1. Report Industry Investment Rating - No relevant information provided in the documents. 2. Core Viewpoints of the Report - Overall, under the suppression of high capacity, as demand gradually enters the off - season, freight rates will be under pressure in the future [2][6]. 3. Summary According to Related Catalogs 3.1 EC Futures Contracts and Price Trends - EC2508 had a price of 2111.0 with a decline of 3.31%, EC2510 had a price of 1460.0 with a decline of 2.85%, EC2512 had a price of 1735.0 with a decline of 0.16%, EC2602 had a price of 1521.3 with a decline of 1.28%, EC2604 had a price of 1370.0, and EC2606 had a price of 1504.9 with an increase of 0.76% [2][6]. - For month - spreads, EC2508 - 2510 was 680.4, EC2510 - 2512 was - 40.0, and EC2512 - 2602 was 16.9 [2][6]. 3.2 Freight Rate Indexes - SCEIS had a decline of 3.50% on 2025/7/28, SCFI had a decline of 0.95% on 2025/7/25, CCFI (European line) had relevant data on 2025/7/25, NCFI (European line) had a decline of 1.20% on 2025/7/25, and TCI had a value of 1062.48 with no change on 2025/7/18 [2][6]. 3.3 European Line Supply and Demand - In August and September (temporarily), the average weekly capacity was about 325,000 and 324,000 TEU respectively. The capacity in week32/33/34/35 was 330,000, 305,000, 350,000, and 316,000 TEU respectively, with high capacity pressure especially in the second half of August. There was a transfer from the US line to the European line. Under the support of the shipping company's base cargo, the shipping company's load factor in July had no significant pressure. In early August, the base cargo still provided some support, but the cargo volume gradually weakened and entered the off - season [2][6]. 3.4 Recent European Line Quotations - In July, the quotations remained stable at around 2400 points. In August, the PA alliance's quotation dropped by 200 - 300 to 3100 US dollars, MSK's quotation first dropped slightly (2900 - 3000 US dollars) and then increased slightly, OA continued to use 3400 - 3500 US dollars. In week31, the quotation landed at about 3300 US dollars (equivalent to 2300 points on the disk). On Tuesday, HPL reduced the price by 200 to 3100 US dollars [2][6]. 3.5 Related News - On 7/29, China and the US reached a consensus in the Stockholm talks to extend the previously suspended 24% reciprocal tariffs and China's counter - measures for 90 days, but the final agreement needs to be decided by President Trump [2][6]. - On 7/29, Israel was considering a full - scale military occupation of the Gaza Strip, the US State Department refused to hold a "two - state solution" meeting on the Gaza issue, and German government was expected to approve a 2026 budget with a record investment of 126.7 billion euros [2][6].

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View - Under high - capacity pressure and with demand entering the off - season, the freight rates will face downward pressure in the future [2] 3. Summary by Relevant Content EC Futures Contracts and Spreads - The closing prices of EC futures contracts such as EC2508, EC2510, etc., showed different degrees of decline or increase on July 28, 2025. For example, EC2508 closed at 2212.6 with a - 1.44% decline [2] - The month - to - month spreads like EC2508 - 2510, EC2510 - 2512 also had changes compared to previous days and weeks [2] Shipping Freight Indexes - The SCFI (European Line) updated on July 25, 2025, was 2090 dollars/TEU, with a 0.53% increase compared to the previous period [2] - Other indexes like CCFI, NCFI, and TCI also had their respective data and changes [2] 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 weeks 32, 33, 34, and 35 is 330,000, 305,000, 350,000, and 316,000 TEU respectively, with high capacity pressure especially in the second half of August [2] - There is a transfer of shipping schedules from the US line to the European line. With the support of the shipping companies' base cargo volume, the shipping companies' stowage