Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - The shipping market is in a state of weak oscillation. The main reason is that Maersk's freight rate at the end of August dropped to 2200, a decrease of 400 from last week, exceeding market expectations. The spot freight rate has peaked, and the subsequent focus is on the decline slope until the end of October. The freight rate on the European route is under pressure, and it is expected to break through 2000 in September [6][7]. 3. Summary by Relevant Contents Shipping Freight Index - **Current and Previous Values and Changes**: The Shanghai Export Container Freight Composite Index (SCEI) is currently at 1490, down 3.94% from the previous value of 1551; the China Export Container Freight Index (CCFI) is at 1201, down 2.59% from 1233. Rates on various routes such as SCFI - West US, SCFI - East US, and SCFI - Northwest Europe also showed significant declines [4]. - **Other Routes**: SCFIS - Northwest Europe is currently at 2235, down 2.70% from 2297; SCFI - Mediterranean is at 2318, down 0.64% from 2333 [4]. Shipping Derivatives - **Contract Prices**: For contracts like EC2506, EC2508, etc., prices showed different degrees of change, with some rising and some falling. For example, EC2506 rose 0.44% to 1497.1 from 1490.5 [4]. - **Open Interest**: Open interest for contracts such as EC2606, EC2508 also changed. For instance, EC2606 open interest decreased by 30 to 770 from 800 [4]. - **Spread**: The spreads between different contract months (10 - 12, 12 - 2, 12 - 4) also changed. For example, the 10 - 12 spread decreased by 17.2 to -341.2 from -324.0 [4]. Market News - **Policy and Geopolitics**: The US and China need to decide whether to extend the current tariff suspension agreement by August 12. Trump threatened to impose higher tariffs on countries buying Russian oil. Trump will meet with Putin in Alaska on August 15 [5]. - **Industry Developments**: South Korea plans to conduct pilot operations on the "Northern Sea Route" starting in 2026. Three Chinese small - market carriers will offer several voyages on this route in late summer 2025. The latest Global Port Tracker (GPT) report shows that US imports in the last four months of 2025 will decline significantly year - on - year [5]. Strategy - The recommended strategy is to short the October contract on rallies (take profit gradually as it has pulled back recently) and hold the 12 - 4 calendar spread [8].

Report Summary 1. Investment Rating No specific investment rating for the industry is provided in the report. 2. Core View The report anticipates that the container shipping index (European route) will experience further pressure on its fundamentals in September, with a likely scenario of reduced supply and demand. It is recommended to hold short positions on the EC2510 contract and add positions on price increases, with an upper resistance level of 1500 - 1550 points. However, there are potential upward risks that may prevent a smooth downward trend in the EC2510 contract [12]. 3. Summary by Section 3.1 Market Performance - The container shipping index (European route) has been fluctuating in the past week. The EC2510 contract closed at 1436.0 points, down 12 points for the week; the EC2512 contract closed at 1760.0 points, up 67.6 points; and the EC2508 contract closed at 2071.0 points, down 55.5 points [9]. 3.2 Freight Rates - The market freight rate has dropped to around $2900/FEU. Different alliances have different freight rate trends, with the OA and MSC FAK centers still around $3000/FEU. It is expected that the market FAK freight rate center may be in the range of $2500 - $2600/FEU by the end of August [10]. 3.3 Supply and Demand Fundamentals - **Supply**: In August, the weekly average capacity decreased from 32.8 to 32.5 million TEU, mainly due to the cancellation of an independent overtime ship on the Evergreen CES route in week 35. In September, the weekly average capacity is expected to decrease from 31.8 to 30.8 million TEU, a 5.4% decrease from August and a 2.3% increase from July. In October, the weekly average capacity is 29.1 million TEU, but this figure has limited reference value [11]. - **Demand**: Since mid - August, the overall market cargo volume has shown a mild downward trend, and the booking rate has slowed down since week 34 [11]. 3.4 Strategy - Hold short positions on the EC2510 contract and add positions on price increases, with an upper resistance level of 1500 - 1550 points. Potential upward risks include the slowdown of cargo volume decline and the possible improvement of market sentiment due to the approaching delivery of the EC2508 contract [12].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The shipping company's prices are in a downward cycle, and the freight rates of August contracts have reached their peak and are continuously being revised downwards, which brings uncertainty to the estimated delivery settlement price. For the October contracts, short - positions are the main strategy, and attention should be paid to the downward slope of freight rates. For the December contracts, the seasonal pattern of peak and off - peak seasons still exists, but the risk lies in whether the Suez Canal will resume navigation. The main contract is expected to fluctuate weakly. The recommended strategy is to go long on the December contract and short on the October contract, and short the October contract on rallies [4][5][6][8]. Summary by Directory Market Analysis - Online quotes: Different shipping companies have different quotes for the Shanghai - Rotterdam route. For example, Maersk's WEEK34 quote is 1595/2670, and HPL's quotes vary