【5 月欧线运价变动趋稳，EC 合约态势受关注】5 月，欧线运价变动渐趋平稳，EC 合约延续弱势。06 合约周四跌至 1220 点后有所反弹，周五 EC 合约集体收跌。主力合约 EC2506 收于 1249.8 点，跌幅 2.59%，持仓量减少 1255 手至 36887 手。 EC2508 收于 1528.8 点，跌幅 1.77%，持仓量增加 75 手至 36104 手。EC2510 收于 1260.8 点，跌幅 0.97%，EC2512 收于 1445.8 点，跌幅 0.88%。 5 月 9 盘后发布 的 SCFI 上海-欧洲基本港为 1161 美元/TEU，较上期下跌 39 美元，跌幅 3.24%。 马士基第 21 周报价沿 用 1450 美元/FEU，赫伯罗特 5 月中旬报价 2100 美元/FEU。MSC2110 美元/FEU，达飞降 100 美元至 2145 美元/FEU，ONE 降 200 美元至 1637 美元/FEU，长荣 2060 美元/FEU，COSCO 线上报价维持 3625 美元/FEU，OOCL 报价维持在 1700 - 1800 美元附近，HMM1704 美元/FEU。达飞 5 ...

Report Industry Investment Rating - Not provided in the document Core Viewpoint - Hold a light short position in the 10 - 12 spread; build short positions in the 2510 contract on rallies [7][11] Summary by Relevant Catalogs Overview - In the past week, the container shipping index fluctuated weakly, dragged down by the weak fundamentals [7] - The 2506 contract may trade based on the spot freight rate trend. The fundamentals of the European route are expected to remain weak in the next 1 - 2 weeks, but the freight rate in late May is approaching the cash - flow cost line of shipping companies, reducing their willingness to cut prices further [11] - The European route is expected to improve as some alliance shipping companies may start to raise prices in June. However, considering the high - capacity saturation in late May and the first week of June, the probability of actual freight rate increases in early June is low [11] - The 2508 contract mainly reflects the expected trading of Sino - US tariff policy changes. The 2510 contract has significant differences. The report believes that October is the traditional off - season for the European route, and the probability of the US restocking driving the supply - demand imbalance in the European route is low. It is advisable to build short positions on rallies [11] Price - **Spot Freight and Spot Index Tracking** - In late May, the market freight rate center decreased by $100 - 150/FEU compared with early May. Attention should be paid to whether Maersk's week 22 opening price will be maintained or lowered [8][20] - Some alliance shipping companies may raise prices every half - month in June. The actual freight rate trend in early June is expected to be flat compared with late May, and the trend in late June depends on the loading situation in early June [8][20] - The OA alliance's list price center is around $1840/FEU, and the offline price is mostly around $1700/FEU. CMA CGM's e - commerce quote in early May was $2145/FEU, and it was lowered by $150 to $1995/FEU in late May, with an offline quote around $1800/FEU [8][20] - The PA alliance's list price center is around $1600/FEU. ONE's price of $1637/FEU will be maintained until the end of May; HMM's e - commerce quote of $1704/FEU remains unchanged in May; Yang Ming's quote decreased by $100 to $1500/FEU in late May [8][20] - The Gemini alliance's list price center is around $1575/FEU. Maersk's week 21 opening price was $1450/FEU, with no second opening. Attention should be paid to the week 22 opening price. HPL's FAK quote in late May was $1700/FEU, and T1 customers can apply for $1500/EFU [8][20] - MSC's FAK price was lowered by $50 to $1890/FEU on the 15th [21] - **Historical Freight (Monthly)** - It shows the freight rates and their month - on - month changes of different routes from January to December from 2009 to 2024, including the SCFI index of European routes, Mediterranean routes, South American routes, US West Coast routes, US East Coast routes, and West African routes [13] - **Month - to - Month Spread Trend** - Displays the month - to - month spread trends of 6 - 10, 8 - 10, 6 - 8, and 10 - 12 [14] Demand - **US and European Inventory Data** - As of February, the actual inventory, actual sales, and inventory - to - sales ratio data of the US are provided. As of April, the evaluation data of European industrial enterprises on their inventory levels and new orders are presented [30] - **US Imports of Goods from China** - In March, the total volume of containers imported by the US from China was 887,000 TEU, a decrease of 8% compared with February and an increase of 15% compared with the same period last year [32] - **Asian Export Situation** - In March, the volume of containers imported by Europe from Asia was 1.603 million TEU, a month - on - month