南华干散货运输市场日报 —当日，工农产品发运大增，运价大涨，商品进口成本增加 2025年09月11日 傅小燕 （投资咨询证号：Z0002675） 投资咨询业务资格：证监许可【2011】1290号 一、总结 截至当日，受商品发运量持续好转影响，主流船型需求明显增加，尤其是海岬型船和巴拿马型船需求大增， 导致BCI和BPI运价指数环比大幅走强，也支撑BDI综合运价指数涨幅扩大超8%。 从主要港口船舶停靠数量、商品发运、用船需求去看：巴西&阿根廷农产品发运明显增加；澳大利亚铁矿 石、几内亚铝土矿等工业品发运量继续大幅增加。 在上述农产品和工业品发运需求均大幅增加的背景下，干散货船均受益。 BCI期现货价格比较 source： 同花顺,南华研究,路透 美元/天 BCI运价指数(右轴) BCI-C10_14航线运价 24/02 24/04 24/06 24/08 24/10 24/12 25/02 25/04 25/06 25/08 0 2000 4000 20000 40000 二、现货指数回顾 2.1.BDI运价指数分析：大船需求持续回升，运价大涨 与9月3日数据相比，主流船型运价指数周环比均大涨，其中分船型运价指 ...

Report Summary 1. Investment Rating The report does not provide an investment rating for the industry. 2. Core View The decline in the BDI shipping market widened this week. The BCI and BPI freight rate indices continued to fall, with the decline exceeding 7%, and the increase in the BSI freight rate index continued to narrow. Only the BHSI freight rate index maintained a sharp increase. The demand for large ships has reached saturation, but the significant increase in agricultural product shipments, especially from Uruguay, may be an early stockpiling measure in response to US tariff policies, which supports the demand for (large) handy - sized ships [1]. 3. Summary by Directory 2.1 BDI Freight Rate Index Analysis - Compared with August 27th data, on September 3rd, the BDI composite freight rate index continued to weaken with an enlarged decline. The BCI and BPI freight rate indices' declines both exceeded 7%, and the increase in the BSI freight rate index narrowed. Specifically, the BDI composite freight rate index closed at 1940 points, down 5.18% week - on - week; the BCI freight rate index closed at 2773 points, down 7.23% week - on - week; the BPI freight rate index closed at 1719 points, down 8.27% week - on - week; the BSI freight rate index closed at 1467 points, up 1.38% week - on - week; the BHSI freight rate index closed at 788 points, up 5.77% week - on - week [4]. 2.2 FDI Far - East Dry Bulk Freight Rate Index - Compared with September 2nd, on September 3rd, the FDI composite index turned down. The only rising route was the capesize ship rental freight route from Australia to Zhoushan, China, with the freight increasing 0.03% on the day. The FDI composite freight rate index closed at 1329.93 points, down 1.3% month - on - month; the FDI rental index closed at 1622.47 points, down 1.89% month - on - month; the capesize ship rental index closed at 1674.63 points, down 2.55% month - on - month; the panamax ship rental index closed at 1516.52 points, down 2.37% month - on - month; the large handy - sized ship rental index closed at 1658.87 points, down 0.53% month - on - month; the FDI freight rate index closed at 1134.9 points, down 0.74% month - on - month [9]. 3.1当日发运国发运用船数量 - On September 4th, among major agricultural product shipping countries, Brazil used 44 ships, Russia used 11 ships, Argentina used 22 ships, Uruguay used 4 ships, and Australia used 0 ships. Among major industrial product shipping countries, Australia used 59 ships, Guinea used 27 ships, Indonesia used 37 ships, Russia used 21 ships, South Africa used 18 ships, Brazil used 7 ships, and the US used 10 ships [16]. 3.2当日发运量及用船分析 - In terms of agricultural product shipments, 18 ships were used for corn, 25 for wheat, 27 for soybeans, 14 for soybean meal, and 11 for sugar. In terms of industrial product shipments, 109 ships were used for coal, 65 for iron ore, and 13 for other dry goods. For agricultural product shipments, the most required were post - panamax ships (39), followed by super - handy ships (26), and then handy ships (20). For industrial product shipments, the most required were large capesize ships (76), followed by post - panamax ships (63), and then super - handy ships (57) [17]. 4.主要港口船舶数量跟踪 - The weekly data showed that the number of ships docked at all ports increased month - on - month, with the most obvious increase in Australian ports. The early - September data showed that "one port decreased, two ports increased". The number of dry - bulk ships docked at Chinese ports was expected to increase by 7 month - on - month, the number of ships at Australian ports decreased by 1 month - on - month, and the number of ships at Brazilian ports increased by 1 month - on - month [18]. 