Shanghai Shipping Exchange: Crude oil freight rates saw a slight increase this week, while dry bulk and container indices diverged

⑴ According to the Shanghai Shipping Exchange, Brent crude oil futures prices saw a slight increase this week, closing at $114.88 per barrel on Thursday, up 1.51% compared to October 22.⑵ The global crude oil transportation market saw VLCC tanker freight rates fluctuate at a high level, with rates for China's import VLCC transport market rising slightly. On October 29, China's imported crude oil freight index stood at 17,392.47 points, up 1.6% from October 22.⑶ Freight rates for the three major vessel types in the international dry bulk shipping market diverged: Panamax vessels remained weak, Supramax vessels held steady, and Capesize vessels provided strong support to the market in the second half of the week, driving the Far East dry bulk freight index to halt its decline and post an increase.⑷ Capesize vessels saw consecutive iron ore cargo releases in both ocean markets, tightening available capacity and pushing freight rates higher; Panamax vessels were impacted by sluggish Atlantic market conditions, resulting in a noticeable drop in daily charter rates; Supramax vessels faced softer demand for return coal and nickel ore shipments, but strong demand for steel exports from northern China as well as robust coal transport demand from Indonesia to Southeast Asia and India kept daily charter rates at high levels.⑸ On October 29, the Far East dry bulk freight index stood at 2,254.38 points, up 0.3% from October 22.⑹ The coastal bulk cargo market showed divergent trends: following the dissipation of typhoon disruptions, coal freight rates declined, while seasonal increases drove coastal grain freight rates up. Diesel transport demand provided some support. On October 30, the China coastal bulk cargo composite freight index stood at 1,122.1 points, up 1.3% from the previous period.⑺ China’s export container shipping market remained generally stable, with freight rates diverging across different routes and the composite index posting a slight increase. On October 30, the Shanghai Export Containerized Freight Composite Index reported 3,687.35 points, a 0.2% rise from the previous period.