Commodities May 26, 2026 12:44 PM

Baltic Dry Index Advances as Capesize and Panamax Rates Rise

Gains in larger vessel segments lift the overall dry bulk benchmark amid rising coking coal and coke prices in China

By Hana Yamamoto
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The Baltic Exchange's main dry bulk freight index rose on Tuesday after increases in capesize and panamax rates. The main index added 94 points to 3,085, while capesize and panamax segments posted notable gains, with average capesize daily earnings climbing as Chinese coking coal and coke prices strengthened.

Baltic Dry Index Advances as Capesize and Panamax Rates Rise
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Key Points

  • The Baltic Exchange's main dry bulk index rose 94 points, or 3.1%, to 3,085 on Tuesday.
  • Capesize index gained 240 points, or 4.9%, to 5,194; average capesize daily earnings increased $2,174 to $43,602, tied to higher Chinese coking coal and coke prices.
  • Panamax index climbed 35 points, or 1.6%, to 2,258 - supporting the broader benchmark increase.

Summary: The Baltic Exchange’s dry bulk freight benchmark moved higher on Tuesday, propelled by stronger capesize and panamax rates. The main Baltic index rose 94 points to 3,085 as capesize earnings jumped and panamax rates firmed.

The Baltic Exchange’s primary dry bulk index, which aggregates rate movements for capesize, panamax and supramax vessels, increased by 94 points, or 3.1%, reaching a level of 3,085 on Tuesday. The rise was driven by gains in the larger vessel classes.

Capesize performance

The capesize sub-index recorded a 240-point increase, or 4.9%, to 5,194. Average daily earnings for capesize vessels - ships that typically carry about 150,000-ton cargoes such as iron ore and coal - climbed by $2,174 to $43,602 per day. The report links the rise in capesize earnings to higher Chinese coking coal and coke prices, which reached their strongest levels since late 2024.

Panamax movement

The panamax index also moved higher, adding 35 points, or 1.6%, to finish at 2,258. Together with the capesize gains, the panamax uptick helped push the main Baltic index upward for the session.

Context and immediate drivers

The documented increase in Chinese coking coal and coke prices is cited as a contributing factor for the capesize earnings improvement. Capesize vessels are commonly used to transport large bulk cargoes such as iron ore and coal, linking their earning potential to shifts in demand or pricing for those commodities.

Market takeaway

The session saw a broad-based advance across the larger dry bulk vessel classes, with capesize moves particularly pronounced in both points and dollar-earnings terms. Panamax rates provided additional support to the main index, which tracks multiple vessel categories including capesize, panamax and supramax.


Note: The article is limited to the figures and relationships reported for the day, including index point changes, levels and the cited link between capesize earnings and rising Chinese coking coal and coke prices.

Risks

  • Freight rate volatility - the indices show intraday movement across vessel classes, indicating short-term volatility in shipping rates which can affect shipping revenues and logistics costs.
  • Commodity price linkage - capesize earnings were reported as rising alongside Chinese coking coal and coke prices; changes in those commodity prices could alter freight earnings.

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