rate in late July was not under great pressure, but the cargo volume in early August is gradually weakening [2] European Line Quotations - In July, the European line quotations remained stable at around 2400 points [3] - In August, the PA Alliance's quotations dropped by 200 - 300 to 3100 dollars, MSK's quotations decreased slightly at first and then increased slightly, and OA mainly maintained at 3400 - 3500 dollars (considering a decline). The quotation in week 31 was about 3300 dollars (equivalent to 2300 points on the futures market) [13] Relevant News - On July 27, 2025, US President Trump announced that the US and the EU had reached a trade agreement, including a 15% tariff on EU goods exported to the US, a 600 - billion - dollar increase in EU investment in the US, and the EU's purchase of US military equipment and 750 - billion - dollar energy products [4] - The Yemen Houthi rebels stated that they would attack any ships belonging to companies with business at Israeli ports [4] - The cease - fire negotiation between Israel and Hamas in Gaza was deadlocked. Israel was considering measures to pressure Hamas, while Hamas officials said they were ready to complete the negotiation and that Israel's negative statements were an attempt to avoid the negotiation results [5]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The shipping capacity in August is relatively high, with an average weekly capacity of 320,000 TEU, a month - on - month increase of 8%. However, there is still support from base cargo at the beginning of August. In the next half - month, the market may remain stable or see a slight decline in quotes from some shipping companies [1]. - The downstream is currently booking shipping space for early August (week 30 - 31). The quotes were stable throughout July, around 2400 points. In the fifth week of July (week 31), the quote was $3400, equivalent to around 2400 points on the futures market [2]. 3. Summary by Relevant Catalogs EC Futures Contracts - EC2508 had a closing price of 2367.3, a change of 33.2, a trading volume of 11341, and an open interest of 13245 [1]. - For different EC futures contracts, there were various price changes, trading volumes, and open interest. For example, EC2510 had a closing price of 1644.7, a change of 755.8, a trading volume of 72757, and an open interest of 52717 [1]. - The month - to - month spreads also showed different trends. For instance, the spread between EC2508 - 2510 was 722.6, with a day - on - day increase of 69.7 [1]. Spot Freight Rate Index - SCHI2 on July 21, 2025, was 2400.5 points, a decrease of 0.89% compared to the previous period [1]. - SCFI on July 18, 2025, was $2079 per TEU, a decrease of 0.95% compared to the previous period [1]. - CCFI on July 18, 2025, was 1803.42 points, an increase of 4.46% compared to the previous period [1]. - NCFI on July 18, 2025, was 1440.25 points, an increase of 0.35% compared to the previous period [1]. - TCI on July 18, 2025, was 1054.56 points, a decrease of 0.75% compared to the previous period [1]. Recent European Line Quotes - The downstream is booking space for early August. Quotes were stable in July, around 2400 points. In week 31 of July, the quote was $3400, equivalent to around 2400 points on the futures market [2]. - On July 21, CMA lowered its quotes. The quote at the end of July decreased from $3645 to $3445, from $4145 to $3745 in early August, and from $5245 to $4145 in late August [2]. Related News - On July 19, Hamas reached a comprehensive cease - fire agreement, but Israel rejected it. Hamas was ready for a long - term battle and was willing to release all hostages in Gaza as part of the cease - fire agreement [3]. - On July 21, the Israeli Defense Forces started a ground operation in southern Deir al - Balah in the central Gaza Strip [3]. - On July 22, US President Trump hoped to end the conflict in Gaza through negotiation, achieve a cease - fire, and secure the release of all hostages [3].

