航运日报-关税裁决带来更多不确定性，但对市场情绪有帮助

Day AgoChangeWeek AgoYear AgoYTD 2025$36,800-10.6%$40,200$36,900$38,700$43,700-8.9%$47,300$45,200$46,000$44,700-8.3%$48,400$46,400$47,000$33,3000.0%$34,000$47,600$38,900$36,3000.0%$37,100$51,200$42,100$36,700-0.3%$37,400$52,100$42,600$30,300-5.0%$32,300$51,600$34,600$33,000-4.8%$34,900$54,800$37,500$33,300-4.5%$35,300$55,500$38,000Day AgoChangeWeek AgoYear AgoYTD 2025$31,500-2.2%$33,500$61,100$28,800$35,000-2.0%$37,000$65,300$32,400$35,800-2.0%$37,900$66,500$33,300$23,2006.0%$22,800$42,800$20,200$26,7004.9%$26,300$47,000$23,900$27,0005.2%$26,700$47,800$24,500Day AgoChangeWeek AgoYear AgoYTD 2025$15,50010.3%$15,600$22,800$14,100$19,7006.1%$19,400$27,900$18,300$20,3005.9%$20,000$28,500$19,000$8,2000.0%$9,100$13,000$8,100$10,5000.0%$11,400$15,500$10,500$11,2000.0%$12,100$16,000$11,100$9,5000.0%$9,700$14,200$8,400$12,2000.0%$12,500$16,100$11,100$12,800-0.8%$13,000$16,500$11,600Day AgoChangeWeek AgoYear AgoYTD 2025$4,0000.0%$4,000$30,000$4,000$14,0000.0%$14,000$40,000$12,000$29,0000.0%$29,000$53,000$23,000$49,1004.7%$51,000$68,200$37,300$51,9004.4%$53,900$71,700$40,200$53,3004.7%$55,400$73,700$41,800Day AgoChangeWeek AgoYear AgoYTD 2025$3,2003.1%$3,000$5,400$3,500$4,4004.5%$4,200$6,700$4,600$2,3000.0%$2,200$5,500$3,000$3,6000.0%$3,400$6,600$4,200 Omar Nokta * | Equity Analyst1 (212) 778-8405 | onokta@jefferies.comJaeyoung McGarry * | Equity Associate(212) 778-8358 | jmcgarry@jefferies.comEmily Harkins * | Equity Associate+1 (212) 778-8584 | eharkins@jefferies.comYesterday'scourt ruling blocking themajorityof President Trump's tariffscreatesan added layer of uncertaintywith expectations of further court hearingsand perhaps different approaches by theUS administration to push forward withtariffs. For now, however, this developmentisa positive for sentiment,though wenote that this had already been improvingfollowingthe China-US deal over twoweeks ago. Container shipping sentimentlikely benefits the most until further long-term clarity arises on the tariff situation.The LPG segment is also likely to see animprovement in sentiment, although thishad been seen in recent weeks; we notethat VLGCs are the top performing vesselclass across all commodity shipping withspot rates at above $50,000/day.The recent upswing in the container freightmarket is likely to show more significantgains in the near-term as ocean carriershave raised their offered rates materiallyon the back of continued thin capacityonthe Transpacific.Alphaliner showsweekly offered capacity has declined toanaverage of 500,000 teu this weekas compared to 550,000 teu on averageinApril and 565,000 teu during 1Q25.Asia-USWC rate quotes are now pushingabove $5,000/feu for June cargo bookings,substantially higher than last week's SCFIreading for the route of $3,275/feu. Thispointsto a big upwards move in theSCFIindex when published tomorrow(potentially a double-digit percentage gainw/w). Crude Tanker RatesChart 1 - VLCC Crude Tanker Spot Rates per day (eco).$0$20,000$40,000$60,000$80,000$100,000$120,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCChart 3 - Suezmax Crude Tanker Spot Rates per day (eco).$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000$80,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCChart 5 - Aframax Crude Tanker Spot Rates per day (eco).$0$20,000$40,000$60,000$80,000$100,000$120,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCPlease see important disclosure information on pages 8 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Jul-24Jul-24Jul-24 Product Tanker RatesChart 7 - LR2 Product Tanker Spot Rates per day (eco).$0$20,000$40,000$60,000$80,000$100,000$120,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCChart 9 - MR Product Tanker Spot Rates per day (eco).$0$10,000$20,000$30,000$40,000$50,000$60,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCPlease see important disclosure information on pages 8 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Jul-24Jul-24Oct-24 Dry Bulk RatesChart 11 - Capesize Spot Rates per day (eco).$0$10,000$20,000$30,000$40,000$50,000$60,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCChart 13 - Kamsarmax Spot Rates per day.$0$5,000$10,000$15,000$20,000$25,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCChart 15 - Ultramax Spot Rates per day.$0$5,000$10,000$15,000$20,000$25,000Jan-24Apr-24Source: Baltic Exchange, Jefferies LLCPlease see important disclosure information on pages 8 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. .Source: Baltic Exchange, Jefferies LLCChart 16 - Ultramax Annual Spot Rate Averages.$28,000$24,000$-$5,000$10,000$15,000$20,000$25,000$30,00020212022Source: Baltic Exchange, Jefferies LLC LNG & LPG RatesChart 17 - LNG Spot Rates per day (MEGI).$0$20,000$40,000$60,000$80,000$100,000$120,000$140,000Jan-24Apr-24Source: S&P Global Platts, Jefferies LLCChart 19 - V