Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The BDI composite freight index and sub - vessel type freight indices continued to decline this week, but the week - on - week decline slowed. The decline of mainstream vessel types was within 10%. - The increase in the shipment volume of certain commodities supported the demand for Panamax and Handysize vessels, causing the BPI, BSI, and BHSI freight indices to rebound compared to the previous few days, and the week - on - week decline also slowed [1]. 3. Summary by Relevant Catalogs 3.1 Spot Index Review - **BDI Freight Index Analysis**: On August 5, compared with the previous week, the BDI composite freight index and its sub - vessel type freight indices continued to decline, but the decline slowed. The BDI composite freight index closed at 1921 points, a week - on - week decline of 8.91%; the BCI freight index closed at 3006 points, a week - on - week decline of 13.52%; the BPI freight index closed at 1625 points, a week - on - week decline of 6.66%; the BSI freight index closed at 1279 points, a week - on - week decline of 0.16%; the BHSI freight index closed at 676 points, a week - on - week decline of 0.15% [4]. - **FDI Far - East Dry Bulk Freight Index**: On August 5, the FDI index declined across the board, but the charter rates of most routes in the FDI Handysize vessel rental market increased. The FDI composite freight index closed at 1275.93 points, a month - on - month decline of 2.17%; the FDI rental index closed at 1538.5 points, a month - on - month decline of 2.61%. Among them, the Capesize vessel rental index closed at 1572.76 points, a month - on - month decline of 6.1%; the Panamax vessel rental index closed at 1529.08 points, a month - on - month decline of 0.3%; the Handymax vessel rental index closed at 1502.23 points, a month - on - month increase of 0.22%; the FDI freight index closed at 1120.63 points, a month - on - month decline [9]. 3.2 Dry Bulk Shipment Tracking - **Shipment Quantity and Vessel Usage on the Day**: On August 6, among major agricultural product shippers, Brazil used 23 vessels, Russia used 15 vessels, Argentina used 13 vessels, and Australia used 4 vessels. Among major industrial product shippers, Australia used 46 vessels, Guinea used 26 vessels, Indonesia used 41 vessels, Russia used 20 vessels, South Africa used 14 vessels, Brazil used 12 vessels, and the United States used 10 vessels [15]. - **Shipment Volume and Vessel Usage Analysis on the Day**: In terms of agricultural product shipments, 8 vessels were used for corn, 20 for wheat, 14 for soybeans, 2 for soybean meal, and 11 for sugar. In terms of industrial product shipments, 103 vessels were used for coal, 73 for iron ore, and 18 for other dry goods. In terms of vessel types, the largest number of vessels required for agricultural product shipments was 28 post - Panamax vessels, followed by 15 Supramax vessels, and finally 8 Handysize vessels. For industrial product shipments, the largest number was 80 Capesize vessels, followed by 71 post - Panamax vessels, and finally 52 Supramax vessels [16]. 3.3 Tracking of the Number of Ships at Major Ports - The latest data showed that the number of ships at ports in China, Indonesia, and South Africa increased month - on - month, but the growth rate slowed. From July 1 to August 5, "one port decreased, and four ports increased." The number of dry bulk ships at Chinese ports increased by 14 month - on - month; the number of ships at six Australian ports decreased by 18 month - on - month; the number of ships at six Indonesian ports increased by 1 month - on - month; the number of ships at five Brazilian ports increased by 4 month - on - month; and the number of ships at one South African port increased by 1 [17]. 3.4 Relationship between Freight and Commodity Prices - On August 5, Brazilian soybeans were priced at $39 per ton. On August 6, the near - term shipment quotation for Brazilian soybeans was 3970.92 yuan per ton. - On August 4, the latest quotation for the BCI C10_14 route freight was $24,595 per day. On August 5, the latest quotation for the CIF price of iron ore was $119 per thousand tons. - On August 4, the latest quotation for the BPI P3A_03 route freight was $12,185 per day. On August 5, the latest quotation for the CIF price of thermal coal was 537.72 yuan per ton. - On August 5, the Handysize vessel freight index was quoted at 677.4 points. On August 8, the quotation for 4 - meter medium - grade ACFR radiata pine was $116 per cubic meter [21].