Report Information - Report Type: Daily Report on Container Shipping Index [18] - Date: September 16, 2025 [2] - Research Team: Macro-Finance Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - This week, the SCFIS dropped below 1500 points, marking the ninth consecutive week of decline. Online quotes in the second half of September were further reduced, with the lowest price falling below $1600 per 40 - foot container. The prices show a smooth downward trend in the off - season, and the decline has further widened. There is currently no significant increase in blank sailings compared to last year, while the overall shipping capacity has increased. There may be low - buying opportunities in December, and the October contract is recommended to be shorted on rallies [8] Summary by Directory 1. Market Review and Operation Suggestions - **Market Condition**: The SCFIS has fallen below 1500 points for nine consecutive weeks. Online quotes in the second half of September were further reduced, with the lowest price below $1600 per 40 - foot container. The price of the Shanghai - Rotterdam route dropped significantly, showing a smooth downward trend in the off - season with an enlarged decline [8] - **Operation Suggestions**: There may be low - buying opportunities in December, and the October contract is recommended to be shorted on rallies. Attention should be paid to whether blank sailings will be increased to support the freight rate floor, and the escalating Middle - East situation may also provide support [8] 2. Industry News - **Overall Market**: From September 8th to 12th, the China Export Container Shipping Market was generally stable, with most routes experiencing a decline in freight rates, dragging down the composite index. China's exports in August increased by 4.4% year - on - year, showing the resilience of foreign trade [9] - **European Routes**: In August, China's exports to Europe increased by 10.4% year - on - year, and the trade volume between China and the EU in the first eight months increased by 4.3% year - on - year. On September 12th, the freight rate from Shanghai Port to European basic ports was $1154/TEU, down 12.2% from the previous period [9] - **Mediterranean Routes**: The market situation was in line with that of European routes, and the spot booking price continued to decline. On September 12th, the freight rate from Shanghai Port to Mediterranean basic ports was $1738/TEU, down 11.8% from the previous period [10] - **North American Routes**: In August, the US non - farm payrolls increased by 22,000, significantly lower than expected, and the unemployment rate rose to 4.3%. China's exports to the US decreased by more than 30% year - on - year in August. However, the freight rate from Shanghai Port to the US West and East basic ports increased by 8.3% and 7.6% respectively on September 12th [10] - **Middle - East Tension**: Since September 8th, the situation in the Middle East has escalated, with Israel increasing attacks on the Gaza Strip and other places, and the Houthi movement taking actions, which has led to increased regional tension [10] 3. Data Overview - **Container Shipping Spot Prices**: On September 15th, the SCFIS for European routes was 1440.24 points, down 8.1% from September 8th; the SCFIS for US West routes was 1349.84 points, up 37.7% from September 8th [12] - **Container Shipping Index (European Line) Futures Quotes**: The trading data of multiple contracts on September 15th are provided, including the EC2510, EC2512, etc., with details of opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6] - **Shipping - Related Data Charts**: Multiple charts are provided, including the container ship capacity in Europe, the global container ship order backlog, the freight rate from Shanghai to European basic ports, etc. [17][19]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The valuation ceiling of the October contract continues to be revised downward, and it is recommended to mainly short - allocate the off - season October contract. The current valuation ceiling of the October contract may be around 1200 points [1][6]. - The pattern of off - peak and peak seasons still exists. In the near future, one can bet on the price increase expectation in November for the December contract. As the bottom of the freight rate becomes clearer, one can gradually go long to trade the price increase announcements by shipping companies for November and December [7]. - For the strategy, the main contract is expected to fluctuate weakly, and it is advisable to short the October contract when the opportunity arises [9]. Summary According to the Table of Contents 1. Futures Price - As of September 9, 2025, the total open interest of all container shipping index European line futures contracts is 78,742.00 lots, and the single - day trading volume is 34,654.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2508, EC2510, and EC2512 contracts are 1527.40, 1256.70, 1434.50, 1608.00, 1268.70, and 1682.90 respectively [8]. 