Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report Under the suppression of high capacity, as demand gradually enters the off - season, freight rates will be under pressure in the future [1]. 3) Summary According to Related Catalogs EC Futures Contracts - EC2508 closed at 2139.0 with a 1.33% increase, volume of 1302, and a decrease of 329 in open interest [1]. - EC2510 closed at 1468.7 with a 0.60% increase, volume of 66330, and an increase of 4148 in open interest [1]. - EC2512 closed at 1738.0 with a 0.17% increase, volume of 5748, and an increase of 374 in open interest [1]. - EC2602 closed at 1532.0 with a 0.70% increase, volume of 1400, and a decrease of 27 in open interest [1]. - EC2604 closed at 1386.1 with a 1.18% increase, volume of 1782, and an increase of 160 in open interest [1]. - EC2606 closed at 1514.2 with a 0.62% increase, volume of 153, and an increase of 14 in open interest [1]. Month - to - Month Spreads - EC2508 - 2510 spread was 670.3, compared to 651.0 the previous day and 680.4 two days ago [1]. - EC2510 - 2512 spread was - 269.3, compared to - 275.0 the previous day and - 235.0 two days ago [1]. - EC2512 - 2602 spread was 206.0, compared to 213.7 the previous day and 196.8 two days ago [1]. Spot and Index Data - SCHIS on 2025/7/28 was 2316.56, with a - 3.50% decrease from the previous period [1]. - SCFI on 2025/7/25 was 2090 dollars/TEU, with a 0.53% increase from the previous period [1]. - CCFI (European Line) on 2025/7/25 was 1787.24, with a - 0.90% decrease from the previous period [1]. - NCFI on 2025/7/25 was 1422.9, with a - 1.20% decrease from the previous period [1]. - TCI on 2025/7/18 was 1054.56, with a - 0.75% decrease from the previous period [1]. European Line Supply and Demand - In August and September (temporarily), the average weekly capacity is 325,000 and 324,000 TEU respectively. The capacity in week32/33/34/35 is 330,000, 305,000, 350,000, and 316,000 TEU respectively, with high capacity pressure, especially in the second half of August [1]. - There is a transfer of capacity from the US line to the European line in the schedule. Supported by the minimum cargo volume of shipping companies, the loading rate of shipping companies in late July was not under great pressure. There is still some support from the minimum cargo volume in the first half of August, with MSK having good cargo intake and OA and PA being relatively average. Overall, the cargo volume is gradually weakening and entering the off - season [1]. Recent European Line Quotation - Downstream is currently booking space for early August (week31 - 32). The price remained stable in July, around 2400 points. In week32 of August, it landed at about 3300 dollars (equivalent to 2300 points). MSK quoted 2800 dollars for week33, and other shipping companies mainly followed the previous quotes [2]. Week33 Changes - On Tuesday, HPL reduced the price by 200 to 3100 dollars. MSK opened at 2800 dollars and then raised it to 2860 dollars [3]. - On Wednesday, MSC reduced the price by 300 to 3340 dollars, and OOCL reduced the price by 200 to 3200 - 3300 dollars [3]. Related News - On 7/31, the Israeli Ministry of Foreign Affairs rejected the Canadian Prime Minister's statement about planning to recognize the State of Palestine, stating that Canada's change of stance at this time is a reward for Hamas [4]. - On 7/31, a US White House official said that Trump believes recognizing the State of Palestine would be a reward for Hamas and he does not think they should be rewarded [4]. - On 7/31, Trump announced a trade agreement with South Korea, including a 15% tariff and a 350 - billion - dollar investment [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The downward adjustment of freight rates by MSC and OOCL in August has a bearish impact on the market [1]. - The 8 - month contract shows high - level volatility, and the top of the freight rate has emerged. The final delivery settlement price of the 08 contract may be around 2200 points, but there is still uncertainty [4]. - The 10 - month contract is mainly for short - allocation in the off - season, and the focus is on the downward slope of the freight rate, with large expected fluctuations [5]. - The 12 - month contract still follows the peak - off - peak pattern, but the risk lies in whether the Suez Canal will resume navigation. If it resumes, the seasonal pattern may be challenged [6][7]. - In 2025, it is still a big year for container ship deliveries. As of July 27, 2025, 157 container ships have been delivered, with a total capacity of 1.2513 million TEU [8]. - The strategy suggests that the main contract will fluctuate, and for arbitrage, it is recommended to go long on the 12 - month contract and short on the 10 - month contract, and short the 10 - month contract on rallies [9]. Summary by Directory 1. Futures Price - As of July 30, 2025, the positions of all contracts of the container shipping index for the European route futures are 79,320.00 lots, and the single - day trading volume is 76,715.