1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The top of the spot price of PA Alliance freight rates has likely emerged, with the rate revised down to $3,100 per FEU [1][4] - The August contract experiences high - level fluctuations, and the top of the freight rate has likely appeared. The delivery settlement price of the August contract may be around 2,200 points [4] - The October contract is mainly for short - allocation in the off - season, and attention should be paid to the downward slope of the freight rate [5] - The December contract follows the off - peak and peak season pattern, but the risk lies in whether the Suez Canal will reopen [7] - The year 2025 is a major year for container ship deliveries [8] - The strategy includes a sideways movement for the main contract, a long - 12 and short - 10 arbitrage strategy, and shorting the October contract on rallies [9] 3. Summary by Related Catalogs I. Futures Price - As of July 24, 2025, the total open interest of all container shipping index European line futures contracts is 79,692.00 lots, and the daily trading volume is 81,678.00 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts are 1,562.30, 1,382.00, 1,506.90, 2,244.90, 1,583.90, and 1,779.90 respectively [7] II. Spot Price - Online quotes from various shipping companies for the Shanghai - Rotterdam route show different price levels and trends. For example, Maersk's Week 31 price is 1907/3214, and Week 32 is 1815/3050 [1] - On July 18, 2025, the SCFI (Shanghai - Europe route) price was $2,079.00 per TEU, SCFI (Shanghai - US West route) was $2,142.00 per FEU, and SCFI (Shanghai - US East) was $3,612.00 per FEU. On July 21, the SCFIS (Shanghai - Europe) was 2,400.50 points, and SCFIS (Shanghai - US West) was 1,301.81 points [7] III. Container Ship Capacity Supply - From July to September 2025, the weekly average capacity on the China - European base port route shows different levels. August has 3 blank sailings from the OA Alliance, and there are 2 TBNs in August and 4 in September. Maersk will add two additional ships in Week 32 and Week 34 [3] - As of July 20, 2025, 151 container ships with a total capacity of 1.204 million TEU have been delivered in 2025. Among them, 47 ships in the 12,000 - 16,999 TEU range with a total capacity of 705,300 TEU and 7 ships above 17,000 TEU with a total capacity of 159,880 TEU have been delivered [8] IV. Supply Chain - There is geopolitical influence. The US Middle East envoy stated that the US will withdraw from the Doha cease - fire negotiations between Israel and Hamas due to Hamas' lack of sincerity [2] - Information on ship congestion ratios, speeds of different - sized ships, and the number of container ships passing through major canals such as the Suez, Cape of Good Hope, and Panama is presented in the figures, although specific data in the text analysis is not elaborated [57][67][75] V. Demand and European Economy - Figures show data related to port container throughput, EU 27 industrial production index, EU 27 imports from China, euro - zone consumer confidence index, EU 27 retail sales year - on - year, and China's export volume to the EU and total export volume, but specific data analysis is not provided in the text [76][77][88]

Group 1: Report Overview - Report Date: July 24, 2025 [2] - Research Team: Energy and Chemicals Team of the Research Center [2] Group 2: EC Futures Contracts - EC2508: Yesterday's closing price was 2239.7, down 0.44%, with an open interest of 11039, a decrease of 1354 [2] - EC2510: Yesterday's closing price was 1537.0, down 0.71%, with an open interest of 50131, a decrease of 1603 [2] - EC2512: Yesterday's closing price was 1701.8, down 0.40%, with an open interest of 8446, a decrease of 87 [2] - EC2602: Yesterday's closing price was 1477.3, up 1.15%, with an open interest of 4094, an increase of 112 [2] - EC2604: Yesterday's closing price was 1324.0, up 0.32%, with an open interest of 5800, an increase of 262 [2] - EC2606: Yesterday's closing price was 1468.8, up 0.60%, with an open interest of 807, an increase of 28 [2] Group 3: Month Spread - EC2508 - 2510: The previous day's spread was 702.7, with a target ratio of 1.0 and a week - on - week increase of 119.5 [2] - EC2510 - 2512: The previous day's spread was - 164.8, with a target ratio of - 4.1 and a week - on - week increase of 10.2 [2] - EC2512 - 2602: The previous day's spread was 224.5, with a target ratio of - 23.7 and a week - on - week decrease of 46.1 [2] Group 4: Shipping Indexes - TT Index: Updated weekly, announced on July 21, 2025, at 2400.5 points, down 0.89% from the previous period [2] - SCFI (European Line): Updated weekly, announced on July 18, 2025, at 2079 dollars/TEU, down 0.95% from the previous period [2] - CCFI (European Line): Updated weekly, announced on July 18, 2025, at 1803.42 points, up 4.46% from the