China port operators’ frontloaded growth to fall by at least 4%

The combination of strong results and deleveraging has made them resilient to uncertainties.

Throughput growth of the China port operators is seen to drop by 4% to 10% year on year in the second half, offsetting the strong growth in the first, according to S&P Global Ratings.

In its new analysis, S&P Global Ratings said the operators’ “strong performance and recent deleveraging give them a cushion against trade uncertainties.”

S&P Global Ratings credit analyst Shanshan Yang said sensitivity tests show rated port operators in China can absorb volume risks in the next two years.

"It would take a drastic volume decline of 16% to 35% year on year in 2026 to push their financial metrics below their respective downside-case scenarios. This is on top of a 4% to 10% year-on-year throughput decline in the second half of 2025 already within our base case,” the expert added.