Guohai Securities: Supply and demand improvements drive the bulk shipping industry upward, and freight rates are expected to remain high.

Guohai Securities released a research report stating that iron ore, coal, and grain hold a core position in the global dry bulk shipping trade turnover in the long term. In the short to medium term, a variety of commodities including coal, grain, iron ore, steel, and cement support upward demand. In the future, the withdrawal of old ships will hedge against the delivery of new ships, resulting in limited effective capacity increase. Since 2026, the BDI has shown a trend of "rising in May, adjusting in June, recovering in July, and going up in August." Considering the release of long-haul cargo sources driving an increase in ton-mile demand, coupled with constrained supply, the bank believes that the central price of bulk shipping rates is expected to rise and maintains a "recommended" rating for the shipping and port sector.