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China IndustrialsChina Industrials Tracking trade flows amid changing US tariffs onChina (week 6)Tracking trade flows amid changing US tariffs onChina (week 6) IndustrialIndustrial Analystbin.xu@ubs.com+86-21-3866 8872MingGaoAnalystbin.xu@ubs.com+86-21-3866 8872MingGao We gather weekly data from UBS Evidence Lab, the Ministry of Transport and otherWe gather weekly data from UBS Evidence Lab, the Ministry of Transport and other third-party data providers to present the most recent trade flows. We cover shipping,shipbuilding, ports, international freight flights and land transportation.third-party data providers to present the most recent trade flows. We cover shipping,shipbuilding, ports, international freight flights and land transportation. AnalystS1460524120001ming.gao@ubs.com+86-21-3866 8842Zed ShengAnalystS1460524120001ming.gao@ubs.com+86-21-3866 8842Zed Sheng Container throughput at key ports in China recorded 28% YoY growth last week (vs.Container throughput at key ports in China recorded 28% YoY growth last week (vs. +41% YoY in week 5); the number of international freight flights was +88% YoY lastweek (vs. +62% YoY in week 5), mainly due to the impact of CNY holiday shift.Outbound volume of China-Europe/China-Asia Railway Express recorded+7%/-5% YoYin December. Import volume estimates by Port of Los Angeles indicated 27% YoYvolume increase in week 7 after the 34% YoY increase in week 6.+41% YoY in week 5); the number of international freight flights was +88% YoY lastweek (vs. +62% YoY in week 5), mainly due to the impact of CNY holiday shift.Outbound volume of China-Europe/China-Asia Railway Express recorded+7%/-5% YoYin December. Import volume estimates by Port of Los Angeles indicated 27% YoYvolume increase in week 7 after the 34% YoY increase in week 6. AnalystS1460525030003zed.sheng@ubs.com+86-21-3866 8730Cristian Nedelcu,CFAAnalystS1460525030003zed.sheng@ubs.com+86-21-3866 8730Cristian Nedelcu,CFA Analystcristian.nedelcu@ubs.com+44-20-7568 4375WilliamDengAnalystcristian.nedelcu@ubs.com+44-20-7568 4375WilliamDeng Further softening incontainerspotfreight rates as thepre-LunarNewYearrushappearsFurther softening incontainerspotfreight rates as thepre-LunarNewYearrushappears to be drawing to a close; the overall SCFl spot box freight index fell by a further 4%WoW, the lowest level since mid-October and down 24% from the late December high(USWC/USEC -4%/-3% WoW, Far East-Europe -1% WoW). Continued firm activity inthe containership charter market in the Far East, especially in the feeder segments. Asiafeeder ship chartering index -1% WoW and Asia feeder ship availability index continuedto decease by 5% WoW.to be drawing to a close; the overall SCFl spot box freight index fell by a further 4%WoW, the lowest level since mid-October and down 24% from the late December high(USWC/USEC -4%/-3% WoW, Far East-Europe -1% WoW). Continued firm activity inthe containership charter market in the Far East, especially in the feeder segments. Asiafeeder ship chartering index -1% WoW and Asia feeder ship availability index continuedto decease by 5% WoW. Economistwiliam-w.deng@ubs.com+852-29716765XinChenEconomistwiliam-w.deng@ubs.com+852-29716765XinChen AnalystS1460511050002xin.chen@ubs.com+86-21-3866 8864AnalystS1460511050002xin.chen@ubs.com+86-21-3866 8864 UpdateonSuezCanaltransitsand EuropeanportcongestionsAccording to Clarksons, overall Red Sea transits have remained stable in early 2026 atUpdateonSuezCanaltransitsand EuropeanportcongestionsAccording to Clarksons, overall Red Sea transits have remained stable in early 2026 at significantly below 'typical' levels - transits in recent days were still running 67% belowthe 2023average and thereare still~720 containerships re-routing via the Cape ofGood Hope. Gemini announced theirkey service ME11sailings will resume passage viathe Suez Canal from the middle of February on 3 Feb. (see link). APM Terminals steps inas potential interim operator following Panama's cancellation of long-standingconcessions with CKHutchison (seelink)significantly below 'typical' levels - transits in recent days were still running 67% belowthe 2023average and thereare still~720 containerships re-routing via the Cape ofGood Hope. Gemini announced theirkey service ME11sailings will resume passage viathe Suez Canal from the middle of February on 3 Feb. (see link). APM Terminals steps inas potential interim operator following Panama's cancellation of long-standingconcessions with CKHutchison (seelink) Source: Ministry of TransportSource: Ministry of Transport Source: Port of Los Angeles, the portal gives planned volumes three weeks aheadfor week 6-8, i.e. 8 Feb-28 Feb.Source: Port of Los Angeles, the portal gives planned volumes three weeks aheadfor week 6-8, i.e. 8 Feb-28 Feb. Source: Shanghai Futures ExchangeSource: Shanghai Futures Exchange Source: UBS Evidence Lab (≥ Access Dataset), data as of 7 Feb. 2026, based onarrival date, set shipping volume at Jan 5, 2019 =100Source