Source: Midstream Transport Channels & Logistics Efficiency Data
File Overview
Filename: 运输通道与物流效率.xlsx (Transport Channels & Logistics Efficiency)
Location: 中游储运 (Midstream Storage & Transportation)
Sheets: 91 total (90 data sheets + 1 index sheet)
Coverage: Maritime freight indices, container rates, port throughput (China and global), road/rail/waterway transport, canal transit data
Sheet 1: Baltic Exchange Freight Indices (波罗的海运费指数)
- Frequency: Daily
- Rows: 6,059 (long history)
Latest Data (Mar 5, 2026)
| Index |
Mar 5 |
Mar 4 |
Mar 3 |
Mar 2 |
Feb 27 |
| BDTI (Dirty Tanker) |
3,083 |
3,002 |
2,866 |
2,322 |
1,991 |
| BCTI (Clean Tanker) |
1,654 |
1,784 |
1,395 |
1,124 |
906 |
| BLNG (LNG) |
26,467 |
25,083 |
14,887 |
5,143 |
3,843 |
| BAI (Aviation) |
-- |
-- |
-- |
2,007 |
-- |
| BLPG (LPG) |
7,774 |
8,244 |
8,274 |
9,263 |
7,490 |
Trend Analysis
- BDTI surged 54.8% in one week (1,991 --> 3,083), a dramatic spike in dirty tanker rates.
- BCTI surged 82.6% (906 --> 1,654) over the same period.
- BLNG exploded from 3,843 to 26,467 (+588%) -- extreme volatility, likely due to seasonal/supply disruption.
- ANOMALY: The BLNG spike from 5,143 to 14,887 to 26,467 in 3 days is exceptional and warrants investigation for supply chain disruption or geopolitical event.
- BLPG relatively stable in the 7,490-9,263 range.
Sheet 2: Global Major Route Spot Rates (全球主要航线即期运价)
- Frequency: Daily
- Unit: USD/FEU (forty-foot equivalent unit)
Latest Data (Feb 2026)
| Route |
Feb 26, 2026 |
Feb 5, 2026 |
Jan 29, 2026 |
| Composite (综合运价) |
1,859 |
1,959 |
2,107 |
| Shanghai-Rotterdam |
2,075 |
2,164 |
2,379 |
| Rotterdam-Shanghai |
516 |
516 |
504 |
| Shanghai-Genoa |
2,827 |
3,048 |
3,293 |
| Shanghai-Los Angeles |
2,123 |
2,239 |
2,442 |
| Los Angeles-Shanghai |
716 |
725 |
721 |
| Shanghai-New York |
2,683 |
2,819 |
2,969 |
| New York-Rotterdam |
932 |
946 |
988 |
| Rotterdam-New York |
1,598 |
1,598 |
1,605 |
Key Observations
- Eastbound-westbound imbalance persists: Shanghai-Rotterdam at USD 2,075/FEU vs. Rotterdam-Shanghai at USD 516/FEU (4:1 ratio).
- Rates declining across all eastbound routes from Jan to Feb 2026 -- seasonal post-CNY softening.
- Shanghai-Los Angeles rate dropped from 2,442 to 2,123 (-13.1%) in one month.
Sheet 3: Baltic Container Freight Index (波罗的海集装箱运价指数)
- Frequency: Weekly
- Unit: USD
Latest Data (Feb 27, 2026)
| Route |
Feb 27 |
Feb 20 |
Feb 6 |
Jan 30 |
Jan 23 |
| Global |
1,934.6 |
1,946.0 |
2,030.6 |
2,282.4 |
2,406.0 |
| China/E.Asia - N.America West |
1,843.0 |
1,833.8 |
1,915.8 |
2,418.2 |
2,675.0 |
| China/E.Asia - N.America East |
3,021.6 |
3,026.8 |
3,456.8 |
3,859.0 |
3,928.0 |
| China/E.Asia - N.Europe |
2,460.0 |
2,481.8 |
2,548.4 |
2,778.8 |
2,926.4 |
| China/E.Asia - Mediterranean |
3,649.2 |
3,707.4 |
3,783.6 |
4,179.2 |
4,384.8 |
| N.Europe - N.America East |
582.8 |
544.4 |
429.0 |
446.0 |
457.2 |
Trend Analysis
- Global index fell 19.6% from Jan 23 (2,406) to Feb 27 (1,935) -- significant deflation in container rates.
