1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The freight rates on the US - West route show signs of peaking, while the freight rates on the US - East and West routes increased significantly in June due to supply - demand mismatch, but carriers are actively restoring capacity [3]. - Some shipping companies announced price increase letters for the second half of June, and the average price in the second half of June is over 3000 US dollars/FEU, which supports the valuation of the 06 contract [1][2][5]. - There is an expected price increase in August as it is a traditional peak season and the currently - counted capacity in July is relatively low. Attention should be paid to the peak time of European route freight rates in 2025 and the subsequent downward slope of freight rates [6]. - The recommended trading strategies are that the main contract fluctuates, and for arbitrage, go long on the 08 contract and short on the 10 contract, and go long on the 06 contract and short on the 10 contract [8]. 3. Summary According to Relevant Catalogs I. Market Analysis - Online quotes: Different shipping companies have different quotes for the Shanghai - Rotterdam route in June, and some companies' quotes for the second half of June are higher than those for the first half. For example, HPL's quote for the second - half - of - June shipments is 1835/2935, higher than 1635/2535 for the first - half - of - June shipments [1]. - Price increase letters: Some shipping companies, like MSC, announced price increase letters for the second half of June. MSC's price in the second - half - of - June price increase letter is 2340/3900, up from 1920/3200 in the first - half - of - June price increase letter [2]. II. Geopolitical and Supply - Demand Factors - Geopolitical factor: Israel's defense minister warned the Yemeni Houthi rebels that they would face maritime and air blockades if they did not stop attacking Israel [3]. - Supply - demand mismatch: In April and May, carriers withdrew capacity from the Trans - Pacific east - bound routes faster than during the pandemic due to expected decline in demand caused by Sino - US trade tariffs. Recently, with the reduction of Sino - US tariffs and the end of tariff exemptions on Chinese goods on August 11, demand on the Sino - US routes increased rapidly, leading to a significant increase in freight rates. Currently, carriers are actively restoring capacity [3]. III. Freight Rate and Capacity Analysis - Freight rates: The freight rates on the US - East and West routes increased significantly in June. The latest SCFI (Shanghai - US West) freight rate is 5606 US dollars/FEU (the lowest this year was 1965 US dollars/FEU), and the SCFI Shanghai - US East freight rate is 6939 US dollars/FEU (the lowest this year was 2866 US dollars/FEU). However, the US - West freight rates show signs of peaking [3]. - Capacity: The average weekly capacity of the Shanghai - US East and West routes in the remaining three weeks of June is 361,000 TEU, up from 243,400 TEU in May and 326,400 TEU in July. The capacity of the Shanghai - European route in June decreased, with an average weekly capacity of about 280,600 TEU in the remaining three weeks of June [3][4]. IV. Contract and Trading Analysis - Contract valuation: If calculated based on the spot prices corresponding to the last three periods of SCFIS at 2500 US dollars/FEU, 3000 US dollars/FEU, and 3000 US dollars/FEU, the expected delivery and settlement price of the 06 contract is around 1990 points, which supports the valuation of the 06 contract [5]. - Trading strategy: The main contract fluctuates. For arbitrage, go long on the 08 contract and short on the 10 contract, and go long on the 06 contract and short on the 10 contract [8]. V. Future Outlook - Price increase expectation: It is expected that shipping companies will announce price increases for July and August in early June and early July. CMA's quote for July shipments on the Shanghai - Rotterdam route is 2385/4345, about 1000 US dollars/FEU higher than that in the second half of June [6]. - Peak time: Historically, the Shanghai - European base port freight rates generally peaked around Week 34 in most years after 2017 (Week 34 in 2025 is from August 11 - 17). The peak time of the Shanghai - European route freight rates in 2025 is not clear [6].