5.运费与商品价格的关系 - On September 3rd, Brazilian soybeans were at $39/ton, and on September 4th, the near - term shipping quote was 3993.74 yuan/ton. On September 2nd, the latest quote for the BCI C10_14 route freight was $25677/day, and on September 3rd, the latest quote for the iron ore CIF price was $121.6/kiloton. On September 2nd, the latest quote for the BPI P3A_03 route freight was $13519/day, and on September 3rd, the latest quote for the steam coal CIF price was 542.08 yuan/ton. On September 3rd, the handy - sized ship freight rate index was quoted at 774.4 points, and on August 29th, the CFR price of 4 - meter radiata pine ACFR was $116/cubic meter [22].

南华干散货运输市场日报 —当日，工业品发运需求支撑海岬型船租金市场，但即期市场较弱 2025年09月02日 傅小燕 （投资咨询证号：Z0002675） 一、总结 当周BDI运输市场走势开始回落，一方面受到BCI运价指数环比大跌影响；另一方面BPI、BSI运价指数涨幅收 窄，甚至下跌所致。其中BCI运价指数周环比跌幅超2%。 从主要港口船舶停靠数量、商品发运、用船需求去看：多数农产品发运节奏放缓，但巴西大豆发运用船依然 较多；工业品中铁矿石、煤炭发运维持高位，但几内亚铝土矿发运节奏加快。综合上述来看，海岬型船用船 需求回升，巴拿马型船/大灵便型船用船需求边际回落。 BCI期现货价格比较 source： 同花顺,南华研究,路透 美元/天 BCI运价指数(右轴) BCI-C10_14航线运价 24/02 24/04 24/06 24/08 24/10 24/12 25/02 25/04 25/06 25/08 0 2000 4000 20000 40000 二、现货指数回顾 2.1.BDI运价指数分析：BCI运价指数环比大跌，拖累BDI指数走弱 与8月26日数据相比，9月1日BDI综合运价指数环比下跌，其中BCI运 ...

Group 1: Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - The BDI shipping market started to pick up this week. The increase in BCI freight index from a decline to a rise, along with the continuous rise of BPI, BSI, and BHSI freight indices, contributed to this trend. The BPI freight index had a weekly increase of over 12% [1]. - The surge in agricultural product shipments, especially from Brazil, led to a significant increase in the demand for Panamax and (large) Handysize vessels. In contrast, the shipments of industrial products such as coal and iron ore showed a slight decline [1]. Group 3: Summary by Directory 1. Summary - The BDI shipping market showed signs of recovery this week. The BCI freight index reversed from a decline to an increase, while the BPI, BSI, and BHSI freight indices continued to rise. The BPI freight index had a weekly increase of over 12% [1]. - Agricultural product shipments, particularly corn, wheat, and soybeans, increased significantly, driving up the demand for Panamax and (large) Handysize vessels. Industrial product shipments, such as coal and iron ore, decreased slightly [1]. 2. Spot Index Review 2.1 BDI Freight Index Analysis - On August 27, all components of the BDI composite freight index and its sub - ship type freight indices increased week - on - week. The BPI freight index had the largest increase, exceeding 12%. Specifically, the BDI composite index closed at 2046 points, up 6.18% week - on - week; the BCI index was at 2989 points, up 4.27%; the BPI index reached 1874 points, up 12.55%; the BSI index was 1447 points, up 4.25%; and the BHSI index was 745 points, up 4.34% [4]. 2.2 FDI Far East Dry Bulk Freight Index - On August 27, most of the FDI composite index and sub - ship type charter rates increased. However, the freight rate of the Australia - Qingdao route in the FDI Capesize vessel charter rate index decreased on a daily basis. The FDI composite freight index closed at 1375.16 points, up 0.43% month - on - month; the FDI charter rate index was at 1706.73 points, up 0.79% [8]. 3. Dry Bulk Shipment Tracking 3.1 Ship Usage Quantity of Shipping Countries on the Day - On August 28, among the major agricultural product shipping countries, Brazil used 59 ships, Russia used 11 ships, Argentina used 16 ships, and Australia used 5 ships. Among the major industrial product shipping countries, Australia used 52 ships, Guinea used 28 ships, Indonesia used 42 ships, Russia used 24 ships, South Africa used 16 ships, Brazil used 9 ships, and the United States used 10 ships [16][17]. 