Transport Channels & Logistics Data
Summary of Current State (as of early March 2026)
Maritime freight rates are spiking dramatically -- Baltic dirty tanker index (BDTI) surged 55% in one week to 3,083, while LNG freight exploded 588%. Container rates are trending down post-CNY. China's coastal port throughput runs at ~98,600 万吨/month. The Suez Canal saw a massive 137% surge in LNG carrier transits in 2025. Panama Canal operations have normalized. China's domestic road freight rates are flat. The oil tanker fleet is aging and shrinking.
1. Baltic Exchange Freight Indices
Unit: Index points | Frequency: Daily
Current Values (Mar 5, 2026)
| Index |
Current |
1 Week Ago |
Change |
Signal |
| BDTI (Dirty Tanker) |
3,083 |
1,991 |
+54.8% |
Strong bullish |
| BCTI (Clean Tanker) |
1,654 |
906 |
+82.6% |
Strong bullish |
| BLNG (LNG) |
26,467 |
3,843 |
+588.6% |
Extreme spike |
| BAI (Aviation) |
-- |
2,007 |
-- |
-- |
| BLPG (LPG) |
7,774 |
7,490 |
+3.8% |
Stable |
5-Day BDTI Trajectory
| Date |
BDTI |
Daily Change |
| Feb 27 |
1,991 |
-- |
| Mar 2 |
2,322 |
+16.6% |
| Mar 3 |
2,866 |
+23.4% |
| Mar 4 |
3,002 |
+4.7% |
| Mar 5 |
3,083 |
+2.7% |
Investment-Critical Signals
- BDTI at 3,083 represents a major freight spike -- crude oil transport costs are rising sharply, which will compress refinery margins and may indicate supply disruption or sanctions-related rerouting.
- BLNG at 26,467 is an extreme outlier -- likely driven by seasonal demand, fleet constraints, or geopolitical disruption. This level is 6.9x the level from just 5 days prior.
- The rate of BDTI increase is decelerating (from +23.4%/day to +2.7%/day), suggesting the spike may be peaking.
2. Container Shipping Rates
Global Spot Rates (USD/FEU, Feb 26, 2026)
| Route |
Current Rate |
1 Month Ago |
Change |
| Composite (综合) |
1,859 |
2,107 |
-11.8% |
| Shanghai-Rotterdam |
2,075 |
2,379 |
-12.8% |
| Shanghai-Genoa |
2,827 |
3,293 |
-14.1% |
| Shanghai-Los Angeles |
2,123 |
2,442 |
-13.1% |
| Shanghai-New York |
2,683 |
2,969 |
-9.6% |
| Rotterdam-Shanghai |
516 |
504 |
+2.4% |
| Los Angeles-Shanghai |
716 |
721 |
-0.7% |
| New York-Rotterdam |
932 |
988 |
-5.7% |
| Rotterdam-New York |
1,598 |
1,605 |
-0.4% |
Baltic Container Freight Index (USD, Weekly)
| Route |
Feb 27 |
Jan 23 |
5-Week Change |
| Global Index |
1,934.6 |
2,406.0 |
-19.6% |
| China/E.Asia - N.America West |
1,843.0 |
2,675.0 |
-31.1% |
| China/E.Asia - N.America East |
3,021.6 |
3,928.0 |
-23.1% |
| China/E.Asia - N.Europe |
2,460.0 |
2,926.4 |
-15.9% |
| China/E.Asia - Mediterranean |
3,649.2 |
4,384.8 |
-16.8% |
| N.America East - N.Europe |
582.8 |
457.2 |
+27.5% |
| N.Europe - N.America East |
1,545.2 |
1,545.6 |
0.0% |
CFFI (China Freight Forwarding Index, Mar 21, 2025)
| Route |
Index Value |
| Composite |
2,399 |
| China-North America |
4,866 |
| China-Europe |
3,914 |
| China-Central/South America |
3,633 |
| China-West Africa |
3,942 |
| China-Red Sea/Mediterranean |
3,216 |
| China-East Africa |
1,853 |
| China-Japan/Korea/Russia FE |
720 |
Investment-Critical Signals
- Container rates in steep decline -- global index down nearly 20% in 5 weeks, signaling demand softening.
- China-N.America West Coast route collapsing fastest (-31.1%) -- potential tariff/trade policy impact.
- Eastbound-westbound imbalance remains extreme (4:1 ratio Shanghai-Rotterdam vs return).
- Tanker rates diverging from container rates -- tankers surging while containers falling. This divergence is critical for crude oil vs. finished goods economics.