- China-N.America West Coast rates collapsed 31.1% (2,675 --> 1,843).
- China-Mediterranean rates dropped 16.8% (4,385 --> 3,649) but remain elevated.
- N.Europe-N.America East rates rose from 457 to 583 (+27.6%) -- countertrend.
Sheet 4: CFFI - China Freight Forwarding Index (中国货代运价指数)
- Frequency: Weekly
- Unit: Index
Latest Data (Mar 21, 2025)
| Route |
Mar 21 |
Mar 7 |
Feb 28 |
Feb 21 |
| Composite (综合) |
2,399 |
2,525 |
2,583 |
2,678 |
| China-North America |
4,866 |
5,442 |
5,744 |
5,744 |
| China-Central/South America |
3,633 |
3,633 |
4,285 |
4,285 |
| China-Europe |
3,914 |
3,914 |
3,914 |
3,914 |
| China-East Africa |
1,853 |
1,866 |
1,866 |
1,863 |
| China-West Africa |
3,942 |
3,942 |
3,942 |
4,400 |
| China-Red Sea/Mediterranean |
3,216 |
3,325 |
3,296 |
3,402 |
| China-Japan/Korea/Russia FE |
720 |
715 |
715 |
715 |
Key Observations
- China-North America rates fell sharply from 5,744 to 4,866 (-15.3%) over Feb-Mar 2025.
- China-Europe rates completely flat at 3,914 for 4 consecutive weeks.
- Intra-Asia (Japan/Korea) rates very low at 720 and stable.
Sheet 5: China Shipping Prosperity Index (CSPI) (中国航运景气指数)
Latest Data
| Index |
Nov 2025 |
Oct 2025 |
Sep 2025 |
Aug 2025 |
Jul 2025 |
| Leading Index (先行指数) |
100.88 |
100.98 |
101.22 |
100.31 |
99.99 |
| Coincident Index (一致指数) |
98.26 |
97.16 |
98.08 |
98.14 |
98.59 |
| Lagging Index (滞后指数) |
98.05 |
98.27 |
98.20 |
97.85 |
97.83 |
Trend Analysis
- All indices hovering just below or at 100 (neutral), indicating a tepid shipping market.
- Leading index trending down from 101.22 (Sep) to 100.88 (Nov) -- mild deceleration signal.
- Coincident index recovered slightly in Nov (98.26 vs 97.16 in Oct).
Sheet 6: China Coastal Port Cargo Throughput (沿海主要港口货物吞吐量)
- Frequency: Monthly
- Unit: 10,000 tonnes (万吨)
- Columns: 209 (all major Chinese coastal ports)
Latest Data (Dec 2025, 万吨/10,000 tonnes)
| Port |
Dec 2025 |
Nov 2025 |
Oct 2025 |
Sep 2025 |
| Coastal Total (沿海合计) |
98,626 |
100,369 |
98,714 |
96,887 |
| Ningbo-Zhoushan (宁波-舟山) |
11,675 |
11,979 |
11,693 |
12,043 |
| Shanghai (上海) |
6,772 |
6,798 |
6,775 |
7,001 |
| Qingdao (青岛) |
5,843 |
5,984 |
6,182 |
6,285 |
| Rizhao (日照) |
5,141 |
5,246 |
5,513 |
5,467 |
| Tianjin (天津) |
4,296 |
4,801 |
4,970 |
5,212 |
| Yantai (烟台) |
4,004 |
4,798 |
4,722 |
4,683 |
| Lianyungang (连云港) |
3,322 |
3,297 |
3,096 |
3,299 |
| Fuzhou (福州) |
2,689 |
2,952 |
2,875 |
3,006 |
| Dalian (大连) |
2,475 |
2,621 |
2,337 |
2,366 |
| Yingkou (营口) |
2,048 |
1,875 |
1,820 |
2,112 |
| Qinhuangdao (秦皇岛) |
1,700 |
1,891 |
1,816 |
1,761 |
Key Observations
- Total coastal throughput running at ~98,000-100,000 万吨/month (~986-1,004 million tonnes/month).
