize 5TC climbed from $33,795 on Monday to $37,420 on Friday as the Atlantic tightened and the Pacific found support. Two sessions of profit-taking is a reasonable pause after that run, and the question for the desk is whether the end-November cargo cover seen last week leaves enough fresh December enquiry to hold the floor.
Panamax and Supramax are drifting lower at a much slower pace. The BPI is down 8 points and the BSI down 10, both continuing the gentle erosion seen since the start of the week, with the Atlantic still the weaker basin on thin transatlantic demand and growing tonnage counts. Handysize is flat at 1,014 and its earnings edged up by $9 per day, which makes it the one segment holding its ground, albeit at a low level.
Bunkers: 3 November 2026
| Port | VLSFO ($/mt) | Change | MGO ($/mt) | Change |
|---|---|---|---|---|
| Singapore | $941.50 | -62.00 | $1,270.00 | +7.00 |
| Rotterdam | $755.50 | -8.00 | $1,388.50 | -14.00 |
| Fujairah | $956.50 | -35.00 | $1,679.00 | -13.50 |
Fuel costs fell sharply across the board. Singapore VLSFO dropped $62.00 in a single session, the steepest of the three hubs, while Rotterdam remained the cheapest of the group at $755.50. Marine gasoil was more mixed, with Singapore edging up $7.00 against falls in Rotterdam and Fujairah. For voyage estimates, the lower VLSFO levels trim bunker cost on long-haul Atlantic-to-Far East runs, partly cushioning owners and charterers against softer Capesize earnings.
What We Are Watching
Whether Capesize stabilises around the current level or extends the correction as charterers turn attention to December loading dates.
Pacific miner activity: a pick-up in West Australia coverage would be the clearest trigger for the BCI to turn.
Panamax Atlantic sentiment, where tonnage availability keeps the pressure on rates.
Further bunker retracement, particularly in Singapore, and its effect on voyage economics.
Marcenta will keep tracking the Baltic closes and bunker prices daily; contact the desk for voyage estimates or tonnage and cargo enquiries.