Flash numbers for end of August are in. With all the tariff war talk, how is that impacting shipping out of China’s busy ports? The Tianjian shipping index is relatively flat since the beginning of July. However, the TSI is at its highest rate in a rolling 12 month comparison. Bulk shipping as well sits at a rolling 12 month comparison. Container shipping is the lone sector not at rolling highs. We believe Chinese trade is still healthy in the trade war, even if the recent flattening of sectors could be indicators of downward pressures.