3.2 Shipment Volume and Ship Usage Analysis on the Day - In terms of agricultural product shipments, 29 ships were used for corn, 23 for wheat, 22 for soybeans, 13 for soybean meal, and 11 for sugar. For industrial product shipments, 106 ships were used for coal, 67 for iron ore, and 17 for other dry goods. By ship type, the largest number of Ultra - Panamax ships (49) were required for agricultural product shipments, followed by 19 Ultra - Handysize ships and 20 Handysize ships. For industrial product shipments, the largest number of Capesize ships (77) were needed, followed by 64 Ultra - Panamax ships and 62 Ultra - Handysize ships [18]. 4. Tracking of the Number of Ships at Major Ports - This week, the number of ships at Chinese and Indonesian ports continued to increase, while the number of ships at Australian ports continued to decrease significantly on a weekly basis. Adjusted data showed that from August 1 to August 27, "one port decreased and four ports increased." Except for a decrease of 9 ships at Chinese ports, the number of ships at other ports was expected to increase. The number of ships at six Australian ports increased by 3, at six Indonesian ports by 2, at five Brazilian ports by 8, and at one South African port by 1 [18][19]. 5. Relationship between Freight and Commodity Prices - On August 27, the price of Brazilian soybeans was $38 per ton. On August 28, the near - term shipping quote for Brazilian soybeans was 3975.84 yuan per ton. - On August 26, the latest quote for the BCI C10_14 route freight was $28,068 per day. On August 27, the latest quote for the iron ore arrival price was $119.95 per thousand tons. - On August 26, the latest quote for the BPI P3A_03 route freight was $14,402 per day. On August 27, the latest quote for the thermal coal arrival price was 551.71 yuan per ton. - On August 27, the Handysize vessel freight index was quoted at 727.6 points. On August 29, the quote for 4 - meter medium ACFR radiata pine was $116 per cubic meter [23].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The market continues to show the pattern of "the strong getting stronger." The BPI freight index and the (large) handy - sized ship transportation market's growth rates continue to expand. However, the week - on - week decline of the BCI freight index has widened, dragging down the week - on - week decline of the BDI composite freight index. Industrial product shipping demand remains strong, and the shipping demand for soymeal and sugar in agricultural products has increased significantly, supporting the shipping demand for (large) handy - sized ships [1]. 3. Summary by Directory 2.1 BDI Freight Index Analysis - On August 22, the week - on - week decline of the BDI composite freight index and the BCI freight index widened. The BPI, BSI, and BHSI freight indices continued to rise, and their growth rates continued to expand. Specifically, the BDI composite freight index closed at 1944 points, down 4.89% week - on - week; the BCI freight index closed at 2793 points, down 15.24% week - on - week; the BPI freight index closed at 1770 points, up 9.12% week - on - week; the BSI freight index closed at 1424 points, up 5.25% week - on - week; the BHSI freight index closed at 725 points, up 3.87% week - on - week [4]. 2.2 FDI Far - East Dry Bulk Freight Index - On August 25, the FDI composite index and the rent and freight rates of each ship type increased across the board. The rent index of FDI capesize ships increased by more than 10% on some routes. The FDI composite freight index closed at 1316.81 points, up 4.66% month - on - month; the FDI rent index closed at 1609.83 points, up 6.57% month - on - month. Among them, the capesize ship rent index closed at 1605.38 points, up 16.66% month - on - month; the panamax ship rent index closed at 1593.35 points, up 0.66% month - on - month; the large handy - sized ship rent index closed at 1632.26 points, up 0.9% month - on - month; the FDI freight index closed at 1121.46 points, up 2.91% month - on - month [8]. 3.1 Daily Shipping Country's Shipping Ship Quantity - On August 26, among the major agricultural product shipping countries, Brazil used 47 ships for shipping, Russia used 7 ships, Argentina used 19 ships, and Australia used 3 ships. Among the major industrial product shipping countries, Australia used 58 ships, Guinea used 32 ships, Indonesia used 40 ships, Russia used 24 ships, South Africa used 14 ships, Brazil used 11 ships, and the United States used 16 ships [16]. 