The Baltic complex is still carrying Friday’s numbers into Monday, with no fresh session posted yet at the time of writing: the Baltic Dry Index remains at its last print of 3,507, and bunkers are still marked at Friday 11 September’s closing levels. What has moved is crude. Brent is quoted at $107.34/bbl, up 2.61% intraday (BloombergHT, 14 September, 14:06 GMT+3), a sharp reversal from Friday’s $104.61 close and the clearest sign yet that the Hormuz risk premium priced out over the weekend is being priced back in. Capesize, meanwhile, is sitting on a high plateau rather than correcting further: Friday’s close of $55,139/day on the 5TC is down only modestly from the $57,011 struck earlier in the week, and well above where the segment traded for most of the summer.

Baltic indices — last close, 11 September 2026

No new session has posted since Friday’s close, so these remain the last confirmed prints as Monday’s fixing gets under way. The pattern into the weekend was a two-speed market: Capesize and Panamax both eased fractionally, while Supramax and Handysize extended a run of consecutive gains, with Handysize earnings now within roughly $4,800/day of Supramax after climbing for more than a week straight. That geared-segment strength lines up with what the Baltic Exchange’s own weekly narrative flagged for the Atlantic — firmer US Gulf and East Coast South America fixing on both the Ultramax/Supramax and Handysize books, including a 62,000 dwt ultramax fixed USG to West Coast India at around $38,000 and a 36,000 dwt handysize fixed USG to Denmark at approximately $19,000.

Route levels — Baltic Exchange, week of 7-11 September 2026

The Week 37 bulk report remains the latest available, with Week 38 not due until later this week. C5 West Australia-Qingdao opened the week in the low $18s, firmed to around $18.50 midweek on steady miner participation, then eased back below $18/tonne into Friday’s close. C3 Tubarao-Qingdao held broadly in the low $41s throughout the week, with occasional fixtures reported towards $42. The report put the BCI 182 5TC at $55,139 at week’s end, down $1,492 from Monday’s $57,011 — the same weekly retreat captured in the index table above. Neither route posted a single precise closing print in the narrative report, so no exact figure is quoted for either beyond the ranges above.

Bunkers — last close, 11 September 2026

Delivered prices are still carrying Friday’s sharp increase across every hub and every grade, VLSFO and MGO alike, which is the kind of broad-based move that usually points to something structural in crude rather than a local port squeeze. Fujairah remains the dearest VLSFO port at $959.00, an $80.50/mt premium over Singapore and a $229.00/mt premium over Rotterdam — a Gulf premium that has now held for more than a week and, given today’s Brent move, looks more likely to widen than close when delivered prices next update. Owners and charterers pricing stems off Friday’s numbers should treat them as a floor rather than a ceiling until a fresh session confirms how much of today’s crude move passes through.

Two developments worth noting

Brent’s Monday jump puts the Hormuz risk premium back on the desk. Crude is up 2.61% on the day against a Friday close that was itself still elevated on Strait of Hormuz uncertainty, per this week’s HandyBulk capesize commentary. The Oman-Iran joint shipping route agreement that was reported to be heading toward a signing and IMO notification around this date has not been confirmed in available reporting at the time of writing — the most recent confirmed step we can point to is the temporary route understanding reached in late August. Whether today’s crude move reflects that signing slipping, a separate escalation, or simply a technical rebound is not yet clear, and it is the single biggest swing factor for delivered bunkers this week.

The Atlantic geared-tonnage story looks more structural than a one-week blip. Supramax and Handysize both closed Friday on multi-session winning streaks, and the Baltic Exchange’s own weekly report attributes the strength specifically to US Gulf and East Coast South America demand rather than a broad-based Pacific move — Southeast Asian supramax rates actually softened slightly on additional ballasting tonnage over the same week. That regional split, tightening in the Atlantic against a steadier-to-softer Pacific, is worth tracking into a second week before treating it as a seasonal grain and fertilizer story rather than noise.

What We Are Watching

• Monday’s fresh Baltic print. The first new BDI/BCI/BPI/BSI/BHSI close of the week, and whether Capesize holds the $55,000/day plateau or resumes the pullback from the near-five-year high struck earlier this month.
• Confirmation of the Oman-Iran Hormuz signing. Whether the joint route agreement and IMO notification reported as pending actually materialise this week, and how quickly Brent and delivered bunkers reprice either way.
• Today’s Brent move — spike or reset. Whether the 2.61% jump holds into the close or fades intraday, given Friday’s number was already carrying a war-risk premium of its own.
• The Week 38 Baltic Exchange roundup, due later this week, for whether C3 and C5 held Week 37’s low-$41s and sub-$18 levels or moved further in either direction.
• The Fujairah-Rotterdam VLSFO spread, currently $229.00/mt, for whether it widens further once delivered prices catch up with today’s Brent move.

Sources and dating: Baltic indices and average daily earnings — last close 11 September 2026 via handybulk.com/baltic-dry-index (most recent dated daily entry on the page at time of writing; no fresher entry has posted for Monday 14 September). Bunker prices — last close 11 September 2026 via shipandbunker.com (world prices, cross-checked against the Singapore, Rotterdam and Fujairah port history pages); no fresher session had posted at time of writing. C3 and C5 route commentary and the BCI 182 5TC week-end print — Baltic Exchange Weekly Roundup, Bulk report Week 37, published 11 September 2026 and covering 7-11 September 2026; the Week 37 report remains the latest available, and no single precise closing print for C3 or C5 is given in that report, so none is quoted here beyond the ranges stated. Brent crude — $107.34/bbl, +2.61%, quote 14 September 2026, 14:06 GMT+3 via bloomberght.com. Piraeus bunker prices are not carried on the Ship and Bunker world price page and are therefore not quoted. No estimated or interpolated figures are used for the Baltic, bunker or Brent data points themselves.