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The BDI composite freight index and sub - vessel type freight indices all declined this week, with mainstream vessel types dropping by over 10%. The demand for shipping vessels showed no significant increase compared to the same period last week. The decline in most agricultural product shipping demand, except for an increase in soybean shipping volume, supported the demand for Panamax vessels but dragged down the demand for Handysize vessels. Meanwhile, the high shipping volumes of coal and iron ore supported the demand for Capesize vessels [1]. 3. Summary by Relevant Catalogs 3.1 Spot Index Review 3.1.1 BDI Freight Index Analysis - On August 1st, compared with the previous week, the BDI composite freight index and its sub - vessel type freight indices all declined. The BDI composite freight index closed at 2018 points, down 10.59% week - on - week; the BCI freight index closed at 3296 points, down 13.92% week - on - week; the BPI freight index closed at 1644 points, down 10.55% week - on - week; the BSI freight index closed at 1259 points, down 1.93% week - on - week; the BHSI freight index closed at 678 points, down 0.59% week - on - week [4]. 3.1.2 FDI Far - East Dry Bulk Freight Index - On August 1st, the FDI index rebounded across the board, but most routes in the FDI rental index declined, mainly concentrated in some routes of Panamax and Supramax vessels. The FDI composite freight index closed at 1318.03 points, up 1.58% month - on - month; the FDI rental index closed at 1606.13 points, up 1.79% month - on - month. Among them, the Capesize vessel rental index closed at 1729.93 points, up 7.39% month - on - month; the Panamax vessel rental index closed at 1552.84 points, down 3.43% month - on - month; the Handymax vessel rental index closed at 1494.35 points, down 0.62% month - on - month; the FDI freight index closed at 1125.97 points, up 1.38% month - on - month [7]. 3.2 Dry Bulk Shipping Situation Tracking 3.2.1 Number of Shipping Vessels Used by Shipping Countries on the Day - On August 4th, among major agricultural product shipping countries, Brazil used 38 shipping vessels, Russia used 8, Argentina used 22, and Australia used 5. Among major industrial product shipping countries, Australia used 51, Guinea used 25, Indonesia used 33, Russia used 21, South Africa used 16, Brazil used 11, and the United States used 8 [16][17]. 3.2.2 Analysis of Shipping Volume and Vessel Usage on the Day - In terms of agricultural product shipping, 14 vessels were used for corn shipping, 14 for wheat, 22 for soybeans, 9 for soybean meal, and 12 for sugar. In terms of industrial product shipping, 95 vessels were used for coal shipping, 68 for iron ore, and 15 for other dry goods. In terms of vessel types, the most vessels required for agricultural product shipping were Post - Panamax vessels (36), followed by Supramax vessels (19) and Handysize vessels (15). For industrial product shipping, the most vessels required were Capesize vessels (77), followed by Post - Panamax vessels (63) and Supramax vessels (47) [18]. 3.3 Tracking of the Number of Vessels at Major Ports - This week's data showed that the number of vessels at ports in China, Indonesia, and South Africa continued to increase. Adjusted data showed that from July 1st to August 4th, there was "one port with a decrease and four ports with an increase". The number of dry bulk vessels docked at Chinese ports increased significantly by 30 compared to the previous period; the number of vessels docked at six Australian ports decreased by 16; the number of vessels docked at six Indonesian ports increased by 1; the number of vessels docked at five Brazilian ports increased by 5; and the number of vessels docked at one South African port increased by 1 [19]. 3.4 Relationship between Freight and Commodity Prices - On August 1st, Brazilian soybeans were priced at $40 per ton. On August 4th, the near - term shipping quote for Brazilian soybeans was 3909.75 yuan per ton. On August 1st, the latest quote for the BCI C10_14 route freight was $27,300 per day, and the latest quote for the iron ore CIF price was $116.65 per thousand tons. On August 1st, the latest quote for the BPI P3A_03 route freight was $12,235 per day, and the latest quote for the steam coal CIF price was 535.95 yuan per ton. On August 1st, the Handysize vessel freight index was quoted at 678.4 points, and the CIF price of 4 - meter medium - grade radiata pine was quoted at $114 per cubic meter [24].

