SHBG binds up to 98 percent of the steroid hormones in the blood including 5a-dihydrotestosterone (DHT), testosterone and androstenediol with particularly high affinity, and estradiol and estrone with slightly lower affinity. If SHBG is high It will "tie up" steroid hormones so I would wager that if you looked at only that, in a vacuum it would cause free test and estrogen to be less. However things arent always that simple or cut and dry. SHBG levels increase when estrogen levels are high, possibly as a mean of reducing estrogen levels by tieing up the hormones so that cant be aromatised (hypothosis)? Obesity can cause increased extrogen which in turn could trigger increased SHBG which in turn would reduce your free test and it its already low it would make things worse. All of your hormones work in a pretty complex interrelated fashion.