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2508, EC2510, and EC2512 contracts are 1532.00, 1386.10, 1514.20, 2139.00, 1468.70, and 1738.00 respectively [7]. 2. Spot Price - On July 25, 2025, the SCFI (Shanghai - Europe route) price was 2090.00 US dollars/TEU, the SCFI (Shanghai - US West route) price was 2067.00 US dollars/FEU, and the SCFI (Shanghai - US East) price was 3378.00 US dollars/FEU. On July 28, the SCFIS (Shanghai - Europe) was 2316.56 points, and the SCFIS (Shanghai - US West) was 1284.01 points [7]. 3. Container Ship Capacity Supply - The monthly average weekly capacity on the China - European base port route in August 2025 is 303,200 TEU, and in September it is 289,800 TEU. There were 4 blank sailings in August, all from the OA alliance, and there are currently 5 TBNs in August and 3 in September. Maersk added an extra - sailing ship in Week 32 and is expected to add one in Week 34 [3]. - As of July 27, 2025, 49 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 737,300 TEU, and 7 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 159,880 TEU [8]. 4. Supply Chain - There is geopolitical uncertainty, such as the ongoing cease - fire negotiations between Israel and Hamas, which may affect the shipping supply chain [2]. 5. Demand and European Economy - No specific analysis of demand and European economy is provided in the text. However, the freight rate trends of different contracts are related to market demand and economic conditions. For example, the 12 - month contract is affected by the peak - season demand before Western holidays [6][7].

Group 1: Report Industry Investment Rating - The report recommends holding short positions for the 10 - contract [11] Group 2: Core View of the Report - The market fundamentals of the main 2510 contract maintain a trading logic of shorting on rallies. The anti - involution policy currently has limited impact on the container shipping industry. The trading perspective of the European line may gradually return to its own fundamental logic [11] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Contracts**: The EC2508 contract closed at 2139.0 points, up 1.59%, with a position reduction of 329 lots; the EC2510 contract closed at 1468.7 points, down 0.45%, with a position increase of 4148 lots; the EC2512 contract closed at 1738.0 points, up 0.20%, with a position increase of 374 lots [1] - **Freight Index**: The SCFIS European route index was at 2316.56 points, down 3.5%; the SCFIS US - West route index was at 1284.01 points, down 1.4%. The SCFI European route index was at $2090/TEU, up 0.5%; the SCFI US - West route index was at $2067/FEU, down 3.5% [1] - **Ocean Freight**: The freight rates of different carriers from Shanghai to Rotterdam vary. For example, Maersk's price for a 40'GP is $2890 and for a 20'GP is $1725 [1] - **Exchange Rate**: The US dollar index was at 99.94, and the US dollar against the offshore RMB was at 7.18 [1] 2. Shipping Capacity - **Monthly Shipping Capacity**: In August, the shipping capacity was slightly revised up to 324,000 TEU/week, and in September, it was revised up to 321,000 TEU/week. From a monthly perspective, September is likely to see a double - reduction in supply and demand, but the current decline in shipping capacity may be less than that in demand, putting further pressure on the fundamentals [11] - **Ship Schedule**: Compared with Sunday's statistics, Evergreen added an extra ship EVER FRONT in the 35th week (August 25 - 31), and the undetermined schedules in the 37th and 38th weeks became normal ship deployments, while the blank sailing in the 39th week became undetermined [11] 3. Macro News - **Domestic News**: The Political Bureau of the CPC Central Committee held a meeting to discuss the economic situation and work. President Xi Jinping chaired relevant meetings. Wang Yi met with the delegation of the US - China Business Council [7] - **US Economic Data**: The US economy grew by 3% in the second quarter, exceeding expectations. The ADP employment in the US increased by 104,000 in July, reaching the highest growth level since March [7] - **US Federal Reserve**: The Fed kept the interest rate unchanged at 4.25% - 4.50%, with some members opposing and advocating for a rate cut. Powell did not give a clear indication of a rate cut in September [7] - **Tariffs**: Trump signed executive orders on tariffs, including suspending the minimum tax - free treatment for low - value goods, imposing tariffs on India, Brazil, South Korea, and on imported semi - finished copper products, etc. [7][8] - **Sanctions**: The US Treasury imposed sanctions on 15 shipping companies, 52 vessels, 12 individuals, and 53 entities involved in evading sanctions in 17 countries related to Iran [8] 4. Market Freight - In the second week of August, the market freight rate center dropped to around $3200/FEU. Different alliances and carriers adjusted their freight rates, such as Maersk, CMA CGM, and MSC [10]

