欧线航数脉搏2025W35

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints The report comprehensively analyzes the European Line shipping market, covering aspects such as loading rates, ship capacity, schedules, delays, and port congestion. It shows that the loading rates vary between China and Asia departures, with supply pressures fluctuating over different weeks. Ship schedule adjustments and delays are common, and port congestion persists in different regions, which may impact the shipping market's operation and performance. 3. Summary by Sections 3.1. European Line Loading Rate Tracking - W34 European Line fleet's average loading rate for China departures was 90.6%, almost unchanged from the previous period (90.7%). W33 Asian departures had a loading rate of 97.3%, down 0.9% from the previous period. The loading difference between Asia and China was about 6.7%, at a historical high [5][7]. - OA's China departure loading rate was 91.6%, up 1.7% from the previous low but still in a low - stage range. PA and MSC's China departure loading rate was 93.4%, with a significant improvement. Gemini's China departure loading rate was 87.1%, down 3.6% [7]. 3.2. European Line Ship Schedules and Capacity - In September, the monthly average weekly capacity was 30.7 million TEU, with 2 TBN remaining. W36 - 37 average was 27.5 million TEU, and W37 was only 23.7 million TEU, with supply pressure significantly relieved. In the second half - month (W38 - 39), the average was 34.0 million TEU, with a surplus [11]. - In October, the monthly average weekly capacity was 26.9 million TEU, with 5 TBN remaining, slightly higher than March and similar to last year's level. However, the first half - month still had a supply surplus [11]. - Some routes had ship adjustments, such as FAL1 adding a ship in W37, and several routes having ship replacements [11]. 3.3. Ship Schedule Delays and Spot Overview - In W33, 5 ship schedules were delayed to the same week, with the delay situation similar to the previous week. The SCFIS (European Line) index closed at 1990.20 points, down 8.7% [15]. - The actual departure capacity of the Shanghai Port on the European Line in W33 was 26.7 million TEU, of which 26% was from the delayed schedules of W32 [15]. 3.4. Ship Schedule Delay Observation and Early Warning - Multiple ships from different alliances had schedule delays, with different delay days and rescheduled weeks. For example, in some weeks, ships from Gemini, OA, and MSC&PA were delayed for various periods and redirected to different weeks [17][19][23]. - Different alliances had early - warning routes. For instance, Gemini had early - warning routes like AE1, AE3, etc.; OA had FAL1, FAL3, etc.; and MSC&PA had FE4, FE6, etc. [26][28][30]. 3.5. Related Port Congestion Data - In China, Yangshan Port's average turnover time was about 1.9 days, Ningbo Port about 2.0 days, and Yantian Port about 1.6 days. Shanghai and Ningbo Ports' congestion improved but turnover times were still high [34]. - In Southeast Asia, Port Klang showed signs of congestion rebound. Singapore Port's average ship stay time was 1.5 days, and Port Klang's was 1.8 days [34]. - In Europe, problems such as summer vacations, labor shortages, railway construction, and low Rhine water levels persisted, increasing port pressure, especially in Hamburg Port [34].