3. China Shipping Prosperity Index (CSPI)
Unit: Index (100 = neutral) | Frequency: Monthly
| Index |
Nov 2025 |
Oct 2025 |
Sep 2025 |
Aug 2025 |
| Leading |
100.88 |
100.98 |
101.22 |
100.31 |
| Coincident |
98.26 |
97.16 |
98.08 |
98.14 |
| Lagging |
98.05 |
98.27 |
98.20 |
97.85 |
Signal
- All three indices hovering near 100 with a slight downward bias.
- Leading index declining (101.22 --> 100.88 from Sep to Nov) -- mild negative outlook.
- Coincident index at 98.26 indicates the shipping market is operating slightly below trend.
4. China Coastal Port Operations
Major Port Cargo Throughput (万吨/10,000 tonnes, Monthly)
| Port |
Dec 2025 |
Nov 2025 |
Oct 2025 |
Sep 2025 |
Aug 2025 |
| Coastal Total |
98,626 |
100,369 |
98,714 |
96,887 |
100,544 |
| Ningbo-Zhoushan |
11,675 |
11,979 |
11,693 |
12,043 |
12,651 |
| Shanghai |
6,772 |
6,798 |
6,775 |
7,001 |
7,406 |
| Qingdao |
5,843 |
5,984 |
6,182 |
6,285 |
6,387 |
| Rizhao |
5,141 |
5,246 |
5,513 |
5,467 |
5,395 |
| Tianjin |
4,296 |
4,801 |
4,970 |
5,212 |
5,196 |
| Yantai |
4,004 |
4,798 |
4,722 |
4,683 |
4,617 |
| Lianyungang |
3,322 |
3,297 |
3,096 |
3,299 |
3,104 |
| Dalian |
2,475 |
2,621 |
2,337 |
2,366 |
2,507 |
Container Throughput (万TEU, Monthly)
| Port |
Dec 2025 |
Nov 2025 |
2025 YTD |
| Coastal Total |
2,609 |
2,681 |
31,198 |
| Shanghai |
450 |
449 |
-- |
| Ningbo-Zhoushan |
388 |
372 |
-- |
| Shenzhen |
300 |
307 |
-- |
| Qingdao |
252 |
275 |
3,289 |
| Guangzhou |
241 |
249 |
-- |
| Tianjin |
130 |
188 |
2,403 |
| Xiamen |
126 |
112 |
-- |
Investment-Critical Signals
- Full-year 2025 coastal container throughput: 312 million TEU -- a key benchmark for trade volume.
- Tianjin showing significant weakness -- cargo down 17.6% (Sep-Dec), containers down 30.9% in Dec. Worth investigating for trade policy impact.
- Ningbo-Zhoushan consistently the largest cargo port at ~11,700 万吨/month.
5. Canal Transit Data
Panama Canal (Daily, Mar 2026)
| Date |
Total Waiting Ships |
Neopanamax |
Panamax Plus |
| Mar 5 |
63 |
15 |
48 |
| Mar 4 |
74 |
14 |
60 |
| Mar 3 |
86 |
19 |
67 |
| Mar 2 |
84 |
15 |
69 |
| Mar 1 |
82 |
15 |
67 |
- Wait times for unreserved vessels: 1-6 days
- Congestion improving (86 --> 63 over 3 days)
- Panamax Plus lock 3-4x more congested than Neopanamax
Suez Canal (Annual, 2025)
| Metric |
2025 Value |
YoY |
| Total Transits |
12,758 |
-- |
| Daily Avg Transits |
35/day |
-- |
| Total Net Tonnage |
522,084 千吨 |
-- |
| Oil Tanker Transits |
4,991 |
+0.7% |
| LNG Carrier Transits |
282 |
+137.0% |
| Bulk Carrier Transits |
3,423 |
-16.6% |
| Container Ship Transits |
1,840 |
+5.3% |
| Car Carrier Transits |
179 |
+46.7% |
| Total Cargo (S-->N) |
317,581 千吨 |
-5.4% |
| Total Cargo (N-->S) |
146,859 千吨 |
+20.4% |
| Total Cargo Both Ways |
464,440 千吨 |
+1.4% |
| Dec 2025 Monthly Transits |
1,138 |
-- |
| Dec 2025 Monthly Tonnage |
50,424 千吨 |
-- |
Investment-Critical Signals
- LNG transits through Suez surged 137% -- massive recovery, likely post-Houthi disruption normalization.
- Oil tanker transits stable (+0.7%) despite geopolitical concerns -- crude oil Suez flows maintained.
- Bulk carrier transits down 16.6% -- significant shift away from Suez for dry bulk trade.
- Northbound cargo declining (-5.4%) while southbound surging (+20.4%) -- changing trade flow directionality.
