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Dry Bulk Market Strengthens as Baltic Index Jumps 14%
The dry bulk market strengthened sharply in Week 32 of 2026, led by strong gains in the Capesize and Panamax segments, according to the latest Snapshot of Commercial Indicators from Agora Shipbroking Corporation.
The Baltic Dry Index (BDI) climbed 14.37% week-on-week to 3,057, while the Baltic Capesize Index (BCI) surged more than 21%. The figures, based on market data as of 6 August 2026, show a clear improvement in larger dry bulk vessel earnings, although conditions remained softer in the Supramax and Handysize segments.
Capesize Market Leads Dry Bulk Gains
Capesize recorded the strongest performance among the dry bulk segments covered by the report.
The Baltic Capesize Index rose 21.24% during the week to 5,052. It was also 10.57% higher over the previous four weeks.
Time charter earnings for a 182,000-dwt Capesize increased even more sharply. The assessment reached $42,313 per day, representing a weekly gain of 23.39% and a four-week increase of 11.55%.
Panamax conditions also improved. The Baltic Panamax Index (BPI) advanced 11.52% to 2,275, while the time charter assessment for an 82,500-dwt Panamax increased 11.49% to $20,473 per day.
However, the strength was not shared across all vessel classes.
The Baltic Supramax Index (BSI) slipped 0.12% to 1,608, while the corresponding 63,500-dwt time charter assessment declined slightly to $20,326 per day.
Handysize also weakened. The Baltic Handysize Index (BHSI) fell 1.57% to 876, while the 38,200-dwt time charter assessment declined 1.65% to $15,763 per day.
Energy Prices Retreat Despite Four-Week Gains
Agora’s commercial indicators also showed widespread weekly declines across energy commodities.
NYMEX crude oil stood at $77.29 per barrel, down 4.34% week-on-week. Brent fell 4.97% to $82.49 per barrel.
Gas oil recorded a steeper decline, falling 9.68% during the week to $1,172.75 per metric tonne. RBOB gasoline dropped 13.95%, while natural gas declined 6%.
The longer-term picture was different for several energy products. Crude oil remained 7.23% higher over four weeks, Brent was up 8.11%, and gas oil recorded a significant 23.61% four-week increase.
RBOB gasoline and natural gas, however, remained lower over the same four-week period.
Grain Commodity Prices Show Mixed Performance
Agricultural commodities were generally weaker during Week 32.
Wheat declined 4.86% week-on-week to 631.25 cents per bushel, although it remained 1.86% higher over four weeks.
Corn fell 1.39% during the week, while soybeans declined 0.93%. Soybean meal was down 3.71%.
Rice moved in the opposite direction, rising 2.58%, while Sugar No. 11 recorded a stronger weekly increase of 7.90%.
These commodity indicators provide additional context for the dry bulk market, where agricultural products represent an important source of seaborne cargo demand.
Bunker Prices Vary Across Major Shipping Hubs
Bunker prices showed significant differences across the four major ports monitored by Agora.
In Fujairah, IFO380 was assessed at $579 per tonne, VLSFO at $764 and MGO at $1,276.
Singapore recorded a similar IFO380 price of $580, while VLSFO was considerably higher at $813. MGO stood at $1,114.
Rotterdam recorded IFO380 at $496, VLSFO at $635 and MGO at $1,147.
Houston had the lowest IFO380 price among the four locations at $462, while VLSFO stood at $671 and MGO at $1,146.
The differences highlight the variation in bunker costs facing shipowners and operators across major international bunkering hubs.
Global Financial Indicators Remain Mixed
The Week 32 report also tracks financial markets that can provide wider context for shipping and investment conditions.
The S&P 500 gained 3.66% during the week, while the Nasdaq-100 advanced 4.51%. China’s CSI 300 increased 2.23%, India’s S&P BSE Sensex rose 1.32%, and Greece’s Athens Composite gained 1.42%.
Brazil’s IBOVESPA was the exception among the major equity indices covered, declining 0.91%.
Precious and industrial metals also strengthened during the week. Gold rose 4.95%, silver gained 5.18%, copper advanced 4.81%, and aluminium increased 1.49%.
Capesize Strength Drives Week 32 Shipping Market
Agora Shipbroking Corporation’s Week 32 indicators point to strong momentum in the larger dry bulk vessel segments at the beginning of August.
The 14.37% weekly increase in the Baltic Dry Index was accompanied by particularly strong Capesize performance, with the BCI rising more than 21% and Capesize time charter earnings gaining more than 23%.
Panamax also recorded double-digit growth, while Supramax and Handysize markets moved slightly lower.
The contrasting performance across vessel classes shows that the improvement in the dry bulk market remained concentrated primarily in its larger segments as of 6 August 2026.
Download the Full Week 32 Commercial Indicators Report
For the complete set of market data, including Baltic Exchange indices, bunker prices, commodity futures, stock markets, exchange rates and bond yields, download the full Agora Shipbroking Corporation – Snapshot of Commercial Indicators, Week 32 / 2026 report.
