Global Freight Monitor SCFI ending its winning streak

Research evidence excerpt

Global Freight Monitor SCFI ending its winning streak

10 July 2026

Equities

Transport Global Freight Monitor

SCFI ending its winning streak Global

◆ SCFI -4.3% w-o-w. Geopolitical jitters, front loadings and rate

hikes to support rates. We expect liners to file solid 2Q results DeepakAnalyst,Maurya*,Asia TransportCFA

The Hongkong and Shanghai Banking Corporation Limited

◆ Tanker faces hidden downside; dry bulk solid; air cargo deepakmaurya@hsbc.com.hk

+852 2822 4292

volumes surged on AI-driven shipment

Parash Jain*

◆ Buy: APMM, CSH-H/A, Evergreen, PBS, and CX; Hold: SITC, GlobalThe HongkongHead ofandTransportShanghai& LogisticsBanking CorporationResearch Limited

OOIL, and DHL; Reduce: HLAG parashjain@hsbc.com.hk +852 2996 6717

The SCFI declined 4.3% w-o-w, ending its winning streak after ten weeks, likely in Bruce Chu*, CFA

Analyst, Asia Transport

the absence of GRIs, but the index remains +140% vs Feb-end, with rates down The Hongkong and Shanghai Banking Corporation Limited

2-6% to the US and -3% to Europe. Renewed Middle East escalation has provided a bruce.y.h.chu@hsbc.com.hk

+852 2996 6621

near-term floor, countering downside risks from a potential Red Sea normalisation;

Cathy Huang*, CFA

although Maersk resumed Suez transit for AE15 service on 6 July, military action in Associate, Asia Transport

the Gulf has revived routing uncertainty, which carriers are leveraging through The Hongkong and Shanghai Banking Corporation Limited

cathy.m.y.huang@hsbc.com.hk

peak‑season GRIs and surcharges. Looking ahead, two further Transpacific GRIs of +852 2996 4506

USD2k-3k/FEU are filed for 15 July and 1 August, which could lift spot rates in the Kevin Li*

coming weeks if demand holds. The NRF expects US containerised imports to hit a Associate

Guangzhou