Baltic index hits one-week high, extends recovery for third straight session

• Capesize leads rally on stronger iron ore demand
• Panamax and Supramax post modest gains amid cautious sentiment

The Baltic Exchange’s Dry Bulk Index (BDI) rose for a third straight session on 2 July 2026, gaining 3.4% (88 points) d-o-d to 2,650 points, its highest level in a week. The recovery was led by stronger Capesize earnings amid improved iron ore cargo activity on the Australia-China and Brazil-China routes, while the Panamax and Supramax segments posted modest gains.

Segment-wise performance

• Capesize: The Capesize index surged sharply by 6.2% (229 points) d-o-d to 3,921 points, marking its third consecutive daily gain. Market sentiment improved as fresh iron ore cargoes from Australia and Brazil boosted vessel demand, though selective buying by Chinese steel mills capped further gains.
• Panamax: The Panamax index advanced 1% (18 points) to 2,195 points. Sentiment remained cautiously positive, supported by steady coal and grain cargo enquiries, particularly from the Atlantic basin. While chartering activity improved marginally, market participants continued to monitor cargo availability before confirming a broader recovery.
• Supramax: The Supramax index edged up 0.1% (2 points) to 1,675 points. The segment remained largely stable, with balanced vessel supply and limited fresh enquiries across regional minor bulk trades keeping freight movements subdued.

Outlook

The Baltic Dry Index is expected to stay range-bound with a slight upward bias, supported by improving Capesize rates and steady cargo demand, though gains may be limited by uncertainty in Chinese commodity demand and ample vessel supply.