集装箱运输市场日报 —— MSK南非直航转为欧洲中转，欧线现舱报价仍偏下行 2025/8/6 投资咨询业务资格：证监许可【2011】1290号 俞俊臣 投资咨询证号：Z0021065 EC风险管理策略建议 | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 建议入场区间 | | | --- | --- | --- | --- | --- | --- | --- | | 舱位管理 已入手舱位，但运力偏饱满，或订舱货量不佳，旺季不 | 旺，担心运价下跌 | 多 | 为防止损失，可根据企业舱位，做空集运指数期货来 锁定利润 | EC2510 | 卖出 | 1500~1600 | | 成本管理 船司空班力度加大，或即将进入市场旺季，希望根据订单 | | 空 | 为防止运价上涨而增加运输成本，可以在当前买入集 | EC2510 | 买入 | 1200~1300 | | 情况进行订舱 | | | 运指数期货，以提前确定订舱成本 | | | | 【核心矛盾】 今日集运指数（欧线）期货各月合约价格低开后震荡上行，临近收盘时有明显回落。截至收盘，除 EC2508合约略有回落，其余各月合约价格均有 ...

Group 1: Futures Contract Information - EC2508 yesterday's closing price was 2088.8, down 1.58%, with a basis of 209.1, trading volume of 704, and open interest of 3946, a decrease of 42 [2] - EC2510 yesterday's closing price was 1413.0, down 0.62%, with a basis of 884.9, trading volume of 30602, and open interest of 52108, an increase of 105 [2] - EC2512 yesterday's closing price was 1690.5, up 0.79%, with a basis of 607.4, trading volume of 2776, and open interest of 8208, a decrease of 179 [2] - EC2602 yesterday's closing price was 1492.4, up 1.51%, with a basis of 805.5, trading volume of 718, and open interest of 4116, a decrease of 23 [2] - EC2604 yesterday's closing price was 1331.0, up 1.21%, with a basis of 966.9, trading volume of 754, and open interest of 5195, an increase of 49 [2] - EC2606 yesterday's closing price was 1471.6, up 1.27%, with a basis of 826.3, trading volume of 83, and open interest of 789, a decrease of 6 [2] Group 2: Month - Spread Information - EC2508 - 2510 month - spread was 675.8, down 24.7 from the previous day and up 5.5 week - on - week [2] - EC2510 - 2512 month - spread was - 277.5, down 22.1 from the previous day and down 8.2 week - on - week [2] - EC2512 - 2602 month - spread was 198.1, down 8.9 from the previous day and down 7.9 week - on - week [2] Group 3: Spot Index Information - SCHIS on August 4, 2025, was 2297.86 points, down 0.81% from the previous period and down 3.50% from two periods ago [2] - SCFI (European Line) on August 1, 2025, was 2051 dollars/TEU, down 1.87% from the previous period and up 0.3% from two periods ago [2] - CCFI (European Line) on August 1, 2025, was 1789.5, up 0.13% from the previous period and down 0.90% from two periods ago [2] - NCFI on August 1, 2025, was 1372.7 points, down 3.55% from the previous period and down 1.20% from two periods ago [2] Group 4: European Line Supply and Demand and Pricing - In the first week of August (week 32), the European Line had good cargo collection but few available containers. In week 33, the cargo collection situation of each alliance varied, with MSK improving, OA average, and PA poor. MSK's price dropped by 100 dollars, and OA and PA shipping companies gradually reduced prices by about 200 dollars [2] - Starting from late August, the supply pressure on the European Line is very high. The capacity in week 34/35 is 340,000 TEU. The average fixed capacity in September 2025 (tentatively) is 343,000 FEU, and 33,000 TEU after excluding TBN [2] - Currently, downstream is booking space for the second and third weeks of August (week 33 - 34). The week 33 quote dropped to 2800 - 3200 dollars, with an average of 3000 dollars (equivalent to about 2100 points on the disk). On Monday, CMA dropped 200 to 3245 dollars, HPL dropped 300 to 2835 dollars, MSC dropped 300 to 3040 dollars, and OOCL dropped 100 to 3100 dollars. MSK opened the week 34 booking at 2600 dollars, a weekly decline of 200 dollars, and then rose to 2640 dollars after opening. The current average quote for week 34 is equivalent to about 2050 points on the disk [3] Group 5: News - On August 4, the EU Commission spokesperson said that the EU would suspend two sets of counter - measures against US tariffs for six months after reaching an agreement with US President Trump. These counter - measures are divided into two parts, targeting US tariffs on steel and aluminum products, as well as the Trump administration's benchmark tariffs and auto tariffs [3] - On August 6, it was reported that Israeli Prime Minister Netanyahu decided to fully occupy Gaza, and the plan will be submitted for a vote on August 7. As of August 5, the Israeli military has controlled about 75% of the Gaza Strip, and the new plan will advance the occupation of the remaining area [4]

