1. Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: July 9, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Investment Rating - No investment rating information provided in the report. 3. Core View - The spot price increase at the beginning of July exceeded expectations, and the SCFIS settlement index further rebounded above 2,200 points. The peak - season price increase expectation has started to recover, and with good cargo volume and port congestion in Europe, the price increase in the peak season is expected to materialize. The 08 contract still has some upward space, while the 10 - month is a traditional off - season, so attention should be paid to short - selling opportunities and 08 - 10 positive spread opportunities at low levels [8]. 4. Summary by Section 4.1 Market Review and Operation Suggestions - Spot Market: The price increase at the beginning of July was better than expected, and the SCFIS settlement index rebounded above 2,200 points. Most airlines maintained stable quotes in July, with the median of the second - half - of - July quotes around $3,660. There are few airlines that have quoted for August. The peak - season price increase expectation has recovered, and the 08 contract has upward potential, while the 10 - month contract offers short - selling opportunities and 08 - 10 positive spread opportunities [8]. 4.2 Industry News - Market Conditions (June 30 - July 4): The China Export Container Shipping Market remained stable, with the comprehensive index adjusting. The manufacturing PMI in June rose to 49.7, and the new order index entered the expansion range. The non - manufacturing PMI was above the boom - bust line [9]. - European Routes: The eurozone unemployment rate in May was 6.3%, up 0.1 percentage point month - on - month. The Shanghai - to - Europe basic port market freight rate on July 4 was $2,101/TEU, up 3.5% from the previous period [9]. - Mediterranean Routes: The market situation was similar to that of European routes, but the supply - demand fundamentals were slightly weak, and the spot market booking price decreased slightly. The Shanghai - to - Mediterranean basic port market freight rate on July 4 was $2,869/TEU, down 3.9% from the previous period [9]. - North American Routes: The US manufacturing PMI in June was 49, below the boom - bust line for four consecutive months. The Shanghai - to - US West and East basic port market freight rates on July 4 were $2,089/FEU and $4,124/FEU respectively, down 19.0% and 12.6% from the previous period [9][10]. - Geopolitical Events: Houthi attacks on Israel, US attacks on Iranian nuclear facilities, and relevant responses from China and the international community [10]. 4.3 Data Overview 4.3.1 Container Shipping Spot Prices | Route | July 7, 2025 | June 30, 2025 | Change | MoM (%) | | --- | --- | --- | --- | --- | | Shanghai - Europe (Basic Ports) | 2,258.04 | 2,123.24 | 134.8 | 6.3 | | Shanghai - US West (Basic Ports) | 1,557.77 | 1,619.19 | - 61.42 | - 3.8 | [12] 4.3.2 Container Shipping Index (European Line) Futures Market - Transaction data of multiple contracts on July 8 are provided, including opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. 4.3.3 Shipping - Related Data Charts - Charts of global container shipping capacity, global container ship order backlog, Shanghai - Europe basic port freight rate, and Shanghai - Rotterdam spot freight rate are provided, with data sources from Wind and the Research and Development Department of Jianxin Futures [16][18]

Core Viewpoint - The main contract of the container shipping index (European route) has increased by 8.00%, currently reported at 2022.5 points [1] Group 1 - The significant rise in the container shipping index indicates a potential recovery or increased demand in the shipping industry [1] - The 8.00% increase reflects a notable change in market conditions, which could impact shipping rates and logistics operations [1] - The current level of 2022.5 points suggests a strong performance compared to previous periods, warranting further analysis of underlying factors driving this growth [1]

Pricing Information - As of June 25, the spot rates for Maersk are between $1,767 and $1,777 per TEU, and $2,950 to $2,976 per TEU; CMA rates range from $2,035 to $2,385 per TEU, and $3,645 to $4,345 per TEU; MSC rates are $1,940 to $2,180 per TEU, and $3,640 per TEU; ONE rates are between $2,604 and $3,094 per TEU, and $3,343 to $4,043 per TEU; EMC rates range from $2,100 to $2,655 per TEU, and $3,100 to $4,060 per TEU [1] Shipping Index - As of June 23, the SCFIS European line index is reported at 1,937.14 points, a 14% increase week-on-week, while the West Coast of the US index decreased by 28% to 2,083.46 points; as of June 27, the SCFI composite index is at 1,861.51 points, down 0.4% from the previous period; Shanghai to Europe freight rates increased by 10% to $2,030 per TEU; Shanghai to West Coast freight rates are $2,578 per FEU, down 7% from the previous week; Shanghai to East Coast freight rates are $4,717 per FEU, down 12% from the previous week [2] Market Fundamentals - As of June 24, the global container shipping capacity stands at 32.57 million TEU, an 8.2% increase year-on-year; in terms of demand, the Eurozone's May composite PMI is at 50.2, with manufacturing PMI at 49.4 and services PMI at 49.7; the US May manufacturing PMI is at 48.5, with the new orders index at 47.6; the OECD leading index for the G7 group recorded 100.32 in May [3] Market Logic - The futures market saw a decline yesterday, with the main August contract closing at 1,761 points, down 2.42%; currently, there is a reduction in the price divergence for July, with large box quotes ranging from $3,635 to $4,645 per TEU, which is slightly higher than the first half of the year; a significant price drop in August is considered unlikely, and airlines may initially set higher August quotes before adjusting based on actual transaction conditions, necessitating close monitoring of price trends [4] Operational Recommendations - The market is advised to adopt a cautious wait-and-see approach, with expectations for the main index to fluctuate between 1,700 and 1,800 points [5]

