汇丰银行-全球航运业-shipping freight update container sustained gains from rate hikes-20170711-hsbc

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1、11July2017ShippingFreightUpdateEQUITIESMARINEContainersustainedgainsfromratehikesGlobalTheShanghaiContainerisedFreightIndexslid3%w-o-wbutParashJain*HeadofTransportResearch,Asia-Pacifichadjumped11%inthepreviousweekonratehikesTheHongkongandShanghaiBankingCorporationLimitedparashjain@hsbc.co

2、m.hkCapesizeremainedadragfordrybulk,down31%w-o-w+85229966717EdwardStanford*Buy:MaerskandSITC;Reduce:Hapag-LloydandYangMing;AnalystHSBCBankplcHold:COSCOShipping,Evergreen,OOILandPacificBasinedward.stanford@hsbc.com+442079924207TheShanghaiContainerisedFreightIndex(SCFI)slid3%w-o-wafterjumping1

3、1%LouisPang*thepreviousweek,drivenbylowerfreightratesacrossallmajortradelanes.SpotratesAssociateTheHongkongandShanghaiBankingCorporationLimitedfortrans-Pacificroutessawmodestdeclines,withShanghai-USWestCoast/EastCoastlouis.w.h.pang@hsbc.com.hkdown3%/2%afteradvancing17%/26%lastweekonratehikespr

4、oposedbytheshipping+85229149934lines.OntheAsia-Europeroutes,Shanghai-Europe/MediterraneanspotrateswereDeepakMaurya*down5%,following8-15%increaseslastweek.AfterreachingitsrecordhighofAssociateBangaloreUSD3,811/TEUinthepreviousweek,theShanghai-SouthAmericaspotratetookabreatherandedgedlowertoUSD3

5、,795/TEUthisweek,endingitssix-weekrally.*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc.andnotCOSCOShippingHoldingsbreaksintotopthreewithOOILacquisition.CSHregistered/qualifiedpursuanttoFINRAregulationsandShanghaiInternationalPortGroup(600018CH,notrated,RMB6.40)announcedon9July2017thatthey

6、willjointlymakeavoluntarygeneralcashoffertoacquireallissuedsharesinOOILatHKD78.67pershare,implyingaconsensus12-monthforwardPBof1.31x.Followingtheacquisition,whichispendingregulatoryapproval,CSHissettobecometheworld’sthird-largestshippinglinebyfleet(Consolidationcontinues:COSCOShippingisbuyingO

7、OIL,10July2017).BDIdropped9%w-o-w,drivenbyacollapseinthecapesizemarket,withcapesize(BCI)falling31%.Weattributetherecentweaknessofcapesizefreightratestotheseasonallyweakdemandofironoreandcoal.Despitethedepressedcapesizemarket,othersegmen