increase of 45% and a year - on - year increase of 11%; the cumulative year - on - year increase from January to March was 9% [38] - In March, the volume of containers imported by North America from Asia was 1.975 million TEU, a month - on - month increase of 16% and a year - on - year increase of 9%; the cumulative year - on - year increase from January to March was 9% [39] - In March, the volume of containers imported by Central and South America from Asia was 451,000 TEU, a month - on - month increase of 34% and a year - on - year increase of 22%; the cumulative year - on - year increase from January to March was 14% [40] - In March, the domestic trade container volume in Asia was 910,000 TEU, a month - on - month increase of 30% and a year - on - year increase of 25%; the cumulative year - on - year increase from January to March was 12% [41] Supply - **Dynamic Capacity - European Route Shipping Schedule** - The shipping schedules from April to June for the China - European base routes are provided, including the information of different alliances, route codes, and deployed ships [45][47] - The weekly average capacity in May (weeks 18 - 22, April 28 - June 1) was 300,000 TEU/week, with 8 blank sailings, remaining unchanged compared with the previous week. In late May, the capacity was relatively full, with only Evergreen's CES having a blank sailing in weeks 21 and 22, and other shipping companies operating at full capacity [49] - The weekly average capacity in June is expected to be 300,000 TEU/week, with 4 blank sailings (2 in the first half and 2 in the second half). There are 4 pending voyages in June (pending voyages are not included in the capacity statistics). The suspension plan for the US route in June may be confirmed next week, and the spill - over effect of US - bound ships on the European route will be clearer [49] - **Dynamic Capacity - Transfer of US - Bound Ships to the European Route** - Affected by the transfer of US - bound ships to the European route, the weekly average capacity of the European route in May increased from 290,000 TEU/week to 300,000 TEU/week, a rise of 3.5% [50] - A total of 17 ships have been transferred from the US route to the European route, with a total capacity of 219,514 TEU [51] - The Gemini alliance has no new US - bound ships transferred to the European route. Maersk transferred 1 ship from the US route in week 18 [54] - The OA alliance will have 1 new US - bound ship transferred to the European route in June. As of now, there are 10 ships in total, with 6 received by the new AEU7 route, 1 by the AEU3 route, 2 by the CES route, and 1 by the FAL1 route [54] - The PA alliance has no new US - bound ships transferred to the European route, maintaining 5 ships, mainly used to replace ships on the FP2 route [54] - MSC has no new US - bound ships transferred to the European route. Currently, only 1 ship, MSC Cristina, has been transferred from the US West Coast's Chinook route in week 22 [54] - **Dynamic Capacity - Weekly and Monthly Effective Capacity of the European Route** - The weekly and monthly effective capacity data of the European route from April to June are provided, including the data by alliance [55] - **Dynamic Capacity - Idle Capacity and Speed** - In the past week, the speed of the 12,000 - 16,999 TEU container fleet decreased slightly from 15.15 to around 15.0 knots. The speed of the 17,000 + TEU container fleet remained around 15.4 knots. The current speed is still significantly higher than that of the same period in 2023. If the over - capacity pressure persists, shipping companies may further reduce the speed [58] - The number of idle ships in the 12,000 - 16,999 TEU container fleet remained unchanged at 2 compared with the previous week. The number of idle ships in the 17,000 + TEU container fleet increased by 1 to 2 [59] - **Turnover Efficiency - Regional Congestion** - Recently, there have been serious ship - schedule delays at the ports of Shanghai and Ningbo. Many European ports are facing congestion and operational disruptions, leading to an increase in the density of port yards and the container detention time, exceeding the normal operational capacity of the ports. Meanwhile, the terminals of ports such as Valencia, Barcelona, Algeciras, and Piraeus in the Mediterranean are also facing high