Core Viewpoint - The Baltic Dry Index (BDI) has shown a significant upward trend since the end of 2025, with an average value of 1711.4 as of January 23, 2026, representing an 85.8% year-on-year increase. This growth is driven by increasing global dry bulk trade volume and demand for long-haul iron ore transportation, which boosts the demand for shipping capacity [1] Industry Summary - The global dry bulk trade volume is expected to continue growing, supported by increased demand for long-haul iron ore transportation, leading to a notable increase in demand for shipping capacity [1] - The supply side of shipping capacity is constrained, with new orders for bulk carriers at a five-year low in 2025, coupled with an aging fleet and stricter IMO energy efficiency regulations, resulting in a limited growth in shipping capacity [1] - The significant increase in dry bulk freight rates has been accompanied by a rise in profitability levels, driven by the growth in prices and demand for non-ferrous minerals, further supporting the increase in bulk shipping rates [1]
国航远洋：从2025年年底至今，干散货运价涨幅明显，干散货运价与盈利水平同步上行