2025-05-15-Jefferies-航运日报-跨太平洋即期运价（及高速航线）进一步走强_13页_979kb

Summary of Shipping Daily Report

Core Content

The report provides an analysis of current and historical shipping rates across various vessel types and routes, with a focus on the Transpacific spot rates and their implications for container shipping companies. It highlights the recent trends in freight rates, the impact of demand and supply dynamics, and the potential earnings for companies operating in the high-speed segment. The report also includes analyst certifications, investment recommendations, valuation methodologies, and disclosures regarding potential conflicts of interest.

Main Points

Transpacific Spot Rates

• Asia - US West Coast (USWC):

  • Current freight rate: $2,600/FEU
  • Day ago rate: $2,600/FEU
  • Weekly change: 0.0%
  • Year ago rate: $4,600/FEU
  • YTD 2025: $3,500/FEU
  • YTD 2024: $3,900/FEU
  • High-speed rates have increased significantly, jumping to $7,000/FEU from $3,000–$4,000/FEU since March, indicating strong demand and potential earnings for MATX.

• Asia - US East Coast (USEC):

  • Current freight rate: $3,700/FEU
  • Day ago rate: $3,500/FEU
  • Weekly change: 5.7%
  • Year ago rate: $5,500/FEU
  • YTD 2025: $4,600/FEU
  • YTD 2024: $5,300/FEU

• Asia - Europe:

  • Current freight rate: $2,200/FEU
  • Day ago rate: $2,200/FEU
  • Weekly change: 0.0%
  • Year ago rate: $4,700/FEU
  • YTD 2025: $3,100/FEU
  • YTD 2024: $4,100/FEU

• Asia - Med:

  • Current freight rate: $3,300/FEU
  • Day ago rate: $3,300/FEU
  • Weekly change: 0.0%
  • Year ago rate: $5,900/FEU
  • YTD 2025: $4,300/FEU
  • YTD 2024: $5,300/FEU

Crude Tanker Rates

• VLCC (Non-eco): $39,800, up 1.8% from the previous day, down from $40,900 a week ago, and significantly lower than $54,000 a year ago.
• VLCC (Eco): $46,700, up 1.5% from the previous day, down from $47,700 a week ago, and lower than $62,500 a year ago.
• VLCC (Eco + Scrubber): $47,900, up 1.3% from the previous day, down from $49,100 a week ago, and lower than $64,800 a year ago.
• Suezmax (Non-eco): $37,700, down -0.5% from the previous day, lower than $40,000 a week ago, and below $38,900 a year ago.
• Suezmax (Eco): $40,700, down -0.2% from the previous day, lower than $42,900 a week ago, and below $42,500 a year ago.
• Suezmax (Eco + Scrubber): $40,800, no change from the previous day, lower than $43,200 a week ago, and below $43,800 a year ago.
• Aframax (Standard): $34,400, down -1.7% from the previous day, significantly lower than $38,100 a week ago, and below $43,300 a year ago.
• Aframax (Eco): $37,000, down -1.6% from the previous day, lower than $40,700 a week ago, and below $46,500 a year ago.
• Aframax (Eco + Scrubber): $37,300, down -1.3% from the previous day, lower than $41,000 a week ago, and below $47,500 a year ago.

Product Tanker Rates

• LR2 (Non-eco): $27,900, up 7.7% from the previous day, significantly higher than $24,500 a week ago, and lower than $61,900 a year ago.
• LR2 (Eco): $31,300, up 6.5% from the previous day, higher than $27,800 a week ago, and lower than $66,200 a year ago.
• LR2 (Eco + Scrubber): $32,100, up 6.3% from the previous day, higher than $28,700 a week ago, and lower than $68,000 a year ago.
• MR (Non-eco): $15,500, down -5.5% from the previous day, significantly lower than $18,400 a week ago, and below $32,500 a year ago.
• MR (Eco): $18,900, down -4.1% from the previous day, lower than $21,700 a week ago, and below $36,700 a year ago.
• MR (Eco + Scrubber): $19,300, down -3.0% from the previous day, lower than $22,000 a week ago, and below $37,700 a year ago.

Dry Bulk Rates

• Capesize (Non-eco): $14,700, up 7.3% from the previous day, higher than $14,500 a week ago, and lower than $21,200 a year ago.
• Capesize (Eco): $18,400, up 6.4% from the previous day, higher than $18,300 a week ago, and lower than $26,300 a year ago.
• Capesize (Eco + Scrubber): $19,100, up 6.7% from the previous day, higher than $19,100 a week ago, and lower than $27,900 a year ago.
• Kamsarmax (Standard): $11,700, no change from the previous day, lower than $12,300 a week ago, and below $16,600 a year ago.
• Kamsarmax (Eco + Scrubber): $12,500, no change from the previous day, lower than $13,200 a week ago, and below $17,700 a year ago.
• Ultramax (Standard): $12,300, no change from the previous day, lower than $12,200 a week ago, and below $17,800 a year ago.
• Ultramax (Eco + Scrubber): $13,000, no change from the previous day, lower than $13,000 a week ago, and below $18,700 a year ago.

Gas and LPG Rates

• LNGC (Steam): $4,000, no change from the previous day, significantly lower than $27,000 a year ago.
• TFDE / DFDE: $15,000, no change from the previous day, lower than $38,000 a year ago.
• MEGI / XDF: $31,000, no change from the previous day, lower than $47,000 a year ago.
• VLGC (Non-eco): $51,300, up 8.0% from the previous day, significantly lower than $67,700 a year ago.
• VLGC (Eco): $54,100, up 7.6% from the previous day, lower than $71,300 a year ago.
• VLGC (Eco + Scrubber): $55,700, up 7.3% from the previous day, lower than $74,200 a year ago.

Key Information

• The Transpacific freight rates have shown strong increases, with high-speed rates rising to $7,000/FEU.
• MATX is expected to benefit from the increased demand in the high-speed segment.
• The return of ZIM to the expedited Shanghai-Los Angeles service indicates growing demand for high-speed services.
• The unblanking of capacity is quick, but redirecting vessels back to the Transpacific trade may take until late June.
• Analysts have provided price targets and ratings for Matson, Inc. (MATX) and ZIM Integrated Services (ZIM).
• The report includes a detailed valuation methodology based on multiple factors such as market capitalization, growth, and expected total return.
• Disclosures regarding potential conflicts of interest and the distribution of research reports by different Jefferies entities are included.
• The report is not intended to represent a recommended portfolio and should be considered as one of many factors in investment decisions.