- Capesize weakness drags benchmark to nearly two-month low
- Panamax remains stable, while Supramax posts marginal gains
The Baltic Dry Index (BDI) fell by 51 points, or 1.79%, to 2,801 on 13 October from 2,852 on 12 October, extending its decline to a seventh consecutive session and reaching its lowest level since 20 August. The downturn was primarily driven by continued weakness in Capesize freight rates, which outweighed marginal gains in the Supramax segment and stability in Panamax rates. Persistent pressure on iron ore-related freight demand and vessel availability continued to weigh on overall market sentiment.
Segment-wise performance
- Capesize declines further: The Baltic Capesize Index (BCI) dropped 154 points, or 3.71%, to 3,994 on 13 October from 4,148 a day earlier, marking its seventh consecutive session of losses and falling to its lowest level since late July. Weakness in iron ore-related cargo demand, subdued Chinese steel market sentiment and available vessel supply continued to pressure freight rates.
- Panamax remains unchanged: The Baltic Panamax Index (BPI) held steady at 2,432, indicating a pause in the segment following recent gains. Coal and grain cargo enquiries, alongside vessel availability across the Atlantic and Pacific basins, will remain key factors influencing rate movements.
- Supramax edges higher: The Baltic Supramax Index (BSI) rose 12 points, or 0.66%, to 1,833 from 1,821, reflecting relative resilience in the smaller-vessel segment. However, the marginal increase was insufficient to offset the broader weakness in the dry bulk market.
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