The Baltic Panamax index peaked last October at $4,328 and closed yesterday at $1,618. The BSI reached $3,624 in October of last year and closed yesterday at $1,180. Capesize market earnings have come down at a point as much as 74% from the 2021 highs. In the Panamax sector, earnings have also softened but have seen less acute pressure than indicates side sector. Panamax export earnings average $16,691 a day in the third quarter of this year. Earnings have also softened in the Handymax Ultramax sectors this year, but have for most of the year outperformed the largest sectors. Supramax/Ultramax earnings have come down about 40% from last year, but more than double their pre-COVID 10-year average. Grain and minor bulk commodity carried mostly in Ultramax and Handymax vessels have been coming down due to several factors among which energy rationing and current high commodity price.