Dry bulk freight market in November after a short adjustment before, continue to rebound after last week BDI index weekly chain rose 7.6% to 2,146 points Tanker freight market were mixed, BDTI and BCTI index respectively over the previous week rose 2.6 percent and fell 3.5%. Groupage market CCFI week before the National Day and Week SCFI Composite Index fell 1.3% MoM and 5.5% Cargo ship before the November holiday market situation is not ideal, plus capacity put pressure on freight rates fell across the board in Europe and America, and the decline has The expansion of the European part of the voyage freight line below $ 700 / TEU, U.S. line situation is relatively stable, price canvassing promote freight liner companies fell slightly. International dry bulk market is subject to significant influence Chinese holiday before the holiday miner volume shipments to promote the index upward, after a slight decline, but the BDI index continued to rebound after a short adjustment since the current rally is superimposed on a variety of factors, the core factor is Chinese demand is expected, we think it is still difficult to support further substantial increase in freight rates, BDI index future will face greater pressure. Recent sideways shipping sector, the future stock price may be repeated, but the industry is expected to gradually return to fundamentals in the short term will remain weak medium to long term, the year the industry still faces great pressure losses, and the state of short-term overcapacity difficult change, long-term investment opportunities can be next year.

Groupage freight market decline in Europe to expand the trunk routes, shipping companies brewing early November price increases. September 27 China Containerized Freight Index (CCFI) to 1,090.62, down 1.3%, Shanghai Containerized Freight Index (SCFI) was 936.89, down 5.5%. Shanghai exported to Europe and the Mediterranean port tariffs were basic $ 765 / TEU and $ 837 / TEU, the chain fell 12.6% and 11.3% to U.S. West and U.S. East tariffs were U.S. $ 1,837 / FEU and U.S. $ 3,252 / FEU, the chain were down 2.9% and 1.3%. Market volume increased before the National Day is not obvious, coupled with continued investment capacity pre-impact, tariffs continue to fall, and the decline has been expanded, including the European part of the voyage line below $ 700 / TEU America Line is relatively good, tariffs down slightly. Due to the current trunk routes under the inevitable loss of freight, shipping companies raise prices again brewing early November, the whole, we think that prices are still likely to be successful, but the price range is limited, and the pulse rise in freight rates will continue after down, the whole hovering near the breakeven point.

Bottom of the cycle has been in the shipping industry, the dry bulk market BDI index term is expected to continue upward, but the pressure increases while CSCL demand recovery for the better, lower primary season to look forward to next year. Currently shipping sector in 2013 an average of A shares and H shares were 1.2 times book value and 0.9 times in history is relatively low, short term dry bulk freight market is expected to continue to rebound, but the overall industry overcapacity situation obscure, we have no maintain the plate cautious. Short recommend investors to focus government support policies may bring short-term trading opportunities, oversold rally should not chase high.