Commodity price index returns to 1000, shipping stock valuation repair can be expected

According to data released by the China Federation of Logistics and Purchasing on the 6th, the Global Manufacturing Purchasing Managers Index (PMI) was 55.6% in February, an increase of 1.2 percentage points from the previous month, and remained above 50% for eight consecutive months, indicating that the global economic recovery trend is somewhat Enhanced.

BPI is currently in an ascending channel. Since April 2020 (the lowest value of 710), the current round of increase has risen by more than 40%, and it began to accelerate in February this year. In addition, due to the rising freight rates of various types of ships, the Baltic Dry Bulk Freight Index rose 50 points, or 2.81%, to 1829 points on Friday, the highest level since February 18. In the secondary market, Hong Kong Pacific Shipping continued to rise after the Spring Festival. The main reason for the increase is that the global demand for dry bulk commodities has rebounded rapidly this year, especially the dry bulk demand from China and the global grain trade, which have promoted the strong market freight rates year-to-date. According to statistics, on February 28 at the beginning of the year, the handysize freight rate rose sharply by 59.9%, and hit a record high since 2011.