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core Viewpoint Due to geopolitical conflicts and tariff uncertainties, the shipping market has high trading risks and large fluctuations. It is recommended to participate with light positions or stay on the sidelines. Short - term rebounds are possible, and long - term positions should be taken profit when prices rise and wait for the market to stabilize before making further decisions [2][5]. Detailed Summaries Market Price Index - On August 4, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2297.86 points, down 0.8% from the previous period, and 1130.12 points for the US West route, down 12.0% [3]. - On August 1, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 1087.66 points, down 2.06% from the previous period, 1372.67 points for the European route, down 3.53%, and 1114.45 points for the US West route, down 0.54% [3]. - On August 1, the Shanghai Export Container Freight Index (SCFI) announced price was 1550.74 points, down 41.85 points from the previous period, the European line price was 2051 USD/TEU, down 1.86%, and the US West route was 2021 USD/FEU, down 2.23% [3]. - On August 1, the China Export Container Freight Index (CCFI) for the comprehensive index was 1232.29 points, down 2.3% from the previous period, 1789.50 points for the European route, up 0.1%, and 876.57 points for the US West route, down 0.5% [3]. Economic Data - The eurozone's July manufacturing PMI preliminary value was 49.8, higher than the expected 49.7, and the service PMI preliminary value was 51.2, higher than the expected 50.7. The composite PMI preliminary value was 51, higher than the expected 50.8. The SENTIX investor confidence index jumped to 4.5 [3]. - China's July manufacturing PMI was 49.3%, 0.4 percentage points lower than the previous month [4]. - The US July S&P Global manufacturing PMI preliminary value was 49.5, lower than the expected 52.7, and the service PMI preliminary value was 55.2, higher than the expected 53. The composite PMI preliminary value was 54.6, a new high since December 2024 [4]. Policy and Geopolitical Factors - Trump continued to impose tariffs on multiple countries, mainly in Southeast Asia, and postponed the tariff negotiation date to August 1. Some shipping companies announced price increases, and the spot market had a small price increase to test the market [5]. - On August 5, the Houthi armed forces attacked Israel's Ben - Gurion International Airport [5]. - Germany's Deputy Prime Minister called on the EU to take a tougher stance in trade negotiations with the US [6]. Trading Strategies - Short - term: For risk - takers, those who have taken long positions in the 2510 contract below 1300 can take partial profits, and those who have short positions in the EC2512 contract can take profits. Set stop - losses and avoid holding losing positions [5]. - Arbitrage: Due to international instability, it is recommended to stay on the sidelines or take light positions [5]. - Long - term: Take profits when prices rise and wait for the market to stabilize before making further decisions [5]. Market Conditions of Main Contracts - On August 5, the main contract 2510 closed at 1413.0, up 0.63%, with a trading volume of 3.06 million lots and an open interest of 5.21 million lots, an increase of 1055 lots from the previous day [5]. Contract Adjustments - For contracts from 2508 to 2606, the daily limit is adjusted to 18%, the margin is adjusted to 28%, and the daily opening limit is 100 lots [5].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The SCFIS has slightly declined, the market sentiment is bearish, and the market is fluctuating weakly with large recent fluctuations. It is not recommended to increase positions, and stop - losses should be set [1]. - Amid geopolitical conflicts and tariff uncertainties, the trading difficulty is high. It is recommended to participate with light positions or wait and see [4]. - The short - term market may rebound. Risk - takers are advised to go long lightly below 1300 for the 2510 contract and take partial profits when a profit margin of over 300 is achieved. For the EC2512 contract, it is advised to go short lightly and take profits. Attention should be paid to subsequent market trends, and it is not recommended to hold losing positions. Stop - losses should be set [4]. - In the context of international situation turmoil, the market is mainly in a positive arbitrage structure with large fluctuations. It is recommended to wait and see or try with light positions [4]. - For the long - term, it is advised to take profits when each contract rises and wait for the market to stabilize after a pullback before making further judgments [4]. 