by shipping period [1]. Geopolitical Situation - Hamas officials stated that the organization will regard any armed forces aiming to manage Gaza as "occupation" forces associated with Israel based on Netanyahu's remarks [2]. Shipping Capacity - The average weekly shipping capacity from China to European base ports in August is 347,300 TEU, and in September it is 297,100 TEU. In August, Maersk added two additional ships, and the OA Alliance added three. There were 4 blank sailings in August, all from the OA Alliance, and there are currently 3 TBNs in August and 2 in September [3]. Contract Analysis - **August Contracts**: The freight rate peak has passed, and the continuous downward revision of freight rates has brought uncertainty to the delivery settlement price. The delivery settlement price is the arithmetic average of SCFIS on August 11th, 18th, and 25th. The prices of shipping companies have entered a downward cycle [4]. - **October Contracts**: It is a seasonal contract with short - positions as the main strategy. Attention should be paid to the downward slope of freight rates. Normally, prices in October are 20% - 30% lower than those in August [5]. - **December Contracts**: The seasonal pattern of peak and off - peak seasons still exists. The risk is whether the Suez Canal will resume navigation. Usually, the prices from the Far East to Europe in December are more than 10% higher than those in October [6]. Futures and Spot Prices - As of August 7, 2025, the total open interest of all contracts of the container shipping index for the European route futures is 77,291 lots, and the single - day trading volume is 32,213 lots. The closing prices of different contracts are provided. The SCFI and SCFIS prices for different routes are also given [7]. Strategy - **Unilateral Strategy**: The main contract is expected to fluctuate weakly. - **Arbitrage Strategy**: Go long on the December contract and short on the October contract, and short the October contract on rallies [8]. Risk Factors - **Downside Risks**: Unexpected economic slowdown in Europe and the United States, significant decline in crude oil prices, unexpected delivery of ships, less - than - expected ship idling, and better - than - expected resolution of the Red Sea crisis. - **Upside Risks**: Economic recovery in Europe and the United States, supply chain disruptions, significant reduction in shipping capacity by liner companies, and continued fermentation of the Red Sea crisis leading to detours [8].

Report Industry Investment Rating No relevant information provided. Core View of the Report - The shipping index (European Line) showed a volatile trend yesterday. The main 2510 contract closed at 1420.4 points, down 0.98%, with a reduction of 765 lots; the second main 2512 contract closed at 1763.2 points, up 0.21%, with an increase of 179 lots; the near - month 2508 contract closed at 2072.7 points, down 0.37%. Overall, from a monthly - level perspective, September is likely to see a double - reduction in supply and demand, but the current estimated decline in shipping capacity may be less than that in demand, and the fundamentals are expected to face further pressure. Strategically, hold short positions on the 10 contract as appropriate, and add positions at high levels as appropriate, with the upper resistance level referring to 1450 - 1500 points [7][10]. Summary by Related Content 1. Fundamental Data of Shipping Index (European Line) - **Futures Contracts**: EC2508 closed at 2072.7, down 0.37%, with 216 trades and 3,579 open interests, a decrease of 121; EC2510 closed at 1420.4, down 0.98%, with 26,142 trades and 53,596 open interests, a decrease of 765; EC2512 closed at 1763.2, up 0.21%, with 4,400 trades and 9,760 open interests, an increase of 179 [1]. - **Freight Index**: SCFIS European route was 2,297.86 points, down 0.8%; SCFIS US - West route was 1,130.12 points, down 12.0%; SCFI European route was $2,051/TEU, down 1.9%; SCFI US - West route was $2,021/FEU, down 2.2% [1]. - **Spot Freight**: Different alliances' freight rates showed a downward trend. In a neutral scenario, the market FAK freight rate center at the end of August is expected to be in the range of $2,500 - 2,600/FEU [8]. - **Exchange Rate**: The US dollar index was 98.23, and the US dollar against the offshore RMB was 7.18 [1]. 2. Supply - Side Fundamentals - **August**: The weekly shipping capacity was revised down from 32.8 to 32.5 TEU/week. The average weekly capacity in the first half - month (weeks 32 - 33) was 320,000 TEU, and in the second half - month (weeks 34 - 35) was 329,000 TEU. The cargo - collection pressure in the second half - month is relatively greater [9]. - **September**: The number of undetermined voyages decreased by 1 to 3, and the number of blank sailings increased by 2 to 4. The average weekly capacity was revised down from 31.8 to 30.8 TEU/week. The current September capacity is lower than August's 325,000 TEU/week, higher than July's 301,000 TEU/week, and similar to April's 313,000 TEU/week [9]. 3. Demand - Side Fundamentals - Since mid - August, the overall market cargo volume has shown a mild downward trend, and the subsequent decline rate needs to be observed [9]. 4. Macro News - Zelensky stated that the initiative to end the Russia - Ukraine conflict lies in Russia, and Ukraine is preparing a series of meetings in Europe to promote the peace process [6]. - South African President Ramaphosa held talks with Russian President Putin to discuss the Ukraine peace process [6]. 5. Trend Intensity - The trend intensity of the shipping index (European Line) is - 1, indicating a relatively bearish outlook [11].

