Panamax Leads the Baltic Higher as BPI Breaks Back Above 2,000
The Baltic Dry Index closed the week at 2,732 on Friday 31 July, up 36 points from Monday’s 2,696 open — a modest net gain that masks a much sharper move underneath. The headline number dipped to a midweek low of 2,632 on Wednesday before a two-day rally across the larger segments pulled the index back into positive territory by the close.
Panamax was the standout. The Baltic Panamax Index (BPI) slipped to a Tuesday low of 1,988 as transatlantic demand stayed thin and available tonnage built in both basins, then reversed hard: 1,995 on Wednesday, 2,040 on Thursday, and 2,087 by Friday — a gain of almost 100 points, or roughly 5%, off the week’s low, and back above the 2,000 mark for the first time since the previous week’s slide. Average daily panamax earnings had reached $18,363 by Thursday’s close, according to HandyBulk, with Friday’s further index gain pointing to another step up.
Capesize kept pace. The Baltic Capesize Index (BCI) rallied from a Wednesday low of 4,067 to 4,296 by Friday, continuing the weak-open, firm-close pattern Marcenta flagged in last week’s update, with ECSA and West Africa cargo flow doing most of the work on the Atlantic side and steadier Pacific miner activity supporting the close.
The smaller segments told a different story. The Baltic Supramax Index (BSI) drifted from 1,670 to 1,609 over the week, and the Baltic Handysize Index (BHSI) eased from 903 to 887, both essentially flat to softer as the summer lull continued to weigh on ultramax, supramax and handysize enquiry across the Atlantic.
Bunkers added a mixed backdrop rather than a clear tailwind or headwind: VLSFO firmed at Singapore to $837.50 (+$7.00) and Fujairah to $808.50 (+$4.50), while Rotterdam eased to $678.50 (-$4.50), per Ship & Bunker’s Friday close. With Panamax and Capesize now carrying the index and the smaller segments still soft, the first full week of August will show whether the rally has legs or whether Panamax simply borrowed strength from a thin midweek tonnage list.
Sources: HandyBulk — Baltic Dry Index Daily Updates, Ship & Bunker — World Bunker Prices. This article is market commentary from the Marcenta chartering desk and does not constitute freight advice — for a fixture-specific read, contact the desk directly.