Baltic Dry Index inches up; Capesize, Supramax gains offset Panamax weakness

• Firmer Chinese iron ore demand supports Capesize index
• Supramax rises on firmer US Gulf activity, robust grain demand

The Baltic Dry Index (BDI) increased d-o-d by 9 points, or 0.3%, to 3,336 on 17 September from 3,327 on 16 September, snapping a five-session downtrend. The rebound was primarily supported by gains in the Capesize and Supramax segments, while continued weakness in Panamax limited the overall increase.

Segment-wise performance

• Capesize rebounds: The Baltic Capesize Index (BCI) rose by 44 points, or 0.8%, d-o-d to 5,656 from 5,612. The gain was partly supported by firmer iron ore prices and increased seaborne purchases by Chinese steelmakers ahead of the national holiday.
• Panamax extends losses: The Baltic Panamax Index (BPI) fell by 43 points, or 1.85%, to 2,282 from 2,325. Panamax remained under pressure, recording the sharpest percentage decline among the major vessel segments.
• Supramax gains: The Baltic Supramax Index (BSI) increased by 14 points, or 0.8%, to 1,762 from 1,748. Supramax rates strengthened on firmer US Gulf activity and robust North Pacific grain demand, while increasing vessel availability could cap further upside.

Outlook

The Baltic dry bulk market is likely to remain mixed to firm in the near term, with Capesize supported by Chinese iron ore restocking and Supramax showing resilience. However, continued weakness in Panamax could limit gains in the overall BDI. Capesize performance and a recovery in Panamax demand will be key to the next move in the index.