The latest data shows that the Baltic Dry Index (BDI) was 3507 points on September 11, 2026, a new low since September 3, 2026, down 0.40% month-on-month, marking the second consecutive day of decline (including zero growth). Looking at the short-term charts, the BDI has seen positive growth 7 times, negative growth 4 times, and zero growth in the last 11 BDI data points. Specifically, the Panamax Freight Index (BPI) was 2407 points, down 0.08% from the previous value; the Capesize Freight Index (BCI) was 6080 points, down 0.69%; and the Supramax Freight Index (BSI) was 1719 points, up 0.35%. For detailed charts of the latest 720-day and 10-year trends of the Baltic Dry Index and its three main sub-indices, please refer to the charts specially created by FX678. The international dry bulk shipping market experienced a period of correction this week, with the Baltic Dry Index (BDI) continuing its decline and closing lower again on Friday, hitting its lowest point in over a week since September 3rd, and recording a significant weekly drop. This market downturn was primarily driven by weakening freight rates for the two main vessel types, Capesize and Panamax, coupled with a combination of factors including cooling demand for downstream industrial commodities and pressure on steel mill profits. These factors completely reversed the recovery trend seen at the beginning of the month, resulting in a clear structural divergence in the market. Data shows that as of the close of trading on September 11th, the Baltic Dry Index fell 14 points, a daily drop of 0.4%, closing at 3507 points, a new low in over a week. Looking at the weekly performance, the index fell a cumulative 3.3% this week, ending the previous slight recovery and confirming the short-term decline in the dry bulk shipping market's activity. As a core indicator of the global dry bulk shipping market, the Baltic Dry Index (BDI) covers freight rate trends for the three major vessel types: Capesize, Panamax, and Supramax. It comprehensively reflects the global supply and demand dynamics of bulk commodities such as iron ore, coal, and grain. Its continued decline reflects the current temporary weakness in global demand for industrial raw material transportation. The core drag on the index comes from the Capesize vessel market, which has the highest weighting. This vessel type primarily handles 150,000-ton ultra-large ocean-going transport and is the main carrier for cross-border transportation of core industrial raw materials such as iron ore and thermal coal, thus having the most significant impact on the overall index trend. Specifically, this week, the Capesize freight rate index fell 42 points in a single day, a decrease of 0.7%, to 6080 points, with a cumulative weekly decline of 5.3%, far exceeding the decline of other vessel types, becoming the main factor dragging down the overall market. Along with the decline in freight rates, the profit margins of Capesize vessels have also shrunk. Market monitoring data shows that the average daily revenue for this vessel type decreased by $380 to $51,636, with short-term charter profits continuing to weaken. Industry analysts point out that the core issue behind the significant correction in Capesize freight rates is the continued cooling of iron ore transportation demand. The global iron ore market is currently under significant pressure, with prices declining for the third consecutive trading day, and is highly likely to mark its first weekly decline in three weeks. The weakness on the demand side is particularly prominent. As the world's largest iron ore consumer, China's steel industry has recently seen a significant narrowing of profit margins, limiting the production enthusiasm of downstream steel mills and significantly reducing their willingness to replenish inventory, directly suppressing iron ore imports and ocean shipping demand. The market recovery at the beginning of the month was mainly driven by short-term order releases fueled by domestic steel mills' pre-holiday inventory replenishment expectations. As replenishment demand materialized, the positive effects were quickly digested, and coupled with relatively ample ocean shipping capacity, Capesize freight rates naturally entered a correction phase. The Panamax market, the main medium-sized vessel type, also continued its weak trend, further exacerbating the downward pressure on the overall market. Data shows that the Panamax freight rate index fell slightly by 2 points, or 0.08%, to close at 2407 points, with a cumulative decline of 1.7% this week. While the overall trend was relatively mild, it continued its downward trajectory. This vessel type mainly carries 60,000 to 70,000 tons of bulk commodities such as coal and grain, covering the two core shipping sectors of energy and agricultural products. Corresponding vessel profitability data shows that the average daily revenue of Panamax vessels decreased by $22 to $21,662, with a slight decline in profitability, reflecting a generally stable but weak global demand for energy and agricultural products, with no significant increase to support a market recovery. In stark contrast to the weak performance of the two main vessel types, the small-to-medium tonnage Supramax market bucked the trend and strengthened, exhibiting significant structural differentiation. On September 11, the Supramax freight rate index rose by 6 points, or 0.3%, to 1719 points, with a cumulative increase of 2.6% this week, making it the only vessel type to achieve a weekly increase. Industry insiders explain that Supramax vessels, with their smaller tonnage, more flexible routes, and greater adaptability, can cover short-haul, feeder, and diversified general cargo transportation scenarios, and are less affected by fluctuations in demand for large industrial raw materials. Against the backdrop of cooling demand for large ocean-going dry bulk carriers, regional short-haul freight and general cargo transportation demand remains stable, supporting the counter-trend rise in freight rates for this vessel type, highlighting the current shipping market's differentiated pattern of "large vessels under pressure, small vessels holding firm." In summary, the recent decline in the Baltic Dry Index is the result of a combination of short-term supply-demand mismatch, commodity cycle fluctuations, and changes in the prosperity of downstream industries. In the short term, the slowdown in the profit recovery of China's steel industry and the continued weakness in iron ore demand will continue to suppress the freight rates of large dry bulk carriers; while Supramax vessels, with their flexible transportation advantages, are likely to maintain a relatively firm performance, and the structural differentiation in the market may continue. Looking ahead, the shipping market trend will be highly dependent on the pace of recovery in end-user demand. Going forward, it is crucial to monitor the progress of domestic steel mills' resumption of production and restocking, changes in global coal trade orders, and the release of maritime demand for agricultural products in Europe and the United States. These variables will directly determine whether the dry bulk shipping market can stop falling and stabilize, ending this round of phased correction.