Pricing Information - As of July 28, 2023, the spot rates for major shipping lines are as follows: Maersk: $1769-$2123/TEU, $2958-$3466/TEU; CMA: $1935-$2285/TEU, $3445-$4145/TEU; MSC: $2060-$2163/TEU, $3440-$3646/TEU; ONE: $2324/TEU, $3143/TEU; EMC: $2455/TEU, $3760/TEU [1] Shipping Index - As of July 28, 2023, the SCFIS European line index is reported at 2316.56 points, a decrease of 3.5% week-on-week. The US West Coast index fell by 46.98% to 1284.01 points. The SCFI composite index as of July 25, 2023, is at 1592.59 points, down 3.3%. The Shanghai-Europe freight rate increased by 0.53% to $2090/TEU, while the Shanghai-US West Coast rate is $2067/FEU, down 3.5% from the previous week. The Shanghai-US East Coast rate is $3378/FEU, down 6.48% from the previous week [2] Market Fundamentals - As of July 28, 2023, the global container shipping capacity exceeds 32.7 million TEU, reflecting a year-on-year growth of 7.9%. In terms of demand, the Eurozone's June composite PMI is at 50.2, with manufacturing PMI at 49.4 and services PMI at 50.0. The US June manufacturing PMI is at 49, with a new orders index of 46.4. The OECD leading index for the G7 group recorded 100.40 in June [3] Market Logic - The futures market experienced fluctuations, with the main contract closing at 1502.8 points, down 1.62%, and the August contract at 2183.2, down 1.33%. Major shipping companies have set August prices, reducing uncertainty, and a fluctuating market is expected. Short-term spot prices are not anticipated to have significant volatility, while a gradual decline is expected in the medium to long term due to current prices being at a seasonal peak [4]

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]

Group 1: Overall Viewpoints - The weekly view on the Container Shipping Index (European Line) is to short at high levels for the 10th contract and hold the reverse spread between the 10th and 12th contracts [1][4] - In the monthly perspective, September is likely to see a double - decline in supply and demand, with the expected decline in demand exceeding that in supply, putting further pressure on the fundamentals [5] Group 2: Supply Analysis - In the past week, the number of blank sailings in August increased by 1, but due to MSC's practice of replacing small ships with large ones, the overall market capacity remained stable at around 321,000 TEU/week [4][59] - In September, the number of blank sailings remained at 2, and the number of pending voyages decreased from 7 to 4. Excluding pending voyages, the average weekly capacity in September was revised up from 299,000 to 314,000 TEU/week, slightly lower than August but higher than July [4] Group 3: Demand Analysis - It is expected that the cargo volume in the first half of August (weeks 31 and 32) will remain resilient, and Christmas orders are likely to be shipped by the first half of August. The inflection point of market cargo volume is likely to occur in the second half of August [4] - In June, China's exports to the US showed a narrowing decline, while exports to the EU, ASEAN, Africa, and Japan maintained resilience [36] Group 4: Price Analysis - For the 2508 contract, the average FAK in weeks 30 and 31 was around $3,350 - $3,400/FEU, corresponding to an SCFIS index of 2,300 - 2,350 points. In week 32, different shipping companies had different price adjustment plans [6] - The market average of spot freight rates and the SCFIS index had certain fluctuations in the recent period, with specific changes in each week's data [13][14] Group 5: Historical Data - The report presents historical freight rate data (monthly) with detailed comparisons of year - on - year and month - on - month changes between different months and years [9] - It also shows the historical monthly spread data between different contract months [10] Group 6: Trade Volume Data - Data on US imports by major countries are provided, including year - on - year and month - on - month changes in June [34] - Asian export trade volume data to Europe, North America, and other regions are presented, with specific volume and change data for different months [40][44]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The European line shipping market has certain support, with a good loading rate but a marginal weakening of cargo volume. The weekly average capacity in August is as high as 320,000 TEU, a month - on - month increase of 8%. The cargo volumes in weeks 32, 33, 34, and 35 are 343,000, 305,000, 320,000, and 305,000 TEU respectively [2]. 