3. Summary by Related Content 3.1 Shipping Indexes - On August 4, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2297.86 points, down 0.8% from the previous period; for the US - West route, it was 1130.12 points, down 12.0% [2]. - On August 1, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1087.66 points, down 2.06% from the previous period; the NCFI for the European route was 1372.67 points, down 3.53%; for the US - West route, it was 1114.45 points, down 0.54% [2]. - On August 1, the Shanghai Export Container Freight Index (SCFI) composite index was 1550.74 points, down 41.85 points from the previous period; the SCFI for the European route was 2051 USD/TEU, down 1.86%; for the US - West route, it was 2021 USD/FEU, down 2.23% [2]. - On August 1, the China Export Container Freight Index (CCFI) (composite index) was 1232.29 points, down 2.3% from the previous period; the CCFI for the European route was 1789.50 points, up 0.1%; for the US - West route, it was 876.57 points, down 0.5% [2]. 3.2 Economic Data - The eurozone's July manufacturing PMI preliminary value was 49.8, higher than the expected 49.7 and the previous value of 49.5. The July services PMI preliminary value was 51.2, higher than the expected 50.7 and the previous value of 50.5. The July composite PMI preliminary value was 51, higher than the expected 50.8 and the previous value of 50.6. The July SENTIX investor confidence index jumped to 4.5, significantly higher than June's 0.2 and the market - expected 1.1, reaching the highest level since April 2022 [2]. - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity [3]. - The US July S&P Global manufacturing PMI preliminary value was 49.5, lower than the expected 52.7 and the previous value of 52.9; the services PMI preliminary value was 55.2, higher than the expected 53 and the previous value of 52.9. The July Markit composite PMI preliminary value was 54.6, the highest since December 2024, better than the expected 52.8 and the previous value of 52.9 [3]. 3.3 Market News and Policy - Trump continues to impose tariffs on multiple countries, mainly in Southeast Asia, which further hits transit trade. Some shipping companies have announced freight rate increases. The Trump administration has postponed the tariff negotiation date to August 1. The spot market price range is set, with a slight price increase to test the market, leading to a slight rebound in the market [4]. - On August 3, the Yemeni Houthi armed forces launched three "special military operations" against two Israeli military targets and the Haifa port, and an Israeli air defense system shot down a drone from Yemen. There were no casualties reported [4]. - On August 1, the WTO reported that the global service trade growth rate in the first quarter of 2025 slowed to 5%, about half of the growth rates in 2024 and 2023. Service trade exports in Europe and North America only increased by 3% year - on - year, lower than the data in the first quarter of 2024. In contrast, Asia maintained a strong growth of 9%. Financial service exports increased by 3% year - on - year, reflecting a decrease in investment activities due to increased global economic uncertainty [4]. 3.4 Contract Information - On August 4, the closing price of the main contract 2510 was 1421.8, with a decline of 0.72%, a trading volume of 3.03 million lots, and an open interest of 5.11 million lots, a decrease of 1323 lots from the previous day [4]. - The daily limit for contracts from 2508 to 2606 has been adjusted to 18%. The company's margin for contracts from 2508 to 2606 has been adjusted to 28%. The intraday opening limit for all contracts from 2508 to 2606 is 100 lots [4].