- Panama Canal congestion normalizing -- no longer a meaningful bottleneck as in 2023-2024.
6. Domestic China Transport
Road Freight Index (Weekly, Mar 4, 2026)
| Index |
Value |
WoW |
YoY |
| Total (Fixed Base) |
1,053.21 |
+0.08% |
+0.50% |
| Full Truck Load |
1,059.71 |
+0.09% |
+0.67% |
| LTL Heavy Cargo |
1,059.49 |
+0.09% |
+0.61% |
| LTL Light Cargo |
1,025.73 |
+0.02% |
-0.19% |
Railway Freight (Monthly)
| Metric |
Jan 2026 |
Full Year 2025 |
2025 YoY |
| Freight Dispatched |
33,183 万吨 |
406,827 万吨 |
+2.1% |
| Freight Turnover |
2,775.03 亿吨公里 |
33,562.84 亿吨公里 |
+3.0% |
Waterway Freight (Monthly)
| Metric |
Dec 2025 |
Full Year 2025 |
2025 YoY |
| Freight Volume |
91,280 万吨 |
1,012,462 万吨 |
+3.2% |
| Freight Turnover |
14,177.76 亿吨公里 |
-- |
-- |
Investment-Critical Signals
- Road freight rates essentially flat -- no pricing power, suggesting balanced supply/demand.
- Railway growing at +2.1% in volume, +3.0% in turnover -- average haul distances increasing.
- Waterway freight exceeded 10 billion tonnes in 2025 (1,012,462 万吨), +3.2% YoY.
7. Oil Tanker Fleet Status (China Coastal)
Source: China Ministry of Transport | Frequency: Semi-annual
| Metric |
Q4 2024 |
Q2 2024 |
Q4 2023 |
Q4 2022 |
| Total Oil Tankers |
1,096 |
1,114 |
1,152 |
1,194 |
| Total DWT (万吨) |
1,160.9 |
1,161.3 |
1,168.8 |
1,142.2 |
| Net Change (half-year) |
-56 |
-38 |
-42 |
-30 |
| New Capacity Added |
40 ships |
22 ships |
59 ships |
57 ships |
| Enterprises Exiting |
96 ships |
60 ships |
101 ships |
87 ships |
| Average Ship Age |
11.4 years |
11.2 years |
11.1 years |
11.0 years |
| Aging Ships Count |
620 |
573 |
546 |
503 |
| Ships Needing Special Inspection |
3 |
3 |
3 |
2 |
Investment-Critical Signals
- Fleet shrinking at accelerating rate -- net loss of 56 ships in H2 2024 vs. 38 in H1 2024.
- 56.6% of fleet (620/1,096) classified as aging -- massive fleet renewal needed.
- Enterprise exits (96 in H2 2024) far outpace new capacity (40) -- industry consolidation underway.
- DWT stable despite fewer ships -- remaining fleet is larger-capacity vessels.
- Average age of 11.4 years and rising -- approaching typical 15-year major overhaul threshold.
8. Global Hub Port Throughput
Singapore Port (Monthly)
| Metric |
Jan 2026 |
Dec 2025 |
Nov 2025 |
Oct 2025 |
| Total Cargo (千吨) |
55,266.91 |
50,839.82 |
50,563.31 |
53,347.81 |
| Oil Bulk Cargo (千吨) |
16,341.36 |
13,291.05 |
14,805.49 |
16,568.66 |
| Container (千TEU) |
3,892.37 |
3,919.00 |
3,705.04 |
3,828.47 |
| Tanker Arrivals |
2,282 |
2,248 |
2,171 |
2,259 |
| Total Vessel Arrivals |
12,031 |
11,892 |
11,207 |
11,552 |
Rotterdam Port (Annual, TEU)
| Year |
Container TEU |
YoY |
| 2024 |
13,819,761 |
+2.8% |
| 2023 |
13,446,709 |
-7.0% |
| 2022 |
14,456,313 |
-5.5% |
| 2021 |
15,299,970 (peak) |
+6.6% |
Busan Port (Annual, 千TEU)
| Year |
Total TEU |
Transshipment |
| 2024 |
24,402 |
13,497 |
| 2023 |
23,154 |
12,409 |
Investment-Critical Signals
- Singapore oil throughput surged 23% MoM (Jan 2026) to 16,341 千吨 -- major increase in crude/products handling.
- Singapore tanker arrivals at 2,282/month (Jan 2026) -- highest in the 4-month period shown.
- Rotterdam TEU recovery (+2.8% in 2024) but still 9.7% below 2021 peak.
- Busan transshipment growth (+8.8%) confirms its strengthening hub role in Asia.