Baltic Dry Index extends gains for third straight session on stronger Capesize earnings

• BDI continue to uptrend, Panamax drop
• Strong Capesize demand supports BDI

The Baltic Exchange’s Dry Bulk Index (BDI) continued its upward trend on 13 July 2026 against 11 July, rising 0.5% (16 points) d-o-d to 2,960 points, marking its third consecutive session of gains and the highest level since 5 June 2026. The improvement was primarily driven by stronger Capesize earnings amid firm iron ore and coal cargo demand.

Segment-wise performance

• Capesize: The Baltic Capesize Index (BCI) increased 1% (47 points) to 4,702 points, extending gains for a third straight session and reaching its highest level in over a month. The segment was supported by robust iron ore shipments from Australia and Brazil, improved cargo enquiries across the Pacific and Atlantic basins, and relatively tight prompt vessel availability.
• Panamax: The Baltic Panamax Index (BPI) edged down 0.1% (3 points) to 2,250 points, as softer coal and grain fixtures weighed on sentiment. Chartering activity remained cautious, with balanced vessel supply and limited fresh cargo enquiries restricting further upside.
• Supramax: The Baltic Supramax Index (BSI) remained largely stable at 1,707 points, reflecting steady demand for minor bulk commodities such as steel products, fertilizers, cement, and agricultural cargoes. Market activity remained balanced across key trading regions.

Outlook

The Baltic Dry Index (BDI) is expected to remain firm in the near term, supported by healthy iron ore exports from Australia and Brazil, steady coal cargo movements, and continued strength in the Capesize segment. Active cargo enquiries and relatively tight vessel availability are likely to keep freight rates supported, particularly for larger vessels.

The Panamax market is expected to remain range-bound amid mixed grain and coal trade flows, while the Supramax segment is likely to stay stable, supported by consistent minor bulk cargo demand.