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Dry Bulk Splits in Two: A $28,550 Daily Gap Between Capesize and Panamax

Published September 21, 20266 min read

A large bulk carrier looms over a smaller one anchored nearby in a hazy industrial harbor at dusk. — Dry bulk shipping is splitting into two speeds: giant Capesize vessels still ride high on iron ore demand while Panamaxes give back their gains. Illustration: MarketIntelLabs

The Baltic Dry Index finished last week at 3,370 points after the Friday September 18 close, down roughly 4 percent on the week, and the split inside that headline number is the story. Capesize earnings surged $1,019 to $48,812 per day on Friday September 18 while the Panamax index slid 1.4 percent to 2,251 points and Panamax owners watched daily earnings drop $273 to $20,262. One segment of the bulk fleet is still near multi-year highs and the other is giving back its gains, and the divergence points at a single commodity: iron ore.

Key Takeaways The Baltic Dry Index closed at 3,370 points on September 18, down about 4 percent for the week, after peaking at 3,628 on September 4, its highest…

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