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