2. Spot Price - Online quotes from different alliances and shipping companies are provided. For example, in the Gemini Cooperation, Maersk's Shanghai - Rotterdam price in the 38th week is 1050/1760; HPL - SPOT's price in the second half of September and the first half of October is 935/1535. In the Ocean Alliance, CMA's Shanghai - Rotterdam price for the second - half - September sailing is 1210/2020 [1][2]. - The SCFI (Shanghai - Europe route) price announced on August 29 is 1315.00 US dollars/TEU, the SCFI (Shanghai - US West route) price is 2189.00 US dollars/FEU, and the SCFI (Shanghai - US East) price is 3073.00 US dollars/FEU. The SCFIS (Shanghai - Europe) on September 1 is 1566.46 points, and the SCFIS (Shanghai - US West) is 980.48 points [8]. 3. Container Ship Capacity Supply - **Static Supply**: As of September 7, 2025, 182 container ships with a total capacity of 1.472 million TEU have been delivered in 2025. From 2025 - 2028, there is still significant supply - side pressure, and the annual delivery volume of ships over 17,000 TEU in 2027, 2028, and 2029 exceeds 35 ships [3]. - **Dynamic Supply**: MSC and the Gemini Alliance announced blank sailings during the Chinese Golden Week. The monthly average capacity in September and October for the China - European base ports is 282,500 TEU and 278,200 TEU respectively. HPL announced two additional ships in October, with a total capacity of about 11,500 TEU [4][5]. 4. Supply Chain - Geopolitical events: An Israeli official said that Israel attacked senior Hamas political leaders in Doha, Qatar, escalating the conflict. Qatar condemned the attack, stating that it violated international law [2]. 5. Demand and European Economy - The US NRF estimates that the container import demand in the US from September - December will decline by about 20% compared to the same period in 2024. During the fourth quarter, Western holidays lead to high shipping volumes, and shipping companies adjust supply to keep freight rates high. However, if US - bound ships are diverted to European routes, it may put pressure on European freight rates [7].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - Currently, downstream customers are booking shipping space for the first half of September (week 36 - 37). Week 36's average quoted price is $2,270 (equivalent to 1,600 points on the futures), and Week 37's is $2,125 (1,450 points). The overall shipping capacity in September has been reduced, mainly due to additional sailings cancellations by the OA Alliance's FAL3 in week 37, and PA & MSC's FE3 in weeks 39 and 41, and FE4 in week 41. The average weekly shipping capacity in September and October is 296,000 and 309,000 TEU respectively, and after classifying all TBN sailings as cancellations, it becomes 296,000 and 281,000 TEU. The situation in September is relatively relaxed, and the downward trend is expected to continue for at least two more weeks. In October, attention should be paid to shipping companies' sailing cancellation actions. In terms of valuation, the price of the 10 - contract is approaching the annual low (1,250 - 1,300), with limited downward space. The 12 - contract may decline in the short term but is in the peak season and long - term contract negotiation period, so opportunities to go long at low prices can be considered [1]. 3. Summary by Related Content EC Futures Contracts - EC2510 closed at 1,340.7 with a 3.82% increase, trading volume of 36,023 and open interest of 54,157, an increase of 1,886 [1]. - EC2512 closed at 1,733.5 with a 5.64% increase, trading volume of 7,001 and open interest of 16,673, an increase of 178 [1]. - EC2602 closed at 1,550.1 with a 6.08% increase, trading volume of 1,133 [1]. - EC2604 closed at 1,246.9 with a 0.41% increase, trading volume of 877 and open interest of 7,199, an increase of 130 [1]. - EC2606 closed at 1,438.9 with a 0.73% increase, trading volume of 68 [1]. Month - to - Month Spreads - The spread between EC2510 - 2512 was - 392.8, a daily decrease of 43.3 and a weekly decrease of 88.3 [1]. - The spread between EC2512 - 2602 was 183.4, a daily increase of 3.8 and a weekly increase of 3.7 [1]. Shipping Freight Indexes - The SCFIS SCFI (European route) on September 1, 2025, was $1,481/TEU, a decrease of 100.00% from the previous period and 8.71% from the period before last [1]. - The CCFI on August 29, 2025, was 1,685.8, a decrease of 4.09% from the previous period [1]. - The NCFI on August 29, 2025, was 929.56, a decrease of 14.23% from the previous period [1]. Recent European Route Quotations - Week 36: The latest quoted prices from shipping companies range from $2,120 - 2,420, with an average of $2,250 (1,550 points). PA Alliance's price is $2,200 - 2,300, MSK's initially $2,100 then rose to $2,200, and OA Alliance's is $2,300 - 2,400 [2]. - Week 37: The average quoted price is $2,100 (1,450 points). MSK's price is $1,900 (later rose to $1,950), PA Alliance's is $2,100 - 2,150, and OA Alliance's is $2,100 - 2,300 [2]. - Week 38: MSK's opening quoted price is $1,700. On Tuesday, HMM decreased by $100 to $2,100, HPL by $100 to $1,935, MSC by $100 to $2,040, and OOCL maintained at $1,950 - 2,000 [2]. Related News - On September 2, 2025, the Israeli military stated that its military operations in Gaza City had advanced to a new area, and it would intensify its actions until the "enemy is completely defeated" [3]. - On September 1, 2025, the Houthi armed forces claimed to have attacked an oil tanker in the northern Red Sea. After the Israeli military's air - strike on Sanaa on August 28, the Houthi armed forces' leader announced retaliation and an escalation of military attacks and shipping blockades against Israel [3].