Baltic Dry Index 2026: Latest BDI, Capesize & Dry Bulk Rates

Markets · Chartering · Dry Bulk

The latest verified Baltic Dry Index close is 3,336 on 17 September 2026, up 9 points or 0.3% as stronger Capesize rates ended a five-session losing streak in the headline index. The rebound is modest compared with the early-September surge: the BDI remains 292 points, or about 8%, below the 3,628 level reached on 4 September. The market underneath the composite is also diverging — Capesize recovered, Panamax weakened again and Supramax continued to firm.

Baltic Dry Index Today: BDI at 3,336

The Baltic Dry Index rose 9 points, or 0.3%, to 3,336 on 17 September. The increase was small, but important because it interrupted five consecutive sessions of decline.

The index had fallen to 3,327 on 16 September after losing 33 points that day. Thursday’s recovery therefore does not yet establish a new upward trend; it shows that stronger Capesize pricing was enough to offset another weaker Panamax session.

That split matters. A single BDI number can look stable while the economics facing a Capesize owner, a Panamax charterer and a Supramax operator move in different directions.

What Changed Since the BDI Hit 3,628?

The BDI reached 3,628 on 4 September, its strongest level since October 2021. By 17 September it had corrected to 3,336 — a decline of 292 points, or about 8% from that recent peak.

The correction does not erase the strength of the 2026 dry-bulk market. It does, however, change the immediate signal. Early September was defined by aggressive Capesize gains. Mid-September has been more mixed, with Pacific Capesize pressure, softer Panamax fundamentals and firmer Supramax readings.

What Is the Baltic Dry Index?

The Baltic Dry Index is a composite dry-bulk freight benchmark published by the Baltic Exchange. It provides a continuous market reference for the cost of transporting major dry commodities by sea.

The BDI combines time-charter assessments from three major dry-bulk vessel classes:

Because the index is weighted, a strong move in Capesize can materially change the headline BDI even if Panamax is falling. That is exactly why the component indices should be read alongside the composite.

For the contractual framework behind freight employment, Tide Signal’s Charterparty in Shipping guide explains the commercial structure of a fixture, while Types of Charter Parties compares voyage charter, time charter, COA and other employment structures.

Capesize Rebounds, but Week 38 Was Still Softer Overall

The Baltic Capesize Index rose 44 points to 5,656 on 17 September, providing the main support for the BDI’s return to positive territory.

Baltic Exchange Week 38 commentary, published on 18 September, gives a more complete picture. The Capesize market was softer through the first half of the week, particularly in the Pacific, where prompt tonnage outweighed fresh cargo demand. C5 values moved from the low $17s per tonne toward the mid-$16s before stabilising.

The Atlantic improved later in the week. South Brazil and West Africa to China activity strengthened, with October C3 fixtures reported in the low-to-mid $42s per tonne and stronger levels approaching $43 as fixing reduced both cargo availability and the number of ballasters.

The Baltic’s Week 38 report put the BCI 182 5TC at $52,315/day at the end of the week, compared with $53,622/day on Monday. That is a weekly decline of about 2.4%, even though sentiment improved into the close.

For charterers and owners, the practical signal is that Capesize is no longer in the almost one-way acceleration seen at the start of September. The Pacific corrected, but Atlantic demand prevented the market from simply continuing lower.

C3 and C5: The Iron-Ore Routes Behind Capesize Direction

C3 and C5 do not move for identical reasons. C3 has a much longer voyage profile and can absorb vessel capacity for longer periods. C5 is shorter and highly sensitive to concentrated miner fixing and the number of ships available in the Pacific.

For route calculations and maritime-unit conversions, Tide Signal’s Maritime Converter provides a practical companion tool.

Panamax Rates Remain Under Pressure

The Baltic Panamax Index fell 43 points, or 1.8%, to 2,282 on 17 September. That followed a 39-point decline the previous session and confirms that Panamax has not shared the latest Capesize rebound.

Baltic Exchange Week 38 commentary described a generally softer Panamax market across both Atlantic and Pacific basins. Activity improved in parts of the Atlantic as the week progressed, but ample vessel availability continued to weigh on pricing.

In the Pacific, cargo demand from Australia, Indonesia and the North Pacific remained visible, yet expanding tonnage lists and slower cargo activity limited owners’ leverage.

This distinction matters commercially. A grain trader fixing a Kamsarmax or Panamax is operating in a different supply-demand balance from an iron-ore miner fixing a Capesize.

Supramax Continues to Firm

The Baltic Supramax Index rose 14 points, or 0.8%, to 1,762 on 17 September. Supramax has therefore been moving differently from Panamax even while both sit inside the same headline dry-bulk market.