3. Summary by Relevant Catalogs 3.1 Futures - **Futures Contracts Price and Changes**: The closing prices, price changes (%), basis, trading volumes, open interests, and open interest changes of different EC futures contracts (EC2508, EC2510, EC2512, EC2602, EC2604, EC2606) are presented. For example, EC2508 closed at 2244.9 with a 0.23% increase, and its open interest decreased by 1355 [2]. - **Futures Month - to - Month Spreads**: The spreads between different contract months (EC2508 - 2510, EC2510 - 2512, EC2512 - 2602) are given, along with their changes compared to the previous days and week - on - week changes. For instance, the spread of EC2508 - 2510 was 661.0, a decrease of 41.7 from the previous day and an increase of 8.1 week - on - week [2]. 3.2 Spot - **Spot Price Indexes**: The values, update frequencies, release dates, and changes of several spot price indexes (SCEIS, SCFI, CCFI, NCFI, TCI) are provided. For example, SCEIS on July 21, 2025, was 2400.5 points, a 0.89% decrease from the previous period but a 7.26% increase from two periods ago [2]. - **European Line Supply - Demand and Quotes**: In August, the weekly average capacity of the European line is 320,000 TEU, a month - on - month increase of 8%. Cargo volumes in weeks 32 - 35 are 343,000, 305,000, 320,000, and 305,000 TEU respectively. In July, the quotes remained stable at around 2400 points. In August, some shipping companies announced price increases, while MSK had price adjustments. Currently, the actual quotes of PA Alliance decreased by 200 - 300 to 3100 US dollars, and some of MSK's routes had price increases [2]. 3.3 News - **International News**: On July 24, Israeli Prime Minister Netanyahu stated that Israel would not yield to Hamas in the cease - fire negotiations. On July 25, French President Macron announced that France would recognize the State of Palestine in September [2]. 3.4 Shipping Company Quotes - **Online Quotes Structure**: The online quotes structures (40GP and converted to the underlying) of shipping companies (EMC, HMM, HPL, MSK, MSC, ONE, OOCL) from July 4 to July 24 are presented [3][4]. 3.5 Seasonal Trends - **European Line Spot Freight Rate Indexes**: The seasonal trends of SCFIS, SCFI, TCI, NCFI, XSI - C (European line) and other shipping routes' TCI (including Mediterranean East, Mediterranean West, East Africa, Persian Gulf, South Africa, West Africa, etc.) are shown [7].

Pricing Information - As of July 24, 2023, the spot rates for various shipping lines are as follows: Maersk: $1,767-$2,123/TEU, $2,958-$3,466/TEU; CMA: $1,935-$2,285/TEU, $3,445-$4,145/TEU; MSC: $2,060-$2,163/TEU, $3,440-$3,646/TEU; ONE: $2,604-$2,814/TEU, $3,343-$3,643/TEU; EMC: $2,355-$2,455/TEU, $3,560-$3,760/TEU [1] Shipping Index - As of July 21, 2023, the SCFIS European line index is reported at 2,400.50 points, a decrease of 0.89% week-on-week; the US West Coast index increased by 2.78% to 1,301.81 points. The SCFI composite index as of July 18, 2023, is at 1,646.90 points, down 4.98% from the previous period [2] Market Fundamentals - As of July 23, 2023, the global container shipping capacity exceeds 32.7 million TEU, reflecting an 8.1% year-on-year growth. In terms of demand, the Eurozone's June composite PMI is at 50.2, with manufacturing PMI at 49.4 and services PMI at 50.0. The US June manufacturing PMI is at 49, with a new orders index of 46.4. The OECD leading index for the G7 group recorded 100.40 in June [3] Market Logic - The futures market experienced a decline yesterday, with the main contract closing at 1,583.9 points, up 3.73%; the August contract closed at 2,244.9, up 1.47%. Major shipping companies have already set prices for August, reducing uncertainty, and a fluctuating market is expected in the near term. Short-term spot prices are not anticipated to fluctuate significantly, while a gradual decline is expected in the medium to long term due to current prices being at a seasonal peak [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The top of the spot freight rate has likely appeared, with the offline price of ONE adjusted down to $3108/FEU [1][4]. - The August contract is experiencing high - level fluctuations, and the top of the freight rate has likely emerged. The 08 contract's delivery settlement price may fall around 2200 points [4]. - The October contract is mainly for short - allocation during the off - season, and subsequent focus is on the downward slope of the freight rate, with expected high volatility [5]. - The December contract still follows the off - peak and peak season pattern, but the risk lies in whether the Suez Canal will reopen [6][7]. - In 2025, it is still a major year for container ship deliveries [8]. - For trading strategies, the main contract is expected to fluctuate. The recommended arbitrage strategy is to go long on the December contract and short on the October contract, and short the October contract on rallies [9]. 