Baltic Exchange Weekly Report - 4 September 2026

THE BALTIC Dry Index (BDI) ended last week at 3 628 points for 4th September 2026, up from 31 August's figure of 3186

Capesize

The market enjoyed a notably bullish week, recovering strongly after the UK holiday-shortened start and building momentum across both basins. Early weakness in the Pacific quickly proved short-lived as sustained miner participation tightened available tonnage and restored confidence. By midweek, all major miners were actively fixing, driving C5 steadily higher and attracting increasingly aggressive operator bids. Rates rose from the mid-$15s at the start of the week to around high $18s, reflecting tighter prompt tonnage and firmer owner resistance.

The Atlantic also strengthened, with robust demand from South Brazil and West Africa, coupled with healthy North Atlantic fronthaul enquiry, steadily reducing vessel availability and lifting sentiment. C3 increased from the high $38s to above $41 for later dates. North Atlantic sentiment improved alongside stronger cargo volumes against a relatively stable tonnage list, although activity remained more limited than in the Pacific. Overall, market confidence strengthened considerably as the week progressed, with the BCI 182 5TC reaching a fresh year-to-date high above $58,000.

Panamax-Kamsarmax

This week saw continued strength in the Panamax market, with positive sentiment driving rate gains across both the Atlantic and Pacific basins, and pushing the P5TC steadily higher throughout the week. In the Atlantic, transatlantic and fronthaul activity remained active, supported by sustained demand for September cargoes, although concerns emerged later in the week regarding limited cargo replenishment and increasing tonnage availability. Notable fixtures included an 83,000-dwt vessel fixing a US East Coast to Poland trip at $23,000 and

an 81,000-dwt vessel fixing a transatlantic round trip at $21,250. Owners continued to favour Atlantic employment over trips to the Far East, further supporting fronthaul rates. A 77,000-dwt vessel fixed basis delivery Haldia for an EC South America fronthaul at $22,500. In the Pacific, strong Australian and Indonesian coal demand, improving export prospects, and Capesize stem splits provided further support. An 82,000-dwt vessel fixed a North Pacific round voyage at $23,750, while another 82,000-dwt vessel fixed for a trip via Indonesia to South Korea at $22,750. Period activity was also evident, with an 82,000-dwt fixing for two years period at $19,500 and another fixing for short period at $18,750.

Ultramax/Supramax

Most of the market trended sideways this week, with the notable exception being the US Gulf, which almost returned to the levels seen two weeks ago. A 63,000-dwt fixed a grains cargo from South West Pass to China at $31,000 and a slightly smaller 61,000-dwt fixed grains to Egypt at $32,000, although at the end of the week we awaited details of stronger rumoured fixtures. Further south, the market was supported by the higher Panamax rates with multiple 63,000-dwt vessels reported at around $19,000 plus $900,000 ballast bonus from East Coast South America to the Far East, and a larger 66,000-dwt said to have fixed at $24,000 delivery West Coast India via South America to China.

On the Continent there was little change with sufficient scrap enquiry to maintain rates, with two 58,000-dwt units reported fixed at $22,000 basis the Continent for trip East Mediterranean. However, the Mediterranean market suffered with a lack of fresh demand that didn’t have a vessel already as a backstop. North Asia remained firm with continued North Pacific grains emerging as a 64,000-dwt fixed from Japan at $21,000 for the round, and backhaul activity lending support, whilst rates from Indonesia softened slightly in quieter trading. Rates from South Africa consolidated with a few 63,000-dwt vessels covered at $25,000 plus $250,000 ballast bonus for trips back to the Far East, and the period market stuttered as charterers struggled to secure suitable first employment to justify rates being asked.