Group 1: EC Futures Contract Price and Related Data - EC2508 had a closing price of 2012.5 with a 0.31% increase, a base difference of 245.5, trading volume of 25398, and an open interest of 31348 with a decrease of 3709 [1] - EC2510 had a closing price of 1390.0 with a -0.34% decrease, a base difference of 868.0, trading volume of 10290, and an open interest of 29642 with a decrease of 786 [1] - EC2512 had a closing price of 1553.7 with a -1.37% decrease, a base difference of 704.3, trading volume of 2082, and an open interest of 1001 with a decrease of 78 [1] - EC2602 had a closing price of 1353.4 with a -0.38% decrease, a base difference of 904.6, trading volume of 313, and an open interest of 3775 with a decrease of 51 [1] - EC2604 had a closing price of 1190.8 with a 0.40% increase, a base difference of 1067.2, trading volume of 657, and an open interest decrease of 164 [1] - EC2606 had a closing price of 1332.5 with a -0.19% decrease, a base difference of 925.5, trading volume of 100, and an open interest of 430 with a decrease of 6 [1] Group 2: Month - to - Month Spread - The spread of EC2508 - 2510 was 622.5 on the day, compared to 611.5 the previous day [1] - The spread of EC2510 - 2512 was - 163.7 on the day, compared to - 180.6 the previous day [1] - The spread of EC2512 - 2602 was 200.3 on the day, compared to 216.7 the previous day [1] Group 3: Spot and Index Data - The TEDA index on 2025/7/7 was 2258.04 points, with a 6.35% increase from the previous period and a 9.61% increase the period before that [1] - The SCFI (European Line) on 2025/7/4 was 2101 dollars/TEU, with a 3.50% increase from the previous period and a 10.63% increase the period before that [1] - The CCFI (European Line) on 2025/7/4 was 1694.3 points, with a 3.27% increase from the previous period and a 3.94% increase the period before that [1] - The NCFI on 2025/7/4 was 1442.46, with a - 0.03% decrease from the previous period and an 11.03% increase the period before that [1] - The TCI on 2025/7/9 was 1019.55, with no change from the previous period and the period before that [1] Group 4: Capacity Arrangement - In July and August 2025, the weekly average capacity was 295,000 and 313,000 TEU respectively [1] - The second - week receiving in July was neutral, with some routes over - booked; the third - week capacity was 320,000 TEU, the fourth - week capacity was 290,000 TEU, and the first - week capacity in August reached 340,000 TEU. The decreasing cargo volume is expected to put pressure on subsequent freight rates [1] Group 5: Recent European Line Quotation - On Wednesday, MSK's European Line quotation was flat at 2900 US dollars, and MSC's online quotation dropped from 3600 to 3400 US dollars [2] - Downstream is currently booking space for the second half of July (week 29 - 30) [2] - The freight rate in the first half of July (week 27 - 28) was around 3380 US dollars (equivalent to 2350 points on the futures market) [2] - Shipping companies' quotations in the second half of July are generally stable. MSK's third - week quotation was flat at 2950 US dollars, and the current quotation range is 2900 - 3500 US dollars, with an average of 3400 US dollars (equivalent to 2400 points on the futures market) [2] Group 6: News - According to British media on 7/8, there is only one issue remaining in the Gaza cease - fire negotiation. Israel and Hamas still have differences on the status and presence of the Israeli Defense Forces in Gaza, while they have bridged major differences on several other issues [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The shipping market, especially the European route, is being closely monitored with details on EC futures contracts, spot prices, and shipping rates. The increasing weekly average shipping capacity from July to August is expected to put significant downward pressure on subsequent freight rates [2] 3. Summary by Related Catalogs EC Futures Contracts - The closing prices of various EC futures contracts on July 7, 2025, showed declines, with EC2508 at 1849.9 (down 2.48%), EC2510 at 1341.9 (down 1.61%), etc [2] - The volume and open interest of different contracts also varied, with EC2508 having a volume of 47769 and an open interest of 36378 (up 431) [2] - The month - spreads between different contracts, such as EC2508 - 2510 at 508.0, showed changes compared to