Report Industry Investment Rating - The report does not mention the industry investment rating Core Viewpoints - The fundamentals of the Container Shipping Index (European Line) continue to be weak. Hold short positions in the October contract and consider adding short positions on rallies. The upper pressure levels are around 1450 - 1500 points. There are potential upward risks that may prevent the smooth decline of the 2510 contract [12]. Summaries by Relevant Catalogs 1. Futures Market - EC2508 closed at 2,071.3, down 1.18%, with 418 in trading volume, 3,700 in open interest, and a decrease of 246 in open interest. EC2510 closed at 1,420.1, up 0.64%, with 48,555 in trading volume, 54,361 in open interest, and an increase of 2,253 in open interest. EC2512 closed at 1,751.4, up 4.12%, with 10,672 in trading volume, 9,581 in open interest, and an increase of 1,373 in open interest [1]. 2. Freight Rates - SCFIS: European route was at 2,297.86 points, down 0.8% week - on - week; SCFIS: US West route was at 1,130.12 points, down 12.0% week - on - week. SCFI: European route was at $2,051/TEU, down 1.9% bi - weekly; SCFI: US West route was at $2,021/FEU, down 2.2% bi - weekly [1]. 3. Spot Freight - In the spot market, different shipping alliances' freight rates are showing a downward trend. Under the neutral scenario, the market FAK freight rate center at the end of August is expected to be in the range of $2,500 - 2,600/FEU [10]. 4. Supply and Demand Fundamentals - On the supply side, the weekly average capacity in August is 328,000 TEU, with the first half - month at 320,000 TEU and the second half - month at 335,000 TEU. The weekly average capacity in September is 318,000 TEU. On the demand side, the overall cargo volume has been showing a mild downward trend since mid - August [11]. 5. Market Outlook - In a monthly - level comparison, September is likely to see a double - reduction in supply and demand, but the decline in capacity may be less than that in demand, putting further pressure on the fundamentals [12]. 6. Strategy - Hold short positions in the October contract and consider adding short positions on rallies, with the upper pressure levels at 1450 - 1500 points [12]. 7. Trend Intensity - The trend intensity of the Container Shipping Index (European Line) is - 1, indicating a bearish view [13].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core View of the Report - The freight rate has entered a downward cycle, and attention should be paid to Maersk's price offer in Week 34 [1][4]. - The top of the August contract freight rate has appeared, and the shipping company's price has started a downward cycle [4]. - The October contract is mainly for short - allocation, and subsequent focus is on the downward slope of the freight rate [5]. - The volume of shipments in December usually remains at a high level, and the freight rate is generally 10% higher than that in October. However, the risk lies in whether the Suez Canal will resume navigation [7]. - The strategy includes a weak and volatile main contract in the unilateral market, and in the arbitrage market, it is advisable to go long on the December contract and short on the October contract, and short the October contract on rallies [9]. 3. Summaries According to Relevant Catalogs 3.1 Market Analysis - Online quotes show different price trends for various shipping companies on the Shanghai - Rotterdam route. For example, Maersk's Week 32 quote was 1846/3102, and Week 33 was 1760/2960 [1]. 3.2 Geopolitical Situation - Russian President Putin had a phone call with Israeli Prime Minister Netanyahu on August 4, and they discussed the Middle East situation, with Russia reiterating its stance on peaceful resolution [2]. 3.3 Shipping Capacity - The average weekly shipping capacity from China to European base ports in August was 347,300 TEU, and in September it was 297,100 TEU. There were 4 blank sailings in August (all from the OA Alliance) and 2 TBNs in September [3]. - Maersk added two extra - loading vessels in August (Beijing Maersk in Week 32 and Maersk Emden in Week 35), and the OA Alliance added one (OOCL/Cosco CSCL JUPITER) [3]. 3.4 Contract Analysis - **August Contract**: The freight rate top has emerged. After Maersk's Week 34 price dropped to $2,800/FEU, the prices of the OA and PA Alliances followed suit [4]. - **October Contract**: It is mainly for short - allocation, and the normal price in October is 20% - 30% lower than that in August. Attention should be paid to the price at which shipping companies try to stabilize the price during the downward cycle [5]. - **December Contract**: The freight volume is usually high due to holiday procurement. The price in December is generally 10% higher than that in October, but the risk is the resumption of the Suez Canal [7]. 3.5 Shipping Vessel Delivery - 2025 is a big year for container ship deliveries. As of July 27, 2025, 157 container ships with a total capacity of 1.2513 million TEU have been delivered [8]. 3.6 Strategy - **Unilateral**: The main contract is expected to be weak and volatile. - **Arbitrage**: Go long on the December contract and short on the October contract, and short the October contract on rallies [9].