- Tianjin throughput declining from 5,212 (Sep) to 4,296 (Dec), -17.6% -- notable weakness.
- Ningbo-Zhoushan remains the top port at 11,675 万吨, but trending down from Sep peak.
- Dec typically shows seasonal softening, consistent with the data.
Sheet 7: China Coastal Container Throughput (沿海主要港口集装箱吞吐量)
- Frequency: Monthly
- Unit: 10,000 TEU (万二十英尺标准箱)
Latest Data (Dec 2025)
| Port |
Dec 2025 |
Nov 2025 |
Cumulative 2025 |
| Coastal Total |
2,609 |
2,681 |
31,198 |
| Shanghai (上海) |
450 |
449 |
-- |
| Ningbo-Zhoushan |
388 |
372 |
-- |
| Shenzhen (深圳) |
300 |
307 |
-- |
| Qingdao (青岛) |
252 |
275 |
3,289 |
| Guangzhou (广州) |
241 |
249 |
-- |
| Tianjin (天津) |
130 |
188 |
2,403 |
| Xiamen (厦门) |
126 |
112 |
-- |
| Dalian (大连) |
49 |
49 |
548 |
Key Observations
- Full-year 2025 cumulative coastal container throughput: 31,198 万TEU (312 million TEU).
- Shanghai leads with ~450 万TEU/month consistently.
- Tianjin container volume dropped sharply in Dec (130 vs. 188 in Nov, -30.9%), consistent with cargo throughput decline.
Sheet 8: Panama Canal (巴拿马运河)
- Frequency: Daily
- Unit: Ships (艘) / Days (天)
Latest Data (Mar 2026)
| Date |
Total Waiting |
Neopanamax |
Panamax Plus |
| Mar 5, 2026 |
63 |
15 |
48 |
| Mar 4, 2026 |
74 |
14 |
60 |
| Mar 3, 2026 |
86 |
19 |
67 |
| Mar 2, 2026 |
84 |
15 |
69 |
| Mar 1, 2026 |
82 |
15 |
67 |
Wait Times (Unreserved vessels)
- Regulars northbound: 1-4 days
- Supers northbound: 0-1 day
- Regulars southbound: 4-6 days
- Supers southbound: 1 day
Key Observations
- Total waiting vessels declined from 86 to 63 over Mar 3-5, suggesting improving throughput.
- Panamax Plus lock has significantly more congestion (48-69 vessels) vs. Neopanamax (14-19).
- Wait times are relatively short (1-6 days), indicating the canal is operating near normal capacity (vs. the 2023-2024 drought-related disruptions).
Sheet 9: Suez Canal (苏伊士运河)
- Frequency: Annual (with monthly sub-data)
- Unit: Transits (艘次), Tonnage (千吨/thousand tonnes)
2025 Annual Data
| Metric |
2025 Value |
YoY Change |
| Total Ship Transits |
12,758 transits |
-- |
| Daily Average Transits |
35 transits/day |
-- |
| Total Net Tonnage |
522,084 thousand tonnes |
-- |
| Daily Average Tonnage |
1,430.4 thousand tonnes/day |
-- |
| Tanker Transits |
4,991 |
+0.7% YoY |
| LNG Carrier Transits |
282 |
+137.0% YoY |
| Bulk Carrier Transits |
3,423 |
-16.6% YoY |
| Container Ship Transits |
1,840 |
+5.3% YoY |
| General Cargo |
1,333 |
-7.2% YoY |
| Ro-Ro |
176 |
+14.3% YoY |
| Car Carriers |
179 |
+46.7% YoY |
| Passenger Ships |
17 |
-10.5% YoY |
Cargo Throughput by Direction (2025)
| Direction |
Volume (thousand tonnes) |
YoY Change |
| South to North |
317,581 |
-5.4% |
| North to South |
146,859 |
+20.4% |
| Total |
464,440 |
+1.4% |
Net Tonnage by Ship Type (2025, thousand tonnes)
| Ship Type |
Net Tonnage |
YoY Change |
| Tankers |
246,851 |
+1.5% |
| LNG Carriers |
30,627 |
+132.4% |
| Bulk Carriers |
131,914 |
-18.2% |
| Container Ships |
72,453 |
-3.1% |
Monthly Data (Latest available)
- Dec 2025 monthly transits: 1,138 vessels
- Dec 2025 monthly net tonnage: 50,424 thousand tonnes
Key Observations
- LNG traffic surged 137% in number and +132.4% in tonnage -- a massive shift, likely reflecting post-disruption recovery or rerouting.