3.2 Daily Shipping Volume and Ship - Use Analysis - In terms of agricultural product shipping, 20 ships were used for corn shipping, 15 for wheat, 13 for soybeans, 14 for soymeal, and 15 for sugar. In terms of industrial product shipping, 119 ships were used for coal, 71 for iron ore, and 16 for other dry goods. By ship type, the agricultural product shipping required the most post - panamax ships (39), followed by 16 handymax ships and 15 handy - sized ships. Industrial product shipping required the most capesize ships (82), followed by 68 post - panamax ships and 58 handymax ships [18]. 4. Main Port Ship Quantity Tracking - During the week, the number of ships in Chinese and Indonesian ports continued to increase month - on - month, while the number of ships docked in Australian ports continued to decrease significantly month - on - month. Adjusted data shows that from August 1st to August 25th, "one port decreased, and four ports increased." Except for a decrease of 5 dry - bulk ships docked in Chinese ports month - on - month, the number of ships in other ports is expected to increase. The number of ships in the six Australian ports increased by 2 month - on - month; the number of ships in the six Indonesian ports increased by 3 month - on - month; the number of ships in the five Brazilian ports increased by 7 month - on - month; the number of ships in the South African port increased by 1 month - on - month [19]. 5. Relationship between Freight and Commodity Prices - On August 25, Brazilian soybeans were priced at $38 per ton. On August 26, the near - month shipping quote for Brazilian soybeans was 4014 yuan per ton. On August 22, the latest quote for the BCI C10_14 route freight was $22168 per day. On August 25, the latest quote for the iron ore arrival price was $120.5 per thousand tons. On August 22, the latest quote for the BPI P3A_03 route freight was $14120 per day. On August 25, the latest quote for the steam - coal arrival price was 553.37 yuan per ton. On August 22, the handy - sized ship freight index was quoted at 713.6 points, and the ACFR quote for 4 - meter radiata pine was $116 per cubic meter [23].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The BPI freight rate index turned up week-on-week, and the increase in the (large) handy-sized ship transport market widened, with the freight rate rising by over 3% week-on-week. However, the BDI composite freight rate index and the BCI freight rate index declined month-on-month, and the decline widened [1]. - The demand for industrial product shipments remained strong, supporting the demand for Capesize and Panamax ships. The demand for agricultural product shipments also increased, especially in the import shipments of corn, soybeans, and soybean meal [1]. 3. Summary by Relevant Catalogs 3.1 Spot Index Review - **BDI Freight Rate Index Analysis**: On August 19, the BDI composite freight rate index and the BCI freight rate index continued to decline month-on-month, while the BPI, BSI, and BHSI freight rate indices maintained an upward trend. Specifically, the BDI composite freight rate index closed at 1,964 points, down 2.63% week-on-week; the BCI freight rate index closed at 3,023 points, down 7.3% week-on-week; the BPI freight rate index closed at 1,637 points, up 2.63% week-on-week; the BSI freight rate index closed at 1,369 points, up 3.01% week-on-week; and the BHSI freight rate index closed at 708 points, up 3.06% week-on-week [4]. - **FDI Far East Dry Bulk Freight Rate Index**: On August 19, except for the continued improvement in the large handy-sized ship rental transport market, the FDI composite index and most of the sub-ship type rental freight rates declined. Among them, the FDI Capesize ship rental index had the largest decline. Specifically, the FDI composite freight rate index closed at 1,290.71 points, down 1.39% month-on-month; the FDI rental index closed at 1,566.63 points, down 1.78% month-on-month; the Capesize ship rental index closed at 1,558.15 points, down 4.49% month-on-month; the Panamax ship rental index closed at 1,586.21 points, down 0.17% month-on-month; the large handy-sized ship rental index closed at 1,558.34 points, up 0.35% month-on-month; and the FDI freight rate index closed at 1,106.76 points, down 1.02% month-on-month [9]. 