occupancy rates, and the waiting time for ships has increased [64] - **Turnover Efficiency - Congestion at Major European Ports** - Maersk announced on April 17 that there was serious congestion and operational disruptions at multiple Nordic ports, especially Antwerp and Bremen. This situation was caused by multiple factors, including strikes, shipping network shift plans, low water levels in European inland waterways, and insufficient labor supply before the Easter holiday [66] - **Turnover Efficiency - Congestion at Major North American Ports** - There is structural congestion at US basic ports. There is basically no congestion at the ports of Los Angeles and Long Beach on the US West Coast, while the in - port capacity of the port of Savannah on the US East Coast has been at a historical high in the past two weeks [67] - **Turnover Efficiency - Congestion at Major Asian Ports** - In the past three weeks, there have been many cases of late departures of outbound containers in East China, and the in - port capacity of Port Klang has remained high [75] - **Static Capacity - New Ships of 12,000 TEU+ Launched in the Past Three Months** - In April, the top ten liner companies received a total of 6 new 12,000 - 16,999 TEU container ships, with MSC, ONE, and Maersk receiving 4, 1, and 1 respectively. MSC deployed 3 of them on the European route. From January to April, the top ten liner companies received a total of 25 ships, with 10 (156,000 TEU) deployed on the European route [77][79] - In April, CMA CGM received 1 new 17,000 + TEU container ship, the "CMA CGM Seine", which was deployed on the European route's FAL3 service. From January to April, the top ten liner companies received a total of 3 ships (71,000 TEU), all deployed on the European route [77][79] - **Static Capacity - New Ships of 12,000 TEU+ to be Delivered** - The delivery details of new 12,000 + TEU container ships of the top ten liner companies in the next six months are provided, including the size, operator, and shipyard of the ships [80]

Report Industry Investment Rating No information provided. Core Viewpoints - The US tariff - adding policy has significantly changed the US - bound shipping routes. Some shipping capacity from the US - bound routes has overflowed to the European and Mediterranean routes. If more ships from the US - bound routes are diverted to the European routes, the freight rates of the European routes will face pressure. Attention should be paid to the shipping companies' capacity adjustment. [4] - It is necessary to closely monitor the possibility of Sino - US negotiations. If the two sides negotiate and reduce some export tariffs on Chinese goods, there may be an opportunity for supply - demand mismatch on the US routes, which will have a positive impact on the European routes. Due to the frequent adjustment of tariff policies and high uncertainty, arbitrage is recommended for recent operations. [4] - The 06 contract still faces a weak reality, while the 08 contract faces a game between weak reality and price - increase expectations. If the US - bound cargo volume remains low, more ships may be diverted from the US - bound routes to the European routes in June. [3] Summary by Directory 1. Futures Price - As of May 7, 2025, the total open interest of all contracts of the European container shipping index futures was 101,044.00 lots, and the single - day trading volume was 108,379.00 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1291.40, 1182.60, 1288.20, 1559.60, 1287.90, and 1460.70 respectively. [5] 2. Spot Price - Online quotes: Different shipping companies have different price quotes for different weeks and months. For example, Maersk's Week 20 price is 974/1647, Week 21 is 885/1480; HPL's May shipment price is 1100/1700, and June is 1800/3000. [1] - The SCFI (Shanghai - Europe route) price announced on April 30 was 1200.00 US dollars/TEU, SCFI (Shanghai - US West route) was 2272.00 US dollars/FEU, and SCFI (Shanghai - US East) was 3283.00 US dollars/FEU. The SCFIS (Shanghai - Europe) on May 5 was 1379.07 points, and SCFIS (Shanghai - US West) was 1320.69 points. [5] 3. Container Ship Capacity Supply - In May, the shipping capacity was gradually revised upwards. The weekly capacities in Week 20/21/22 were 251,600/262,000/296,000 TEU respectively. The average weekly capacity