previous days [2] Spot and Index Data - The spot price on June 30, 2025, was 2123.24, with a 9.61% increase from the previous period [2] - SCFI (European route) on July 4, 2025, was 2101 dollars/TEU, up 3.50% from the previous period [2] - CCFI (European route) on July 4, 2025, was 1694.3, up 3.27% from the previous period [2] Shipping Capacity and Rates - The weekly average shipping capacity in July and August 2025 is 295,000 and 313,000 TEU respectively. The shipping capacity in the third week of July is 320,000 TEU, and the first week of August is 340,000 TEU [2] - The freight rates in the first half of July landed at around 3380 US dollars (equivalent to 2350 points). The shipping company quotes in the second half of July are generally stable, with an average of 3500 US dollars (equivalent to 2500 points) [3] Related News - On July 7, indirect cease - fire negotiations in Gaza restarted in Doha, Qatar. Trump will meet with Netanyahu on Monday to discuss details of the Gaza cease - fire agreement [4]

Group 1: EC Futures Contracts - EC2508 had a closing price of 1896.9 with a 0.71% increase, a volume of 28512, and an open interest of 35947 with a decrease of 388 [2] - EC2510 had a closing price of 1363.9 with a 0.29% decrease, a volume of 8414, and an open interest of 31361 [2] - EC2512 had a closing price of 1538.7 with a 0.70% increase, a volume of 1250, and an open interest of 8 with a decrease of 173 [2] - EC2602 had a closing price of 1338.7 with a 1.02% increase, a volume of 228, and an open interest of 3781 with a decrease of 31 [2] - EC2604 had a closing price of 1172.9 with a 0.11% decrease, a volume of 708, and an open interest of 5782 with an increase of 100 [2] - EC2606 had a closing price of 1319.9 with a 0.76% increase, and an open interest of 371 with an increase of 19 [2] Group 2: Month Spreads - EC2508 - 2510 month spread was 533.0, with a week - on - week increase of 53.9 [2] - EC2510 - 2512 month spread was - 174.8, with a week - on - week decrease of 5.7 [2] - EC2512 - 2602 month spread was 200.0, with a week - on - week increase of 22.2 [2] Group 3: Shipping Freight Indexes - SCHIS updated on Mondays, with a value of 2123.24 on 2025/6/30, a 9.61% increase from the previous period and a 14.11% increase from two periods ago [2] - SCFI (European Line) updated on Fridays, with a value of 2030 USD/TEU on 2025/6/27, a 10.63% increase from the previous period and a 0.49% decrease from two periods ago [2] - CCFI (European Line) updated on Fridays, with a value of 1640.72 on 2025/6/27, a 3.94% increase from the previous period and a 6.03% increase from two periods ago [2] - NCFI updated on Fridays, with a value of 1442.95 on 2025/6/27, a 11.03% increase from the previous period and a 0.64% decrease from two periods ago [2] - TCI updated daily, with a value of 957.21 on 2025/6/30, a 2.14% increase from the previous period and no change from two periods ago [2] Group 4: Capacity Arrangement - The average weekly capacity in July and August 2025 (tentatively) is 299,000 and 305,000 TEU respectively. The first week of July had good cargo receipts but no congestion. The second and fourth weeks had neutral capacity, while the third week had high capacity, which may suppress freight rates. There was one new sailing cancellation in week 33, and PA&MSC had ship delays [2] Group 5: European Line Quotations - Some shipping companies announced price increases in July. MSK opened at 3400 USD, and others were mostly between 3500 - 4000 USD. In the first half of July, some shipping companies cut prices. MSK dropped to 3100 and 2900 USD in the first and second weeks respectively, and the final average price was 3400 USD (equivalent to 2400 points on the disk). In the third week of July, MSK opened at 2900 USD [3] - HPL kept its August quotation at 3640 USD, while CMA announced an increase to 4745 USD [11]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Container shipping: The peak of the shipping season may be postponed, and the spot freight rate center may continue to rise. The trading strategy suggests a sideways trend for the single - side operation, with a focus on buying EC2512 at low prices, and a rolling operation for the 10 - 12 spread arbitrage [4][5][6]. - Dry bulk shipping: The large - vessel market is expected to be weak in the short term, while the medium - vessel market is expected to have a slightly stronger and fluctuating freight rate [17]. - Oil shipping: The short - term freight rate increase is mainly due to the geopolitical conflict premium, and the impact of market sentiment changes on the freight rate needs to be monitored [21]. 