波罗的海航运指数及期货介绍

Global Shipping Futures：BDI and FFAs 波罗的海航运指数及期货介绍 武嘉璐Wu Jialu从业资格号Qualification No：F03100682投资咨询号Consulting No.：Z0021085桂晨曦Gui Chenxi从业资格号Qualification No：F3023159投资咨询号Consulting No：Z0013632 CITIC Futures InternationalService Platform：https://internationalservice.citicsf.com 摘要Abstract This report introduces Baltic Dry Index (BDI) and itsBCI, BPI and BSI sub-indices, and reviews thetrading rules and main participants in the dry-bulk FFA market. Since 2024, FFA prices and theircorresponding route of BDI showed the synchronization, and FFA might show the turning point of the spotmarket in advance,enabling global commodity traders and industrial companies to manage freight-raterisk. We recommend that domestic participants make full use of this instrument while implementingappropriate risk-management measures, with special attention to liquidity risk. Risks:Geopolitical Incidents, Global EconomicTurbulence, Extreme Weather 本文介绍BDI指数及BCI、BPI和BSI指数，并介绍了典型干散货FFA的交易规则和参与主体。通过复盘2024年以来FFA与BDI相关运价指数的期现走势，发现二者相关性比较高，且FFA在某些时刻领先于BDI出现拐点。因此，FAA可助力海内外大宗商品贸易商及实体企业开展运费风险管理，建议中国参与者利用该工具并做好相应风险管理措施，尤其是关注流动性风险。 风险提示：地缘政治冲突加剧、全球经济超预期下行、极端天气扰动 Related Reports近期报告 20250808 Ease of EU Ports Congestion May Lead to Lower EC欧洲港口拥堵缓解或使集运欧线回落 20250528 Industrial Application For Shipping Companies Using China Freight And Fuel Oil Futures船运公司如何运用航运和船燃期货进行套期保值 20241009 China SCFIS(EUROPE) Research Framework中国集运指数研究框架 * Click on the hyperlink of report titles to read historical reports Content目录 1.1 Introduction of FFA................................................................................4FFA介绍............................................................................................41.2 Introduction of BDI.................................................................................4BDI指数介绍........................................................................................4 FFA交易规则................................................................8 2.1 Rules of FFA.....................................................................................8FFA交易规则........................................................................................82.2 Market Size......................................................................................9市场规模............................................................................................92.3 Market Players....................................................................................9市场参与者..........................................................................................9 3.1 Capesize FFA and BCI............................................................................10海岬型FFA与BCI...................................................................................103.2 Panamax FFA and BPI............................................................................11巴拿马型FAA与BPI.................................................................................113.3 Supramax FAA and BSI...........................................................................12灵便型FAA与BSI...................................................................................12 4. Suggestions for Chinese Investors.........................................13 给中国参与者的建议..........................................................13 Charts图表 图表1：Historical Trend of BDI.............................................................5BDI指数历史走势.........................................................................5图表2：Composite Routes of BCI...........................................................6BCI指数构成航线.........................................................................6图表3：Composite Routes of BPI BPI指数构成航线..........................................7图表4：Composite Routes of BSI当前BSI指数构成航线.....................................8图表5：Route C5 Futures Rules...........................................................9C5航线FFA期货交易规则.................................................................9图表6：Historical Trading Volume of Dry Bulk FFA...........................................10干散货FFA成交历史数据（手）...........................................................10图表7：The Trend of BCI and FFA between July 2024 and June 2025..........................112024年7月-2025年6月海岬型FFA及BCI指数整体走势....................................11图表8：The Trend of BSI and FFA between July 2024 and June 2025..........................122024年7月-2025年6月巴拿马型FFA及BPI指数整体走势..................................12图表9：The Trend of BSI and FFA between July 2024 and June 2025..........................132024年7月-2025年6月巴拿马型FFA及BSI指数整体走势..................................13 1.Introduction of FFAand BDI FFA和BDI指数介绍 1.1Introduction of FFA FFA介绍 FFA stands for Freight Forward Agreement, andcontains futures, swaps and options.FFA is a powerful tool for freight rate price discovery, hedging, and risk management.It constructsthe overallforward curveby forecastingfuturefreight rates in the dry bulk shipping market.Giventhe fact thatFFA