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. 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 - 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].