in May was about 280,000 - 290,000 TEU, a year - on - year increase of more than 20% in 2024. The average weekly capacity in June was about 280,000 TEU. [2] - A total of 11 ships on the US - bound routes were diverted to the European routes, with a total capacity of 128,000 TEU, mostly in May. If the US - bound cargo volume remains low, more ships may be diverted in June. [2] - 2025 is still a big year for container ship deliveries. As of May 1, 2025, 93 container ships had been delivered, with a total capacity of 724,600 TEU. Among them, 30 ships with a capacity of 12,000 - 16,999 TEU were delivered, with a total of 451,300 TEU; 3 ships with a capacity of over 17,000 TEU were delivered, with a total of 70,872 TEU. [5] 4. Supply Chain - Geopolitical aspect: Yemeni Houthi officials stated that the cease - fire agreement did not include any direct talks with US officials. The US - Houthi cease - fire agreement mediated by Oman aimed to stop attacks on US ships. [2] 5. Demand and European Economy - The US tariff - adding policy has affected the shipping market. If Sino - US negotiations reduce some export tariffs on Chinese goods, there may be an opportunity for supply - demand mismatch on the US routes, which will have an impact on the European routes. [4]

FICC日报 | 2025-05-07 市场分析 线上报价方面。 Gemini Cooperation：马士基20周价格968/1635,21周报价870/1450；HPL 5月船期报价1200/1900，6月份船期报价 1800/3000。 MSC+Premier Alliance，MSC 5月上半月船期报价1160/1940；ONE 5月船期报价1661/1637；HMM 5月上半月船期 报价1067/1734。YML 线下5月22日前船期报价1000/1600。 Ocean Alliance，COSCO 5月上半月船期报价2175/3625；CMA 5月份船期报价1210/1995，6月份船期报价1710/2995； EMC 5月份船期报价1255/2060；OOCL 5月船期报价1150/1700。 地缘端：在遭到以色列的大规模空袭后，也门胡塞武装"最高政治委员会"主席迈赫迪·穆沙特当地时间6日晚间表示， 无论付出什么样的代价，都不会放弃对加沙地带的支持。胡塞武装还表示，反击将会是毁灭性的、痛苦的，并将 超出美国和以色列的承受范围，任何侵略行为都不能阻止其对巴勒斯坦的支持。 5月份运力逐步上修，5月份 ...

中东局势相关新闻 4/28 美军称对胡塞武装造成致命打击 但不会披露行动细节。 4/29 以色列官员：（关于加沙问题谈判取得突破的）报道是不正确的。目前还没有真正的进展, 4/29 埃及消息人士：埃以在开罗讨论加沙停火新提议。一名埃及安全部门消息人士28日告诉新华社，埃及官员当天在首都开罗 与以色列战略事务部长德尔默率领的以方代表团举行会议，讨论一项旨在实现加沙地带停火的新提议。这两名不愿透露姓名的消 息人士表示，埃及提出了一项新提议，主要内容包括暂时停火6个月，以换取巴勒斯坦伊斯兰抵抗运动（哈马斯）释放—半以色 列被扣押人员。以方此前拒绝了埃及提出的一项哈马斯释放所有以色列被扣押人员以换取停火5年的提议。两名消息人士说，新 提议还包括以色列军队分阶段撤出加沙地带、开始加沙地带重建等内容。 注: XSI-C指数延迟三个工作日公布。 | | | | | | | 研究中心能化团队。 | | 2025/4/30 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 告约 | 昨日收盘价 | 涨跌 (%) | 基 | 昨日成交量 ...

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - The current demand is poor, with low booking volumes and prices under pressure. The supply - demand situation has further declined due to some capacity being transferred from the American routes to the European routes in late May because of the Sino - US tariff war. The resistance for airlines to further lower prices is high, and the space for continued short - selling is limited. It is not recommended to go long at the current position due to high risks. Instead, it is advisable to take a long position through the monthly spread and try to widen the spread between the August and June contracts [3][5][8] 3. Summaries According to Relevant Catalogs Yesterday's Market - The EC main contract opened 1300 points lower and closed at 1275.6 points, with a decline of 7.83% [1] Trading Logic - Maersk continued to reduce prices for May after the market closed yesterday, with the lowest price for large containers falling below $1500/TEU, corresponding to a price of less than 1000 points on the futures market. As it is approaching early May and there are still no signs of a peak season in the spot supply - demand, the previous peak - season expectations in the market have gradually shattered, and prices are gradually returning to the spot fundamentals. The current spot quotes, except for CMA, are generally concentrated between $1500 - 2100/TEU for large containers, corresponding to a futures market range of 1000 - 1400 points, and the futures prices have fallen to the flat - water range [3] Fundamental Analysis - As of April 25th, the latest quotes were as follows: Maersk $874 - 1264/TEU, $1458 - 2008/TEU; CMA $1285 - 2335/TEU, $2145 - 4245/TEU; MSC $1260 - 1562/TEU, $2110/TEU; ONE $1391 - 1841/TEU, $1837/TEU; EMC $1155 - 1255/TEU, $1910 - 2060/TEU. As of April 28th, the global total container shipping capacity was 32.19 million TEU, a 9% increase compared to the same period last year. In terms of demand, the Eurozone's composite PMI in March was 50.9, the manufacturing