Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: August 12, 2025 [2] - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core Viewpoint - The peak of the peak season in the spot market has appeared, and the SCFIS has further declined this week with an increased decline. The market lacks a coordinated price - supporting atmosphere, and the spot price of freight has likely reached its peak. Freight rates are expected to enter a downward channel in August. The main 10 - contract has a deep discount, and the market may engage in a game regarding the price - cut range and rate. It is recommended to grasp the downward trend and short the 10 - contract on rallies [8] Content Summary by Section 1. Market Review and Operation Suggestions - Spot Market: The peak of the peak season has passed. This week, the SCFIS has further declined with an increased decline. Airlines have lowered their August quotes, and the freight rate is in a downward trend. Taking the Shanghai - Rotterdam route as an example, Maersk's quotes have been decreasing. The freight rate may return to the early - July level by late August. Considering the large impact on foreign trade and the relatively high level of运力 supply, the freight rate may be weaker in the off - season this year [8] - Operation Suggestion: The main 10 - contract has a deep discount. The market may have a game on the price - cut range and rate. It is recommended to short the 10 - contract on rallies [8] 2. Industry News - Market Conditions: From August 4th to 8th, the China export container shipping market was basically stable, but the transport demand lacked growth momentum. Most route market freight rates continued to decline, dragging down the comprehensive index. On August 8th, the Shanghai Export Containerized Freight Index was 1489.68 points, a 3.9% decline from the previous period [9] - Trade Data: In the first 7 months of 2025, the EU was China's second - largest trading partner, with a total trade value of 3.35 trillion yuan, a 3.9% year - on - year increase, accounting for 13% of China's total foreign trade value. In July, China's export growth to the EU reached 9.2%, which was the main driving force for the export recovery in July. However, future China - EU trade may face greater competition pressure [9] - Route Freight Rates: On August 8th, the market freight rate from Shanghai Port to European basic ports was 1961 US dollars/TEU, a 4.4% decline from the previous period. The market situation of the Mediterranean route was basically the same as that of the European route, with a slight decline in the spot booking price [10] - International Incidents: The threat of the Houthi armed forces to global shipping has escalated. They have attacked Israel's Ben - Gurion International Airport and announced "sanctions" on 64 shipping companies. The international shipping safety situation has continued to deteriorate. If the conflict worsens significantly, it may boost futures prices in the short term [10] 3. Data Overview 3.1 Container Shipping Spot Prices | Index | August 11, 2025 | August 4, 2025 | Change | YoY (%) | | --- | --- | --- | --- | --- | | SCFIS: European Route (Basic Ports) | 2235.48 | 2297.86 | - 62.38 | - 2.7% | | SCFIS: US West Route (Basic Ports) | 1082.14 | 1130.12 | - 47.98 | - 4.2% | [12] 3.2 Container Shipping Index (European Line) Futures Market - The report provides data on the trading of multiple container shipping European line futures contracts on August 11, including the previous settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6] 3.3 Shipping - Related Data Charts - The report includes charts of global container shipping capacity, global container ship order backlog, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [16][19]

