Latest data shows that the Baltic Dry Index (BDI) was at 2010 points on March 6, 2026, a 5.99% decrease compared to the previous week, marking the largest drop since October 1, 2025, and the first consecutive day of decline (including zero growth). Looking at the short-term charts, the BDI has seen positive growth 6 times, negative growth 5 times, and zero growth in the last 11 BDI data points. Specifically, the Panamax Freight Index (BPI) was at 1962 points, down 1.75% from the previous week; the Capesize Freight Index (BCI) was at 2631 points, down 10.84%; and the Supramax Freight Index (BSI) was at 1386 points, down 0.43%. 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 March 10, 2026, the Baltic Dry Index fell significantly on Tuesday, dragged down by a collective decline in freight rates across all ship types. The overall dry bulk shipping market was weak, and freight rates and daily earnings for all types of vessels were impacted to varying degrees.

The Baltic Dry Index (BDI), a core indicator tracking freight rates for the three main vessel types—Capesize, Panamax, and Supramax—fell sharply by 147 points, or 7.1%, closing at 1919 points. The significant drop reflects the overall downward pressure on the dry bulk shipping market.

The Capesize index was hit hardest, plunging 333 points, or 11.8%, to close at 2502 points. Capesize vessels are mainly responsible for transporting bulk commodities such as iron ore and coal, with a single vessel carrying up to 150,000 tons of cargo. Affected by the index decline, the average daily earnings of this type of vessel also declined, decreasing by $3,019 to $19,188, a significant drop in earnings.

Regarding the recent volatility in the dry bulk market, Yiannis Parganas, research director at Intermodal Ship brokers, analyzed that although the Strait of Hormuz's shipping lanes primarily affect the transport and flow of oil and liquefied natural gas, the escalating geopolitical tensions in the region will still have indirect and significant ripple effects on the dry bulk market. He stated that rising security risks in the region may drive up ship insurance costs, and shipping companies will adopt more cautious vessel allocation strategies due to risk considerations. Simultaneously, port operations and route planning may be delayed. These multiple factors combined will disrupt the operational rhythm and cost structure of the dry bulk shipping market.

Currently, the conflict in Iran has effectively brought shipping through the Strait of Hormuz to a standstill. As a crucial global energy transport route, the Strait of Hormuz carries one-fifth of the world's oil and liquefied natural gas shipments. These goods normally flow along the Iranian coast, but the conflict has not only disrupted normal transport along this route but has also depleted the reserves of energy producers, forcing them to halt extraction operations. This dramatic shift in the regional shipping landscape has further exacerbated market uncertainty.

It is worth noting that the weakness in the dry bulk market contrasts sharply with the trend in the iron ore futures market. On Tuesday, boosted by the resumption of work and production in China's construction industry, market expectations for increased pig iron production continued to rise, thereby driving up demand for iron ore raw materials. Iron ore futures prices rose accordingly, becoming one of the few bright spots in the commodity market.

Besides Capesize vessels, the other two major vessel types also saw declines. The Panamax index fell 53 points, or 2.7%, to close at 1861 points. These vessels, with a cargo capacity of 60,000 to 70,000 tons, primarily transport coal and grain, and their average daily earnings consequently decreased by $473 to $16,750. The Supramax index also weakened, falling 31 points, or 2.3%, to close at 1342 points, continuing the overall downward trend in the market.