Shipping supply chain weekly: trade flows, freight and Hormuz updates (week 24)

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Shipping supply chain weekly: trade flows, freight and Hormuz updates (week 24)

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EquitiesChina Industrials

Shipping supply chain weekly: trade flows, China

freight and Hormuz updates (week 24) 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, UBS Evidence Zed Sheng

Lab and other third-party data providers to track the latest trade flows across shipping, Analyst

shipbuilding and ports. S1460525030003

zed.sheng@ubs.com

Hormuz reopen may result in recovery of VLCC average earnings +86-21-3866 8730

Oil and tanker stocks moved reacted positively to the US-Iran peace agreement, with Cristian Nedelcu, CFA

sentiment supported by the announced reopening of the Strait of Hormuz. While daily Analyst

vessel transits through the Strait of Hormuz remained constrained in early June. VLCC cristian.nedelcu@ubs.com

+44-20-7568 4375average earnings from Middle East/West Africa to China remained flattish while

earnings from US Gulf to China remained stable last week, with average earnings below William Deng

US$100k/day. Economist

william-w.deng@ubs.com

+852-2971 6765Container shipping volume keep rising

Container throughput at key ports in China declined 1% WoW while increasing 5% YoY Xin Chen

Analystlast week. Amid a pick-up in shipping demand, main lane freight rates saw further gains:

S1460511050002

overall SCFI freight rates increased by 9% WoW last week (+43% YoY), with Shanghai-

xin.chen@ubs.com

Europe +18% WoW and Transpacific +10-12% WoW; Port of LA imports were up 7% +86-21-3866 8864

YoY in week 24 and estimated to grow ~7% YoY in week 25. Intra-Asia containership