3.2 Dry Bulk Shipment Situation Tracking - **Shipment Country Ship Usage Quantity**: On August 20, among the major agricultural product shipment countries, Brazil used 40 ships, Russia used 10 ships, Argentina used 21 ships, and Australia used 2 ships. Among the major industrial product shipment countries, Australia used 56 ships, Guinea used 30 ships, Indonesia used 37 ships, Russia used 24 ships, South Africa used 17 ships, Brazil used 14 ships, and the United States used 17 ships [16]. - **Shipment Volume and Ship Usage Analysis**: In terms of agricultural product shipments, 23 ships were used for corn shipments, 17 ships for wheat shipments, 16 ships for soybean shipments, 11 ships for soybean meal shipments, and 11 ships for sugar shipments. In terms of industrial product shipments, 110 ships were used for coal shipments, 81 ships for iron ore shipments, and 16 ships for other dry goods shipments. By ship type, the most Ultramax ships were needed for agricultural product shipments, with 37 ships; followed by 19 Handymax ships; and finally 20 Handy ships. For industrial product shipments, the most Capesize ships were needed, reaching 88 ships; followed by 71 Panamax ships; and finally 58 Handymax ships [16]. 3.3 Main Port Ship Quantity Tracking - In August, the number of ships docked at ports in South Africa, Indonesia, and Brazil increased month-on-month. During the week, the number of ships in China and Indonesia continued to increase month-on-month, while the number of ships docked at Australian ports continued to decrease significantly month-on-month. From August 1 to August 19, "two ports decreased, and three ports increased." The number of dry bulk ships docked at Chinese ports decreased by 9 ships month-on-month; the number of ships docked at six Australian ports decreased by 13 ships month-on-month; the number of ships docked at six Indonesian ports increased by 1 ship month-on-month; the number of ships docked at five Brazilian ports increased by 5 ships month-on-month; and the number of ships docked at one South African port increased by 3 ships month-on-month [16][17]. 3.4 Relationship between Freight and Commodity Prices - **Brazilian Soybeans**: On August 19, Brazilian soybeans were priced at $38 per ton. On August 20, the near-term shipment price of Brazilian soybeans was 4,061.54 yuan per ton. - **Iron Ore**: On August 19, the latest freight rate quote for the BCI C10_14 route was $21,986 per day. On August 19, the latest CIF price of iron ore was $118.25 per thousand tons. - **Steam Coal**: On August 19, the latest freight rate quote for the BPI P3A_03 route was $13,887 per day. On August 19, the latest CIF price of steam coal was 557.32 yuan per ton. - **Logs**: On August 19, the Handy-sized ship freight rate index was quoted at 698.6 points. On August 15, the CFR price of 4-meter radiata pine was $116 per cubic meter [21].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The Handysize ship transport market continued to rise this week, with the weekly freight rate increasing by over 2%. However, the BDI composite freight index and most sub - ship type freight indices decreased week - on - week, but the decline was not significant. Industrial product shipping demand remained strong, while agricultural product shipping demand showed a downward trend [1]. Summary by Directory 1. Summary - The Handysize ship transport market maintained an upward trend, with the weekly freight rate rising by over 2%. The BDI composite freight index and other sub - ship type freight indices decreased week - on - week, but the decline was small. Industrial product shipping demand, such as coal, iron ore, and other dry goods, remained high, supporting the demand for Capesize and Handysize ships. Agricultural product shipping demand, especially soybean imports, declined. During the 90 - day suspension of reciprocal tariff increases between China and the US, soybean trade, including freight and domestic commodity prices, deserves further attention [1]. 