Pricing Information - As of June 25, the spot rates for Maersk range from $1,754 to $2,183 per TEU and $2,930 to $3,546 per TEU; CMA rates are $1,835 to $2,035 per TEU and $3,245 to $3,645 per TEU; MSC rates are $1,940 to $2,180 per TEU and $3,240 to $3,640 per TEU; ONE rates are $2,571 to $2,914 per TEU and $2,937 to $3,343 per TEU; EMC rates are $2,100 to $2,655 per TEU and $3,100 to $4,060 per TEU [1] Shipping Index - As of June 23, the SCFIS European line index reported 1,937.14 points, an increase of 14% week-on-week; the US West Coast index decreased by 28% to 2,083.46 points. The SCFI composite index as of June 20 was 1,968.59 points, down 10% from the previous period; Shanghai-Europe freight rates fell by 1% to $1,835 per TEU; Shanghai-US West Coast rates were $2,772 per FEU, down 33% from the previous week; Shanghai-US East Coast rates were $5,352 per FEU, down 21% from the previous week [2] Market Fundamentals - As of June 24, the global container shipping capacity was 32.57 million TEU, an increase of 8.2% year-on-year. In terms of demand, the Eurozone's May composite PMI was 50.2, with manufacturing PMI at 49.4 and services PMI at 49.7; the US May manufacturing PMI was 48.5, with new orders index at 47.6. The OECD leading index for the G7 group recorded 100.32 in May [3] Market Logic - The futures market saw a decline yesterday, with the main contract for August closing at 1,759.9 points, an increase of 1.13%. It is expected that more airlines will announce their pricing for the second half of July soon, with a high probability of opening flat. If there is no significant drop, the August price may remain in the 1,700-1,800 fluctuation range [4] Operational Suggestions - The industry is advised to maintain a cautious observation stance, with expectations for the August contract to fluctuate between 1,700 and 1,800 [5]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: June 25, 2025 [2] - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core Viewpoints - Spot market: Shipping companies have announced price increases for early July, with quotes ranging from $3,860 to $4,535, but Maersk and CMA CGM have lowered their prices. The market has weak expectations for price increases, but considering the strong demand and stable supply, the price increases may be supported by fundamentals. The 08 contract may be undervalued, while the 10 - month contract is suitable for short - selling opportunities [8]. - Industry news: International oil prices dropped about 9% and the US stock market rose after Iran's missile strike on a US military base. China's export container shipping market is in adjustment, with the comprehensive index falling. European economic recovery is slow, and the US economic recovery is not optimistic. Tensions in the Middle East have increased [9][10]. Market Data 1. Container Shipping Futures Trading Data on June 24 | Contract | Previous Settlement Price | Opening Price | Closing Price | Settlement Price | Change | Change Rate (%) | Volume | Open Interest | Position Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | EC2506 | 1,892.8 | 1,875.0 | 1,883.0 | 1,885.1 | - 9.8 | - 0.52 | 491 | 3,361 | - 172 | | EC2508 | 1,966.9 | 1,950.0 | 1,875.0 | 1,905.3 | - 91.9 | - 4.67 | 70,521 | 47,053 | 1,085 | | EC2510 | 1,383.6 | 1,400.0 | 1,370.0 | 1,380.9 | - 13.6 | - 0.98 | 15,474 | 31,514 | 1,729 | | EC2512 | 1,564.0 | 1,575.0 | 1,530.1 | 1,536.6 | - 33.9 | - 2.17 | 2,667 | 6,656 | 460 | | EC2602 | 1,404.5 | 1,402.0 | 1,372.1 | 1,384.3 | - 32.4 | - 2.31 | 599 | 2,939 | - 39 | | EC2604 | 1,213.8 | 1,220.1 | 1,209.8 | 1,209.8 | - 4.0 | - 0.33 | 797 | 4,156 | 169 | [6] 2. Shanghai Export Container Settlement Freight Index | Date | SCFIS: European Route (Base Ports) | SCFIS: US West Route (Base Ports) | Change | Change Rate (%) | | --- | --- | --- | --- | --- | | June 23, 2025 | 1,937.14 | 2,083.46 | 239.51 | 14.1 | | June 16, 2025 | 1,697.63 | 2,908.68 | - 825.22 | - 28.4 | [12]