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The shipping market is currently facing a complex situation with geopolitical conflicts, tariff uncertainties, and fluctuating freight rates. Due to the high difficulty of market gaming, it is recommended to participate with light positions or stay on the sidelines. The short - term market may rebound, and different trading strategies are proposed for different contracts, but overall, risk control through stop - loss settings is emphasized [1][4]. 3. Content Summary 3.1 Freight Rate Index - **SCFIS and NCFI**: On August 4, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2297.86 points, down 0.8% from the previous period; for the US West route, it was 1130.12 points, down 12.0%. The Ningbo Export Container Freight Index (NCFI) composite index on August 1 was 1087.66 points, down 2.06%; the European route was 1372.67 points, down 3.53%; the US West route was 1114.45 points, down 0.54% [2]. - **SCFI and CCFI**: On August 1, the Shanghai Export Container Freight Index (SCFI) composite index was 1550.74 points, down 41.85 points; the European line price was 2051 USD/TEU, down 1.86%; the US West route was 2021 USD/FEU, down 2.23%. The China Export Container Freight Index (CCFI) composite index was 1232.29 points, down 2.3%; the European route was 1789.50 points, up 0.1%; the US West route was 876.57 points, down 0.5% [2]. 3.2 PMI Data - **Eurozone**: In July, the manufacturing PMI preliminary value was 49.8 (expected 49.7, previous 49.5), the services PMI preliminary value was 51.2 (expected 50.7, previous 50.5), the composite PMI preliminary value was 51 (expected 50.8, previous 50.6), and the SENTIX investor confidence index rose to 4.5, the highest since April 2022 [2]. - **China**: The manufacturing PMI in July was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity [3]. - **US**: In July, the S&P Global manufacturing PMI preliminary value was 49.5 (expected 52.7, previous 52.9), the services PMI preliminary value was 55.2 (expected 53, previous 52.9), and the Markit composite PMI preliminary value was 54.6, the highest since December 2024 [3]. 3.3 Market Events - Trump's tariff policy: Trump continued to impose tariffs on multiple countries, mainly in Southeast Asia, hitting re - export trade. The tariff negotiation date was postponed to August 1. Some shipping companies announced freight rate increases, and the spot market had a small price increase to test the market, leading to a slight rebound in the futures market [4]. - Geopolitical events: On August 3, the Yemeni Houthi armed forces launched three "special military operations" against Israeli military targets and a port. Israel's national security minister entered the Al - Aqsa Mosque area, which was condemned by Palestine, Saudi Arabia, and Jordan [4]. 3.4 Trading Strategies - **Short - term strategy**: The short - term market may rebound. Risk - takers are advised to go long lightly below 1300 for the 2510 contract and take partial profits when there is a profit margin of over 300 points. For the EC2512 contract, it is recommended to go short lightly and take profits. Attention should be paid to subsequent market trends, and no position - holding against losses is recommended, with stop - losses set [4]. - **Arbitrage strategy**: In the context of international situation turmoil, the market is mainly in a positive spread structure with large fluctuations. It is recommended to stay on the sidelines or try lightly with a small position [4]. - **Long - term strategy**: For all contracts, it is recommended to take profits when the price rises and wait for the price to stabilize after a pull - back before making further decisions [4]. 3.5 Contract Information - On August 4, the main contract 2510 closed at 1421.8, down 0.72%, with a trading volume of 3.03 million lots and an open interest of 5.11 million lots, a decrease of 1323 lots from the previous day [4]. - The daily limit for contracts from 2508 to 2606 was adjusted to 18%, the company's margin was adjusted to 28%, and the daily opening limit for all contracts from 2508 to 2606 was set at 100 lots [4].