3. Summary According to the Directory Container Shipping Market Analysis - On July 1, the EC2508 contract closed at 1904.9 points, up 8.15%. The final delivery settlement price of the EC2506 contract was 1919.34 points. The SCFI European line reported $2030/TEU on June 27, up 10.6% week - on - week [2][4]. - The spot freight rate center has gradually recovered, with different quotes from major shipping companies. Some shipping companies have raised their freight rates for the second half of July [5]. - In terms of demand, July is the peak shipping season, and the impact of tariff policies on the shipping rhythm needs to be noted. In terms of supply, the weekly average capacity from July to September has increased compared to the previous schedule, and the market is in a stage of increasing supply and demand [5]. Trading Strategy - Single - side: Sideways. Consider a long - position strategy for EC2512 at low prices [6]. - Arbitrage: Rolling operation for the 10 - 12 spread arbitrage [8]. Industry News - The manufacturing PMI in June was 49.7%, up 0.2 percentage points from the previous month. Canada cancelled the digital service tax, and the EU and the US are conducting trade negotiations on tariffs [9]. Dry Bulk Shipping Market Analysis - The Baltic Dry Index dropped to 1489 points on Monday, the lowest since June 4. The Capesize ship freight index fell to 2111 points, the lowest since May 29, while the Panamax ship freight index rose to 1500 points, the highest since March 31 [13]. - As of June 30, the freight rate of the Capesize ship iron ore route from Tubarao, Brazil to Qingdao decreased by 4.54% week - on - week, while that from Western Australia to Qingdao increased by 3.52% week - on - week. As of June 27, the freight rates of some coal and grain routes of Panamax ships had different changes [13][14]. - From June 23 to June 29, the global iron ore shipping volume decreased by 149.1 million tons week - on - week. The expected soybean export volume in Brazil in June is 1437 million tons [15][16]. Industry News - From June 23 to June 29, the total iron ore inventory at seven major ports in Australia and Brazil decreased by 18.8 million tons. Guinea's bauxite exports in the first quarter increased by 39% year - on - year [18]. Oil Shipping Market Analysis - On June 30, the BDTI was 984, down 1.80% week - on - week and 12.22% year - on - year; the BCTI was 586, down 4.40% week - on - week and 28.54% year - on - year. The short - term freight rate increase is mainly due to the geopolitical conflict premium [21]. Industry News - The average price of crude oil in this cycle first rose and then fell, and the prices of gasoline and diesel may continue to decline. It is expected that oil prices will rise in the third quarter and be under pressure in the fourth quarter. As of June 30, the crude oil arrival volume of Shandong independent refineries decreased by 17.54% week - on - week [22][23][24].

1. Report Industry Investment Rating - The investment rating for the shipping and port industry is "Positive" [2] 2. Core View of the Report - The overall performance of throughput is stable, so the "Positive" rating for the shipping and port sector is maintained [7] 3. Summary by Relevant Catalog 3.1 Overview: National Import - Export Volume and Cargo Throughput - **Import - Export Volume**: In May 2025, the national import - export volume reached 3.81 trillion yuan, a year - on - year increase of 2.75%. From January to May 2025, it reached 17.94 trillion yuan, a year - on - year increase of 2.5%. The import volume in May was 1.53 trillion yuan, a year - on - year decrease of 1.76%, and from January to May it was 7.28 trillion yuan, a year - on - year decrease of 3.8%. The export volume in May was 2.28 trillion yuan, a year - on - year increase of 6.04%, and from January to May it was 10.67 trillion yuan, a year - on - year increase of 7.2% [14] - **Cargo Throughput**: In May 2025, the cargo throughput of national coastal ports was 10.07 billion tons, a year - on - year increase of 3.65%. From January to May 2025, it was 