Dry Market Monitor: Capesize Volumes – South Atlantic & W. Australia in Dry Bulk Market,International Shipping News 13/02/2026 The Capesize market in the Pacific opened the week under pressure due to the effects of Cyclone Mitchell on West Australian Pilbara ports and a temporary slowdown in miner activity. Although port operations quickly resumed and activity levels picked up, overall sentiment remained subdued. The BCI (182k) 5TC declined by approximately USD 5,000 over the week, from around USD 31,000 to below USD 26,000. This drop coincided with a moderation in daily loaded volumes from both the South Atlantic and Western Australia during the first ten days of February. The decline was more pronounced in Western Australia, where volumes have trended steadily lower since early January, falling nearly 20% to below 2 million tonnes. Looking ahead to Lunar New Year, supply-side pressure remains particularly evident in the South/North Atlantic, Australasia, and the Indian Ocean/South Africa, affecting mainly the larger vessel segments. Conversely, the South Atlantic showed comparative support for the Supramax and Handysize segments, driven primarily by momentum in the USG freight market. FREIGHT MARKET OVERVIEW The Baltic Dry Index (BDI) has dipped below 1,900 points, sustaining the decline seen in early February. This is a notable drop from the peak near 2,500 points recorded in early December. However, as highlighted in our recent Market Insights report (“BDI VS BCI Ahead of the Lunar New Year”), the dry bulk freight market is currently exhibiting a stronger performance than has typically been observed in periods preceding the Chinese New Year. (BDI Index Value +130% YoY). C3 Tubarao–Qingdao / C17 Saldanha Bay–Qingdao Capesize rates have softened to $23/ton after a strong late-January rally, although sentiment remains 34% stronger year-on-year. This downward trend is also evident on the Saldanha Bay-Qingdao route, where rates have dropped to $17/ton. Despite weakening momentum, current levels remain above the mid-January low of $14/ton. P7 USG–Qingdao grain ($/mt) / P8 Santos–Qingdao ($/mt) Rates for the USG-Qingdao and Santos-Qingdao routes remain firm, with both seeing an annual increase of approximately 17%. The USG-Qingdao rate, in particular, continues to hover around a $50/ton premium, a level sustained since early February. Meanwhile, the Santos-Qingdao rate is still nearing $40/ton. HS4_38 – US Gulf trip via US Gulf or north coast of South America to Skaw-Passero USG trip to Skaw-Passero recorded levels of around $20k/d, an increase of $4k/d in a month and +$9k/d YoY, with the increase continuous since mid-January. C5 West Australia–Qingdao The West Australia-Qingdao rates experienced a decline, falling below $9/ton and reaching a mid-$8/ton level midway through the week. This drop follows a peak observed at the close of the previous week. Current daily loading volumes from West Africa suggest that this downward pressure may persist through the remainder of February. P5_82 – South China, one Indonesian round voyage The Panamax Pacific market holds the exceptional gains of the previous week, with rates on the P3A_82 route still exceeding $14k/day, representing a year-on-year increase of $5.5k/day. S10 South China trip via Indonesia to South China The Supramax Pacific market reversed the upward trend seen the previous week. Levels are now around $11.8k/d on the S2 route, marking a 9% weekly decrease but a +40% YoY increase. HS7_3