Group 1: Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - The EC futures contracts show price fluctuations, with most contracts experiencing declines in price and changes in trading volume and open interest [2] - The month - to - month spreads of EC futures also show certain changes, such as the EC2508 - 2510 spread decreasing by 2.0 and the EC2510 - 2512 spread increasing by 13.0 [2] - Some shipping freight indices, like SCFI, (European Line) CCFI, and NCFI, have changed in value, with SCFI down 1.87%, (European Line) CCFI up 0.13%, and NCFI down 3.53% [2] - In the European line shipping market, the supply pressure will be very high from late August, with week 34/35 capacity at 340,000 TEU and the average weekly capacity in September 2025 (tentative) at 343,000 TEU (323,000 TEU without considering TBN). Shipping companies are gradually reducing prices [2] Group 3: Summary by Directory EC Futures Contracts - EC2508: Price is 2122.3, down 0.20% compared to the previous day, with an open interest of 4367 and a decrease of 93 [2] - EC2510: Price is 1421.8, down 0.15%, trading volume is 30268, open interest is 51053, and a decrease of 1323 [2] - EC2512: Price is 1677.2, down 0.90%, open interest is 8387 [2] - EC2602: Price is 1470.2, open interest is 4139, and a decrease of 3 [2] - EC2604: Price is 1315.1, open interest is 5146, and an increase of 34 [2] - EC2606: Price is 1453.2, down 0.81%, open interest is 795, with no change [2] Month - to - Month Spreads - EC2508 - 2510: The spread is 700.5, a decrease of 2.0 compared to the previous day [2] - EC2510 - 2512: The spread is - 255.4, an increase of 13.0 compared to the previous day [2] - EC2512 - 2602: The spread is 207.0 [2] Shipping Freight Indices - Terdar: On August 4, 2025, the index was 2297.86, down 3.50% compared to the previous period [2] - SCFI: On August 1, 2025, it was 2051 dollars/TEU, down 1.87% compared to the previous period [2] - (European Line) CCFI: On August 1, 2025, it was 1789.5 points, up 0.13% compared to the previous period [2] - NCFI: On August 1, 2025, it was 1372.7 points, down 3.53% compared to the previous period [2] European Line Shipping Market - In week 32 of August, the cargo collection was good but there were basically no available containers. In week 33, the cargo collection situation of each alliance varied, with MSK performing well, OA average, and PA poor, and MSK's price dropped by 100 dollars [2] - Shipping companies such as OA and PA have gradually reduced prices by about 200 dollars [2] - Currently, downstream customers are booking spaces for the first half of August (week 32 - 33). Week 32 actual prices are around 3200 dollars (equivalent to 2250 points). Week 33 current quotes have dropped to 2800 - 3200 dollars, with an average of 3000 dollars (equivalent to about 2100 points) [2]

Pricing Information - As of August 4, the spot prices for container shipping are as follows: Maersk: $1705-$1846/TEU, $2850-$3102/TEU; CMA: $1935-$2635/TEU, $3445-$4345/TEU; MSC: $2000-$2163/TEU, $3340-$3646/TEU; ONE: $2194/TEU, $2943/TEU; EMC: $2355-$2455/TEU, $3560-$3760/TEU [1] Shipping Index - As of August 4, the SCFIS European line index is reported at 2297.86 points, a decrease of 0.81% month-on-month; the US West Coast index decreased by 11.99% to 1130.12 points. The SCFI composite index as of August 1 is 1550.74 points, down 2.63%. The Shanghai-Europe freight rate decreased by 1.87% to $2051/TEU; Shanghai-US West freight rate is $2021/FEU, down 2.23% from last week; Shanghai-US East freight rate is $3126/FEU, down 7.46% from last week [2] Market Fundamentals - As of August 4, the global container shipping capacity exceeds 32.7 million TEU, representing a year-on-year growth of 7.9%. In terms of demand, the Eurozone's June composite PMI is 50.2, with manufacturing PMI at 49.4 and services PMI at 50.0; the US June manufacturing PMI is 49, with new orders index at 46.4. The OECD leading index for the G7 group recorded 100.40 in June [3] Market Logic - The futures market experienced fluctuations with the main contract closing at 1421.8 points, down 0.72%; the August contract closed at 2122.3, up 0.38%. The market is currently in a phase of slow decline in spot prices, lacking strong driving forces in the fundamentals. The short-term outlook for the main contract is expected to show a weak oscillating pattern [4]

