Capesize Extends Gains as the Baltic Dry Index Reaches 2,740 and Bunkers Slide Again: Market Insight, 6 November 2026
The Baltic dry bulk complex firmed again at the latest published close on 5 November 2026, with the Capesize and Panamax segments doing the lifting while Supramax slipped for a fourth straight session. The Baltic Dry Index (BDI) added 46 points to 2,740, its second consecutive gain after the 104-point jump a day earlier. Bunker prices moved the other way, with all three benchmark hubs lower on the day.
Baltic indices at the 5 November 2026 close
| Index | Close | Daily change | Average daily earnings |
|---|---|---|---|
| BDI | 2,740 | +46 pts (+1.7%) | – |
| BCI (Capesize) | 4,191 | +94 pts (+2.3%) | $38,013/day (+$851) |
| BPI (Panamax) | 1,956 | +62 pts (+3.3%) | $17,603/day (+$554) |
| BSI (Supramax) | 1,824 | -11 pts (-0.6%) | $23,051/day (-$142) |
| BHSI (Handysize) | 1,021 | +5 pts (+0.5%) | $18,370/day (+$74) |
Capesize earnings have now climbed from $34,651 per day on 3 November to just over $38,000, a gain of roughly $3,400 in two sessions, as tighter ballast lists and December cargo enquiry continue to support sentiment in both basins. Panamax rebounded more sharply than in recent days, although at $17,603 per day it remains well below Supramax earnings, a gap that has persisted for most of the week. Handysize edged up and remains the quietest segment, still only just above the 1,000-point mark.
Bunker prices at the 5 November 2026 close
| Port | VLSFO ($/mt) | Change | MGO ($/mt) | Change |
|---|---|---|---|---|
| Singapore | $849.50 | -52.00 | $1,207.50 | -57.00 |
| Rotterdam | $732.00 | -15.00 | $1,337.00 | -46.50 |
| Fujairah | $851.50 | -56.00 | $1,592.50 | -68.50 |
Fuel costs fell across the board, with Fujairah and Singapore VLSFO each shedding more than $50 per tonne in a single session. The Singapore-Rotterdam VLSFO spread has widened to roughly $117 per tonne, which is worth factoring into any voyage estimate that involves bunkering on the Europe leg rather than in Asia. MGO remains at a steep premium to VLSFO in all three hubs, most noticeably in Fujairah.
What this means for voyage economics
Lower bunker costs combined with firmer Capesize time charter equivalents improve the net position for owners trading ballast-heavy Atlantic-to-Pacific itineraries, while charterers covering December stems may find the window to fix ahead of further tightening is narrowing. In the Panamax and Supramax segments, the divergence between the two is a reminder that sentiment is far from uniform across the geared and gearless fleet.
What We Are Watching
- Whether the Capesize recovery can hold above $38,000 per day as the market rolls from late-November to December loading dates.
- Panamax Atlantic demand, which has been the weak spot of the market and where any sustained improvement would broaden the rally.
- Further direction in bunker prices, particularly whether the fall in Singapore and Fujairah VLSFO continues or stabilises around current levels.
- The next Baltic print, with the 6 November close not yet confirmed at the time of writing.