Equities Transport

Research evidence excerpt

Equities Transport

17 July 2026

Equities

Transport Global Freight Monitor

A week of falling rates across the board Global

◆ SCFI -3.3% w-o-w, 2nd week of decline; new tonnage eases

space, but China port backlog many lend near-term support BruceAnalyst,Chu*,AsiaCFATransport

The Hongkong and Shanghai Banking Corporation Limited

◆ VLCC orderbook surged, raising supply glut concerns; dry bulk bruce.y.h.chu@hsbc.com.hk

+852 2996 6621

mixed; air freight down for a 3rd week on fuel

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 dropped 3.3% w-o-w, the second week of decline, but the index remains Deepak Maurya*, CFA

Analyst, Asia Transport

+131% vs Feb-end, with rates to the US West coast down 8.0% and down 3.5% to The Hongkong and Shanghai Banking Corporation Limited

Europe. Linerlytica noted that carriers failed to hold early July GRIs as new vessel deepakmaurya@hsbc.com.hk

+852 2822 4292

deliveries and capacity evacuated from the Persian Gulf eased vessel‑space

Cathy Huang*, CFA

tightness. While carriers are still pushing for further hikes on 15 July and 1 August, Associate, Asia Transport

market tightness is abating, with idle capacity in the Gulf plunging to just 30,000 TEU The Hongkong and Shanghai Banking Corporation Limited

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

from a peak of 490,000. However, Linerlytica said that severe weather across China +852 2996 4506

had created a significant vessel backlog of over 2m TEU of capacity waiting to berth Kevin Li*

around Shanghai and Ningbo, congestion that will take weeks to clear; we think this Associate

Guangzhou

could lend near‑term support to rates.