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core View The BPI and BSI freight rate indices continued to decline, and the BHSI also joined the decline. Although the BCI freight rate index rose, its increase narrowed, leading to a narrowing increase in the BDI composite freight rate index. The increase in the shipment of agricultural products and new shipments of resources such as iron ore and bauxite boosted the demand for capesize vessels, supporting the freight rates of capesize vessels. However, the decrease in the shipment of industrial products dragged down the demand for panamax and handy vessels, causing their prices to weaken [1]. 3. Summary by Directory 2.1 BDI Freight Rate Index Analysis - On July 29, compared with the previous week, the increases in the BDI composite freight rate index and the BCI freight rate index narrowed. The BPI, BSI, and BHSI indices adjusted, with the decline of the BPI index widening. Specifically, the BDI composite freight rate index closed at 2,109 points, a week - on - week increase of 3.64%; the BCI index closed at 3,476 points, a week - on - week increase of 13.56%; the BPI index closed at 1,741 points, a week - on - week decrease of 8.8%; the BSI index closed at 1,281 points, a week - on - week decrease of 3.61%; and the BHSI index closed at 677 points, a week - on - week decrease of 0.15% [4]. 2.2 FDI Far East Dry Bulk Freight Rate Index - On July 29, the FDI index declined across the board. In the routes of the super - handy vessel rent index, the rent of the Indonesia - to - China voyage charter route increased by 0.11% month - on - month. The FDI composite freight rate index closed at 1,321.5 points, a month - on - month decrease of 0.81%; the FDI rent index closed at 1,610.35 points, a month - on - month decrease of 0.92%. The rent indices of different ship types also showed varying degrees of decline [8]. 3.1 Daily Shipping Country Shipping and Vessel Usage Quantity - On July 31, among the major agricultural product shipping countries, Brazil used 43 vessels for shipping, Russia used 14 vessels, Argentina used 30 vessels, and Australia used 5 vessels. Among the major industrial product shipping countries, Australia used 51 vessels, Guinea used 27 vessels, Indonesia used 24 vessels, Russia used 27 vessels, South Africa used 18 vessels, Brazil used 11 vessels, and the United States used 13 vessels [16]. 3.2 Daily Shipment Volume and Vessel Usage Analysis - In terms of agricultural product shipments, 30 vessels were used for corn, 22 for wheat, 20 for soybeans, 11 for soybean meal, and 12 for sugar. In terms of industrial product shipments, 93 vessels were used for coal, 75 for iron ore, and 15 for other dry goods. By ship type, agricultural product shipments required the most post - panamax vessels (44), followed by super - handy vessels (22) and handy vessels (23). Industrial product shipments required the most capesize vessels (76), followed by post - panamax vessels (60) and super - handy vessels (54) [17]. 4. Main Port Ship Quantity Tracking - The weekly data showed that the number of ships in Chinese, Indonesian, and South African ports continued to increase month - on - month. From July 1 to July 30, the number of dry - bulk ships in Chinese ports increased by 13; the number of ships in Australian ports decreased by 11; the number of ships in Indonesian ports increased by 4; and the number of ships in Brazilian and South African ports remained unchanged [17][18]. 5. Relationship between Freight and Commodity Prices - On July 29, Brazilian soybeans were priced at $40/ton, and the near - term shipping quote was 3,934.19 yuan/ton. On July 28, the latest quote for the BCI C10_14 route freight was $26,118/day, and the latest quote for the iron ore CIF price was $114.6/thousand tons. On July 28, the latest quote for the BPI P3A_03 route freight was $13,528/day, and on July 29, the latest quote for the steam coal CIF price was 532.98 yuan/ton. On July 28, the handy vessel freight rate index was quoted at 680.8 points, and on August 1, the ACFR quote for 4 - meter radiata pine was $114/cubic meter [23].