Affinity Dry Cargo Weekly 01 May 2026

The dry bulk market exhibited a nuanced performance this week, highlighted by modest gains in the Capesize segment driven by tight Atlantic conditions, with the BCI 5TC increasing to USD 39,244. In sharp contrast, the Panamax market revealed divergent trends, closing at USD 18,018 as weakness in the Atlantic countered a steady Pacific underpinned by coal demand. Overall, tightening vessel availability amid geopolitical tensions and port congestion has led to elevated freight rates, with the Baltic Dry Index averaging 2,730, up 2.44 per cent week-on-week and 79 per cent year-on-year. Challenges at major chokepoints like the Panama Canal have exacerbated the supply-side disruptions, resulting in a significant contraction of the effective global fleet by around 6 per cent, raising concerns over the sustainability of current earnings amidst only modest demand growth of 4 per cent from January to April 2026.