2. Spot Index Review 2.1 BDI Freight Index Analysis - On August 15, the BDI composite freight index and most ship - type freight indices decreased week - on - week. The Capesize ship freight index BCI had the largest decline, while the Handysize ship freight index continued to rise. Specifically, the BDI composite freight index closed at 2044 points, down 0.34% week - on - week; the BCI freight index closed at 3295 points, down 1.41% week - on - week; the BPI freight index closed at 1622 points, down 0.8% week - on - week; the BSI freight index closed at 1353 points, up 2.5% week - on - week; the BHSI freight index closed at 698 points, up 2.2% week - on - week [4]. 2.2 FDI Far East Dry Bulk Freight Index - On August 15, except for the continued improvement in the Handysize ship rental transport market, the FDI composite index and most sub - ship type rental freight rates declined. The FDI composite freight index closed at 1329.9 points, down 0.45% month - on - month; the FDI rental index closed at 1630.3 points, down 0.42% month - on - month. The Capesize ship rental index closed at 1719.06 points, down 1.16% month - on - month; the Panamax ship rental index closed at 1590.25 points, down 0.23% month - on - month; the Handysize ship rental index closed at 1552.01 points, up 0.48% month - on - month; the FDI freight index closed at 1129.64 points, down 0.47% month - on - month [9]. 3. Dry Bulk Shipping Situation Tracking 3.1 Number of Ships Used for Shipping in Sending Countries on the Day - On August 18, among major agricultural product sending countries, Brazil used 14 ships, Russia used 8 ships, Argentina used 21 ships, Canada used 3 ships, and Australia used 4 ships. Among major industrial product sending countries, Australia used 63 ships, Guinea used 27 ships, Indonesia used 44 ships, Russia used 25 ships, South Africa used 14 ships, Brazil used 12 ships, and the US used 13 ships [16]. 3.2 Analysis of Shipping Volume and Ship Usage on the Day - In agricultural product shipping, 7 ships were used for corn, 21 for wheat, 9 for soybeans, 7 for soybean meal, and 13 for sugar. In industrial product shipping, 120 ships were used for coal, 77 for iron ore, and 14 for other dry goods. By ship type, agricultural product shipping required the most Post - Panamax ships (19), followed by Supramax ships (18), and then Handysize ships (16). Industrial product shipping required the most Capesize ships (86), followed by Post - Panamax ships (71), and then Supramax ships (60) [17]. 4. Tracking of the Number of Ships at Major Ports - This week, the number of ships at Chinese and Indonesian ports continued to increase week - on - week, while the number of ships at Australian ports decreased significantly week - on - week. From August 1 to August 17, after adjustment, "one port decreased, and four ports increased." The number of dry - bulk ships at Chinese ports increased by 9; the number of ships at six Australian ports decreased by 12; the number of ships at six Indonesian ports increased by 1; the number of ships at five Brazilian ports increased by 6; the number of ships at one South African port increased by 3 [18]. 5. Relationship between Freight and Commodity Prices - On August 15, Brazilian soybeans were priced at $39 per ton, and the near - term shipping quote was 4040.42 yuan per ton. The latest quote for the BCI C10_14 route freight was $25535 per day, and the latest quote for iron ore's CIF price was $119.6 per thousand tons. The latest quote for the BPI P3A_03 route freight was $13956 per day, and the latest quote for the CIF price of thermal coal was 554.88 yuan per ton. The Handysize ship freight index was quoted at 691 points, and the price of 4 - meter medium - grade ACFR radiata pine was $116 per cubic meter [22].

