Latest data shows that on February 18, 2026, the Baltic Dry Index (BDI) stood at 2063 points, a five-day low, down 1.53% from the previous day, marking the largest drop since February 4, 2026, and the second consecutive day of decline (including zero growth). Looking at the short-term charts, the recent 11 BDI data points show: 3 positive increases, 8 negative increases, and 0 zero increases. Specifically, the Panamax Freight Index (BPI) was 1796 points, up 0.22% from the previous day; the Capesize Freight Index (BCI) was 3115 points, down 2.47%; and the Supramax Freight Index (BSI) was 1180 points, down 1.17%. 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.



The Baltic Dry Index, published by the London Stock Exchange, continued its downward trend on Wednesday, hitting its lowest level in nearly a week. As a key indicator of the global dry bulk shipping market, the index primarily measures freight rates for various types of vessels carrying dry bulk commodities. This decline was mainly dragged down by weak freight rates for the two core vessel types, Capesize and Supramax, offsetting minor gains in other sub-segments and ultimately leading to an overall drop in freight rates.

The Baltic Dry Index, which tracks freight rates for the three major dry bulk shipping classes (Capesize, Panamax, and Supramax), fell 32 points, or 1.5%, to close at 2063, its lowest level since February 12. This index covers major segments of the global dry bulk shipping market, and even small fluctuations in it can reflect changes in the overall health of the market. This decline breaks the short-term upward trend and highlights the current market uncertainty.

The Capesize freight index fell 79 points, or 2.5%, to close at 3115. Capesize bulk carriers, the "juggernauts" of the dry bulk shipping market, typically have a deadweight tonnage of around 150,000 tons. Due to their massive size, they cannot pass through the Panama Canal or the Suez Canal (although some eligible vessels can pass through the Suez Canal fully loaded), and must instead detour around the Cape of Good Hope or Cape Horn. They primarily handle long-distance, large-volume transport of heavy dry bulk cargoes such as iron ore and coal, and their freight rate fluctuations are directly related to global heavy industrial production demand and the purchasing pace of commodity-importing countries.

Capesize vessels saw a corresponding decline in average daily earnings, decreasing by $717 to $24,747. These vessels, with a standard carrying capacity of 150,000 tons, primarily transport iron ore exported from countries like Australia and Brazil to major steel-producing nations such as China and Japan, as well as energy shipments to major global coal exporters. Their earnings are highly correlated with freight rate indices, directly impacting the operational efficiency of shipping companies. This earnings decline is closely related to the recent weakening of commodity futures prices, including iron ore, reduced short-term transportation demand expectations, and relatively ample supply of shipping capacity.

The Panamax freight index was the only sub-sector to rise on the day, gaining 4 points, or 0.2%, to close at 1796. Panamax bulk carriers, a mainstay of the dry bulk shipping market, have a capacity between Capesize and Supramax. Their design conforms to the Panama Canal's navigation standards, primarily carrying medium-volume dry bulk commodities such as coal and grain, ranging from 60,000 to 70,000 tons. Their freight rates are closely linked to the global trade activity in agricultural and energy products. This increase reflects the stable operation of global agricultural and energy product trade, providing stable support for freight rates in this sector.

Panamax vessels saw their average daily earnings rise in tandem with the freight rate index, increasing by $35 to $16,167. These vessels, with their moderate capacity and flexible navigation capabilities, operate extensively on major global routes, handling both near-sea cargo transport and transshipment on some long-haul routes. They primarily transport grains such as wheat and corn, as well as energy products like coal. The improved earnings directly reflect the enhanced operational efficiency of this sector and, to some extent, alleviate the downward pressure on the overall market.

In the small and medium-sized vessel sector, the Supramax freight rate index fell 14 points, a decrease of 1.2%, closing at 1180 points. Supramax bulk carriers, as the core force in small and medium-sized dry bulk shipping, typically have a deadweight tonnage between 40,000 and 60,000 tons and a length of approximately 180 to 200 meters. Some vessels are equipped with their own loading and unloading equipment, possessing strong adaptability to waterways, canals, and ports. They can berth at some smaller ports with less favorable conditions and mainly carry small batches of dry bulk cargo such as iron ore, grain, fertilizer, and cement, covering a wider geographical area. This slight decline in freight rates is mainly due to a slight decrease in short-term trading activity in small and medium-sized dry bulk cargo, indicating slightly weaker market demand.