Baltic Dry Index hits two-week low on consecutive Capesize declines

• Capesize segment under pressure, hits two-week low
• Supramax segment remains supportive amid cargo movement

The Baltic Dry Index (BDI) fell to a two-week low of 2,964 on 21 May 2026, declining 1.4% d-o-d (41 points), amid continued weakness across key vessel segments. The Capesize segment also dropped to a two-week low, pressured by softer iron ore fixture activity on major Brazil-China and Australia-China routes, along with increased vessel availability.

Segment-wise trends

• Capesize: The Baltic Capesize Index (BCI) fell by 1% (46 points) to 4,834, amid slower iron ore fixing activity and limited fresh cargo enquiries from major miners. However, sentiment remained relatively supported by firm Atlantic tonnage demand and elevated bunker prices.
• Panamax: The Baltic Panamax Index (BPI) declined by 4% (98 points) to 2,276, pressured by weak grain and coal cargo demand, especially in the Atlantic basin.
• Supramax: The Baltic Supramax Index (BSI) inched up by 0.3% (5 points) to 1,571, supported by steady minor bulk cargo movement and improved enquiry levels in select Asian routes.

Outlook

Baltic index is expected to show mixed trends in the near term. Capesize rates may stay supported by iron ore demand and firm bunker prices, while Panamax could remain under pressure amid weak coal and grain activity. Supramax sentiment is likely to stay stable on steady minor bulk cargo movement.