1. Report Industry Investment Rating - The investment view of the report is "oscillating", and the trading strategy involves a unilateral "oscillating" approach with a 12 - 4 positive spread arbitrage position held [3] 2. Core View of the Report - The freight rate of the container shipping index shows signs of peaking, and the overall market is weak. Spot prices have peaked, with quotes in early August starting to decline, which will lead to a synchronous decline in late August. The main focus of the 10 - contract lies in the decline slope of the freight rate from August to October [3] 3. Summary According to Relevant Catalogs 3.1 Main Views and Strategy Overview - **Spot Freight Rates**: Spot prices have peaked, with quotes in early August starting to weaken, pulling down those in late August. For example, GEMINI's Maersk wk33 opening price rose from 2800 to 2900, while HPL dropped to 3150 in early August. OA's early - August average quote was 3300, and PA continued to cut prices to 3100 with a downward trend [3] - **Political and Economic Factors**: These factors are considered neutral. There are various political events such as the potential extension of reciprocal tariffs between China and the US, new US tariffs on copper products, and changes in the US - Gaza policy [3] - **Capacity Supply**: It is neutral. Weekly average capacity deployment is 290,000 in July, 300,000 in August, and 320,000 in September. New ships were delivered in early July, and some shipping companies adjusted their routes, redirecting capacity to the European line. European port congestion persists due to labor shortages, strikes, low river water levels, and increased Red Sea route risks. MSK added an extra 15,780 - TEU vessel in wk32 and plans to send another about 13,000 - TEU vessel in wk34. Six blank sailings have been announced in August by the Ocean Alliance [3] - **Demand**: It is neutral. Demand and loading rates were good at the end of July, but the high capacity deployment at the beginning of August weakened the effect of the inventory - building rolling pool [3] - **Market**: Spot prices show signs of peaking. It is expected that spot prices will peak at the end of July and beginning of August, decline slowly until late August, and then the decline slope will intensify. The 10 - contract's main focus is on the decline slope of the freight rate from August to October [3] - **Investment View and Trading Strategy**: The investment view is "oscillating". The trading strategy includes a unilateral "oscillating" approach and holding a 12 - 4 positive spread arbitrage position. Attention should be paid to geopolitical disturbances and domestic and foreign macro - policy disturbances [3] 3.2 Price - The spot market has slow demand recovery, high supply, the establishment of new alliances, and price drops during the off - season [5] 3.3 Static Capacity - **Order Volume**: Data on container ship order volumes are presented in multiple graphs, showing order volumes by different container ship loading capacities over different time periods [12] - **Delivery Volume**: Graphs display delivery volumes of container ships by different loading capacities from 2000 to 2025 [15] - **Demolition Volume**: Information on the demolition volumes of container ships by different loading capacities is provided, covering the period from 2022 to 2025 [17] - **Future Delivery**: Future delivery volumes of container ships are shown, including breakdowns by loading capacity and quarterly and seasonal data from 2023 to 2029 [21] - **Ship - Breaking and New - Building Prices**: There are graphs showing ship - breaking prices by different loading capacities, new - building price indices, and new - building prices by different loading capacities from 2015 to 2025 [28][30] - **Second - Hand Ship Prices**: Second - hand ship price indices and prices of second - hand ships with different loading capacities and ages are presented from 2015 to 2025 [34][39] - **Existing Container Ship Capacity**: Information on the existing capacity of container ships, including total capacity, capacity by loading capacity, proportion of idle/laid - up/retrofitted ships, average age, and average age of scrapped ships, is provided from 2015 to 2025 [42][50] 3.4 Dynamic Capacity - **Ship Schedule**: Data on the total capacity deployment from Shanghai to European base ports, as well as the capacity deployments of PA + MSC, MSC, GEMINI, and OCEAN from week 13 to week 28, are presented [56][64] - **Desulfurization Tower Installation**: Graphs show the capacity and number of container ships with installed and under - installation desulfurization towers, as well as the average age and duration of desulfurization tower installation and the average speed of container ships from 2018 to 2025 [

