Baltic Dry Index falls 5% d-o-d; Capesize index drops to lowest level since early April

• BDI downtrend extends to ninth consecutive session
• Panamax declines 2%; Supramax edges higher by 1%

The Baltic Dry Index (BDI) fell d-o-d by 122 points, or 4.57%, to 2,545 on 15 October from 2,667 on 14 October, extending its losing streak to nine consecutive sessions and reaching its lowest level since 30 June.

The decline was primarily driven by a sharp correction in Capesize freight rates, while continued weakness in Panamax rates added to the downward pressure. Marginal gains in Supramax provided limited support, remaining insufficient to offset losses across the larger vessel segments.

Segment-wise performance

• Capesize rates plunge: The Baltic Capesize Index (BCI) dropped 308 points, or 8.48%, to 3,322 on 15 October from 3,630 a day earlier, reaching its lowest level since early April. The steep decline in the segment, which primarily transports iron ore and coal, was the main driver of the broader market downturn. Weakness in iron ore-related freight demand, subdued Chinese steel market sentiment and vessel availability continued to weigh on rates.
• Panamax extends losses: The Baltic Panamax Index (BPI) declined 53 points, or 2.20%, to 2,356 from 2,409, extending its downward trend. Freight sentiment remained under pressure amid weakness in the broader dry bulk market, with coal and grain cargo enquiries and vessel availability across the Atlantic and Pacific basins continuing to influence rate movements.
• Supramax edges higher: The Baltic Supramax Index (BSI) rose 11 points, or 0.60%, to 1,856 from 1,845, recording a marginal recovery amid widespread weakness across the dry bulk market. However, the modest gain was insufficient to offset the steep decline in Capesize rates and the fall in Panamax rates, keeping the overall market sentiment firmly bearish.