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].

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].