Chinese port operators' solid performance and deleveraging should offer some buffer against trade volatility, even with slower throughput growth in the second half of 2025, S&P Global Ratings said in a Wednesday release.

Throughput growth among rated Chinese port operators will decline by 4% to 10% year on year in the second half, a contrast to the growth boost in the previous half, S&P said.

However, the operators will be able to cushion volume risks in the next two years, S&P credit analyst Shanshan Yang said, citing the rating agency's sensitivity tests.

The operators need to see a sharp volume drop of between 16% and 35% year on year in 2026 to place their metrics below downside-case scenarios, according to Yang.

Moreover, the rating agency already considered a throughput decline of 4% to 10% in the second half within its base case.

S&P has kept its base-case forecasts for Hutchison Port Holdings Trust (SGX:NS8U), China Merchants Port Holdings (HKG:0144), and Shanghai International Port (Group) (SHA:600018).