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Currently, downstream customers are booking shipping space for the end of August and early September (week35 - 36). Week35's final average price is $2550 (1800 points), and week36's current average quoted price is $2300 (1600 points). Most shipping companies face cargo - receiving pressure at the end of the month, and the shipping capacity in September is generally reduced. The overall situation in September is loose, and the subsequent driving force remains weak. However, the valuation in October is approaching the annual low (1250 - 1300), with limited downside space. Attention can be paid to the long - allocation opportunity of the 12 - contract [2] Group 3: Summary by Related Catalogs EC Futures Contract Information - For EC2510, the closing price is 1285.0, with a decline of 2.36%, the base bond is 705.2, the trading volume is 25330, the open interest is 54248, and the open interest change is 523. Similar data is provided for other contracts such as EC2512, EC2602, etc [2] - The month - spread of EC2510 - 2512 is - 286.0, with a daily increase of 18.5 and a weekly increase of 66.2. The month - spread of EC2512 - 2602 is 171.0, with a daily decrease of 8.7 and a weekly decrease of 25.2 [2] Spot Rate Index Information - The SCFIS (European line) index on August 25, 2025, is 1990.2, with a decline of 8.35% compared to the previous period. The CCFI on August 22, 2025, is 1757.74, with a decline of 1.83% compared to the previous period. The NCFI on August 22, 2025, is 1083.74, with a decline of 8.83% compared to the previous period [2] Recent European Line Quotation Information - For week36, the latest quoted price of shipping companies ranges from $2120 to $2420, with an average of $2250 (1550 points). For week37, the latest average quoted price is $2200 (1500 points) [3] Shipping Capacity Information - The weekly average shipping capacity in September and October 2025 is 300,000 and 320,000 TEU respectively. After considering all TBN as suspended sailings, it is 290,000 and 290,000 TEU respectively. On August 26, the suspension of the FE4 route of the PA Alliance in week38 of September was filled by HMM AOUAMARINE, increasing the weekly average shipping capacity in September to 305,000 TEU [2] Related News - On August 29, the Israeli military stated that it was preparing to expand military operations against Hamas in Gaza City. The Houthi armed leader accused Israel of carrying out large - scale massacres against Palestine [4]

Report Overview - Report Title: "集运指数日报" [1] - Date: August 27, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - This week, the SCFIS dropped below 2000 points for six consecutive weeks, but the decline in online quotes has stabilized. Some shipping companies have shown a willingness to support prices in September. Considering the uncertainty of tariffs and weak demand, the freight rate may be weaker in the off - season this year. The short - term futures decline may narrow, but in the long run, it may still show a downward trend. It is recommended to short the 10 - contract on rallies [8]. 3. Summary by Directory 3.1行情回顾与操作建议 - The SCFIS has fallen below 2000 points for six consecutive weeks, and the decline in online quotes has stabilized. For example, the lowest online quote for 40GP large containers on the Shanghai - Rotterdam route in the fourth week of August was $2384 by Maersk, and other airlines also kept stable. CMA CGM, HPL, and ONE have announced higher freight rates for September, showing a willingness to support prices. Due to the impact of tariffs on foreign trade and high off - season capacity supply, the demand is hard to improve significantly. The 10 - contract is deeply discounted, and the short - term futures decline may narrow, but it may still decline in the long run, so it is advisable to short the 10 - contract on rallies [8]. 3.2行业要闻 - From August 18 to 22, the China Export Container Transport Market was basically stable, but the supply - demand fundamentals were weak, and most route freight rates declined. The Shanghai Export Container Composite Freight Index on August 22 was 1415.36 points, down 3.1% from the previous period. In the European route, although the eurozone economy continued to recover, the impact of US tariff policies began to show, and the freight rate on August 22 was $1668/TEU, down 8.4%. The Mediterranean route was similar to the European route, with the freight rate on August 22 at $2225/TEU, down 2.4%. In the North American route, the US labor market cooled, and the freight rates to the US West and East on August 22 were $1644/FEU and $2613/FEU, down 6.5% and 3.9% respectively. Trump announced a "major" tariff investigation on imported furniture, which will impact the industry. Israel's Prime Minister approved the plan to capture Gaza City [9][10]. 3.3数据概览 3.3.1集运现货价格 - From August 18 to August 25, the SCFIS for the European route (basic ports) dropped from 2180.17 to 1990.2, a decrease of 8.7%. The SCFIS for the US West route (basic ports) dropped from 1106.29 to 1041.38, a decrease of 5.9% [12]. 