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 29) 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

and ports. S1460525030003

zed.sheng@ubs.com

Uncertainties remain around the Strait of Hormuz +86-21-3866 8730

Vessel transits through the Strait of Hormuz have fallen back to ~90% below pre- Cristian Nedelcu, CFA

conflict levels after a number of vessel attacks last week. Our Maritime Trade Disruption Analyst

Monitor (> Access Dataset) indicates that the number of oil tankers transiting the Strait cristian.nedelcu@ubs.com

+44-20-7568 4375of Hormuz declined sharply from 8 July, falling to near zero last week. VLCC average

earnings from Middle East/West Africa to China weakened last week with decreasing William Deng

activities from the Persian Gulf, with Middle East/US Gulf/West Africa-China VLCC TCE Economist

+84%/-4%/-24% vs. pre-conflict level. Overall weighted tanker earnings remained william-w.deng@ubs.com

+852-2971 6765stable last week, + 2% WoW.

Xin Chen

Container shipping volume and rates eased Analyst

S1460511050002

Container throughput at key ports in China increased 4% WoW and remained at a YoY

xin.chen@ubs.com

decline of 10% last week. With customers' increasing resistance to higher freight rates, +86-21-3866 8864

main lane freight rates softened last week: overall SCFI freight rates decreased by 3%