Capesize Keeps the Baltic Dry Index at 2,714 as Panamax Slips and Bunkers Retreat: Market Insight, 3 November 2026
The Baltic Dry Index (BDI) stood at 2,714 points at the last published close on Friday 30 October 2026, up 2 points on the day, as a firmer Capesize segment continued to offset steady erosion in the Panamax and Supramax markets. A numerical close for Monday 2 November was not confirmed at the time of writing, so the figures below refer to the 30 October print.
Baltic Indices: Capesize Carries the Index
| Index | Close (30 Oct) | Daily change | Average daily earnings |
|---|---|---|---|
| BDI | 2,714 | +2 | – |
| BCI (Capesize) | 4,126 | +36 | $37,420 (+$325) |
| BPI (Panamax) | 1,889 | -32 | $16,999 (-$290) |
| BSI (Supramax) | 1,865 | -5 | $23,569 (-$72) |
| BHSI (Handysize) | 1,014 | -1 | $18,255 (-$19) |
The Capesize 5TC finished the week at $37,420 per day, up from $33,795 on Monday 26 October, with improving sentiment and stronger fixing activity across both basins. Panamax earnings have now fallen below $17,000 per day, with the Atlantic the weaker basin and tonnage counts building. Supramax and Handysize remain broadly stable, but the direction of travel is marginally lower.
Capesize Routes: Atlantic Leads, Pacific Eases
In the week to 30 October, the Tubarao-Qingdao route (C3) advanced from the mid-$34s to the high $36s per tonne as the ballaster list tightened and charterers focused on December dates, with most end-November cargoes already covered. On the West Australia-Qingdao route (C5), fixtures held around the high $13s to $14 early in the week before rising to the low $15s on Thursday. By Friday the Pacific had eased, with offers talked back below $15 per tonne as activity thinned.
Bunkers: Prices Retreat Across the Board
| Port | VLSFO ($/mt) | Change | MGO ($/mt) | Change |
|---|---|---|---|---|
| Singapore | $1,003.50 | -16.00 | $1,263.00 | -15.00 |
| Rotterdam | $763.50 | -31.00 | $1,402.50 | -23.00 |
| Fujairah | $991.50 | -2.00 | $1,692.50 | +3.50 |
Prices as of 2 November 2026. VLSFO fell at all three hubs, with Rotterdam shedding the most, while Fujairah MGO was the only grade to gain. The spread between Singapore and Rotterdam VLSFO now stands at roughly $240 per tonne, a meaningful consideration for owners and charterers planning bunker stems on east-west voyages.
Brent: Still Above $100
Brent was trading at $105.23 per barrel at the time of writing. With bunker prices easing from recent highs but crude still elevated, voyage cost economics remain sensitive to fuel, favouring slower steaming where cargo and laycan allow and keeping scrubber-fitted tonnage in demand against the VLSFO/HSFO spread.
What We Are Watching
- Whether Monday and Tuesday Baltic prints confirm the Capesize recovery as December dates come into focus.
- Pacific C5 sentiment after offers slipped back below $15 per tonne late last week.
- Atlantic Panamax and Kamsarmax tonnage lists, where ballasters from the Indian Ocean continue to weigh on ECSA fronthaul rates.
- Further direction in bunker prices relative to Brent, particularly in Rotterdam and Singapore.
For live cargo and tonnage enquiries across all dry bulk segments, the Marcenta chartering desk is available for discussion.