3.3.2集运指数（欧线）期货行情 - The report provides the trading data of container shipping European line futures on August 26, including contract information such as EC2510, EC2512, etc., with details of opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. 3.3.3航运相关数据走势图 - The report includes various shipping - related data charts, such as the Shanghai - European basic port freight rate and the Shanghai - Rotterdam spot freight rate, but specific data is not further elaborated in the text description [20].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In the monthly perspective, September is likely to see a double - decline in supply and demand. The decline in September's capacity compared to August has widened to 6.2%, but it is still significantly smaller than the decline in the same period in 2024. The current decline in capacity may be less than the decline in demand, and the fundamentals are expected to face further pressure. - Strategically, it is advisable to hold short positions for the October contract as appropriate and add short positions at high prices. The upper pressure level is referred to as 1400 - 1500 points. For the 2512 contract, in terms of unilateral valuation, it is advisable to wait and see for the time being. It is recommended to focus on the opportunities to expand the spreads of the 10 - 12 reverse spread and the 12 - 04 positive spread in the medium to long term. [8] 3. Summaries by Related Catalogs 3.1 Supply - In the past week, August's capacity was revised down from 325,000 to 314,000 TEU/week. In week 34, there were 3 new blank sailings, and the capacity in week 34 was revised down from 342,000 to 309,000 TEU. - In September, the number of undetermined sailings increased by 1 to 2, and the number of blank sailings increased by 1 to 6. The average weekly capacity was revised down from 308,000 to 294,000 TEU/week. The decline in September's capacity compared to August widened to 6.2%, but it was still significantly lower than the decline in the same period in 2024. - In October, there are 6 undetermined sailings and 4 blank sailings. Excluding undetermined sailings, the average weekly capacity is 289,000 TEU/week, but its reference value is currently limited. [4][5][61] 3.2 Demand - Since week 32, the decline in freight rates has led to an increase in the willingness of downstream customers to hold goods and wait. Since week 34 (the third week of August), the booking rate has slowed down significantly month - on - month, and the cargo - collecting pressure of some shipping companies with extra sailings has increased. [5] 3.3 Price - The average FAK in week 34 (the third week of August) was about $2,750/FEU, and it is expected that the average FAK in week 35 (the last week of August) will be around $2,500/FEU. From the supply - demand pattern, the downward trend of freight rates in September remains unchanged. - The SCFIS European Line Index on August 11 was 2,235.48 points, and it is subjectively expected to be around 2,050 points on August 17. [6][16] 3.4 Historical Freight (Monthly) - It shows the freight rates from 2009 - 2024 and the month - on - month and year - on - year changes between different months, such as the comparison between June and February, December and April, etc. [11] 3.5 Global Main Route Freight Seasonal Trends - It presents the seasonal trends of freight rates on major global routes through the SCFI and NCFI, including routes to Europe, the Mediterranean, North America, South America, etc. [23][25] 3.6 Demand - Side Analysis - In July, the total volume of US imported containers was 2,732,039 TEU, with a year - on - year increase of 5.8% and a month - on - month increase of 14.7%. The import volume from different countries and regions showed different trends. - In June, China's export decline to the US narrowed, and exports to the EU, ASEAN, Africa, and Japan maintained resilience. [35][36] 3.7 Supply - Side Analysis - In terms of ship schedules, there have been changes in capacity from August to October, including new blank sailings and changes in undetermined sailings. - Regarding dynamic capacity, the speed of 12,000 - 16,999 TEU container fleets has fluctuated upwards, and the number of idle 12,000 - 16,999 TEU and 17,000+ TEU container fleets has increased. - In terms of static capacity, in August, the top ten liner companies received 3 new 12,000 - 16,999 TEU ships, all from the OA Alliance and deployed on the US routes. There were no new 17,000+ TEU ships delivered in August. [61][65][91]

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

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

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]

2025 年 7 月 11 日 集运指数（欧线）：10 空单轻仓持有 表 1：集运指数（欧线）基本面数据 | | | 昨日收盘价 | 日涨跌 | 昨日成交 | 昨日持仓 | 持仓变动 | 昨日成交/持仓 | | 前日成交/持仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货 | EC2508 | 2,022.5 | 1.62% | 34,566 | 30,945 | -403 | 1.12 | 0.81 | | | | EC2510 | 1,401.1 | 1.35% | 13,584 | 29,957 | 315 | 0.45 | 0.35 | | | | EC2512 | 1,556.4 | 0.34% | 1,644 | 6,032 | -66 | 0.27 | 0.34 | | | | | 本期 | | 2025/7/7 | | 单位 | | 周涨幅 | | | | SCFIS： 欧洲航线 | | 2,258.04 | | | 点 | | 6.3% | | | 运价 | SCFIS： 美西航线 | | 1,557 ...