PMI was 48.6, and the service PMI was 51. The US manufacturing PMI index in March was 49, and the new orders index was 45.2, showing a sharp decline. The OECD leading index for the G7 group in March was 100.47 [4] - The current demand at the spot end is still weak. Although the tariff policy has been postponed, the general 10% tariff still has a certain impact on trade demand. Seasonally, April is the turning point between the off - season and the peak season, and demand will gradually pick up from May. The prices in March and April are the traditional seasonal lows. On the supply side, MSC suspended a large ship in late April, and the supply decreased compared to the early part of the month. However, considering that the demand side still shows no improvement, it is expected that this suspension will not have a significant impact on prices [5] Future Outlook - The spot prices have fallen to a relatively low level. Currently, both the spot price and the SCFIS index are near historical lows. It is expected that the prices will face significant resistance when they fall to around 1000 points. If the airlines announce price increases as the peak season approaches, the prices may quickly rebound to over 2000 points, with a preliminary calculation of the profit - loss ratio at about 1:3. It is recommended to take a long position through the monthly spread and try to widen the spread between the August and June contracts [8]

Gemini Cooperation：马士基第18周报价1157/1951,19周报价973/1618,马士基20周价格885/1480；HPL 5月上半月船 期报价1200/1900，5月下半月船期报价1300/2100。 MSC+Premier Alliance，MSC5月上半月船期报价1260/2110；ONE 5月上半月船期报价1661/1637，5月下半月船期 报价1661/1637；HMM 5月上半月船期报价1067/1734。 Ocean Alliance，COSCO 5月上半月船期报价2175/3625；CMA 5月份上半月船期报价1285/2145，5月下半月船期报 价2335/4245；EMC 5月份上半月船期报价1255/2060；OOCL 5月上半月船期报价1200/1800。 5月份报价频频下调，近期主要船司纷纷修正5月份运价，马士基WEEK20运价降至1450美元/FEU，ONE 5月1日-5 月15日线下FAK价格下修至936/1602，MSC 5月上半月线下报价下修至1160/1940，COSCO5月上半月线下报价下修 至1350/1850。1450美元/FEU报价折合盘面10 ...

Report Title - The report focuses on the Container Shipping Index (European Line), with a title of "Container Shipping Index (European Line): Low-level Fluctuation, Hold 10 - 12 Inverse Spread Positions Lightly" [1] Core Viewpoints - The 2606 contract may be traded based on the spot freight rate trend in May, currently in a stage of weak reality (shipping companies cut prices to stock up at the end of April and failed to raise prices in early May) and weak expectations (no easing of Sino-US tariffs), and may fluctuate at a low level on a weekly basis. Attention should be paid to whether shipping companies can establish continuous rolling in the case of many blank sailings in early May to build momentum for price increases in late May. If the cargo collection is poor in early May, the increase in capacity in late May may lead to greater cargo collection pressure. The 2508 contract mainly reflects the expected trading of changes in Sino-US tariff policies. There are significant differences in the 2510 contract. Some long funds believe that the US inventory replenishment may last until October, which may require transferring ships from the European line, benefiting the European line. However, it is considered that September - October is the off - season of the European line, and shipping companies need to suspend sailings to slow down the decline of freight rates. Whether the US inventory replenishment in October requires transferring ships from the European line and the transfer intensity remain to be observed, and the 2510 contract mainly fluctuates following the valuation of the 2508 contract [15] Industry Investment Rating - No relevant information provided Fundamental Tracking Container Shipping Index (European Line) Futures Data - EC2504: Yesterday's closing price was 1,419.7, with a daily decline of 0.47%, trading volume of 3, open interest of 5,148, a decrease of 10 in open interest, yesterday's trading volume to open interest ratio of 0.03, and the previous day's ratio of 0.07 [1] - EC2506: Yesterday's closing price was 1,533.0, with a daily decline of 1.11%, trading volume of 53,941, open interest of 36,130, a decrease of 817 in open interest, yesterday's trading volume to open interest ratio of 1.49, and the previous day's ratio of 1.81 [1] - EC2508: Yesterday's closing price was 1,653.8, with a daily increase of 0.39%, trading volume