Report Overview - Report Name: "集运指数日报" [1] - Date: August 8, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Investment Rating - No investment rating information provided. 2. Core View - The peak of the peak season for spot freight rates has likely passed. This week, the SCFIS has further dropped below 2300 points, marking four consecutive weeks of decline. Airlines are lowering their August quotes, indicating that the spot freight rate has reached its peak and is expected to enter a downward channel in August. Given the limited improvement in demand and relatively high supply during the off - season, this year's freight rates may be even weaker during the off - season. Investors should pay attention to short - selling opportunities in October (a traditional off - season) and long - short spread trading opportunities between December and October contracts [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Spot Market**: The peak of the peak season for spot freight rates has appeared. This week, the SCFIS has dropped below 2300 points for four consecutive weeks. Airlines are lowering their August quotes, and the freight rates are showing a weekly decline. The freight rate spot has likely reached its peak and is expected to decline in August. For example, many airlines have reduced their quotes for the Shanghai - Rotterdam route. The overall quotes for large containers are concentrated between $3100 - 3500, a decrease of $200 - 300 compared to the end of July. Historically, the peak of the peak season usually occurs in the third week of July, and the freight rates in late August generally return to the level of early July. Due to the limited improvement in demand and relatively high supply during the off - season, this year's freight rates may be even weaker during the off - season. Investors should pay attention to short - selling opportunities in October and long - short spread trading opportunities between December and October contracts [8]. 3.2 Industry News - **Market Conditions from July 28 to August 1**: The China export container shipping market was generally stable, but the transport demand was weak. The comprehensive index declined slightly. The IMF raised China's 2025 economic growth forecast by 0.8 percentage points, mainly due to export growth. The Shanghai Export Containerized Freight Index on August 1 was 1550.74 points, a 2.6% decrease from the previous period [9]. - **European Routes**: The EU and the US reached a 15% tariff agreement, and the EU will increase its purchase of US energy products and investment. Although this avoids the escalation of the trade war, it may bring long - term economic costs to the EU. The transport demand was stable, and the market freight rate declined slightly. On August 1, the freight rate from Shanghai Port to European basic ports was $2051/TEU, a 1.9% decrease from the previous period [9][10]. - **Mediterranean Routes**: The supply - demand relationship was weak, and the spot booking price declined slightly. On August 1, the freight rate from Shanghai Port to Mediterranean basic ports was $2333/TEU, a 3.5% decrease from the previous period [10]. - **North American Routes**: In June, the US durable goods orders decreased by 9.3% month - on - month, the worst performance since the 2020 pandemic. China and the US held economic and trade talks in Sweden, and both sides agreed to extend the suspension of 24% of the US reciprocal tariffs and China's counter - measures for 90 days. The transport demand lacked growth momentum, and the spot booking price continued to decline. On August 1, the freight rates from Shanghai Port to the US West and East basic ports were $2021/FEU and $3126/FEU respectively, decreasing by 2.2% and 7.5% from the previous period [10]. - **Other News**: Israel launched air strikes on Yemen's Hodeidah Port on July 21, further disrupting the port's operations. The US will maintain a 25% tariff on Japanese goods and may soon reach a trade agreement with India. The US and the EU reached a trade agreement, with the EU increasing its investment in the US by $600 billion, purchasing US military equipment and $750 billion worth of US energy products [10]. 3.3 Data Overview - **Container Shipping Spot Prices** - **SCFIS**: From July 28 to August 4, the SCFIS for European routes decreased from 2316.56 to 2297.86, a 0.8% decrease; the SCFIS for US West routes decreased from 1284.01 to 1130.12, a 12.0% decrease [12]. - **Container Shipping Index (European Routes) Futures Quotes** - **Contract Data**: On August 7, different contracts of container shipping European routes futures showed different trends in prices, trading volumes, and open interests. For example, the EC2510 contract had a closing price of 1420.4, a decrease of 14.0 from the previous settlement price, and a trading volume of 26142 [6].

Report Summary 1. Report Information - Report Title: "集运指数日报" [1] - Date: August 7, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Industry Investment Rating - No industry investment rating is provided in the report. 3. Core Viewpoints - The peak of the shipping season has passed, and the SCFIS has declined for four consecutive weeks. The spot freight rate has likely reached its peak and is expected to enter a downward channel in August. Airlines have lowered their August quotes, indicating a lack of willingness to support prices. Considering the large impact of tariffs on foreign trade and the high supply of shipping capacity, the freight rate may be weaker in the off - season this year. Attention should be paid to short - selling opportunities in October and long - short spreads between December and October contracts [8]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - **Spot Market**: The peak of the shipping season has passed. The SCFIS has dropped below 2300 points for four consecutive weeks. Airlines have lowered their August quotes, with large - container quotes concentrated at $3100 - 3500, a decrease of $200 - 300 from the end of July. The freight rate is expected to enter a downward channel in August. Historically, the peak usually occurs in the third week of July, and the freight rate in late August generally returns to the early - July level. Attention should be paid to the speed of freight rate decline and tariff negotiations. Due to the impact of tariffs on foreign trade and high shipping capacity supply, the freight rate may be weaker in the off - season. Consider short - selling opportunities in October and long - short spreads between December and October contracts [8]. 4.2 Industry News - **Overall Market**: From July 28 to August 1, the China export container shipping market was generally stable, with weakening demand and a slight decline in the composite index. The IMF raised China's 2025 economic growth forecast by 0.8 percentage points, mainly driven by exports. On August 1, the Shanghai Export Containerized Freight Index was 1550.74 points, down 2.6% from the previous period [9]. - **European Routes**: The EU and the US reached a tariff agreement with a 15% tariff rate. The EU will increase purchases of US energy products and investment. Although this avoids the escalation of the trade war, it may bring long - term economic costs to the EU. The shipping demand was stable, and the market freight rate declined slightly. On August 1, the freight rate from Shanghai Port to European basic ports was $2051/TEU, down 1.9% from the previous period [9][10]. - **Mediterranean Routes**: The supply - demand relationship was weak, and the spot booking price declined slightly. On August 1, the freight rate from Shanghai Port to Mediterranean basic ports was $2333/TEU, down 3.5% from the previous period [10]. - **North American Routes**: In June, US durable goods orders decreased by 9.3% month - on - month, the worst since the 2020 pandemic. China and the US held economic and trade talks, and the suspension of 24% of US tariffs and China's counter - measures will be extended for 90 days. The shipping demand lacked growth momentum, and the spot booking price continued to decline. On August 1, the freight rates from Shanghai Port to the US West and East basic ports were $2021/FEU and $3126/FEU, down 2.2% and 7.5% respectively from the previous period [10]. - **Other News**: Israel launched air strikes on Yemen's Hodeidah Port, further disrupting the port's operations. The US will maintain a 25% tariff on Japanese goods and may soon reach a trade agreement with India. The US and the EU reached a trade agreement, with the EU increasing investment in the US by $600 billion, purchasing $750 billion of US energy products and US military equipment [10]. 4.3 Data Overview - **Container Shipping Spot Prices**: From August 4 to July 28, the SCFIS for European routes decreased from 2316.56 to 2297.86, a decline of 0.8%. The SCFIS for US West routes decreased from 1284.01 to 1130.12, a decline of 12.0% [12]. - **Container Shipping Index (European Routes) Futures Market**: The trading data of multiple contracts on August 6 are provided, including EC2508, EC2510, etc., with details on opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. - **Shipping - Related Data Charts**: Various charts are provided to show the Shanghai Export Container Settlement Freight Index, container shipping index (European routes) futures trends, and shipping - related price trends [13][17][19]