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The spot market for the Container Shipping Index (European Line) continues to be weak, and it is advisable to hold short positions for the October contract as appropriate [1][4][5] - On a monthly basis, September is likely to see a double decline in supply and demand, but the decline in the currently estimated shipping capacity may be less than that in demand, and the fundamentals are expected to face further pressure. The trading logic of the market fundamentals remains to go short on rallies [5] - Overseas macro - factors show that the growth of non - farm payrolls in the US in July was lower than expected, and the unemployment rate rose slightly, leading to a deterioration in market risk appetite and a decline in global stock markets. Attention should be paid to the short - term market's pricing of "recession" and whether it will resonate with the EC fundamentals [5] 3. Summary According to Relevant Catalogs 3.1 Overview - Supply: In the past week, the weekly shipping capacity in August was slightly revised up from 321,000 TEU to 328,000 TEU/week, and the weekly average shipping capacity in September was slightly revised up from 314,000 TEU to 318,000 TEU/week [4][54] - Demand: Since mid - August, the overall cargo volume in the market has shown a mild downward trend. The freight rate center in the 33rd week dropped to around $3,150/FEU, corresponding to an SCFIS index of around 2,200 points. The current FAK freight rate reduction speed is neutral [4] 3.2 Price - Spot freight and index tracking: The SCFIS index on July 28 was in line with expectations. The index on August 4 was expected to change little. The market freight rate center in the 33rd week dropped to around $3,150/FEU [13][17] - Freight rate trends of major alliances: Different alliances such as Gemini, OA, and PA have different degrees of freight rate adjustments. For example, in the Gemini alliance, Maersk's opening price from Shanghai to Rotterdam in the 33rd week decreased by $100/FEU compared with the 32nd week [7] 3.3 Demand Side - US imports: In June, the total US import container volume was 2,381,063 TEU, a year - on - year decrease of 2.1%. The import volume from different countries and regions showed different trends. For example, the import volume from China was 761,585 TEU, a year - on - year decrease of 24.9% [29] - Asian exports: The container trade volume between Asia and Europe, North America, and other regions showed different seasonal trends. For example, in May, Asia's container exports to Europe were 1.81 million TEU, a month - on - month increase of 10.1% and a year - on - year increase of 16.0% [34][43] 3.4 Supply Side - European line shipping schedules: The weekly shipping capacity in August was slightly revised up, and the weekly average shipping capacity in September was also slightly revised up, with changes in ship schedules such as the addition of overtime ships and changes in the status of some voyages [54] - Dynamic shipping capacity: The speed of 12,000 - 16,999 TEU and 17,000 + TEU container fleets remained volatile at high levels. The number of idle 12,000 - 16,999 TEU container fleets increased by 1 ship compared with last week [60][61] - Turnover efficiency: The congestion situation of container ships in ports around the world, including China, the UK, Europe, North America, etc., showed different trends [66][69][72] - Static shipping capacity: In the past three months, major liner companies have received new ships of different sizes. From August to December, major liner companies are expected to receive 28 new 12,000 - 16,999 TEU container ships and 5 new 17,000 + TEU container ships [82][87]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The market fundamentals of the container shipping index (European line) are expected to face further pressure, with a likely pattern of reduced supply and demand in September. The trading logic for the main 2510 contract remains to go short on rallies. The impact of the anti - involution policy on the container shipping industry is currently limited, and attention should be paid to the influence of Sino - US tariff negotiations on the macro sentiment of EC. It is recommended to hold short positions for the 2510 contract [10]. 3. Summary by Related Catalogs 3.1 Futures Market Performance - The container shipping index (European line) showed weak operation yesterday. The main 2510 contract closed at 1425.1 points, down 4.66% and reduced positions by 3056 lots; the second - main 2512 contract closed at 1692.3 points, down 3.59% and reduced positions by 45 lots; the near - month 2508 contract closed at 2121.6 points, down 0.66% and reduced positions by 724 lots [7]. 