China's coastal bulk freight index up in July

Aerial photo taken on April 9, 2022 shows a container ship by the Beijiang Port Area of Tianjin Port in north China's Tianjin.Photo by Zhao Zishuo, Xinhua

China's coastal bulk freight market saw an expansion in July as high temperatures in various parts of the country pushed up the demand for energy, industry data showed.

On a monthly basis, the composite index for coastal bulk freight, which measures transportation costs in the coastal shipping market, rose 8.9 percent to 1,142.32, according to the Shanghai Shipping Exchange (SSE).

In the period, the sub-index for coal logged the most notable increase of 13.4 percent, followed by that for grain and metal ore, which climbed 7.4 percent and 3.6 percent, respectively, the data showed.

The sub-index for refined oil dropped 1.5 percent over the previous month, while that for crude oil edged up 0.6 percent, said the SSE.

In 2021, the composite index for coastal bulk freight averaged 1,299.35, SSE data showed.

The SSE initiated the index in 2001 under the guidance of the Ministry of Transport to fully reflect fluctuations in the Chinese coastal transport market.