行业 集运指数日报 日期 2025 年 8 月 6 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货8月5日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2508 | 2,112.0 | 2,103.1 | 2,088.8 | 2,096.0 | -23.2 | -1.1 ...

行业 集运指数日报 日期 2025 年 8 月 5 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 | | | 表1：集运欧线期货8月4日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2508 | 2,114.3 | 2,100.0 | 2,122.3 | 2,112.0 | 8.0 | 0.38 | 480 | 4367 | -98 | | EC2510 | 1,432.1 | 1,415.9 | 1,421.8 | 1,404.2 | -10.3 | -0.72 | 30268 | 51053 | -1323 | | EC2512 | 1,687.9 | 1,670.0 | 1,677.2 | 1,670.3 | -10.7 | -0.63 | ...

研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 行业 集运指数日报 日期 2025 年 8 月 1 日 现货方面，旺季高点应已显现，本周 SCFIS 进一步回落至 2400 点以下，从电 商平台报价来看，多数船司小幅下调 7 月下旬报价，目前集中在 3400~3500 区间， 整体来看较为稳定。8 月报价陆续出炉，马士基第一、二、三周分别报 3214 美元、 3092 美元、2850 美元，其余航司多集中在 3400~3600 美元，基本维持在 7 月末水 平，或显示继续挺价意愿不足。参考近年规律，旺季高点一般在 7 月第三周显现， 8 月下旬运价基本将回到 7 月初水平 ...

行业 集运指数日报 日期 2025 年 7 月 31 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 7 月 21 日至 7 月 25 日，中国出口集装箱运输市场继续调整行情，多数航线市场 运价走低，综合指数小幅下跌。据国家统计局公布的数据显示，2025 年上半年， 中国 GDP 同比增长 5.3%，我国国民经济顶住压力稳中向好，生产需求稳定增长， 高质量发展取得新进展，经济表现出较强的韧性。7 月 25 日，上海航运交易所发 布的上海出口集装箱综合运价指数为 1592.59 点，较上期下跌 3.3%。欧洲航线， 据标普全球发布的数据显示，欧元区 7 月综合 PMI ...

行业 集运指数日报 日期 2025 年 7 月 30 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货7月29日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 | 成交量 | 持仓量 | 仓差 | | | 价 | | | | | （%） | | | | | EC2508 | 2,188.7 | 1,858.0 | 2,111.0 ...

研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 行业 集运指数日报 日期 2025 年 7 月 29 日 每日报告 | | | 表1：集运欧线期货7月28日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2508 | 2,202.7 | 2,172.7 | 2,183.2 | 2,188.7 | -19.5 | -0 ...

行业 集运指数日报 日期 2025 年 7 月 25 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | 表1：集运欧线期货7月24日交易数据汇总 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2508 | 2,212.3 | 2,229.0 | 2,244.9 | 2,230.5 | 32.6 | 1.4 ...