of 17,645, open interest of 30,029, a decrease of 746 in open interest, yesterday's trading volume to open interest ratio of 0.59, and the previous day's ratio of 0.65 [1] Spot Freight Rate Data - The SCFIS European route and US - West route data are presented, along with the SCFI European route ($/TEU) and US - West route ($/FEU) data for different shipping companies such as Maersk, MSC, etc. The exchange rate of the US dollar index and the US dollar against the offshore RMB is 99.23 and 7.30 respectively. The European line freight rate index has a weekly increase of - 4.5% and a bi - weekly increase of - 2.9% [1] Shipping Capacity Data China - Europe Base Shipping Capacity - Weekly shipping capacity data shows the capacity of different alliances such as Gemini, OA, PA, and MSC. Monthly average weekly shipping capacity data from February to June 2025 is also provided, with the capacity of different alliances varying in different months [7][9] - The shipping capacity from April to June 2025 for different shipping companies and routes is presented in a table, with the total shipping capacity in some periods reaching up to 33.6 million TEU [11] Shipping Capacity Transfer from US Line to European Line - A total of 13 ships are transferred from the US line to the European line, with a total capacity of 170,132 TEU. The details include the week, shipping company, ship name, ship size, original US line code, current European line code, and Shanghai ETD/ATD [13] Macro and Industry News - The Hamas delegation held talks with the Turkish Foreign Minister on a cease - fire in Gaza on April 20. The two sides discussed issues such as stopping Israel's attacks on Gaza and reaching a comprehensive cease - fire agreement [15] - Trump said on April 17 that he was confident about reaching an agreement with China, expecting things to be settled in the next three to four weeks [15]

2月中国制造业采购经理指数（PMI）为50.2%，比上月上升1.1个百分点，制造业景气水平明显回升。中国2月财新制造业PMI 50.8，近三个月最高，用 工收缩率明显放缓。 美国 3 月标普全球制造业 PM 初值录得49.8，为 3 个月以来新低。美国 3 月标普全球服务业 PMI 初值录得 54.3，为 3 个月以来新高。美国 3 月标普全 球综合 PMI 初值录得 53.5, 为 3个月以来新高。 对于今年核心逻辑的预判在于国际关税政策走向，4月美国将对加拿 大、墨西哥、欧洲等国家的关税政策再出反复,临近美线长协定价窗 口,报复性关税被加入谈判手段,对未来海运走向增加一个较大的扰 动因素，在运价上各船司有意挺价，但绕不开联盟间的价格战。综上 述,我们认为一需要关注MSK与MSC在第二季度开展的价格战问 题,二是激进的关税政策下终端需求的反馈。 4月15日主力合约2506收盘1600.1, 跌幅为7.72%, 成交量5.54万 手,持仓量3.54万手,较上日增仓2304手。 关税战引发对全球航运的担忧，也对市场带来消极扰动，MSK上涨 美线旺季附加费,盘面承压低位震荡。之后需对关税政策、中东局势 以及现货运 ...

Core Insights - Gauzy Ltd. has unveiled its smart glass facade at the new MSC Terminal in Miami, which is the largest and most technologically advanced cruise ship terminal globally, showcasing the potential of smart glass in architectural applications [3][9] - The smart glass covers 75% of the terminal's facade and is expected to be seen by approximately 36,000 visitors and 42,000 vehicles daily, reaching over 30 million people annually [1][3] - The global addressable market for smart glass in buildings is valued at $44 billion, with the facade glass market projected to grow to $412.16 billion by 2032 and the transparent display market expected to reach $38.28 billion by 2032 [7] Company Overview - Gauzy Ltd. specializes in light and vision control technologies, focusing on the research, development, manufacturing, and marketing of smart glass technologies and advanced driver assistance systems (ADAS) [10] - The company has a significant presence in Miami, a rapidly growing U.S. real estate market, and has completed several notable projects, indicating a strong demand for innovative building materials in the region [8] Project Details - The installation includes over 11,000 square feet (1,100 square meters) of exterior-grade grey PDLC smart film, which remains transparent during the day and transforms into a digital art display at night [4][6] - The project meets public artworks ordinance requirements by integrating artistic elements into the terminal's design, showcasing how digital displays can contribute to public art [6][7] Strategic Partnerships - Gauzy collaborates with MSC and Fincantieri Infrastructure, leaders in the cruise industry, to enhance travel experiences through innovative smart glass technologies [5][9] - The partnership aims to redefine passenger experiences at cruise terminals and on-board vessels, highlighting the intersection of sustainable technology and immersive art [9]