南华干散货运输市场日报：小麦、大豆发运量大幅减少，拖累灵便型船舶运输需求，BSI运价指数由涨转跌-20250922

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - As of the reporting date, the shipment volume of industrial products remained high, marginally supporting the transportation demand for Capesize vessels. The Capesize vessel freight index BCI maintained a weekly increase, supporting the continued rise of the BDI composite freight index. However, the BPI freight index continued to decline, and the BSI freight index turned from rising to falling, indicating that freight rates on some routes were starting to weaken. The significant reduction in wheat and soybean shipments dragged down the transportation demand for Handysize vessels, while the high shipment volume of industrial products such as Australian iron ore, South African coal, Russian coal, and Guinean bauxite supported the transportation demand for Capesize vessels [1]. 3. Summary by Directory 3.1 Spot Index Review 3.1.1 BDI Freight Index Analysis - Compared with the data on September 12, the range of decline in the route - specific freight index widened, the decline of the BPI freight index increased, and the BSI freight index turned from rising to falling. In addition, the weekly increase of the BCI freight index narrowed, which also led to a narrowing of the increase in the BDI composite freight index. The BDI composite freight index closed at 2203 points, a week - on - week increase of 3.62%; the BCI freight index closed at 3437 points, a week - on - week increase of 11.95%; the BPI freight index closed at 1845 points, a week - on - week decrease of 8.03%; the BSI freight index closed at 1489 points, a week - on - week decrease of 0.2%; the BHSI freight index closed at 815 points, a week - on - week increase of 1.37% [4]. 3.1.2 FDI Far - East Dry Bulk Freight Index - On September 18, the FDI composite index, FDI rental freight index, and FDI spot freight index all rebounded, but the rebound amplitude decreased. In the FDI rental freight index, the rental freight of Capesize vessels still increased month - on - month. Specifically, the FDI composite freight index closed at 1389.93 points, a month - on - month increase of 0.8%; the FDI rental index closed at 1725.57 points, a month - on - month increase of 0.97%; among them, the Capesize vessel rental index closed at 1926.47 points, a month - on - month increase of 2.29%; the Panamax vessel rental index closed at 1550.88 points, a month - on - month increase of 0.09%; the Handymax vessel rental index closed at 1632.4 points, a month - on - month decrease of 0.21%; the FDI freight index closed at 1166.17 points, a month - on - month increase of 0.63% [9]. 3.2 Dry Bulk Shipment Situation Tracking 3.2.1 Number of Vessels Used for Shipment in Sending Countries on the Day - The main sending countries of industrial products include Indonesia, Australia, Guinea, Russia, the United States, South Africa, Brazil, Canada, India, Colombia, Serbia, and Mozambique. The main sending countries of agricultural products include Russia, Argentina, Australia, Ukraine, and the United States. On September 22, among the main sending countries of agricultural products, Brazil used 50 vessels for shipment, Russia used 14 vessels, Argentina used 22 vessels, and Australia used 3 vessels. Among the main sending countries of industrial products, Australia used 57 vessels, Guinea used 34 vessels, Indonesia used 39 vessels, Russia used 20 vessels, South Africa used 18 vessels, Brazil used 12 vessels, and the United States used 11 vessels [14][15]. 3.2.2 Analysis of Shipment Volume and Vessel Usage on the Day - In terms of agricultural product shipments, 21 vessels were used for corn shipment, 21 for wheat, 11 for soybeans, 12 for soybean meal, and 17 for sugar. In terms of industrial product shipments, 108 vessels were used for coal, 82 for iron ore, and 15 for other dry goods. In terms of vessel types, the largest number of vessels required for agricultural product shipments was 35 Post - Panamax vessels, followed by 21 Handymax vessels, and finally 17 Handysize vessels. For industrial product shipments, the largest number was 96 Capesize vessels, followed by 71 Post - Panamax vessels, and finally 53 Handymax vessels [15]. 3.3 Tracking of the Number of Vessels at Major Ports - The data for the week showed that the number of vessels at major Chinese ports decreased week - on - week. Data from mid - to late September showed that "three ports increased, two ports decreased." The expected number of dry - bulk vessels docked at Chinese ports increased by 8 week - on - week, the number of vessels docked at six Australian ports decreased by 5 week - on - week, the number of vessels at South African ports increased by 1 week - on - week, the number of vessels at Brazilian ports increased by 1 week - on - week, and the number of vessels at six Indonesian ports decreased by 2 week - on - week [16]. 3.4 Relationship between Freight and Commodity Prices - On September 19, Brazilian soybeans were priced at $40 per ton. On September 22, the near - term shipping quote for Brazilian soybeans was 3945.57 yuan per ton. On September 18, the latest quote for the BCI C10_14 route freight was $30205 per day. On September 19, the latest quote for the CIF price of iron ore was $120.75 per thousand tons. On September 18, the latest quote for the BPI P3A_03 route freight was $14490 per day. On September 18, the latest quote for the CIF price of thermal coal was 558.34 yuan per ton. On September 19, the Handysize vessel freight index was quoted at 807.6 points. On September 19, the CFR price of 4 - meter medium - grade ACFR radiata pine was quoted at $114 per cubic meter [19].