Baltic Dry Index rises to 1-week high on Capesize strength

• Capesize index rallies on stronger iron ore shipments from Brazil, Australia
• Small vessel indices drop on muted cargo demand, ample vessel supply

The Baltic Exchange Dry Bulk Index (BDI) rebounded by 1.7% (45 points) d-o-d to a one-week high of 2,715 points on 22 July 2026 from 2,670 points on 21 July. The recovery marks the index’s first d-o-d gain since 14 July, driven primarily by stronger Capesize earnings, although continued weakness in the Panamax and Supramax segments limited the overall upside.

Segment-wise performance

• Baltic Capesize Index (BCI): The BCI increased by 4.7% (184 points) d-o-d to 4,114 points on 22 July, up from 3,930 points on 21 July, reaching its highest level since 16 July. The improvement was supported by increased iron ore cargo volumes from Brazil and Australia, along with firmer chartering activity in the Atlantic basin, which lifted spot freights.
• Baltic Panamax Index (BPI): The BPI declined by 2.8% (61 points) d-o-d to 2,120 points on 22 July from 2,181 points on 21 July, marking its lowest level since 29 June. The decline reflected weaker demand for grain and coal cargoes, coupled with ample vessel availability across key loading regions. Limited fresh cargo enquiries, slower grain exports, and soft coal trade are likely to keep Panamax freights under pressure in the short term.
• Baltic Supramax Index (BSI): The BSI eased by 0.9% (15 points) d-o-d to 1,715 points on 22 July compared with 1,730 points on the previous day. The segment remained weighed down by muted minor bulk demand and abundant vessel supply in Asian and Atlantic markets. Supramax rates are expected to remain weaker as seasonal cargo demand remains modest and fleet availability continues to outpace fixtures.

Outlook

The benchmark index is expected to trade on a mixed note in the near term. Continued strength in the Capesize segment, supported by steady iron ore exports from Australia and Brazil, may lend support to the index.

However, softer coal and grain trade, along with ample vessel availability in the Panamax and Supramax segments, could limit further gains. Overall, BDI direction will largely depend on whether Capesize strength continues to outweigh weakness in the smaller vessel classes.