47.10 billion tons, a year - on - year increase of 2.3%. The foreign - trade cargo throughput in May was 4.28 billion tons, a year - on - year increase of 1.27%, and from January to May it was 20.30 billion tons, a year - on - year increase of 1.5% [30] 3.2 Container: Container Shipping Freight Rates and Container Throughput - **Freight Rates**: On June 27, 2025, CCFI closed at 1369.34 points, a year - on - year decrease of 25.14% and a month - on - month increase of 2% compared to June 20, 2025. SCFI closed at 1861.51 points, a year - on - year decrease of 46.44% and a month - on - month decrease of 0.43% compared to June 20, 2025. The PDCI on June 20, 2025, was 1105 points, a year - on - year increase of 24.16% and a month - on - month decrease of 1.78% compared to June 13, 2025 [36][38] - **Throughput**: From January to May 2025, the container throughput of national coastal ports was 125.52 million TEUs, a year - on - year increase of 7.7% [42] 3.3 Liquid Bulk: Oil Shipping Freight Rates and Crude Oil Throughput - **Freight Rates**: On June 27, 2025, BDTI closed at 1002 points, a year - on - year decrease of 12.87% and a month - on - month decrease of 4.93% compared to June 20, 2025. BCTI closed at 613 points, a year - on - year decrease of 26.5% and a month - on - month decrease of 13.42% compared to June 20, 2025 [44] - **Crude Oil Import and Throughput**: From January to May 2025, the crude oil import volume was 230 million tons, a year - on - year increase of 0.3%. The throughput of major crude oil receiving port enterprises was 164 million tons, a year - on - year decrease of 7.15% [52][59] 3.4 Dry Bulk: Bulk Shipping Freight Rates and Iron Ore, Coal Throughput - **Freight Rates**: On June 27, 2025, BDI closed at 1521 points, a year - on - year decrease of 25.8% and a month - on - month decrease of 9.95% compared to June 20, 2025 [61] - **Iron Ore**: On June 25, 2025, the port iron ore inventory was 132 million tons, a year - on - year decrease of 6.86%. From January to May 2025, the iron ore throughput of major iron ore receiving port enterprises was 569 million tons, a year - on - year increase of 0.91% [63][67] - **Coal**: On June 27, 2025, the coal inventory in northern ports was 28 million tons, a year - on - year increase of 4.36%. From January to May 2025, the coal throughput of major northern coal - shipping port enterprises was 272 million tons, a year - on - year decrease of 4.19% [68][76] 3.5 Key Port Listed Companies' Monthly Throughput - **Performance**: In May 2025 and from January to May 2025, the cargo and container throughputs of companies such as Shanghai Port Group, Ningbo Port, China Merchants Port, Beibu Gulf Port, and Guangzhou Port are presented showing different growth rates [80]

Group 1: EC Futures Contract Information - EC2506 had a closing price of 1885.3 with a change of -0.15, a trading volume of 1178, an open interest change of -285, and a percentage change of 51.8 [2] - EC2508 had a closing price of 1740.2 with a change of 196.9, a trading volume of 50789, an open interest change of -1263, and a percentage change of -1.79 [2] - EC2510 had a closing price of 1292.8 with a change of -0.90, a trading volume of 644.3, an open interest change of 31546, and a percentage change of -75 [2] - EC2512 had a closing price of 1435.7 with a change of -1.50, a trading volume of 3222, an open interest change of 300, and a percentage change of 501.4 [2] - EC2602 had a closing price of 1275.7 with a change of -2.36, a trading volume of 661.4, and an open interest change of 3916 [2] - EC2604 had a closing price of 2276 with a change of 449, a trading volume of 1132.0, an open interest change of 2550, and a percentage change of -1.65 [2] Group 2: Month - to - Month Spread Information - The spread between EC2506 - 2508 was 145.1, with previous spreads of 29.0 and 275.8, and a weekly opening of 116.1 [2] - The spread between EC2508 - 2510 was -20.0, with previous spreads of -168.7 and 447.4, and a weekly opening of 467.4 [2] - The spread between EC2506 - 2510 was 592.5, with previous spreads of 583.5 and 513.0 [2] - The spread between EC2510 - 2512 was -142.9, with previous spreads of -152.9 and 10.0 [2] - The spread between EC2512 - 2602 was 160.0, with previous spreads of 150.9 and 158.0 [2] Group 3: Shipping Index Information - SCEIS was 1937.14 with a previous value