News
The Korea Maritime Institute (KMI) recently unveiled the Business Survey Index (BSI) for the shipping business in general, which had been calculated from surveying 96 compatriot shipping companies, was 74 points in June, going up by four points from the previous month thanks to increases in freight rates. When the BSI is above 100 points, it indicates an improvement in business sentiment, but below the benchmark, it means a downturn.
For containership services, the BSI rose by six points to 88, as the Shanghai Containerized Freight Index (SCFI) soared 36% from a month earlier. For the dry-bulk sector, the index was 79 points, increasing by six points as a result of an upsurge of 65% in the Baltic Dry Index (BDI). For tankers, freight rates for very large crude oil carriers (VLCCs) turned upward for the first time in nine months, helping the BSI hike by seven points to 61.
As for the BSI in July for the shipping sector, only four out of the 96 shipping lines, accounting for slightly over 4%, are seeing the ongoing business condition is favorable. As such, it is expected the index for the sector in general will fall to 69 points from June; for containerships, also decline to 69 points, for dry-bulkers, remain unchanged at 79 points and for tankers, plunge to 50 points.