3. Summary According to Relevant Catalogs I. Futures Price - As of July 24, 2025, the total open interest of all container shipping index European line futures contracts was 80,317 lots, and the daily trading volume was 74,208 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1477.30, 1324.00, 1468.80, 2239.70, 1537.00, and 1701.80 respectively [7]. II. Spot Price - Online quotes vary among different shipping companies. For example, Maersk's Shanghai - Rotterdam price in week 31 was 1907/3214, and in week 32 it was 1780/2980. In the second half of July, the offline price of the PA alliance was between $3100 - 3300/FEU, and that of the OA alliance was between $3200 - 3500/FEU [2][4]. III. Container Ship Capacity Supply - From January to July 20, 2025, 151 container ships were delivered, with a total capacity of 1.204 million TEU. Among them, 47 ships with a capacity of 12,000 - 16,999 TEU were delivered, totaling 705,300 TEU, and 7 ships with a capacity of over 17,000 TEU were delivered, totaling 159,880 TEU [8]. - The average weekly capacity from China to European base ports in the remaining two weeks of July was 272,000 TEU. In August, the average weekly capacity was 310,500 TEU, and in September it was 276,400 TEU. Maersk will add two additional ships in August, with a total capacity of about 29,000 TEU [3]. IV. Supply Chain - The situation of container ship passage through major canals such as the Suez Canal, the Cape of Good Hope, and the Panama Canal is presented in the figures, which can reflect the impact on the supply chain [66][68][74]. - The congestion ratio and congested capacity of global container ships are also shown in the figures, which are important factors affecting the supply chain [57]. V. Demand and European Economy - Figures such as the EU 27's industrial production index, import value from China, consumer confidence index, and retail sales year - on - year can reflect the demand and economic situation in Europe [39][40][41]. - China's export volume to the EU and total export volume can also provide insights into the demand side [43][44].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The futures prices of the container shipping index (European routes) are expected to briefly return to a volatile state. Attention should be paid to the actions of other shipping companies and changes in the spot cabin quotes on European routes [2]. 3. Summary by Section EC Risk Management Strategy - For companies with full capacity or poor booking volume and worried about falling freight rates, they can short the container shipping index futures (EC2510) at 1800 - 1900 to lock in profits [1]. - For those hoping to book cabins according to orders and prevent rising freight rates, they can buy the container shipping index futures (EC2510) at 1350 - 1450 to set the booking cost in advance [1]. Market Performance - The futures prices of the container shipping index (European routes) opened with a volatile downward trend and then rebounded slightly. At the close, the prices of EC contracts showed mixed results [2]. - For the EC2510 contract, long - positions increased by 1029 lots to 26261 lots, short - positions increased by 845 lots to 31963 lots, and trading volume decreased by 2955 lots to 79201 lots (bilateral) [2]. Factors Affecting the Market Positive Factors - The spot cabin quotes on European routes of MSC and COSCO Shipping in mid - early August have increased [3]. - Israeli Defense Minister Katz said that Israel may attack Iran again, which has a slight positive impact on market sentiment [5]. Negative Factors - Maersk's new weekly opening quotes on European routes have significantly decreased compared to the previous week [4]. EC Basis Changes - On July 23, 2025, the basis of EC2508 was 160.80 points, with a daily increase of 10.00 points and a weekly decrease of 108.14 points; EC2510 was 863.50 points, with a daily increase of 11.00 points and a weekly increase of 39.66 points; EC2512 was 698.70 points, with a daily increase of 6.90 points and a weekly increase of 35.76 points [4]. Spot Cabin Quotes - Maersk's 20GP and 40GP total quotes for Shanghai - Rotterdam routes in late July and early August increased compared to the previous period. MSC and COSCO Shipping's 20GP and 40GP total quotes for Shanghai - Rotterdam routes in mid - early August also increased compared to the previous week [8]. Global Freight Rate Index - The SCFIS European route index decreased by 0.89% to 2400.5 points, the SCFIS US - West route index increased by 2.78% to 1301.81 points. Other indexes also showed different degrees of increase or decrease [9]. Port Waiting Time - The waiting times of Hong Kong, Shanghai, and other ports on July 22, 2025, showed different changes compared to the previous day and the same period last year [16]. Ship Speed and Waiting Ships - The speeds of 8000 +, 3000 +, and 1000 + container ships on July 22, 2025, increased slightly compared to the previous day. The number of ships waiting at the Suez Canal port anchor remained unchanged at 30, less than 7 in the same period last year [24][25].