6月下半月价格坚挺，关注船司7月份涨价函情况 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹25周开出为1680/2800；HPL 6月份上半月船期报价1635/2535，6月下半月 船期报价2235/3535，7月上半月船期报价2635/4435。 MSC+Premier Alliance：MSC 上海-鹿特丹6月上半月船期报价1580/2640；ONE上海-鹿特丹 6月份上半月船期报 价2381/2437，6月下半月船期报价2831/2937；HMM上海-鹿特丹6月上半月船期报价1467/2504，6月下半月上海-鹿 特丹价格1717/3004。 Ocean Alliance：COSCO上海-鹿特丹 6月上半月船期报价2125/3225，6月下半月船期报价2625/4225；CMA上海- 鹿特丹 6月上半月船期报价1635/2845，6月下半月船期报价1835/3245，CMA上海-安特卫普7月份报价挂出 2385/4345；EMC 6月上半月船期报价2305/3260，6月下半月船期报价2555/3610；OOCL 6月下半月报价2200/3800. 部分船司宣布6月 ...

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core View of the Report - The freight rates of the US route in June increased significantly due to the mismatch between supply and demand. The demand on the China-US route has rapidly increased, and the freight rates have soared under the background of the mismatch between supply and demand. The freight rates of the European route in June have a downward trend, and the Maersk's second-half-of-June quotation is relatively high, with a price increase expected in July. The 06 contract will gradually return to the "real" end trading as the delivery deadline approaches, and the 08 contract has a strong game between expectation and reality. It is recommended to conduct arbitrage operations. The main strategy is that the main contract fluctuates, and the arbitrage strategies are to go long on 08 and short on 10, and go long on 06 and short on 10 [3][5][7]. 3. Summary According to Relevant Catalogs 3.1 Futures Price - As of June 4, 2025, the total open interest of all contracts of the container shipping index European route futures was 91,264 lots, and the single-day trading volume was 113,681 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1399.80, 1239.20, 1970.30, 2199.10, 1383.00, and 1570.10 respectively [6]. 3.2 Spot Price - On May 30, the SCFI (Shanghai - Europe route) price was 1587.00 US dollars/TEU, the SCFI (Shanghai - US West route) price was 5172.00 US dollars/FEU, and the SCFI (Shanghai - US East) price was 6243.00 US dollars/FEU. On June 2, the SCFIS (Shanghai - Europe) was 1252.82 points, and the SCFIS (Shanghai - US West) was 1718.11 points [6]. 3.3 Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of May 30, 2025, a total of 34 ships of 12,000 - 16,999 TEU were delivered, with a total of 513,200 TEU; 4 ships of over 17,000 + TEU were delivered, with a total of 94,864 TEU. From January to May, a total of 115 container ships were delivered, with a total of 903,900 TEU [6]. 3.4 Supply Chain - There was an attack on Israel's Ben - Gurion International Airport by the Houthi armed forces, which may have an impact on the supply chain [3]. 3.5 Demand and European Economy - The demand on the China - US route has increased rapidly due to the reduction of Sino - US tariffs, and the demand on the European route has a downward trend. The monthly average weekly capacity of the Shanghai - European route in June was about 268,200 TEU, and the weekly capacity in weeks 23/24/25/26 was 273,200/227,100/298,400/273,700 TEU, an increase of more than 20% compared with the same period last year [3][4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market has strong short - term price increase expectations as MSC announced a price increase for the second half of June [1][2][3] - The supply - demand mismatch has led to a significant increase in freight rates on the US routes in June. As carriers withdrew capacity from the trans - Pacific eastbound routes earlier and demand has now rapidly increased, prices have soared [2] - The capacity on European routes decreased in June, and many shipping companies announced price increases for the second half of June. The 06 contract will gradually return to "real - world" trading as the delivery deadline approaches [3] - There is still an expectation of price increases in August as it is a traditional peak season and the currently - counted capacity in July is relatively low. It is advisable to conduct arbitrage operations for the August contract [4] - In 2025, it is still a big year for container ship deliveries [7] 3. Summary by Directory 3.1 Futures Prices - As of June 4, 2025, the total open interest of all contracts of the container shipping index for European routes was 90,839.00 lots, and the single - day trading volume was 109,688.00 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1358.80, 1181.90, 1894.10, 2100.20, 1339.00, and 1539.30 respectively [5][6] 3.2 Spot Prices - On May 30, the SCFI (Shanghai - Europe route) price was 1587.00 US dollars/TEU, the SCFI (Shanghai - US West route) price was 5172.00 US dollars/FEU, and the SCFI (Shanghai - US East) price was 6243.00 US dollars/FEU. On June 2, the SCFIS (Shanghai - Europe) was 1252.82 points, and the SCFIS (Shanghai - US West) was 1718.11 points [6] 3.3 Container Ship Capacity Supply - As of May 30, 2025, 34 ships of 12,000 - 16,999 TEU were delivered, with a total of 513,200 TEU, and 4 ships of over 17,000 TEU were delivered, with a total of 94,864 TEU. From January to May, a total of 115 container ships were delivered, with a total of 903,900 TEU [7] 3.4 Supply Chain No specific analysis content provided in the text, only figure descriptions. 3.5 Demand and European Economy No specific analysis content provided in the text, only figure descriptions.

