1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited View HSBC Global Investment Research at:https:/ Listen

2、 to our insightsFind out moreHSBCGlobal InvestmentResearchPodcasts SCFI down 3.3%w-o-w;Container shipping capacity cut in TP routes amid weak demand outlook post early August BDI increased driven by surge in Capesize earnings;Tanker rates declined sharply for both VLCC and product Hold SITC;Reduce C

3、SH H/A,EVG,HLAG,OOIL(containers);Buy CSET-H/A(tankers);Reduce PBS(bulk)Container shipping capacity cut in TP routes amid weak outlook:KNIN in its latest ocean market update said that carriers are aggressively cancelling Transpacific(TP)sailings as the 12 August deadline nears for the possible resump

4、tion of US tariffs on Chinese goods,with c175k TEU being withdrawn in July,which accounted for 11%of capacity deployed in US West Coast(vs 9%in June).While Flexport expected similar demand in August vs that in July,KNIN projected subdued demand from August through year-end,as importers largely compl

5、eted their inventory builds up.KNIN noted industry consensus holds that even a potential US-China trade deal would be unlikely to stimulate significant near-term demand.The SCFI fell 3.3%w-o-w,with rates down 3.5%in US West Coast and down 6.5%in US East Coast.However,rates to Europe edged up 0.5%on

6、continued EU port congestion.Indeed,Flexport reported that the Port of Antwerp is seeing its worst congestion since the pandemic,with dwell times of more than eight days.The Baltic Dry Index was up 11%w-o-w to c16-month high as of 24 July,mainly driven by a 25%surge in Capesize earnings.As per Shang