Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-09-11 12:08Report Summary 1. Investment Rating The provided content does not mention the investment rating for the industry. 2. Core View As of the reporting date, due to the continuous improvement in commodity shipping volume, the demand for mainstream ship types has significantly increased, especially for Capesize and Panamax vessels. This has led to a substantial week - on - week increase in the BCI and BPI freight rate indices, supporting the BDI composite freight rate index to rise by over 8%. The shipping demand for both agricultural and industrial products has increased significantly, benefiting all dry - bulk carriers. [1][4] 3. Summary by Directory 2.1 BDI Freight Rate Index Analysis - Compared with September 3 data, the week - on - week increase in the freight rate indices of mainstream ship types was significant. The BDI composite freight rate index closed at 2112 points, up 8.87% week - on - week; the BCI freight rate index was at 3071 points, up 10.75% week - on - week; the BPI freight rate index was at 1975 points, up 14.89% week - on - week; the BSI freight rate index was at 1478 points, up 0.75% week - on - week; and the BHSI freight rate index was at 798 points, up 1.27% week - on - week. [4] - The BDI composite freight rate index increased by 4.30% month - on - month and 105.25% compared to the beginning of the year; the BCI index decreased by 6.37% month - on - month but increased by 143.54% compared to the beginning of the year; the BPI index increased by 23.90% month - on - month and 97.5% compared to the beginning of the year; the BSI index increased by 10.63% month - on - month and 64.40% compared to the beginning of the year; the BHSI index increased by 15.65% month - on - month and 44% compared to the beginning of the year. [5][7] 2.2 FDI Far - East Dry Bulk Freight Rate Index - On September 10, the FDI composite index, FDI rental freight index, and FDI spot freight index all increased. Among them, the rental freight of Panamax vessels in the FDI rental freight index had the largest month - on - month increase. - The FDI composite freight rate index closed at 1366.34 points, up 1.11% month - on - month; the FDI rental index was at 1686.96 points, up 1.3% month - on - month. The Capesize vessel rental index was at 1822.95 points, up 1.77% month - on - month; the Panamax vessel rental index was at 1546.77 points, up 2.03% month - on - month; the Handymax vessel rental index was at 1645.83 points, down 0.03% month - on - month; the FDI freight rate index was at 1152.59 points, up month - on - month. [8] 3.1 Daily Shipping Country Shipping and Vessel Usage Quantity - On September 11, among the major agricultural product shipping countries, Brazil used 58 vessels, Russia 8 vessels, Argentina 18 vessels, Uruguay 0 vessels, and Australia 0 vessels. Among the major industrial product shipping countries, Australia used 58 vessels, Guinea 37 vessels, Indonesia 47 vessels, Russia 15 vessels, South Africa 19 vessels, Brazil 13 vessels, and the United States 8 vessels. [15][16] 3.2 Daily Shipping Volume and Vessel Usage Analysis - In terms of agricultural product shipping, 22 vessels were used for corn shipping, 21 for wheat, 21 for soybeans, 10 for soybean meal, and 20 for sugar. In terms of industrial product shipping, 104 vessels were used for coal, 75 for iron ore, and 23 for other dry goods. - For agricultural product shipping, the most required were Post - Panamax vessels (42), followed by Handymax vessels (22), and then Handysize vessels (27). For industrial product shipping, the most required were Capesize vessels (92), followed by Post - Panamax vessels (72), and then Handymax vessels (60). [17] 4. Main Port Vessel Quantity Tracking - In mid - September, the number of vessels docked at Chinese ports continued to increase. The data showed that the number of dry - bulk vessels docked at Chinese ports was expected to increase by 22 week - on - week, while the number at Australian ports decreased by 2, and the number at Indonesian ports increased by 1. The number of vessels at Brazilian and South African ports remained unchanged. [18] 5. Relationship between Freight and Commodity Prices - On September 10, Brazilian soybeans were priced at $39/ton, and the near - term shipping quote was 4033.52 yuan/ton. - On September 10, the latest quote for the BCI C10_14 route freight was $28045/day, and the latest quote for iron ore CIF price was $123.95/kiloton. - On September 10, the latest quote for the BPI P3A_03 route freight was $14227/day, and the latest quote for steam coal CIF price was 544.6 yuan/ton. - On September 10, the Handysize vessel freight rate index was quoted at 790.4 points. On September 12, the 4 - meter medium ACFR radiata pine was quoted at $114/cubic meter. [22]