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].

Report Industry Investment Rating No relevant content provided. Core View of the Report As of the reporting date, the shipment volume of industrial products remained high, which marginally supported the transportation demand for large vessels such as Capesize ships. The week-on-week increase in the Capesize ship freight index BCI expanded, driving the further rise of the BDI composite freight index. Meanwhile, the increase in the BSI & BHSI freight indices narrowed, and the BPI freight index turned down, indicating weak freight rates on some routes. The significant increase in shipments from countries like Russia and Australia, especially the growth in wheat and soybean shipments, supported the transportation demand for Panamax and Handysize ships. The continued substantial increase in the shipment volume of industrial products such as Australian iron ore, South African coal, Russian coal, and Guinean bauxite supported the transportation demand for Capesize ships. Against the backdrop of the significant increase in agricultural product shipments and the high demand for industrial product shipments, dry bulk carriers continued to benefit [1]. Summary by Relevant Catalogs 1. Spot Index Review 1.1 BDI Freight Index Analysis Compared with the data on September 11, except for the week-on-week decline of the BPI freight index, the week-on-week increase of the freight indices of other mainstream ship types continued. Among the sub - ship type freight indices, the weekly increase of the BCI freight index expanded to 12%, and the increase of the BSI & BHSI freight indices narrowed to less than 1%. However, the increase of the BDI composite freight index expanded. Specifically, the BDI composite freight index closed at 2205 points, a week-on-week increase of 4.45%; the BCI freight index closed at 3411 points, a week-on-week increase of 12.17%; the BPI freight index closed at 1881 points, a week-on-week decrease of 5.86%; the BSI freight index closed at 1492 points, a week-on-week increase of 0.54%; the BHSI freight index closed at 809 points, a week-on-week increase of 1% [4]. 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. In the FDI rental freight index, the rental freight of Capesize ships still increased month - on - month. Specifically, the FDI composite freight index closed at 1378.93 points, a month - on - month increase of 1.18%; the FDI rental index closed at 1708.96 points, a month - on - month increase of 1.68%; among them, the Capesize ship rental index closed at 1883.36 points, a month - on - month increase of 4.23%; the Panamax ship rental index closed at 1549.47 points, a month - on - month decrease of 0.24%; the Handymax ship rental index closed at 1635.91 points, a month - on - month decrease of 0.25%; the FDI freight index closed at 1158.92 points, a month - on - month increase of 0.7% [9]. 2. Dry Bulk Shipment Situation Tracking 2.1 Number of Vessels Used for Shipment by Shipping Countries on the Day The main shipping countries for industrial products include Indonesia, Australia, Guinea, Russia, the United States, South Africa, Brazil, Canada, India, Colombia, Serbia, and Mozambique. The main shipping countries for agricultural products include Russia, Argentina, Australia, Ukraine, and the United States. On September 19, among the main agricultural product shipping countries, Brazil used 54 ships for shipment, Russia used 20 ships, Argentina used 23 ships, Romania used 1 ship, and Australia used 4 ships. Among the main industrial product shipping countries, Australia used 57 ships, Guinea used 36 ships, Indonesia used 44 ships, Russia used 24 ships, South Africa used 15 ships, Brazil used 15 ships, and the United States used 9 ships [13][14]. 2.2 Shipment Volume and Vessel Usage Analysis on the Day In terms of agricultural product shipments, 20 ships were used for corn shipments, 29 for wheat, 25 for soybeans, 9 for soybean meal, and 15 for sugar. In terms of industrial product shipments, 110 ships were used for coal, 77 for iron ore, and 14 for other dry goods. By ship type, the shipment of agricultural products required the most Post - Panamax ships (40), followed by 28 Handymax ships and 22 Handysize ships. The shipment of industrial products required the most Capesize ships (96), followed by 69 Post - Panamax ships and 53 Handymax ships [15]. 3. Tracking of the Number of Ships at Major Ports The weekly data showed that except for the decrease in the number of ships at Australian ports, the number of ships at other ports increased week - on - week. In particular, the number of ships at major Chinese ports increased by 8. The data for mid - to - late September showed an increase at "four ports" with an expanding growth rate. It is expected that the number of dry bulk ships docked at Chinese ports will increase by 4 week - on - week, the number of ships docked at six Australian ports will increase by 9, the number of ships at South African ports will increase by 2, and the number of ships at Brazilian ports will increase by 1 [15][16]. 4. Relationship between Freight and Commodity Prices - Brazilian soybeans: On September 18, the price of Brazilian soybeans was $40/ton. On September 19, the near - term shipping quote for Brazilian soybeans was 3986.98 yuan/ton. - Iron ore: On September 18, the latest quote for the BCI C10_14 route freight was $30,205/day. On September 18, the latest quote for the iron ore arrival price was $120.8/thousand tons. - Steam coal: On September 18, the latest quote for the BPI P3A_03 route freight was $14,490/day. On September 18, the latest quote for the steam coal arrival price was 555.93 yuan/ton. - Logs: On September 18, the Handysize ship freight index was quoted at 805.4 points. On September 19, the quote for 4 - meter medium ACFR radiata pine was $114/cubic meter [20].

南华干散货运输市场日报 ——铁矿石&煤炭发运大增，大船发运需求升温 2025年09月17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，工业品发运量大幅增加，边际上增加大船运输需求，尤其是海岬型船运输需求。因此，海岬型船 运价指数BCI周环比大涨。同时BPI和BSI&BHSI运价指数维持涨势，也支撑BDI综合运价指数进一步上涨。 从主要港口船舶停靠数量、商品发运、用船需求去看：加拿大、澳大利亚和乌克兰农产品发运量大增，边际 上增加巴拿马型船、灵便型船运输需求；澳大利亚铁矿石、南非煤炭、俄罗斯煤炭、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维持高位的背景下，干散货船继续受益，尤其是海岬型船受益特别明显。 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 source： 同 ...

Report 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]

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].

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].

Core Insights - The international dry bulk shipping market experienced fluctuations in July, initially declining before rebounding, with the BDI reaching a new high for the year by the end of the month [1] - The BDI reported at 2226 points as of July 28, reflecting a 52.67% increase from the beginning of the month, while the average for the month was 1786.9 points, showing a month-on-month increase of 5.99% but a year-on-year decline of 7.19% [1] Market Performance by Vessel Type - The BCI rose from 2011 points at the start of the month to 3774 points by the end, marking an increase of 87.67%, with a monthly average of 2556.85 points, which is a month-on-month decrease of 11.93% and a year-on-year decrease of 16.98% [1] - The BPI increased from 1500 points to 1798 points, a rise of 19.87%, with a monthly average of 1766.4 points, reflecting a month-on-month increase of 32.39% and a year-on-year increase of 5.18% [1] - The BSI saw an increase from 1018 points to 1289 points, a growth of 26.62%, with a monthly average of 1217.75 points, indicating a month-on-month increase of 27.33% but a year-on-year decline of 10.73% [1] Market Outlook - The large vessel market is expected to experience fluctuations after reaching high rates, with short-term predictions indicating a period of adjustment [1] - Anticipation of increased transportation demand in late August due to the domestic "golden September and silver October" steel consumption peak and mining dispatch rhythm [1] - The medium-sized vessel market is projected to see a gradual decline in grain transportation demand post-August, while coal consumption remains high, with expectations of increased daily consumption due to high temperatures [1] - Despite favorable conditions for imported coal prices, the likelihood of significant procurement demand release is low due to ample terminal inventory, limiting short-term transportation demand support [1]