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The BPI and BSI freight rate indices continued to decline in the current week, but the increase in the BCI freight rate index drove the BDI comprehensive freight rate index to strengthen. The shipping volumes of corn, soybean meal, and coal continued to increase significantly, and the shipping volume of iron ore remained at a high level. The demand for shipping boosted the demand for Capesize and Handysize vessels, supporting the rise of the BCI and BHSI freight rate indices [1]. 3. Summary by Relevant Catalogs 3.1 Spot Index Review - **BDI Freight Rate Index Analysis**: On July 28, compared with the previous week, the increase in the BDI comprehensive freight rate index and the BCI freight rate index continued to expand slightly, while the adjustment range of the BPI and BSI freight rate indices widened. The BDI comprehensive freight rate index closed at 2,226 points, a week - on - week increase of 10.42%; the BCI freight rate index closed at 3,774 points, a week - on - week increase of 26.60%; the BPI freight rate index closed at 1,798 points, a week - on - week decrease of 6.11%; the BSI freight rate index closed at 1,289 points, a week - on - week decrease of 4.23%; the BHSI freight rate index closed at 680 points, a week - on - week increase of 0.74% [3]. - **FDI Far - East Dry Bulk Freight Rate Index**: On July 28, the FDI index declined across the board, and the decline widened. Most of the freight rates in the Capesize vessel rental market of the FDI rental index changed from rising to falling. The FDI comprehensive freight rate index closed at 1,332.32 points, a month - on - month decrease of 1.19%; the FDI rental index closed at 1,625.32 points, a month - on - month decrease of 1.85% [7]. 3.2 Dry Bulk Shipping Situation Tracking - **Number of Shipping Vessels in Shipping Countries on the Day**: On July 29, among the major agricultural product shipping countries, Brazil used 37 shipping vessels, Russia used 5, Argentina used 22, and Australia used 5. Among the major industrial product shipping countries, Australia used 49, Guinea used 26, Indonesia used 33, Russia used 23, South Africa used 18, Brazil used 15, and the United States used 14 [11]. - **Analysis of Shipping Volume and Vessel Demand on the Day**: In terms of agricultural product shipping, 25 vessels were used for corn shipping, 13 for wheat, 18 for soybeans, 18 for soybean meal, and 10 for sugar. In terms of industrial product shipping, 105 vessels were used for coal shipping, 71 for iron ore, and 12 for other dry goods. For agricultural product shipping, the largest number of vessels required was 33 Ultra - Panamax vessels, followed by 17 Supramax vessels and 21 Handysize vessels. For industrial product shipping, the largest number of vessels required was 73 Capesize vessels, followed by 68 Ultra - Panamax vessels and 59 Supramax vessels [12]. 3.3 Tracking of the Number of Vessels at Major Ports The number of vessels at ports in China, Indonesia, and South Africa continued to increase week - on - week. From July 1 to July 28, the number of dry bulk vessels docked at ports in China increased significantly by 16 week - on - week; the number of vessels docked at six Australian ports decreased by 9 week - on - week; the number of vessels docked at six Indonesian ports increased by 4 week - on - week; the number of vessels docked at five Brazilian ports decreased by 1 week - on - week [12]. 3.4 Relationship between Freight Rates and Commodity Prices - On July 28, the price of Brazilian soybeans was $40 per ton, and the near - term shipping quote was 3,972.56 yuan per ton. - On July 25, the latest quote for the BCI C10_14 route freight was $26,223 per day. On July 28, the latest quote for the iron ore arrival price was $114.6 per thousand tons. - On July 25, the latest quote for the BPI P3A_03 route freight was $13,781 per day. On July 28, the latest quote for the steam coal arrival price was 532.98 yuan per ton. - On July 28, the Handysize vessel freight rate index was quoted at 679.8 points. On August 1, the ACFR quote for 4 - meter radiata pine was $114 per cubic meter [16].