of 1697.63, a percentage change of 14.11%, and was updated on 2025/6/23 [2] - SCFI was 1835 $/TEU with a previous value of 1844, a percentage change of -10.62%, and was updated on 2025/6/20 [2] - CCFI was 1578.6 with previous values of 1488.87 and 1397.02, percentage changes of 6.03% and 6.57%, and was updated on 2025/6/20 [2] - NCFI was 1299.58 with a previous value of 1307.92, a percentage change of -0.64%, and was updated on 2025/6/20 [2] - TCI was 937.12 with a previous value of 962.14, a percentage change of -1.40%, and was updated on 2025/6/25 [2] Group 4: Capacity Arrangement - In July and August 2025, the average weekly capacity was 29.3 and 30.4 million TEU respectively. The OA Alliance's FAL7 route added a new service in week 28. The supply pressure was neutral in the first week of July, low in the third week, and high in the second and fourth weeks [2] Group 5: Recent European Line Quotation - For July, MSK initially opened at 3400 USD, then dropped to 3100 USD. Other carriers were mostly between 3500 - 4000 USD and then around 3500 USD. The average in the first week was 3400 USD, equivalent to 2400 points on the futures [3] - In the second week, MSK opened at 2900 USD, and the average among carriers was 3400 USD, equivalent to 2400 points on the futures. On 6/25, HPL lowered its rate from 3400 to 3200 USD [3] Group 6: News - On 6/26, the US Defense Intelligence Agency stated that its assessment of the Iranian nuclear facilities being attacked by the US military was preliminary and of low credibility. It was collaborating with other agencies to investigate the leak of the assessment [3] - On 6/26, Trump said that the US would talk with Iran next week. He believed the war between Iran and Israel was over, but would not lift sanctions on Iran. He also thought the conflict might break out again [3] - The UK Central Intelligence Agency claimed that several key Iranian nuclear facilities had been destroyed [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the container shipping market, some shipping companies followed MSK to lower spot quotes, and the EC disk remained volatile and weak under pessimistic expectations. The latest SCFIS European line quote was in line with expectations. The spot freight rate has gradually recovered, but Maersk's price cut has led to concerns about a market inflection point. In the short term, the market sentiment is expected to be weak. The extension of the 90 - day tariff exemption period in Sino - US negotiations may reduce the pressure of ship overflow from the US line to the European line, but the height of freight rates in the long - term is not optimistic. Supply and demand are expected to increase in July. The volatile Middle - East geopolitical situation may cause large fluctuations in the disk [4][5]. - In the dry bulk shipping market, the Baltic Dry Bulk Freight Index ended a five - day losing streak, driven by the rise in Panamax ship freight rates. The Capesize ship freight index declined, while the Supramax bulk carrier freight index increased. The market is expected to enter a short - term correction phase, and the medium - sized ship market's freight rates are expected to be volatile and slightly stronger [11][14]. Summary by Relevant Catalogs Container Shipping - Container Shipping Index (European Line) Futures Disk - Contract EC2506 closed at 1,885.3, down 0.15% with a trading volume of 783.0 hands (down 33.53%) and an open interest of 2,491.0 hands (down 10.27%) [2]. - Contract EC2508 closed at 1,740.2, down 1.79% with a trading volume of 50,789.0 hands (down 29.08%) and an open interest of 43,528.0 hands (down 2.82%) [2]. - Other contracts also showed different price, volume, and open - interest changes [2]. Month - to - Month Structure - The spread between EC06 - EC08 was 145, up 29; the spread between EC06 - EC10 was 593, up 9, etc. [2]. Container Freight Rates - SCFIS European line (weekly) was 1937.14 points, up 14.11% week - on - week and down 59.35% year - on - year. SCFIS US West line was 2083.46 points, down 28.37% week - on - week and down 48.74% year - on - year [2]. Fuel Costs - WTI crude oil near - month was $63.81 per barrel, down 3.39% week - on - week and down 21.16% year - on - year; Brent crude oil near - month was $66.84 per barrel, down 4.14% week - on - week and down 21.5% year - on - year [2]. Dry Bulk