- Firm iron ore export demand from Australia, Brazil lifts Capesize index
- Supramax remains under pressure despite broader market gains
The Baltic Dry Index (BDI) rebounded 2.21% d-o-d (59 points) to 2,732 on 31 July against 2,673 on 30 July, supported by a strong recovery in the Capesize and Panamax segments. Firm iron ore cargo volumes from Australia and steady coal shipments helped lift Capesize earnings, while improved grain and coal enquiries supported Panamax activity.
However, the Supramax market remained under pressure as limited minor bulk demand and ample vessel availability continued to weigh on rates.
Segment-wise performance
- Baltic Capesize Index (BCI): Gained 3.1% d-o-d (129 points) to 4,296 on 31 July compared with 4,167 on 30 July, supported by firm iron ore export demand from Australia and Brazil, improving chartering activity, and stronger miner-led cargo volumes.
- Baltic Panamax Index (BPI): Rose 2.3% d-o-d (47 points) to 2,087 on 31 July from 2,040 on 30 July, amid improved grain and coal cargo enquiries, steady Atlantic demand, and better vessel utilisation.
- Baltic Supramax Index (BSI): Declined 0.06% d-o-d (1 point) to 1,609 on 31 July from 1,610 on 30 July, as subdued minor bulk cargo demand, limited fresh enquiries, and ample vessel availability continued to weigh on freight rates.
Outlook
The BDI is expected to remain supported in the near term, driven by firm Capesize earnings amid steady iron ore exports from Australia and Brazil, alongside stable Panamax demand from grain and coal trades. However, continued weakness in the Supramax segment, owing to subdued minor bulk demand and ample vessel availability, may cap overall gains.
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