CHINA'S National Development and Reform Commission (NDRC) said China's shipping rate continued to stay low during the first half of 2013 due to factors of overcapacity and weak demand, Xinhua reports.
NDRC's latest statistics show that the Baltic Dry Index (BDI) was at 840.3 points on average in the first half of year, down 10.9 per cent year on year. Baltic Capesize Index (BCI), rate index for the Capesize ships that carry bulk such as ore, coal and grain averaged at 1,384.2 points, down 8.1 per cent year on year.
China Coastal Bulk Freight Index's (CCBFI) average was at 1,043.5 points in the first half of year, down 7.9 per cent year on year.
As demand for coal diminished, the domestic shipping suffered a substantial decline, also hurt by cheaper imported coal. CCBFI's coal shipping rate index averaged 1,129.5 points in the first half, down 8.3 per cent year on year. Rates on major domestic coal trading lanes of Qinhuangdao-Guangzhou, and Qinghuangdao-Shanghai fell with the Qinhuangdao-Guangzhou falling 11.7 per cent and Qinhuangdao-Shanghai down 9.2 per cent.
In the container export market, demand is climbing slowly though overcapacity remained severe. China Containerised Freight Index (CCFI) dropped 2.9 per cent year on year in the first half of 2013.
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