Baltic Panamax Index

The Baltic Panamax Index (BPI) is the Baltic Exchange sub-index for Panamax dry-bulk tonnage, benchmarked on an 82,500 dwt vessel and built from five timecharter routes: P1A_82, P2A_82, P3A_82, P4_82, and P6_82, weighted to a 5TC average in dollars per day. The basket spans transatlantic round voyages, fronthaul, and Pacific round trips, so it captures both basins. The BPI carries 30 percent of the Baltic Dry Index since 1 March 2018. Panamax FFAs settle against the BPI 4TC or 5TC average. Panamaxes carry grain, coal, and minor bulks, so the BPI is more diversified than the ore-driven BCI.