- Bulk carrier traffic down 16.6-18.2% -- significant decline in dry bulk transit.
- Southbound cargo surged 20.4% while northbound declined 5.4%, indicating shifting trade patterns.
- Tanker traffic stable (+0.7%), oil flows through Suez largely unaffected.
- Car carrier traffic up 46.7% -- strong automotive trade flows.
Sheet 10: Road Freight Index (公路物流运价指数)
- Frequency: Weekly
- Unit: Index (base period indexed)
Latest Data (Week of Mar 4, 2026)
| Index |
Mar 4 |
Feb 25 |
Feb 18 |
Feb 11 |
| Total (定基) |
1,053.21 |
1,052.37 |
1,054.38 |
1,053.58 |
| Total (环比, WoW) |
1,000.79 |
998.10 |
1,000.76 |
1,001.57 |
| Total (同比, YoY) |
1,004.95 |
1,003.30 |
1,005.91 |
1,005.30 |
| Full Truck Load (定基) |
1,059.71 |
1,058.75 |
1,060.45 |
1,059.91 |
| LTL Heavy (定基) |
1,059.49 |
1,058.49 |
1,063.08 |
1,060.63 |
| LTL Light (定基) |
1,025.73 |
1,025.49 |
1,025.61 |
1,025.83 |
Key Observations
- Road freight rates extremely stable with less than 0.5% weekly variation.
- YoY rates up ~0.5%, barely above inflation -- weak pricing power for truckers.
- LTL light cargo rates significantly lower than FTL and LTL heavy, reflecting structural market difference.
Sheet 11: Railway Freight (铁路客货运输与周转量)
- Frequency: Monthly
- Unit: 万吨 (10,000 tonnes) cumulative; 亿吨公里 (100 million tonne-km)
Latest Data
| Metric |
Jan 2026 |
Full Year 2025 |
YoY (2025) |
| Total Freight Dispatched (cumulative) |
33,183 万吨 |
406,827 万吨 |
+2.1% |
| Freight Turnover (cumulative) |
2,775.03 亿吨公里 |
33,562.84 亿吨公里 |
+3.0% |
| Total Converted Turnover (cumulative) |
3,943.37 亿吨公里 |
49,930.93 亿吨公里 |
+3.3% |
Key Observations
- Jan 2026 freight dispatched at 33,183 万吨 with +1.5% YoY growth, slower than full-year 2025 (+2.1%).
- Freight turnover growth (+4.1% YoY in Jan 2026) accelerated vs. full-year 2025 (+3.0%) -- longer haul distances.
- Total converted turnover YoY -4.0% in Jan 2026, indicating passenger traffic decline offsetting freight gains.
Sheet 12: Waterway Freight (水路客货运输与周转量)
- Frequency: Monthly
- Unit: 万吨 (10,000 tonnes); 亿吨公里 (100 million tonne-km)
Latest Data (Dec 2025)
| Metric |
Dec 2025 (Monthly) |
2025 Cumulative |
YoY |
| Waterway Freight Volume |
91,280 万吨 |
1,012,462 万吨 |
+3.2% |
| Waterway Freight Turnover |
14,177.76 亿吨公里 |
-- |
-- |
Key Observations
- Full-year 2025 waterway freight: 1,012,462 万吨 (10.12 billion tonnes), +3.2% YoY.
