Baltic Dry Index rises to one-week high as Capesize leads recovery

• Capesize strengthens on improving Atlantic activity
• Panamax remains constrained by ample tonnage

The Baltic Dry Index (BDI) rose for a third consecutive session, gaining 29 points, or 0.9% to 3,399 on 21 September, from 3,370 on 18 September, reaching a one-week high. The recovery was led by Capesize, while Panamax and Supramax posted only marginal gains.

Segment-wise performance

• Capesize strengthens: The Baltic Capesize Index (BCI) rose 71 points, or 1.2%, to 5,839 on 21 September against 5,768 on 18 September extending its recovery. Atlantic sentiment remained comparatively firm, supported by improving South Brazil and West Africa-to-China fixing activity and stronger October enquiries.
• Panamax edges higher: The Baltic Panamax Index (BPI) increased 4 points, or 0.2%, to 2,255 on 21 September against 2,251 on 18 September, stabilising after recent losses. Grain and mineral enquiries provided some support, but ample vessel availability and expanding tonnage lists continued to cap rate gains across both Atlantic and Pacific markets.
• Supramax remains resilient: The Baltic Supramax Index (BSI) gained 4 points, or 0.2%, to 1,771 on 21 September against 1,767 on 18 September, maintaining its recent resilience. Asian activity remained supportive, with firm Indonesian coal demand and active North Pacific grain enquiries helping offset relatively flatter Atlantic conditions.

Outlook

The BDI is likely to remain mixed in the near term. Capesize may retain support from improving Atlantic fixing and firm Brazil-China activity, although softer Pacific fundamentals could limit upside. Panamax is likely to remain range-bound until vessel availability tightens, while Supramax may continue to outperform relatively, supported by Asian cargo activity.