Baltic Dry Index inches up d-o-d as Capesize strength offsets weakness in smaller vessel segments

• Capesize rallies to 1-week high on firmer iron ore, coal demand
• Panamax, Supramax remain under pressure on weak demand

The Baltic Exchange’s Dry Bulk Index (BDI) rose 0.4% (10 points) d-o-d to 2,725 on 23 July 2026, extending the previous session’s gains as stronger Capesize earnings, supported by improving iron ore and coal demand, offset continued weakness in the Panamax and Supramax segments.

Segment-wise performance

• Baltic Capesize Index (BCI): The BCI increased 2% (84 points) d-o-d to 4,198 points on 23 July from 4,114 points on 22 July, reaching its highest level since 16 July. The improvement reflected firmer demand for iron ore and coal cargoes, particularly on key long-haul routes, alongside healthier fixture activity.
• Baltic Panamax Index (BPI): The BPI declined 2.6% (56 points) d-o-d to 2,064 points from 2,120 points, falling to a one-month low. Softer grain and coal cargo enquiries, coupled with sufficient vessel availability, continued to weigh on freight sentiment in the Panamax segment.
• Baltic Supramax Index (BSI): The BSI eased 0.8% (13 points) d-o-d to 1,702 points from 1,715 points, marking its lowest level since 9 July. The decline reflected slower cargo bookings in the minor bulk market and balanced vessel availability across regional trades.

Outlook

The BDI is expected to remain volatile in the near term. While firm iron ore and coal shipments should continue to support Capesize rates, subdued grain demand and ample vessel availability may keep Panamax and Supramax earnings under pressure. Further gains will depend on broader strength in bulk cargo demand.