April 2026 was the strongest month for the Baltic Dry Index in 18 months, with the BDI averaging 2,520 points — up 28% from March's average of 1,966 and the highest monthly average since October 2024.
The month's rally was concentrated in the first three weeks of April, powered by Brazilian iron ore restocking flows into China and a sharp reduction in ballast Capesize tonnage in the Atlantic. The Baltic Capesize Index (BCI) averaged 4,180 for the month, its highest monthly average since December 2024.
The Panamax index (BPI) averaged 1,890 for April, a more moderate gain of 12% month-on-month, as Atlantic grain volumes were slower to recover. The Supramax index (BSI) averaged 1,420, reflecting steady but not spectacular demand across most minor bulk trades.
The April 22 session recorded the month's peak at BDI 2,567 — an 11th consecutive session of gains — before some consolidation emerged in the final week as iron ore port inventory levels at Chinese mills recovered from earlier lows.
Looking into May, the key question for the dry bulk market is whether Chinese steel production can sustain the elevated import demand that drove the April rally, or whether the restocking cycle has run its course ahead of the typically quieter summer period.
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Source: Baltic Exchange · 2 May 2026 · Data indicative only, not financial advice.