南华期货集运周报 当周期货标的现货指数上海出口结算运价指数（SCFIS）欧洲航线继续下行，美西航线也再度小幅回 落。中国出口集装箱运价指数（CCFI）、上海出口集装箱运价指数（SCFI）和宁波出口集装箱运价指数 （NCFI）均继续下降。 分航线来看，SCFI欧洲航线再度回落，美西航线和美东航线则继续下行。当周期价主要影响因素为欧线 现舱报价。当周主流船司8月现舱报价继续回落，带降了期货价格的估值。商品情绪则受宏观政策影响而有所 回落，同样利空EC的市场情绪。中美关税谈判基本无太多变化，整体对市场情绪影响短期中性略偏多。 对于后市而言，可继续关注船司欧线现舱报价变动和欧线市场基本面。 受美国关税等宏观情绪影响，期价短期维持震荡略偏下行趋势的可能性仍相对较大，但需注意期价至短 期低位后可能的反弹。 2. 策略 期现（基差）策略：交易者宜保持观察，寻找短期做空基差的机会。 —— MSK开舱报价继续下行 2025/08/03 南华研究院投资咨询业务资格：证监许可【2011】1290号 俞俊臣（Z0021065） 1. 摘要 套利（跨期）策略：可暂时保持观望。 3. 盘面回顾 截至周五，EC各月合约的收盘价与结算价均有 ...

1. Report Industry Investment Rating - The investment view of the report is "oscillating", and the trading strategy involves a unilateral "oscillating" approach with a 12 - 4 positive spread arbitrage position held [3] 2. Core View of the Report - The freight rate of the container shipping index shows signs of peaking, and the overall market is weak. Spot prices have peaked, with quotes in early August starting to decline, which will lead to a synchronous decline in late August. The main focus of the 10 - contract lies in the decline slope of the freight rate from August to October [3] 3. Summary According to Relevant Catalogs 3.1 Main Views and Strategy Overview - **Spot Freight Rates**: Spot prices have peaked, with quotes in early August starting to weaken, pulling down those in late August. For example, GEMINI's Maersk wk33 opening price rose from 2800 to 2900, while HPL dropped to 3150 in early August. OA's early - August average quote was 3300, and PA continued to cut prices to 3100 with a downward trend [3] - **Political and Economic Factors**: These factors are considered neutral. There are various political events such as the potential extension of reciprocal tariffs between China and the US, new US tariffs on copper products, and changes in the US - Gaza policy [3] - **Capacity Supply**: It is neutral. Weekly average capacity deployment is 290,000 in July, 300,000 in August, and 320,000 in September. New ships were delivered in early July, and some shipping companies adjusted their routes, redirecting capacity to the European line. European port congestion persists due to labor shortages, strikes, low river water levels, and increased Red Sea route risks. MSK added an extra 15,780 - TEU vessel in wk32 and plans to send another about 13,000 - TEU vessel in wk34. Six blank sailings have been announced in August by the Ocean Alliance [3] - **Demand**: It is neutral. Demand and loading rates were good at the end of July, but the high capacity deployment at the beginning of August weakened the effect of the inventory - building rolling pool [3] - **Market**: Spot prices show signs of peaking. It is expected that spot prices will peak at the end of July and beginning of August, decline slowly until late August, and then the decline slope will intensify. The 10 - contract's main focus is on the decline slope of the freight rate from August to October [3] - **Investment View and Trading Strategy**: The investment view is "oscillating". The trading strategy includes a unilateral "oscillating" approach and holding a 12 - 4 positive spread arbitrage position. Attention should be paid to geopolitical disturbances and domestic and foreign macro - policy disturbances [3] 3.2 Price - The spot market has slow demand recovery, high supply, the establishment of new alliances, and price drops during the off - season [5] 3.3 Static Capacity - **Order Volume**: Data on container ship order volumes are presented in multiple graphs, showing order volumes by different container ship loading capacities over different