Handysize

 The market opened September on a steady-to-firmer note, with sentiment largely positional across both basins. Across the Continent and Mediterranean, activity remained limited, although rates began to show signs of firmness towards the end of the week. The US Gulf and South Atlantic showed healthier momentum, supported by fresh demand and a balanced cargo-to-tonnage position, with several fixtures reported, particularly from the US Gulf. A 39,000-dwt open Mobile 15 September fixed for a trip delivery Panama City to the UK-Continent with pellets at $18,000, while a 38,000-dwt fixed from Recalada to WC South America in the high $20,000s. Across Asia, sentiment remained positive, with activity gaining pace and several fixtures concluded above previous levels, supported by a generally healthy balance between tonnage availability and cargo demand. A 43,000-dwt open Acajutla mid-September fixed via NoPac for redelivery Singapore-Japan at $17,000. Period activity was also evident, highlighted by the 40,000-dwt fixing for one year at $17,500. 

Clean

LR2

 The TC1 75kt MEG/Japan held flat this week with the index published around the WS565-568 level. A voyage west also remained steady with the TC20 90kt MEG/UK-Continent index climbing a modest by $34,300 to $9.38 million. West of the Suez Canal, the TC15 80kt Mediterranean/East index added another $100,400 to $6.17 million, although the corresponding Baltic round-trip TCE dropped by $760 to $39,200/day via Suez. 

LR1

 MEG LR1s also held resolute at current freight costs this week. The TC5 55kt MEG/Japan index rose 3.75 points to WS621. A run west on TC8, 65kt MEG/UK-Continent also rose slightly, with the index up $14,200 to $7.59 million. .

MR

 The TC17 35kt MEG/East Africa index firmed again this week, albeit not to any great magnitude, from WS550 to WS557. This took the Baltic TCE for the run to $64,200/day round trip. On the UK-Continent, MRs continue to crawl along the floor. TC2 37kt ARA/US-Atlantic Coast is still pricing at about the WS100 mark and the Baltic TCE for the round trip is now at -$6,100/day. The TC14 38kt US Gulf/UK-Continent index jumped this week off the back of an activity boost, moving the freight rate marker to WS250 (+29). The Baltic round trip TCE for the run is now at $25,500/day. The Caribbean voyage on TC21, 38kt US Gulf/Caribbean followed suit and is currently pegged $146,000 higher at $791,000. The corresponding TCE is now at $21,500/day on Baltic description. The MR Atlantic Triangulation Basket TCE settled the week up $3149 at $27,444/day. 

Handymax

 In the Mediterranean, Handymax rates remain unaltered this week. The TC6 30kt Cross-Mediterranean index is still at WS165.00 generating a Baltic TCE of $6,800/day. The TC23 30kt Cross UK-Continent dropped a point to WS179 this week, taking returns to $6,400/day on Baltic description. 

VLCC

The rate for the TD3C route (270,000 mt Middle East Gulf to China) increased further this week with assessments rising from WS631.67 last Friday to WS677.22 on Thursday. This gives a daily round-trip TCE of just under $704,000 for the standard Baltic VLCC. TD34 (Gulf of Oman/China) was 42 points higher than a week ago at WS272.5, meaning a round-trip TCE of over $261,800/day.

In the Atlantic market, the rate for the 260,000 mt West Africa to China route (TD15) also strengthened, gaining 33 points to WS236.88, giving a round voyage TCE of about $210,600/day, while the US Gulf to China route (TD22) made a dramatic rise of over $3.6 million to just under $28,000,000, which gives a daily round trip TCE of just over $196,200.

Suezmax

The rate for the 130,000 mt Nigeria/UK Continent voyage (TD20) rose two points to WS214.72, which translates into a daily round-trip TCE of about $94,200. The TD27 route (Guyana to UK Continent basis 130,000mt) slipped a point to about WS210, giving a daily round trip TCE of just over $93,000. The 145,000 mt USG/UKC (TD33) regained three points to over WS185, which gives a round-trip TCE of just under $94,700/day.

In the Black Sea, the ‘calming’ effect has continued. For the TD6 route of 135,000 mt CPC/Augusta, the rate has tumbled 103 points to WS285.67, which still shows a very healthy daily round-trip TCE of just over $180,500.

Aframax

In the North Sea, the rate for the 80,000 mt Cross-UK Continent route (TD7) eased five points to the WS205 level, showing a daily round-trip TCE of about $93,400 basis Hound Point to Wilhelmshaven.