That divergence is another reason not to interpret the BDI as a universal freight rate. Geared and smaller bulkers serve a broader set of cargoes, ports and regional trades, and their tonnage balance can differ materially from the large-vessel iron-ore and grain markets.

Why Capesize, Panamax and Supramax Can Move in Opposite Directions

Dry bulk is not one homogeneous market.

This is the same commercial principle seen in other shipping markets: the physical number of ships is less important than the number of ships actually available for a specific cargo, place and laycan.

What Does BDI 3,336 Mean for Owners and Charterers?

For the contract mechanics behind period employment, Tide Signal’s Off-Hire in Shipping guide explains when hire may stop under time-charter arrangements.

For the broader comparison between voyage and period exposure, see Voyage Charter vs Time Charter.

From a Freight Index to Actual Voyage Economics

The BDI and its component indices describe the freight market. They do not tell an owner what a specific voyage will earn after costs.

A commercially useful voyage estimate still needs:

• cargo quantity;
• freight rate;
• commissions;
• ballast and laden distance;
• speed and bunker consumption;
• bunker price;
• port costs;
• canal or route expenses;
• waiting time;
• weather and operational allowances;
• other voyage expenses.

Tide Signal’s Voyage Estimation in Shipping explains how freight is converted into voyage revenue, expenses, TCE and break-even freight.

The Voyage Margin Calculator can then be used to model freight revenue and voyage costs, while the Voyage ETA Calculator helps test sailing-time assumptions.

Why a Strong Freight Market Can Still Lose Money in Port

A high freight fixture does not eliminate port-time risk.

Congestion, weather, berth availability, cargo readiness and the wording of the charterparty can all change the financial result after the freight has been fixed.

Tide Signal’s Laytime and Demurrage in Shipping explains how allowed cargo time becomes money. If laytime is exhausted, Once on Demurrage, Always on Demurrage covers the classic principle and its commercial consequences, subject to the actual charterparty.

If cargo operations finish earlier than allowed, Despatch in Shipping covers the other side of the time calculation.

What Does the BDI Move Mean for FFAs?

Forward Freight Agreements allow shipping-market participants to hedge or take exposure to future freight without physically chartering the benchmark vessel.

The September correction illustrates why the forward curve matters. A strong spot market can fall while forward expectations remain firmer, or the reverse. Owners may hedge part of future earnings after a strong rally, while charterers may use FFAs to reduce the risk of another freight spike.

The relevant hedge should match the vessel class and benchmark exposure as closely as possible. A Panamax commercial position should not be interpreted solely through a Capesize-led BDI move.

Can a Strong Baltic Dry Index Support Bulk-Carrier Values?

Potentially, yes — but not mechanically.

Higher expected earnings can support secondhand values because buyers can justify stronger cash-flow assumptions. But the relationship depends on how durable the freight market appears, the age and specification of the vessel, financing cost and the acquisition price.

Tide Signal’s Ship Finance and Asset Values analysis explains why stronger vessel values can improve collateral while also making acquisitions harder to justify.

The current dry-bulk backdrop also matters for listed owners and fleet investment. Tide Signal’s Star Bulk Athens Listing analysis covers the capital-markets and fleet-expansion context around one of the sector’s major public owners.

Does the Baltic Dry Index Include Container Shipping?

No.

The Baltic Dry Index measures dry-bulk freight through Capesize, Panamax and Supramax benchmark averages. It does not include container freight, tanker rates, LNG/LPG freight or car-carrier rates.

For liner freight, Tide Signal maintains a separate living benchmark page: Container Shipping Rates 2026.

Is the Baltic Dry Index a Global Economic Indicator?

The BDI is often described as a barometer of global trade because dry-bulk ships carry iron ore, coal, grain and other raw materials.

That description is useful, but incomplete. The index is fundamentally a freight-market indicator. It reflects both cargo demand and effective vessel supply.

BDI can rise because commodity demand strengthens, but it can also rise because port congestion, longer voyages, weather disruption, ballast patterns or route restrictions reduce the number of ships available to perform business.

What Should the Dry-Bulk Market Watch Next?

Tide Signal Analysis: The BDI Is Still Strong — but the Market Has Split

The move from 3,628 on 4 September to 3,336 on 17 September is not a collapse in dry bulk. It is a correction after an unusually fast early-September rally.

The more important development is the change in market structure.

Capesize rebounded on 17 September and Atlantic demand strengthened into the Week 38 close. Panamax continued to weaken. Supramax continued to rise.

That leaves the market with a clearer message than the headline BDI alone can provide: dry bulk remains firm, but the pricing power is distributed unevenly across vessel classes and basins.

Baltic Dry Index 2026: Frequently Asked Questions