time periods [12] - **Delivery Volume**: Graphs display delivery volumes of container ships by different loading capacities from 2000 to 2025 [15] - **Demolition Volume**: Information on the demolition volumes of container ships by different loading capacities is provided, covering the period from 2022 to 2025 [17] - **Future Delivery**: Future delivery volumes of container ships are shown, including breakdowns by loading capacity and quarterly and seasonal data from 2023 to 2029 [21] - **Ship - Breaking and New - Building Prices**: There are graphs showing ship - breaking prices by different loading capacities, new - building price indices, and new - building prices by different loading capacities from 2015 to 2025 [28][30] - **Second - Hand Ship Prices**: Second - hand ship price indices and prices of second - hand ships with different loading capacities and ages are presented from 2015 to 2025 [34][39] - **Existing Container Ship Capacity**: Information on the existing capacity of container ships, including total capacity, capacity by loading capacity, proportion of idle/laid - up/retrofitted ships, average age, and average age of scrapped ships, is provided from 2015 to 2025 [42][50] 3.4 Dynamic Capacity - **Ship Schedule**: Data on the total capacity deployment from Shanghai to European base ports, as well as the capacity deployments of PA + MSC, MSC, GEMINI, and OCEAN from week 13 to week 28, are presented [56][64] - **Desulfurization Tower Installation**: Graphs show the capacity and number of container ships with installed and under - installation desulfurization towers, as well as the average age and duration of desulfurization tower installation and the average speed of container ships from 2018 to 2025 [

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - In the face of high capacity pressure and the approaching off - season of demand, freight rates will be under pressure in the future [1] Group 3: Summary of Key Information EC Futures Contracts and Forward Curve - EC futures contract prices show different trends, with varying degrees of decline and increase in different contract periods, such as EC2508 at 2121.6 with a decline of - 724, and EC2510 at 1425.1 with a decline of - 2.63 [1] - The monthly spread of EC contracts also shows different changes, for example, EC2508 - 2510 is - 267.2, with a day - on - day change of 2.1 [1] Freight Rate Indexes - SCFIS decreased by 3.50% compared with the previous period, and SCFI increased by 0.53%. CCFI (European route) increased by 4.46%, and NCE increased by 0.35%. TCI remained unchanged at 0.00% [1] European Route Capacity and Freight Volume - In August and September (temporarily), the average weekly capacity of the European - American route 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 330,000 TEU respectively. The overall capacity pressure is high, especially in the second half of August [1] - There is still some support for the basic cargo volume in the first half of August, but the freight forwarders' perception is poor [1] Recent European Route Quotations - Downstream is currently booking cabins for early August (weeks 31 - 32). The landing price in week 32 is about $3300 (equivalent to 2300 points on the disk), and the landing price in week 33 is about 2150 points. MSK's opening quotation for week 33 is $2800, and other shipping companies mainly follow the previous quotations [1] - Shipping companies have adjusted their quotations in the past few days. For example, HPL reduced the price by $200 to $3100 on Tuesday, and MSC reduced the price by $300 to $3340 on Wednesday [1] Seasonal Trends of Freight Rate Indexes - The report presents the seasonal trends of freight rate indexes for multiple routes, including European routes, TCI (East Mediterranean), TCI (West Mediterranean), TCI (East America), TCI (West America), TCI (South - West America), TCI (East Africa), TCI (Persian Gulf), TCI (South Africa), and TCI (West Africa) [1][5]