集运早报-20250717

Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The supply pressure in the European line shipping market is increasing, especially with the addition of a large vessel on MSK's AE1 route in week 32, reaching a weekly capacity of 330,000 TEU. The downstream has stopped booking cargo space for the second half of July (week 29 - 30). Shipping companies' quotes for the second half of July have remained stable overall, but there has been a slight downward adjustment for the last week of July (week 30). With the support of shipping companies' base cargo, the spot price has remained stable, but it is expected that the cargo volume support will gradually weaken, and there will be pressure in week 32 [2][8]. 3. Summary by Relevant Catalogs Futures - Contract Prices and Changes: The closing prices of EC2508, EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are 2153.0, 1598.1, 1759.0, 1463.4, 1280.8, and 1421.6 respectively. The price changes are 1.27%, -3.47%, -4.19%, -3.50%, -2.90%, and -2.42% respectively. The open interest changes are -2808, 3849, 218, -186, -247, and 4 respectively [2]. - Month - to - Month Spreads: The spreads of EC2508 - 2510, EC2510 - 2512, and EC2512 - 2602 are 554.9, -160.9, and 295.6 respectively, with daily changes of 84.5, 19.5, and -24.0 respectively, and weekly changes of -66.5, -5.6, and 104.9 respectively [2]. Spot (European Line) - Price Indexes and Changes: The SCHIS index on July 14, 2025, was 2421.94 points, with a 7.26% increase from the previous period. The SCEI was 2099 dollars/TEU on July 11, 2025, with a -0.10% change from the previous period. The CCFI was 1726.41 points on July 11, 2025, with a 1.90% increase from the previous period. The NCFI was 1435.21 points on July 11, 2025, with a -0.50% change from the previous period. The TCI was 1019.55 points on July 11, 2025, with no change from the previous period [2]. Shipping Capacity and Quotes - Shipping Capacity Arrangement: The average weekly shipping capacities in July and August 2025 are 295,000 and 321,500 TEU respectively. In week 32, the shipping capacity reaches 330,000 TEU [2]. - Quotes: Downstream has stopped booking cargo space for week 29 - 30 in July. Shipping companies' quotes for the second half of July have remained stable overall, with quotes around 3400 dollars in week 29. For week 30, HPL, CMA, OOCL, and MSC have slightly reduced their quotes by about 200 dollars, with an average of 3300 dollars (equivalent to 2300 points on the futures market). MSK's quote for week 31 remains flat at 2900 - 3000 dollars [2][8].