Baltic Dry Index falls to over 6-week low amid continued Capesize pressure

• Capesize fixtures fall to lowest level in over 2 months
• Panamax, Supramax indices record steady gains

The Baltic Exchange’s dry bulk index, the Baltic Dry Index (BDI), declined by 0.3% (9 points) to 2,720 points on 15 June 2026 compared with 12 June, extending its recent correction and falling to its lowest level in over six weeks. The decline marked the benchmark’s 11th consecutive session with a loss, driven primarily by persistent weakness in the Capesize segment.

Despite continued pressure on the Capesize segment from uncertainty over Chinese steel production, softer iron ore demand, and fixtures falling to their lowest levels in over two months, steady gains in the Panamax and Supramax indices indicate resilient activity across broader dry bulk commodity trades.

The resilience of grain, coal, and minor-bulk shipments indicates that freight market fundamentals outside the iron ore sector are still constructive.

Segment-wise performance

• Capesize: The Capesize index declined by 2.1% (87 points) to 4,053 points, due to softer Chinese iron ore demand and seasonal moderation in steel production activity. The weakness in the Capesize segment has been the primary drag on the broader BDI over the past two weeks.
• Panamax: The Panamax index increased by 1.8% (40 points) to 2,291 points, supported by healthy grain and coal cargo movements, particularly in the Atlantic basin.
• Supramax: The Supramax index rose by 1.9% (31 points) to 1,664 points, indicating sustained demand for minor bulk commodities and regional trades.

Outlook

Going forward, Capesize performance will remain the key determinant of BDI direction, with any recovery in Chinese iron ore imports or steel output likely to trigger a rebound in the benchmark index.

However, the ongoing strength in Panamax and Supramax segments suggests downside risks to the overall dry bulk market remain limited despite near-term volatility.