Report Summary - The report focuses on the dry bulk shipping market on July 24, 2025, analyzing spot index, dry bulk shipping volume, port ship quantity, and the relationship between freight and commodity prices [1]. 1. Spot Index Review 1.1 BDI Freight Index Analysis - The increase of the BDI composite freight index narrowed, with the BPI and BSI freight indices falling, while the BCI freight index increase expanded. On July 23, the BDI composite freight index closed at 2120 points, up 11.23% week - on - week; the BCI freight index closed at 3339 points, up 26.38% week - on - week; the BPI freight index closed at 1905 points, down 3.15% week - on - week; the BSI freight index closed at 1313 points, down 0.15% week - on - week; the BHSI freight index closed at 682 points, up 2.71% week - on - week [1][3]. 1.2 FDI Far - East Dry Bulk Freight Index - On July 23, the FDI index rose across the board, but most routes in the Panamax ship rental market of the FDI rental index saw freight declines. The FDI composite freight index closed at 1307.33 points, up 1.96% month - on - month; the FDI rental index closed at 1589.97 points, up 2.11% month - on - month. Among them, the Capesize ship rental index closed at 1555.41 points, up 5.74% month - on - month; the Panamax ship rental index closed at 1712.7 points, down 0.28% month - on - month; the Handymax ship rental index closed at 1513.32 points, up 0.11% month - on - month; the FDI freight index closed at 1118.9 points, up 1.81% month - on - month [7]. 2. Dry Bulk Shipping Situation Tracking 2.1 Shipping Country Shipping Vessel Quantity - On July 24, among major agricultural product shipping countries, Brazil used 32 shipping vessels, Russia 7, Argentina 26, and Australia 6. Among major industrial product shipping countries, Australia used 50, Guinea 27, Indonesia 32, Russia 24, South Africa 21, Brazil 10, and the US 17 [15][16]. 2.2 Shipping Volume and Vessel Usage Analysis - In agricultural product shipping, corn used 19 vessels, wheat 23, soybeans 19, soybean meal 12, and sugar 4. In industrial product shipping, coal used 103 vessels, iron ore 67, and other dry goods 19. Agricultural product shipping required the most Post - Panamax vessels (38), followed by Supramax vessels (16) and Handysize vessels (20). Industrial product shipping required the most Capesize vessels (80), followed by Post - Panamax vessels (56) and Supramax vessels (55) [17]. 3. Main Port Ship Quantity Tracking - In the current week, the number of ships in Chinese, Indonesian, and South African ports increased month - on - month. From July 1 to July 23, the number of dry bulk ships in Chinese ports increased by 27, in Australian ports decreased by 15, in Indonesian ports increased by 2, and in Brazilian ports decreased by 5 [18]. 4. Relationship between Freight and Commodity Prices - On July 23, Brazilian soybeans were at $40/ton, and on July 24, the near - term shipping quote was 3938.83 yuan/ton. On July 22, the BCI C10_14 route freight was $22623/day, and on July 23, the iron ore CIF price was $118/kiloton. On July 22, the BPI P3A_03 route freight was $14362/day, and on July 23, the steam coal CIF price was 529.81 yuan/ton. On July 23, the Handysize ship freight index was 675.6 points, and on July 25, the 4 - meter radiata pine ACFR was $114/cubic meter [22].

