南华干散货运输市场日报-20250902

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The BDI shipping market's upward trend started to reverse this week. The sharp week-on-week decline in the BCI freight index and the narrowing increase or decline in the BPI and BSI freight indices contributed to this change. The BCI freight index dropped by over 2%. In terms of shipping demand, most agricultural product shipments slowed down, but there was still significant demand for shipping Brazilian soybeans. Among industrial products, iron ore and coal shipments remained high, and the shipment of Guinea bauxite accelerated. Overall, the demand for Capesize vessels increased, while the demand for Panamax and Handymax vessels decreased marginally [1]. 3. Summary by Relevant Catalogs 3.1 Spot Index Review 3.1.1 BDI Freight Index Analysis - Compared to August 26th data, the BDI composite freight index decreased on September 1st. The BCI freight index dropped by over 2.71%, which was the main factor dragging down the BDI. The BPI freight index declined slightly week-on-week, and the increase in the BSI freight index narrowed. Specifically, the BDI composite freight index closed at 2024 points, down 0.83% week-on-week; the BCI freight index was at 2949 points, down 2.71% week-on-week; the BPI freight index was at 1813 points, down 0.28% week-on-week; the BSI freight index was at 1467 points, up 2.09% week-on-week; and the BHSI freight index was at 779 points, up 5.99% week-on-week [4]. 3.1.2 FDI Far East Dry Bulk Freight Index - Compared to August 29th, on September 1st, the FDI composite index and the Capesize vessel charter freight increased, while the charter freight for Panamax and Handymax vessels decreased. The FDI composite freight index closed at 1348.64 points, up 0.29% month-on-month; the FDI charter index was at 1660.2 points, up 0.3% month-on-month. Among them, the Capesize vessel charter index was at 1714.5 points, up 1.15% month-on-month; the Panamax vessel charter index was at 1574.42 points, down 0.68% month-on-month [8]. 3.2 Dry Bulk Shipment Tracking 3.2.1 Number of Vessels Used for Shipment by Sending Countries - On September 2nd, among the main agricultural product sending countries, Brazil used 43 vessels, Russia used 9 vessels, Argentina used 16 vessels, Ukraine used 2 vessels, and Australia used 0 vessels. Among the main industrial product sending countries, Australia used 55 vessels, Guinea used 30 vessels, Indonesia used 34 vessels, Russia used 23 vessels, South Africa used 21 vessels, Brazil used 10 vessels, and the United States used 12 vessels [14][15]. 3.2.2 Shipment Volume and Vessel Usage Analysis - In terms of agricultural product shipments, 17 vessels were used for corn, 12 for wheat, 24 for soybeans, 11 for soybean meal, and 8 for sugar. For industrial product shipments, 104 vessels were used for coal, 64 for iron ore, and 19 for other dry goods. By vessel type, agricultural product shipments required the most Post-Panamax vessels (37), followed by Supramax vessels (18), and then Handysize vessels (10). Industrial product shipments required the most Large Capesize vessels (79), followed by Post-Panamax vessels (67), and then Supramax vessels (63) [16]. 3.3 Tracking of the Number of Vessels at Major Ports - Current week data showed a week-on-week decrease in the number of vessels at Chinese ports and an increase at other ports. Early September data indicated that the number of dry bulk vessels at Chinese ports was expected to increase by 6 week-on-week, while the number at six Australian ports decreased by 3 week-on-week, and the number at other ports remained unchanged [16][17]. 3.4 Relationship between Freight and Commodity Prices - On September 1st, Brazilian soybeans were priced at $39 per ton, and the near-term shipping quote was 3992.81 yuan per ton. On August 29th, the latest quote for the BCI C10_14 route freight was $26,105 per day, and on September 1st, the latest CIF price for iron ore was $120.45 per thousand tons. On August 29th, the latest quote for the BPI P3A_03 route freight was $14,170 per day, and on September 1st, the latest CIF price for thermal coal was 543.75 yuan per ton. On September 1st, the Handysize vessel freight index was quoted at 755.8 points, and on August 29th, the 4-meter medium ACFR radiata pine was quoted at $116 per cubic meter [21].