Shanghai Shipping Exchange: Excess Idle Capacity in Coastal Market, Composite Index Continues Decline

Golden Ten Data reported on July 4 that, according to the Shanghai Shipping Exchange, this week, persistent heavy rainfall in the south has kept daily coal consumption at power plants low. The peak electricity consumption season has not yet arrived, and downstream overall inventory digestion remains slow. In addition, declining coal prices have suppressed downstream procurement, and most traders are maintaining a wait-and-see attitude. There are sufficient ships waiting at northern anchorages, and the composite index continues to decline. On July 3, the China Coastal (Bulk Cargo) Composite Freight Index released by the Shanghai Shipping Exchange closed at 1,037.36 points, down 6.7% from the previous period.