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report analyzes the state of international maritime trade and port activity for 2023-2024, highlighting recovery trends, structural challenges, and new disruptions impacting the sector [4][10] - International shipping, which transports around 80% of global trade by volume and 70% by value, continues to face major disruptions despite some recovery signs [11][12] - The Global Supply Chain Pressure Index indicates persistent supply chain pressures, with significant fluctuations in maritime freight rates and reliability of transport services [10][19] Analysis of Main Variables in International Shipping - The shipping industry is influenced by various global phenomena, including financial crises, health crises, technological issues, geopolitical conflicts, and extreme natural events [13][14] - Geopolitical tensions and climate-related events, such as droughts affecting the Panama Canal, have led to disruptions in major shipping lanes [14][15] - The reliability of container shipping services has fluctuated, with significant delays and port congestion impacting international trade [21][22] Performance of Containerized Maritime Trade - Global containerized maritime trade has fluctuated considerably from 2020 to 2024 due to the pandemic and geopolitical tensions [50] - By the end of 2023, regions like Asia and North America surpassed pre-pandemic trade levels, while Latin America and the Caribbean lagged behind [48] - Imports in Latin America have shown stronger recovery compared to exports, with some areas exceeding pre-pandemic levels [61] Ranking of Ports in Latin America and the Caribbean - The report provides insights into port performance, indicating that many ports have surpassed pre-pandemic activity levels, while others continue to struggle [11] - The East Coast of South America has shown notable growth in throughput, while the West Coast has experienced volatility and slower recovery [76][81] - Panama-Caribbean ports have consistently outperformed Panama-Pacific ports in terms of throughput [87][88] Final Considerations - The report concludes that the international maritime trade outlook remains uncertain due to ongoing logistical challenges and geopolitical conflicts [55] - The analysis emphasizes the need for stakeholders in the sector to adapt to the evolving global environment and enhance their capacity to respond to challenges [4][12]

Market Performance - The Asia-Pacific stock markets experienced widespread declines, with the Nikkei 225 index falling by 1.66% to 37,335.70 points, where 124 stocks dropped over 1% and only 7 stocks rose over 1% [1] - The Korean Composite Index decreased by 0.16% to 2,693.22 points, with 251 stocks declining over 1% and 134 stocks increasing over 1% [1] - The Australian S&P 200 index fell by 0.19% to 8,419 points, while the New Zealand market was closed due to a holiday [2] Sector Performance - In the Hong Kong market, the Hang Seng Index dropped by 1.77%, with the Hang Seng Technology Index expanding its decline to 2% [2] - The pharmaceutical, real estate, and energy sectors in Hong Kong showed significant declines, with Meizhong Jiahe falling over 14% and Stone Four Pharmaceutical Group dropping nearly 11% [2] - The FTSE China A50 index futures saw an increased decline of 2% [3] Commodity Performance - Gold prices opened higher, with COMEX gold surpassing the $3,300 mark [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The market still anticipates price increases in the second half of June. The 06 contract should focus on the final implementation of price increases, while the 08 contract faces a game of continued price - increase expectations. As the delivery deadline approaches, the 06 contract will gradually shift to "reality" - based trading. The 8 - month contract, being in the traditional peak season with relatively less capacity in July, still has price - increase expectations. It is recommended to conduct arbitrage operations for the 08 contract. The main contract is expected to fluctuate, and the recommended arbitrage strategy is to go long on the 08 contract and short on the 10 contract [1][3][5]. 3. Summary According to the Table of Contents 3.1 Futures Prices - As of May 29, 2025, the total open interest of all container shipping index European line futures contracts was 93,146 lots, and the single - day trading volume was 102,136 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1372.30, 1222.80, 1773.00, 1949.50, 1349.40, and 1526.00 respectively [4]. 3.2 Spot Prices - On May 23, the SCFI (Shanghai - Europe route) price was 1317.00 US dollars/TEU, the SCFI (Shanghai - US West route) price was 3275.00 US dollars/FEU, and the SCFI (Shanghai - US East) price was 4284.00 US dollars/FEU. On May 26, the SCFIS (Shanghai - Europe) was 1247.05 points, and the SCFIS (Shanghai - US West) was 1719.79 points [4][5]. 