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The BDI composite freight index and most sub - ship type freight indices continued to rebound week - on - week, with the BSI freight index's increase expanding. The BPI freight index continued to decline. Industrial product shipments maintained strong demand, and the shipment of wheat and soybean meal among agricultural products brought new demand for (large) handy - sized ships [1][4]. - The FDI index declined across the board on August 12, but the FDI handy - sized ship rental market was active, and most route freight rates rebounded [7]. - In terms of dry bulk shipments, on August 13, the number of ships used for Russian commodity shipments increased significantly. The shipment volumes of wheat and soybean meal increased notably, bringing new demand for (large) handy - sized ships [14][17]. - The number of ships docked at Brazilian ports continued to increase significantly. From August 1st to 12th, the number of dry bulk ships docked at Chinese ports increased, while that in Australian ports decreased, and the number in Indonesian ports increased [17][18]. - The import landed prices of commodities increased significantly, such as Brazilian soybeans, iron ore, thermal coal, and logs [22]. 3. Summary by Directory 2.1 BDI Freight Index Analysis - On August 12, except for the BPI freight index which continued to decline, the BDI composite freight index and most sub - ship type freight indices rebounded week - on - week. The BCI freight index had the largest rebound, driving the BDI's weekly increase to expand. The BDI composite freight index closed at 2017 points, up 5% week - on - week; the BCI freight index closed at 3261 points, up 8.48% week - on - week; the BPI freight index closed at 1595 points, down 1.85% week - on - week; the BSI freight index closed at 1329 points, up 3.91% week - on - week; the BHSI freight index closed at 687 points, up 1.63% week - on - week [4]. 2.2 FDI Far - East Dry Bulk Freight Index - On August 12, the FDI index declined across the board. However, the FDI handy - sized ship rental market strengthened, and most route freight rates rebounded. The FDI composite freight index closed at 1331.54 points, down 0.82% month - on - month; the FDI rental index closed at 1624.18 points, down 0.97% month - on - month. Among them, the cape - sized ship rental index closed at 1734.98 points, down 3.92% month - on - month; the panamax ship rental index closed at 1575.53 points, up 1.48% month - on - month; the large handy - sized ship rental index closed at 1525.1 points, up 1.23% month - on - month; the FDI freight index closed at 1136.44 points, down 0.67% month - on - month [7]. 3.1当日发运国发运用船数量 - On August 13, among major agricultural product shipping countries, Brazil, Russia, and Argentina each used 22 ships for shipping, Canada used 3 ships, and Australia used 1 ship. Among major industrial product shipping countries, Australia used 49 ships, Guinea used 28 ships, Indonesia used 46 ships, Russia used 23 ships, South Africa used 17 ships, Brazil used 18 ships, and the United States used 12 ships [16]. 3.2当日发运量及用船分析 - In terms of agricultural product shipments, 7 ships were used for corn, 24 for wheat, 11 for soybeans, 9 for soybean meal, and 12 for sugar. For industrial product shipments, 112 ships were used for coal, 75 for iron ore, and 20 for other dry goods. In terms of ship types, 27 post - panamax ships were needed for agricultural product shipments, followed by 15 super - handy - sized ships and 16 handy - sized ships. For industrial product shipments, 88 large cape - sized ships were needed, followed by 65 post - panamax ships and 58 super - handy - sized ships [17]. 四、主要港口船舶数量跟踪 - The number of ships docked at Brazilian ports continued to increase significantly. From August 1st to 12th, the number of dry bulk ships docked at Chinese ports increased by 9, that in Australian ports decreased by 6, that in Indonesian ports increased by 5, that in Brazilian ports increased by 10, and that in South African ports remained unchanged [18]. 五、运费与商品价格的关系 - On August 12, Brazilian soybeans were priced at $39/ton, and on August 13, the near - term shipping quote was 4117.68 yuan/ton. On August 12, the latest quote for the BCI C10_14 route freight was $26486/day, and the latest quote for iron ore landed price was $121.8/kiloton. On August 12, the latest quote for the BPI P3A_03 route freight was $13428/day, and the latest quote for thermal coal landed price was 543.42 yuan/ton. On August 8, the handy - sized ship freight index was quoted at 678.2 points, and the price of 4 - meter radiata pine ACFR was $116/cubic meter [22].

