The Kpler Dry Bulk Freight (S&D) product provides an 18-month rolling forward-looking view of the global Dry Bulk freight market. Outputs are based on real-time Kpler cargo tracking, Kpler freight analytics, and Insight Supply & Demand (S&D) outlooks, combined with market intelligence and other data sources.
The product is delivered on the Terminal front-end as the Dry Bulks Freight Monthly report, with an add-on Excel download available via the Supply & Demand datasets function. Historical forecasts are available from September 2026 onwards.
Version 1.0 · Last updated 5 October 2026
What is covered?
A +18-month monthly earnings outlook for the TC average earnings, as defined and assessed by the Baltic Exchange, for the four main dry bulk carrier markets. All earnings outlooks are delivered in $/day.
Short Code | Unit | Market |
BCI182 | $/day | Capesize Timecharter Average |
P5TC | $/day | Panamax Timecharter Average |
S11TC | $/day | Supramax Timecharter Average |
HS7TC | $/day | Handysize Timecharter Average |
Source: Baltic Exchange as of 5 October 2026
A +18-month monthly earnings outlook for the TC earnings of a 180,000 dwt Baltic Capesize vessel is also provided, using a fixed differential of -$3,500/day to the BCI182 outlook.
Index definitions
BCI182: Capesize Timecharter Average
Spot timecharter earnings of a Capesize vessel derived from a weighted average of routes.
Vessel: Baltic Capesize (BCI182), non-scrubber fitted, 182,000mt dwt on 18.2m SSW draft, max age 10 yrs, LOA 292m, beam 45m, TPC 123, 199,500cbm grain
Speed & consumption: 14 knots on 52 MT laden, 44 ballast. MFO, 13 knots on 44 MT laden, 36 ballast. MFO, 12 knots on 36 MT laden, 29 ballast. MFO, 11 knots on 29 MT laden, 23 ballast. MFO, no diesel at sea
Weighted average: Sum(C8_182×0.15, C9_182×0.125, C10_182×0.35, C14_182×0.25, C16_182×0.125)
P5TC: Panamax Timecharter Average
Spot timecharter earnings of a Panamax vessel derived from a weighted average of routes.
Vessel: Baltic Panamax (BPI82), non-scrubber fitted, 82,500mt dwt on 14.43m SSW draft, max age 12 yrs, LOA 229m, beam 32.25m, TPC 70.5, 97,000cbm grain
Speed & consumption: 13.5 knots laden on 33mt fuel oil (380cs t) or 14 knots ballast on 31mt fuel oil (380cs t) + 0.1 MGO at sea. 11.5 knots laden on 22mt fuel oil (380cs t) or 12.5 knots ballast on 23mt fuel oil (380cs t) + 0.1 MGO at sea
Weighted average: Sum(P1A_82×0.25, P2A_82×0.1, P3A_82×0.25, P4_82×0.10, P6_82×0.30)
S11TC: Supramax Timecharter Average
Baltic Supramax (BSI63) vessel for timecharter routes.
Vessel: Non-scrubber fitted, 63,500mt dwt on 13.418m SSW, TPC 61.4, max 15 yrs, LOA 199.98m, beam 32.24m, grain 80,500cbm, bale 76,200cbm, cranes 4 x 30 MT with 4 x 12 cbm grabs, 5 HO/HA
Speed & consumption: 14 knots on 29mt laden, 25mt ballast. MFO, no MGO at sea. 13 knots on 24mt laden, 21mt ballast. MFO, no MGO at sea. 12 knots on 20mt laden, 17mt ballast. MFO, no MGO at sea. 11 knots on 16.5mt laden, 14mt ballast. MFO, no MGO at sea
Weighted average: Sum(S1B_63×0.05, S1C_63×0.05, S2_63×0.15, S3_63×0.15, S4A_63×0.075, S4B_63×0.10, S5_63×0.05, S8_63×0.1, S9_63×0.075, S10_63×0.10, S15_63×0.10)
HS7TC: Handysize Timecharter Average
Spot timecharter earnings of a Handysize vessel derived from a weighted average of routes.
Vessel: Baltic Standard Handysize (BHSI38), non-scrubber fitted, self-trimming geared bulk carrier, 38,200mt dwt on 10.538m SSW, max age 15 yrs, LOA 180m, beam 29.8m, TPC 49, 47,125cbm grain / 45,300cbm bale, 5 holds / 5 hatches, 4 x 30 ton cranes
Speed & consumption: 14 knots on 26mt IFO (380 CST) laden or 24mt IFO (380 CST) ballast + 0.1 MDO at sea. 12 knots on 18mt IFO (380 CST) laden or 17mt IFO (380 CST) ballast + 0.1 MDO at sea
Weighted average: Sum(HS1_38×0.125, HS2_38×0.125, HS3_38×0.125, HS4_38×0.125, HS5_38×0.20, HS6_38×0.20, HS7_38×0.10)
Methodology
Forecasts are not a time-series extrapolation of historical data, nor projections based on dry freight futures (FFA) pricing. They are built on fundamental analysis using real-time Kpler cargo tracking, Kpler freight analytics, and Insight Supply & Demand (S&D) outlooks, combined with market intelligence and other data sources.
Demand side
The demand side view is based on the commodity flow outlooks constructed by Kpler Insight analysts. This includes, but is not limited to, coal, grains and oilseeds, iron ore, and bauxite. These outlooks and the data underlying them are available through the Kpler Insight portal.
The freight outlook does not diverge from the commodity outlooks presented elsewhere by Kpler Insight.
Supply side
The supply side view combines short-term data from Kpler Freight Analytics with a medium-term outlook on Dry Bulk fleet growth, using market intelligence and other data sources.