Latest data shows that the Baltic Dry Index (BDI) closed at 2028 points on February 3, 2025, a three-day low, down 4.52% from the previous day, marking the largest drop since December 23, 2025, and the second consecutive day of decline (including zero growth). Looking at the short-term charts, the recent 11 BDI data points show: 7 positive increases, 4 negative increases, and 0 zero increases. Specifically, the Panamax Freight Index (BPI) closed at 1724 points, down 1.37% from the previous day; the Capesize Freight Index (BCI) closed at 3175 points, down 7.54%; and the Supramax Freight Index (BSI) closed at 1083 points, up 1.03%. For detailed 720-day and 10-year trend charts of the Baltic Dry Index and its three main sub-indices, please refer to the specially designed charts.



On February 3, the Baltic Dry Index (BDI), published by the Baltic Exchange, fell for the second consecutive trading day. The decline was primarily due to significant drops in freight rates for Capesize and Panamax vessels, two key vessel types, which dragged down the overall index.

The specific performance of each sub-index and related data is as follows:

The Composite Dry Bulk Index, which covers freight rates for Capesize, Panamax, and Supramax vessels, fell sharply by 96 points, or 4.5%, to close at 2028 points. This decline reflects the overall weakness in demand in the dry bulk shipping market, with market activity significantly lower than in the previous period.

The Capesize index, a key index for transporting bulk commodities such as iron ore and coal, saw a particularly significant drop, falling 259 points, or over 7%, to close at 3175 points. The corresponding daily earnings for Capesize vessels also declined, decreasing by $2350 per vessel to $25288 per day. Capesize vessels typically have a deadweight tonnage of 150,000 tons, and their freight rates are closely linked to global demand for industrial raw materials. This sharp decline also reflects the current weak demand in the global commodity market.

The Panamax index fell 24 points, or 1.4%, to close at 1724. These vessels primarily transport 60,000 to 70,000 tons of coal or grain, and their average daily earnings also declined, decreasing by $220 to $15,515. The drop in Panamax freight rates is somewhat related to a temporary adjustment in global food trade and energy transportation demand.

Supramax Index: Amidst a general decline in major ship type indices, the Supramax index bucked the trend, rising 11 points, or 1%, to close at 1083 points. This performance by a minority of ship types may be related to support from regionalized, small-volume dry bulk shipping demand, which alleviated some of the overall downward pressure on the market, but failed to reverse the overall downward trend of the index.

In addition, iron ore futures prices also fell slightly on the day, continuing the decline triggered by the previous trading day's commodity sell-off. The main reason for this phenomenon is that the Chinese Lunar New Year is approaching later this month, and before that, the steel industry's demand enters the traditional off-season, resulting in a significant weakening of market willingness to purchase iron ore, which in turn indirectly affects the freight rates of Capesize and other major iron ore shipping vessels.