- Monthly volumes very consistent around 85,000-92,000 万吨.
Sheet 13: Tanker/Dangerous Goods Fleet (液化危险品船运力情况)
- Frequency: Semi-annual (quarterly reported)
Latest Data (Q4 2024)
| Metric |
Q4 2024 |
Q2 2024 |
Q4 2023 |
| Oil Tanker Fleet - Total Ships |
1,096 |
1,114 |
1,152 |
| Oil Tanker Fleet - Total DWT |
1,160.9 万DWT |
1,161.3 万DWT |
1,168.8 万DWT |
| Net Change in Ships |
-56 |
-38 |
-42 |
| New Capacity Added (ships) |
40 |
22 |
59 |
| Enterprises Exiting (ships) |
96 |
60 |
101 |
| Average Ship Age |
11.4 years |
11.2 years |
11.1 years |
| Aging Fleet (ships) |
620 |
573 |
546 |
Key Observations
- Fleet shrinking: Net loss of 56 ships in H2 2024, continuing the contraction trend.
- Average ship age rising steadily (11.1 --> 11.4 years), indicating underinvestment in new capacity.
- 620 of 1,096 ships (56.6%) are classified as aging -- critical fleet renewal concern.
- DWT relatively stable despite fewer ships, meaning remaining fleet is larger per vessel.
Sheet 14: Singapore Port (新加坡港)
- Frequency: Monthly
- Unit: Thousand tonnes / thousand TEU / ships
Latest Data (Jan 2026)
| Metric |
Jan 2026 |
Dec 2025 |
Nov 2025 |
| Total Cargo Throughput |
55,266.91 千吨 |
50,839.82 千吨 |
50,563.31 千吨 |
| Containerised Cargo |
31,628.63 千吨 |
31,926.80 千吨 |
30,568.30 千吨 |
| Oil Bulk Cargo |
16,341.36 千吨 |
13,291.05 千吨 |
14,805.49 千吨 |
| Container Throughput |
3,892.37 千TEU |
3,919.00 千TEU |
3,705.04 千TEU |
| Arriving Vessels - Total |
12,031 |
11,892 |
11,207 |
| Arriving Vessels - Tankers |
2,282 |
2,248 |
2,171 |
| Arriving Vessels - Bulk Carriers |
1,695 |
1,618 |
1,594 |
| Arriving Vessels - Container Ships |
1,366 |
1,324 |
1,287 |
Key Observations
- Oil bulk cargo surged to 16,341 千吨 in Jan 2026, up 23.0% from Dec 2025 -- significant increase in oil throughput.
- Total cargo throughput jumped 8.7% MoM to 55,267 千吨.
- Tanker arrivals steady at ~2,200-2,300 per month.
Sheet 15: Rotterdam Port (鹿特丹港)
- Frequency: Annual
- Unit: Containers / TEU
Latest Data
| Year |
Container Count |
TEU Throughput |
| 2024 |
7,962,299 |
13,819,761 |
| 2023 |
7,816,755 |
13,446,709 |
| 2022 |
8,315,417 |
14,456,313 |
| 2021 |
8,896,425 |
15,299,970 |
| 2020 |
8,436,240 |
14,349,446 |
Key Observations
- 2024 throughput recovered to 13.82 million TEU (+2.8% YoY), but still well below the 2021 peak of 15.30 million TEU.
- The post-2021 decline (-9.7%) reflects European economic slowdown and trade pattern shifts.
Sheet 16: Busan Port (釜山港)
- Frequency: Monthly (container TEU) / Annual (summary)
- Unit: TEU
Latest Data (2024)
| Metric |
2024 |
2023 |
| Total Container (annual) |
24,402 千TEU |
23,154 千TEU |
| Transshipment |
13,497 千TEU |
12,409 千TEU |
| New Port Throughput |
17,880 千TEU |
16,309 千TEU |
Key Observations
- Busan throughput grew 5.4% YoY to 24.4 million TEU in 2024.
- Transshipment volume (+8.8% YoY) outpacing total growth -- reinforcing Busan's hub role.