First Read: China Industrials "Shipping supply chain weekly: trade flows..."

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First Read: China Industrials "Shipping supply chain weekly: trade flows..."

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First Read

EquitiesChina Industrials

Shipping supply chain weekly: trade flows, China

freight and Hormuz updates (week 20) Industrial

Robin Xu

Analyst

bin.xu@ubs.com

Key highlights from high-frequency data +86-21-3866 8872

We compile weekly data from UBS Evidence Lab, the Ministry of Transport and other Zed Sheng

third-party data providers to track the latest trade flows across shipping, shipbuilding, Analyst

ports, international freight flights and land transportation. S1460525030003

zed.sheng@ubs.com

BDI & earnings of bulker and new build price remained strong +86-21-3866 8730

The bulker market continued to strengthen last week, with average earnings of capesize Ming Gao

bulker/BDI up 3%/5% WoW last week. The shipbuilding new build price index remained Associate

solid and picked up 0.1% WoW last week, achieving WoW growth in seven consecutive S1460524120001

weeks and a total gain of 1.4%. We maintain our positive outlook on shipbuilding ming.gao@ubs.com

+86-21-3866 8842

demand, as we have seen new build demand for bulker and VLGC pick up after strong

new build demand for VLCC squeezed the remaining slots in the shipyard. Cristian Nedelcu, CFA

Resilient port container throughput and uptrend in container freight rates cristian.nedelcu@ubs.com

+44-20-7568 4375

Container throughput at key ports in China decreased by -1% WoW, but remained at

+4%YoY last week, with MTD throughput increasing 5% YoY. Port of Los Angeles William Deng

Economist

import estimates indicated a notable YoY volume increase in week 22. Entering into

william-w.deng@ubs.com

peak season, overall SCFI freight rates increased by 10% WoW last week (+45% YoY; +852-2971 6765