3.2 Spot Freight Rates - The PA alliance increased the price - cut intensity, with the market freight rate center in the 2nd adjustment of August falling to the range of $3100 - 3200/FEU. Different alliances and shipping companies also adjusted their freight rates, such as the Gemini alliance, Maersk, and the 20A alliance. The PA alliance's weekly price - cut range expanded to $400/FEU, and the MSG 33 - week shipping schedule was adjusted down by $300 to $3340/FEU [8]. 3.3 Fundamentals (Supply - side) - In the supply - side, the AEU3 canceled sailings in week 34. Cosco & OOCL made ship - axis adjustments. Maersk's overtime ship MAERSK EMDEN confirmed its port calls. August's weekly capacity was slightly revised up from 32.4 million TEU to 32.7 million TEU, with extremely high capacity pressure in week 34. September's weekly capacity was revised down from 32.1 to 31.8 million TEU, a - 3% month - on - month decrease compared to August, a + 5.7% increase compared to July, and on par with April's capacity level [9]. 3.4 Market Trends and Strategies - From a monthly perspective, September is likely to see a pattern of reduced supply and demand, but the decline in the currently - counted capacity may be less than that in demand. The trading logic for the main 2510 contract is to go short on rallies. It is recommended to hold short positions for the 10 contract [10].

1. Report Industry Investment Rating - The investment view is bearish, with a cautious and slightly negative stance [3] 2. Core View of the Report - The signal of the peak in freight rates has emerged, and attention should be paid to the China-US talks next week. The spot price is expected to peak at the end of July or early August, then decline slowly until late August, after which the decline rate will intensify. The main focus of the 10 - contract lies in the decline rate of freight rates from August to October [3] 3. Summary by Relevant Catalogs PART ONE: Main Views and Strategy Overview - **Influencing Factors and Their Impact** - **Spot Freight Rates**: Bearish. The spot price is expected to peak at the end of July. Different shipping alliances have different price trends, with some adjusting prices downwards [3] - **Political and Economic Factors**: Bearish. Tensions in international relations, such as the situation in the Middle East and the China - EU relationship, may have a negative impact on the market [3] - **Capacity Supply**: Neutral. There is an increase in capacity deployment in the future, new ship deliveries, and the port congestion situation in Europe has not been alleviated [3] - **Demand**: Neutral. The demand and loading rate at the end of July were good, but the effect of building a stockpiling rolling pool is weakening due to the high capacity deployment in early August [3] - **Investment and Trading Strategies** - **Investment View**: Bearish, with a cautious and slightly negative stance - **Trading Strategy**: Unilateral: Cautiously bearish; Arbitrage: Hold the 12 - 4 positive spread [3] PART TWO: Price - The spot market has slow demand recovery, high supply, the establishment of new alliances, and price declines in the off - season [5] PART TWO: Static Capacity - **Order - related Data**: Include order volume, new - order volume, and their breakdown by loading capacity, showing the development trend of container ship orders over the years [17][19] - **Delivery - related Data**: Include delivery volume, demolition volume, and future delivery volume, as well as their breakdown by loading capacity, reflecting the supply and demand situation of container ships in the future [24][27][30] - **Price - related Data**: Include ship - breaking prices, new - building prices, and second - hand ship prices, and their changes over time and by loading capacity, which are important factors affecting the cost and value of container ships [38][39][47] - **Existing Capacity Data**: Include the existing capacity of container ships, the proportion of idle and retrofitted ships, average age, and ship - breaking average age, which reflect the overall status of the container ship fleet [53][55][59] PART THREE: Dynamic Capacity - **Shipping Schedule and Capacity Deployment**: The total capacity deployment from Shanghai to European basic ports and the capacity deployment of different shipping alliances (PA + MSC, MSC, GEMINI, OCEAN) are presented, showing the dynamic changes in shipping capacity [67][69][71] - **Desulfurization Tower - related Data**: Include the number and proportion of container ships with installed desulfurization towers, those being installed, and the average age and duration of desulfurization tower installation, which are related to environmental protection requirements and ship operation [78][79][84] - **Average Speed and Idle Capacity**: The average speed of container ships and their breakdown by loading capacity, as well as the idle capacity, its proportion, and breakdown by loading capacity, are presented, reflecting the operation efficiency and utilization rate of container ships [84][89]