3.3 Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of May 25, 2025, 109 container ships had been delivered, with a total delivery capacity of 873,100 TEU. Among them, 34 ships with a capacity of 12,000 - 16,999 TEU were delivered, with a total capacity of 513,200 TEU; 4 ships with a capacity of over 17,000 TEU were delivered, with a total capacity of 94,864 TEU [5]. - In June, the shipping capacity on the European route remained relatively high, and the shipping capacity on the Shanghai - US East and West routes increased significantly compared to the previous month. The monthly average weekly capacity on the Shanghai - European route in June was about 280,000 TEU, and the capacity in weeks 23/24/25/26/27 was 292,400/267,500/301,800/275,000 TEU, an increase of over 20% compared to the same period last year. The monthly average weekly capacity in July was 261,000 TEU. The weekly average capacity on the Shanghai - US East and West routes in June was 334,000 TEU, 243,400 TEU in May, and 305,000 TEU in July [2]. 3.4 Supply Chain - No specific analysis content provided in the given text, only figure references such as global container ship capacity congestion ratio, global container ship congestion capacity, ship speeds of different tonnages, and the number of container ships passing through major canals [49][53][58]. 3.5 Demand and European Economy - No specific analysis content provided in the given text, only figure references such as port container throughput, EU 27 industrial production index, EU 27 imports from China, euro - area consumer confidence index, and China's export volume to the EU [69][70][77].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The main shipping companies have announced price increases in June, and it is necessary to pay attention to the final implementation of the price increases for the 06 contract and the game of the expected price increase for the 08 contract [2][4] - The 06 contract will gradually return to the "real" end trading as the delivery deadline approaches, and the prices of major shipping companies are gradually adjusting. Subsequently, other shipping companies will gradually revise their freight rates downwards to reduce the gap with Maersk's prices [4] - In August, which is the traditional peak season, there is still an expectation of price increases, and the game between expectation and reality for the 08 contract is intense. Recently, it is more recommended to conduct arbitrage operations [4] - In 2025, it is still a big year for the delivery of container ships. As of May 25, 2025, a total of 109 container ships have been delivered, with a total delivery capacity of 873,100 TEU [6] - The strategy suggests that the main contract fluctuates, and the arbitrage strategy is to go long on the 08 contract and short on the 10 contract [6] 3. Summary According to Relevant Catalogs 3.1 Futures Prices - As of May 26, 2025, the total open interest of all contracts of the container shipping index for European routes futures was 99,663 lots, and the single - day trading volume was 122,594 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1405.00, 1243.00, 1841.50, 2085.00, 1379.00, and 1568.00 respectively [5] 3.2 Spot Prices - On May 23, the SCFI (Shanghai - Europe route) price was 1317.00 US dollars/TEU, the SCFI (Shanghai - West Coast of the United States) price was 3275.00 US dollars/FEU, and the SCFI (Shanghai - East Coast of the United States) price was 4284.00 US dollars/FEU [5] - On May 26, the SCFIS (Shanghai - Europe) was 1247.05 points, and the SCFIS (Shanghai - West Coast of the United States) was 1719.79 points [5] 3.3 Container Ship Capacity Supply - In 2025, it is a big year for the delivery of container ships. As of May 25, 2025, 109 container ships have been delivered, with a total delivery capacity of 873,100 TEU. Among them, 34 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 513,200 TEU; 4 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 94,864 TEU [6] - In June, the shipping capacity on the European route remains at a relatively high level, and the shipping capacity on the Shanghai - East and West Coasts of the United States route has increased significantly month - on - month. The average weekly shipping capacity on the Shanghai - European route in June is about 280,000 TEU, and the shipping capacity in weeks 23/24/25/26/27 is 285,700/275,000/319,000/243,000 TEU respectively, an increase of more than 20% compared with the same period last year. The average weekly shipping capacity in July is 261,000 TEU [2] - The average weekly shipping capacity on the Shanghai - East and West Coasts of the United States route in June is 328,000 TEU, 243,400 TEU in May, and 295,000 TEU in July. The shipping capacity on the Shanghai - East and West Coasts of the United States route has recovered rapidly in June [2] 3.4 Supply Chain No specific analysis content is provided in the given text, only the catalog of supply - chain - related figures is listed. 3.5 Demand and European Economy No specific analysis content is provided in the given text, only the catalog of demand and European - economy - related figures is listed.

