Baltic Dry Index falls nearly 5% d-o-d as Capesize rates plunge to late-June low

• Panamax extends losses, Supramax posts marginal gains
• Weak iron ore freight trade weighs on Capesize index

The Baltic Dry Index (BDI) fell d-o-d by 134 points, or 4.78%, to 2,667 on 14 October from 2,801 on 13 October, extending its decline to an eighth consecutive session and reaching its lowest level since 29 July. The downturn was primarily driven by a sharp fall in Capesize freight rates, reflecting persistent weakness in the major-vessel segment. Losses in Panamax rates further weighed on the benchmark, while marginal gains in Supramax provided limited support to overall market sentiment.

Segment-wise performance

• Capesize rates plunge: The Baltic Capesize Index (BCI) dropped 364 points, or 9.11%, to 3,630 on 14 October from 3,994 a day earlier, marking its lowest level since late June. The steep decline in the segment, which primarily transports iron ore and coal, drove 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 23 points, or 0.95%, to 2,409 from 2,432, extending the broader downward trend. Coal and grain cargo enquiries, alongside vessel availability across the Atlantic and Pacific basins, remained key factors influencing freight rate movements.
• Supramax edges higher: The Baltic Supramax Index (BSI) rose 12 points, or 0.65%, to 1,845 from 1,833, offering limited support amid widespread weakness across the dry bulk market. However, the marginal increase was insufficient to offset the sharp decline in Capesize rates and the fall in Panamax rates.