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core View The dry - bulk shipping market shows positive trends. The BDI composite freight index and most sub - ship type freight indices rebounded week - on - week, except for the BPI. The FDI index also rebounded across the board. Strong demand for industrial product shipments, such as coal and iron ore, supports the demand for Capesize and Handymax ships. The number of ships docked at ports in Brazil and Indonesia is continuously increasing [1][3][7][15]. 3. Summary by Section 2.1 BDI运价指数分析 - On August 8, the BDI composite freight index and most ship - type freight indices rebounded week - on - week, with the BSI having the largest rebound. The BDI closed at 2051 points, up 1.64% week - on - week; BCI at 3342 points, up 1.4%; BPI at 1635 points, down 0.55%; BSI at 1320 points, up 4.02%; BHSI at 683 points, up 0.74% [3]. - Compared with the beginning of the year, the BDI increased by 99.32%, BCI by 165.03%, BPI by 63.5%, BSI by 46.83%, and BHSI by 23% [4]. 2.2 FDI远东干散货运价指数 - On August 8, the FDI index rebounded across the board. The FDI composite freight index closed at 1319.64 points, up 1.16% month - on - month; the FDI rental index at 1602.51 points, up 1.51%. The Capesize ship rental index increased by 3.4%, while the Handymax ship rental index decreased by 0.19% [7]. 3.1 当日发运国发运用船数量 - On August 11, among major agricultural product shipping countries, Brazil used 27 ships, Russia 9, Argentina 15, and Australia 4. Among major industrial product shipping countries, Australia used 53 ships, Guinea 30, Indonesia 46, Russia 23, South Africa 16, Brazil 15, and the US 12 [13]. 3.2 当日发运量及用船分析 - In terms of agricultural product shipments, corn used 8 ships, wheat 16, soybeans 11, soybean meal 5, and sugar 12. For industrial product shipments, coal used 115 ships, iron ore 75, and other dry goods 18. Agricultural product shipments required the most Post - Panamax ships (21), followed by Supramax (14) and Handysize (11). Industrial product shipments required the most Capesize ships (91), followed by Post - Panamax (66) and Supramax (61) [15]. 4. 主要港口船舶数量跟踪 - The number of ships docked at ports in China and Indonesia continued to increase week - on - week, while that in Australia decreased significantly. From August 1 to August 10, the number of dry - bulk ships docked at Chinese ports increased by 6, at Australian ports decreased by 5, at Indonesian ports increased by 4, at Brazilian ports increased by 8, and at South African ports remained unchanged [15][16]. 5. 运费与商品价格的关系 - On August 8, the freight of the BCI C10_14 route was 27818 dollars per day, and the CIF price of iron ore was 119.3 dollars per thousand tons. The freight of the BPI P3A_03 route was 13213 dollars per day, and the CIF price of thermal coal was 536.98 yuan per ton [20].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.50, reflecting a 19% increase from the previous target price [7][5]. Core Views - The company's performance in the first half of 2025 showed a significant decline in net profit, down 55.6% year-on-year to USD 25.6 million, primarily due to weak global dry bulk market demand and falling freight rates [1][2]. - The report anticipates a potential recovery in freight rates in the second half of 2025, driven by seasonal demand and macroeconomic factors such as the US interest rate cycle and China's economic recovery [1][4]. - The report suggests that the dry bulk market may have reached a low point in the first half of 2025, with expectations for improved profitability in 2026-2027 [5][4]. Summary by Sections Financial Performance - In the first half of 2025, the company's average daily freight rates for handy and super handy bulk carriers decreased by 6.8% and 10.7% year-on-year, respectively [2]. - The company's fleet operating days decreased by 7.4% for handy and 5.5% for super handy vessels due to the disposal of older ships [3]. - The report projects a decline in net profit for 2025, with estimates revised down by 53.0% to USD 70.58 million, while 2026 and 2027 profits are expected to improve [5][11]. Market Outlook - The report highlights that global dry bulk shipping volumes for iron ore, coal, and grain fell by 4%, 7%, and 13% year-on-year, respectively, in the first half of 2025 [2]. - It emphasizes the importance of monitoring the US interest rate cycle and China's domestic demand as key factors influencing global dry bulk demand and freight rates [4][5]. Valuation - The report adjusts the price-to-book (PB) valuation multiple to 0.9x for 2025, aligning with the company's historical average, and raises the target price to HKD 2.50 [5][8]. - The report indicates that the company's market valuation may benefit from improved liquidity in the Hong Kong stock market [5].