China Industrials Shipping supply chain weekly: trade flows, freight and Hormuz updates (week 26)

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China Industrials Shipping supply chain weekly: trade flows, freight and Hormuz updates (week 26)

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EquitiesChina Industrials

Shipping supply chain weekly: trade flows, China

freight and Hormuz updates (week 26) 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 with recovery of VLCC average earnings +86-21-3866 8730

Vessel transits through the Strait of Hormuz have increased significantly over the past Cristian Nedelcu, CFA

week, averaging ~45 vessels per day, compared with around 10 vessels per day in recent Analyst

months. While still well below the pre-conflict average of roughly 125 vessels per day, cristian.nedelcu@ubs.com

+44-20-7568 4375the rebound reflects the departure of previously stranded vessels from the Gulf and a

gradual recovery in oil flows. Our Maritime Trade Disruption Monitor (> Access Dataset) William Deng

indicated a notable increase in the oil tankers departing eastbound from Hormuz as well Economist

as attempts of entering westbound into the the Gulf last week. VLCC average earnings william-w.deng@ubs.com

+852-2971 6765from Middle East/West Africa to China kept increasing last week to reflect expectations

of the reopening of the Persian Gulf, with Middle East/US Gulf/West Africa-China VLCC Xin Chen

TCE +119%/+31%/+6% vs. pre-conflict level Analyst

S1460511050002

xin.chen@ubs.comContainer shipping volume keeps rising

+86-21-3866 8864