Report Industry Investment Rating No relevant content provided. Core Views - The shipping companies have issued price increase letters for June. The focus is on the final price implementation under the high - capacity background in June and whether the shipping companies will raise prices again in the second half of June. The 08 contract is facing a strong game between expectations and reality due to the traditional peak season in August and relatively low capacity in July. It is recommended to conduct arbitrage operations recently [3]. - The supply of shipping capacity in European routes in June is relatively high, and the shipping capacity of Shanghai - East and West US routes has increased significantly month - on - month in June. The US and China have adjusted tariffs, suspending part of the additional tariffs [2]. Summary by Relevant Catalogs 1. Futures Price - As of May 23, 2025, the total open interest of all contracts of the container shipping index European line futures was 107,007.00 lots, and the single - day trading volume was 133,162.00 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1450.20, 1266.00, 1768.00, 2206.00, 1451.90, and 1617.30 respectively [4]. 2. Spot Price - On May 16, the SCFI (Shanghai - Europe route) price was 1154.00 US dollars/TEU, the SCFI (Shanghai - West US route) price was 3091.00 US dollars/FEU, and the SCFI (Shanghai - East US) price was 4069.00 US dollars/FEU. On May 19, the SCFIS (Shanghai - Europe) was 1265.30 points, and the SCFIS (Shanghai - West US) was 1446.36 points [4]. 3. Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of May 16, 2025, 98 container ships have been delivered, with a total delivery capacity of 762,700 TEU. Among them, 31 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 467,300 TEU, and 3 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 70,872 TEU [4]. - The average weekly shipping capacity in June was about 280,000 TEU. The shipping capacities in weeks 23/24/25/26/27 were 296,200/302,800/282,300/226,000/268,200 TEU respectively, with an average of 277,000 TEU, a year - on - year increase of more than 20%. The average weekly shipping capacity in July was 259,000 TEU. The average weekly shipping capacity of the Shanghai - East and West US routes in June was 320,500 TEU, while that in May was 243,400 TEU [2]. 4. Supply Chain No specific analysis content provided, only figure references. 5. Demand and European Economy No specific analysis content provided, only figure references.

FICC日报 | 2025-05-22 马士基6月第一周运价低于预期，6月下半月仍存涨价预期 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹22周船期报价1010/1709，上海-伦敦门户港23周报价开出1200/2000，目 前已经涨至1272/2124；HPL 6月份船期报价1875/3150。 MSC+Premier Alliance：MSC 5月下半月船期报价1130/1890，6月上半月船期报价1580/2640；ONE 5月船期报价 1661/1637，6月上半月船期报价3101/3237；HMM 5月船期报价1067/1704，6月份上半月船期报价1917/3404。 Ocean Alliance：COSCO 6月船上半月期报价2125/3225；CMA 5月份船期报价1210/1995，6月份上半月船期报价 1835/3245；EMC 5月份船期报价1505/2160，6月份上半月船期2305/3260；OOCL 6月船上半月期报价1900/3200。 主要船司宣涨6月份价格，MSC 6月份涨价函价格1920/3200，CMA6月份涨价函价格1750/310 ...