Report Industry Investment Rating - No relevant content provided. Core Viewpoints of the Report - The increase of the BDI comprehensive freight index and sub - vessel type freight indices narrowed during the week, with the BPI freight index declining. The decrease in soybean shipment volume and a significant increase in soybean meal shipment volume were observed. In the shipment of industrial products, the demand for shipping bauxite and other dry goods was relatively large, which boosted the demand for Capesize and Handysize vessels and supported the rise of the BCI and BHSI freight indices [1]. Summary According to the Table of Contents 1. Spot Index Review 1.1 BDI Freight Index Analysis - On July 21, compared with the previous week, the increase of the BDI comprehensive freight index narrowed, and the BPI freight index declined. Specifically, the BDI comprehensive freight index closed at 2016 points, up 13.07% week - on - week; the BCI freight index closed at 2981 points, up 25.94% week - on - week; the BPI freight index closed at 1915 points, down 1.74% week - on - week; the BSI freight index closed at 1346 points, up 8.2% week - on - week; the BHSI freight index closed at 675 points, up 4.01% week - on - week [4]. 1.2 FDI Far - East Dry Bulk Freight Index - On July 21, the FDI index declined slightly across the board, and the increase of freight rates on most routes in the FDI rent index narrowed. The FDI comprehensive freight index closed at 1279.38 points, down 0.07% month - on - month; the FDI rent index closed at 1549.66 points, down 0.06% month - on - month. Among them, the Capesize vessel rent index closed at 1457.77 points, down 0.7% month - on - month; the Panamax vessel rent index closed at 1715.71 points, up 0.45% month - on - month; the Supramax vessel rent index closed at 1506.13 points, up 0.18% month - on - month; the FDI freight index closed at 1099.2 points, down 0.07% month - on - month [8]. 2. Dry Bulk Shipment Situation Tracking 2.1 Number of Vessels Used for Shipment in Sending Countries on the Day - On July 22, among the major agricultural product sending countries, Brazil used 39 vessels for shipment, Russia used 8 vessels, Argentina used 20 vessels, and Australia used 1 vessel. Among the major industrial product sending countries, Australia used 55 vessels, Guinea used 26 vessels, Indonesia used 24 vessels, Russia used 23 vessels, South Africa used 21 vessels, Brazil used 12 vessels, and the United States used 15 vessels [16][17]. 2.2 Shipment Volume and Vessel - Usage Analysis on the Day - In terms of agricultural product shipments, 19 vessels were used for corn shipment, 9 for wheat, 21 for soybeans, 10 for soybean meal, and 7 for sugar. In terms of industrial product shipments, 102 vessels were used for coal, 66 for iron ore, and 17 for other dry goods. By vessel type, the shipment of agricultural products required the most Post - Panamax vessels (35), followed by Supramax vessels (13) and Handysize vessels (11). The shipment of industrial products required the most Capesize vessels (81), followed by Post - Panamax vessels (56) and Supramax vessels (40) [18]. 3. Tracking of the Number of Vessels at Major Ports - During the week, the number of vessels at ports in Indonesia and South Africa increased month - on - month. From July 1 to July 21, after adjustment, "three ports decreased, and two ports increased." The number of dry - bulk vessels docked at Chinese ports decreased significantly by 37 month - on - month, the number of vessels docked at six Australian ports decreased by 13 month - on - month; the number of vessels at one South African port and six Indonesian ports increased by 1/2 month - on - month; the number of vessels at five Brazilian ports decreased by 4 month - on - month [18][19]. 4. Relationship between Freight and Commodity Prices - On July 21, Brazilian soybeans were priced at $40 per ton, and the near - term shipping quote for Brazilian soybeans was 3956.71 yuan per ton. On July 18, the latest quote for the BCI C10_14 route freight was $22,732 per day, and on July 21, the latest quote for the iron ore CIF price was $116.45 per thousand tons. On July 18, the latest quote for the BPI P3A_03 route freight was $14,636 per day, and on July 21, the latest quote for the steam coal CIF price was 530.54 yuan per ton. On July 18, the Handysize vessel freight index was quoted at 662.4 points, and on July 21, the ACFR quote for 4 - meter radiata pine was $114 per cubic meter [23].