In the Mediterranean, the rate for 80,000mt Cross-Mediterranean (TD19) dropped 43 points to WS222.5, basis Ceyhan to Lavera this shows a daily round trip TCE of $56,362.

Across the Atlantic, the owners have regained a little control of the market. The 70,000mt East Coast Mexico/US Gulf route (TD26) rose 25 points to WS234, giving a daily round-trip TCE of $48,167 while the 70,000 mt Covenas/US Gulf route (TD9) gained almost 24 points to WS227, translating into a daily round trip TCE of about $48,600.

The rate for the transatlantic route of 70,000 mt US Gulf/UK Continent (TD25) improved by over 17 points this week, to the WS235 level, which gives a round trip TCE basis Houston/Rotterdam of almost $49,500.

On the Vancouver exports, the TD28 (80,000 mt crude oil Vancouver to China) rose by over $133,000 to $3,250,000 (giving a round trip TCE of just under $44,700/day) while TD29 (80,000 mt crude oil Vancouver to Pacific Area Lightering point off the USWC) gained 11 points to WS263.

LNG

The LNG market remained under pressure this week, although the Atlantic basin showed some signs of stabilisation. September laycans are now largely covered and attention has begun to shift towards October requirements, with spot enquiry gradually emerging. However, vessel availability remains elevated across both basins, continuing to weigh on freight levels.

On the BLNG1 Australia–Japan route, rates declined by $9,000 week-on-week to settle at $21,400/day. The Pacific market softened throughout the week as vessel availability continued to build and cargo demand remained limited.

The BLNG2 US Gulf–Continent route increased by $4,100 to close at $17,000/day. While rates remain at low levels, some developing enquiry provided modest support towards the end of the week.

Similarly, the BLNG3 US Gulf–Japan route gained $800 week-on-week to settle at $29,400/day. Freight levels remained relatively stable throughout the week, although overall sentiment remains cautious given the surplus of available tonnage.

In the time charter market, six-month rate increased by $1,200 to $56,000/day, while the one-year term edged lower by $467 to $54,500/day. Further out the curve, the three-year period strengthened by $950 to $72,450/day.

LPG

The LPG market strengthened this week, supported by a strong arbitrage, tight vessel availability and ongoing Panama Canal restrictions. With voyages increasingly being routed via the Cape of Good Hope, tonnage availability remains constrained, providing support to freight levels.

On the BLPG1 Ras Tanura–Chiba route, rates settled at $225.50, with TCE earnings closing at $216,062/day.

The BLPG2 Houston–Flushing route increased by $5.75 week-on-week to settle at $154.75, with TCE earnings rising by $5,308 to $175,678/day. Rates remained well supported throughout the week as vessel availability tightened and cargo demand improved.

Similarly, the BLPG3 Houston–Chiba route gained $18.25 to close at $283.33, while TCE returns increased by $11,621 to $167,329/day. The route saw the stronger increase of the two Atlantic assessments, supported by improving eastbound economics and the continued impact of longer voyage durations via the Cape.

Container

Container rates appear to have peaked for now, with declining rates across the key FBX routes this past week. Shanghaim the world’s busiest container port, is seeing congestion levels not seen since Covid times due to multiple recent typhoons in the area. Luckily containers continue to move on the first available vessels due to the liner alliances in place.

The cross Pacific trade loop FBX01 (China/East Asia – US West Coast) lost $86 from last Friday ending the week at $7,569 and is up $1,437 since the start of July. Rates from the Far East to the USEC FBX03 (China/East Asia – US East Coast) lost $286 over the week ending at $9,505, this route is up $1,608 since the start of July. Trade into the North Continent from the Far East FBX11 (China/East Asia – North Europe) dropped $192 week on week, ending the week at $4,451 and is down $359 since the start of July. Trade into the Mediterranean from the Far East FBX13 (China/East Asia – Mediterranean) lost $395 from last Friday, ending the week at $4,441 and is down $2,094 from the start of July.