1. Report Industry Investment Rating - Not mentioned in the provided documents 2. Core Viewpoints of the Report - The EC2508 contract shows strong current reality but weak future expectations. It is recommended to lightly test long positions around 1900 - 2050 points, and hold short positions for the 10 contract [17]. - The freight peak and inflection point of the European line are not clear. Subjectively, it is expected that the freight peak will appear in late July, with the market average price reaching $3500 - $4000 per FEU, and there is a price - drop expectation in August [17]. 3. Summaries Based on Related Contents 3.1 Futures Market - The main 2508 contract of the container shipping index (European line) closed at 2092 points, up 3.18%, and the second - main 2510 contract closed at 1427.9 points, up 1.20% [1][14]. 3.2 Spot Freight - In late June, Yangming lowered the freight of a single ship at the Shanghai port by $200 per FEU on June 30, while other sailings maintained a unified price of $2900 per FEU. MSC's online freight for the 26th - week sailing dropped from $3240 to $2640 per FEU. In July, Maersk's opening price for the 27th - week European base was $3400 per FEU, a $700 increase from the 26th - week opening price [15]. 3.3 Fundamental Situation - In June, the European line market had a relatively healthy fundamental situation. The shipping companies promoted freight increases of $750 and $450 per FEU in early and late June respectively, and the market freight rate center reached around $3000 per FEU at the end of June [15]. - In July, supply and demand may both increase, with the capacity increasing by 1.8% month - on - month, which is roughly the same as the historical increase in cargo volume in July [15][17]. 3.4 US Line Situation - In late June, the freight of the US line continued to decline, with a larger decline in the US - West line. The freight of the US - East line may fall back to around $5000 per FEU. The pressure to stop the decline in the US line freight is still high in early July [16]. 3.5 Trend Intensity - The trend intensity of the container shipping index (European line) is 0, indicating a neutral trend [18].

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 行业 集运指数日报 日期 2025 年 6 月 17 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 ＃summary＃ 每日报告 | | | 表1：集运欧线期货6月12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 | | EC2506 | 1,955.0 | 1,939.0 | 1,934.3 | 1,936.0 | -20.7 | -1 ...

Group 1 - The main contract of the container shipping index (European route) increased by 150.0 points, currently reported at 2208.0 points, with a growth rate of 7.29% [1]

Core Viewpoint - The shipping market shows stable pricing among major carriers, with fluctuations in various indices indicating mixed demand trends and potential adjustments ahead [1] Pricing Summary - Major carriers' pricing as of May 16: - Maersk: $888 - $902 per TEU, $1483 - $1510 per TEU - CMA: $1210 - $1710 per TEU, $1995 - $2995 per TEU - MSC: $1130 per TEU, $1890 per TEU - ONE: $1271 - $2381 per TEU, $1637 - $2437 per TEU - EMC: $1105 - $1855 per TEU, $1810 - $3060 per TEU [1] Index Performance - As of May 12, SCFIS European line index at 1302.62 points, down 5.54% week-on-week - The US West Coast index increased by 10.19% to 1455.31 points - SCFI composite index as of May 9 at 1345.17 points, up 0.321% from the previous period [1] Freight Rates - Shanghai to Europe freight rate decreased by 3.25% to $1161 per TEU - Shanghai to US West Coast freight rate at $2347 per FEU, up 3.3% from last week - Shanghai to US East Coast freight rate at $3335 per FEU, up 1.58% from last week [1] Capacity and Demand - Global container capacity at 32.22 million TEU, an increase of 8.7% year-on-year - Eurozone April composite PMI at 50.4, manufacturing PMI at 49, services PMI at 50.1 - US April manufacturing PMI at 48.7, new orders index at 47.2 - April OECD leading index for G7 at 100.35 [1] Market Outlook - Recent futures market showed volatility with main contracts closing higher - The sentiment from tariff-related price increases appears to have been fully released, indicating potential adjustments ahead - Future price movements in the spot market and carriers' pricing strategies will significantly influence market trends, with expectations of a fluctuating upward trend [1]

Core Viewpoint - The main contract of the container shipping index (European route) has seen a narrowing daily increase of 5% [1] Group 1 - The container shipping index reflects fluctuations in shipping costs and demand in the industry [1] - A 5% increase indicates a potential recovery or stabilization in shipping rates [1]