Shipping Dry Bulk Freight Index (Daily) - BDI was 1681.00, up 0.42% day - on - day and down 15.82% year - on - year; BHSI was 628, unchanged day - on - day and down 16.60% year - on - year [11]. - Other indices also had corresponding changes [11]. Dry Bulk Freight Rates (Daily) - The freight rate of the Capesize iron ore route from Tubarao, Brazil to Qingdao (BCI - C3) was $23.18 per ton, up 3.14% day - on - day; the freight rate from Western Australia to Qingdao (BCI - C5) was $8.92 per ton, down 2.75% day - on - day [11]. Dry Bulk Freight Rates (Weekly) - The freight rate of the Capesize bauxite route from Guinea to Yantai was $22.95 per ton, down 16.09% week - on - week; the freight rate of the Panamax coal route from Samarinda, Indonesia to Ennore, India was $10.50 per ton, up 5.00% week - on - week [11]. Fuel Costs - WTI crude oil near - month was $63.81 per barrel, down 3.39% week - on - week and down 21.16% year - on - year; Brent crude oil near - month was $66.84 per barrel, down 4.14% week - on - week and down 21.5% year - on - year [11]. Shipment Data - From June 16th to June 22nd, 2025, the global iron ore shipment volume was 3506.7 million tons, up 154.0 million tons week - on - week. The shipment volume from Australia and Brazil was 3060.9 million tons, up 218.8 million tons week - on - week [13]. - It is expected that Brazil's soybean exports in June will reach 1437 million tons. In May, China imported 1211 million tons of soybeans from Brazil, a year - on - year increase of 37.5%, and 163 million tons from the US, a year - on - year increase of 28.3% [13]. Market Analysis and Strategy Recommendations Container Shipping - **Logic Analysis**: Spot freight rates have gradually recovered, but Maersk's price cut has affected market sentiment. The extension of the tariff exemption period in Sino - US negotiations may reduce the pressure of ship overflow from the US line to the European line. Supply and demand are expected to increase in July, and the volatile Middle - East geopolitical situation may cause large fluctuations in the disk [4][5]. - **Trading Strategy**: Unilateral trading should be cautious and wait and see, paying attention to trade negotiations and geopolitical changes. For arbitrage, the 6 - 8 reverse spread should be exited when it is high as EC06 approaches delivery, and the 10 - 12 reverse spread should be rolled [6]. Dry Bulk Shipping - **Logic Analysis**: The Capesize ship market in Australia was quiet with slightly lower freight rates, while the Atlantic market had more cargo and slightly higher freight rates. The Panamax ship market had more coal cargoes in July, and freight rates increased slightly. The market is expected to enter a short - term correction phase, and the medium - sized ship market's freight rates are expected to be volatile and slightly stronger [14]. Industry News - The EU is preparing more tariff counter - measures to pressure the US [6]. - Powell said the current policy is in a favorable position and can wait and see before considering interest rate adjustments [7]. - Before the negotiation deadline, an EU official warned that the EU must issue a "credible threat" to retaliate in the trade war initiated by Trump [7]. - Trump said both Israel and Iran violated the cease - fire agreement but would not face consequences, and he no longer hoped for a regime change in Iran [8]. - Qatar's Prime Minister said that indirect talks between Hamas and Israel will be held in the next two days to reach a cease - fire agreement [8]. - The Israeli military chief of staff said the focus will return to Gaza to retrieve hostages and destroy Hamas' rule [8]. - Netanyahu refused Trump's request to completely cancel the strike on Iran [9]. - Netanyahu said Israel will take action with the same force if someone tries to resume the nuclear project [9]. - On June 24th, the Israeli Air Force destroyed a radar facility near Tehran, and then suspended further military strikes after a call between Trump and Netanyahu [9][16]. - From June 16th to June 22nd, 2024, the total iron ore inventory at seven major ports in Australia and Brazil was 1257.2 million tons, up 31.0 million tons week - on - week [15]. - In May 2025, China imported 1247.7 million tons of coal from Indonesia, a month - on - month decrease of 12.7% and a year - on - year decrease of 26.5% [15].