previous period [2] - NCFI: Updated weekly, announced on July 18, 2025, at 1440.25 points, up 0.35% from the previous period [2] - TCI: Updated daily, announced on July 18, 2025, at 1054.56 points, down 0.75% from the previous period [2] Group 5: European Line Market Analysis - European Line Demand in August: The weekly average capacity in August is as high as 320,000 TEU, a month - on - month increase of 8%. However, there is still support for cargo at the beginning of August. The market may remain stable or see a slight decline in some routes in the next half - month [2] - Recent European Line Quotations: Downstream is currently booking spaces for early August (week 31 - 32). In July, prices remained stable at around 2400 points. In August, although some shipping companies announced price increases, currently, most shipping companies are still using the previous prices, with MSK (shanghai - rotterdam) reducing the price by 100 to 2900 dollars and MSK (shanghai - antwerp) keeping the price stable at 2900 dollars, and MSK's加班船 (BEIJING MAERSK) quoting 2700 dollars [2] Group 6: News - July 24: The Israeli military said it was advancing military operations in northern Gaza, launching air strikes on more than a hundred military targets [3] - July 23: According to the Israeli Public Broadcasting Corporation, Hamas has made a preliminary response to the mediators' proposal regarding Gaza. The Israeli president told soldiers in Gaza that intensive negotiations were underway, hoping for good news soon [3] - July 23: US Treasury Secretary Bessent said that Chinese and US economic and trade officials will hold the third round of trade consultations in Stockholm, Sweden next week [3]

宏观金融团队 行业 集运指数日报 日期 2025 年 7 月 24 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 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货7月23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 | 2,276.1 | 2,238.0 | 2,239.7 | 2,212.3 | -36.4 | -1 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The futures prices of the container shipping index (European routes) are expected to briefly return to a volatile state. Attention should be paid to the actions of other shipping companies and changes in the spot cabin quotes on European routes [2]. 3. Summary by Section EC Risk Management Strategy - For companies with full capacity or poor booking volume and worried about falling freight rates, they can short the container shipping index futures (EC2510) at 1800 - 1900 to lock in profits [1]. - For those hoping to book cabins according to orders and prevent rising freight rates, they can buy the container shipping index futures (EC2510) at 1350 - 1450 to set the booking cost in advance [1]. Market Performance - The futures prices of the container shipping index (European routes) opened with a volatile downward trend and then rebounded slightly. At the close, the prices of EC contracts showed mixed results [2]. - For the EC2510 contract, long - positions increased by 1029 lots to 26261 lots, short - positions increased by 845 lots to 31963 lots, and trading volume decreased by 2955 lots to 79201 lots (bilateral) [2]. Factors Affecting the Market Positive Factors - The spot cabin quotes on European routes of MSC and COSCO Shipping in mid - early August have increased [3]. - Israeli Defense Minister Katz said that Israel may attack Iran again, which has a slight positive impact on market sentiment [5]. Negative Factors - Maersk's new weekly opening quotes on European routes have significantly decreased compared to the previous week [4]. EC Basis Changes - On July 23, 2025, the basis of EC2508 was 160.80 points, with a daily increase of 10.00 points and a weekly decrease of 108.14 points; EC2510 was 863.50 points, with a daily increase of 11.00 points and a weekly increase of 39.66 points; EC2512 was 698.70 points, with a daily increase of 6.90 points and a weekly increase of 35.76 points [4]. Spot Cabin Quotes - Maersk's 20GP and 40GP total quotes for Shanghai - Rotterdam routes in late July and early August increased compared to the previous period. MSC and COSCO Shipping's 20GP and 40GP total quotes for Shanghai - Rotterdam routes in mid - early August also increased compared to the previous week [8]. Global Freight Rate Index - The SCFIS European route index decreased by 0.89% to 2400.5 points, the SCFIS US - West route index increased by 2.78% to 1301.81 points. Other indexes also showed different degrees of increase or decrease [9]. Port Waiting Time - The waiting times of Hong Kong, Shanghai, and other ports on July 22, 2025, showed different changes compared to the previous day and the same period last year [16]. Ship Speed and Waiting Ships - The speeds of 8000 +, 3000 +, and 1000 + container ships on July 22, 2025, increased slightly compared to the previous day. The number of ships waiting at the Suez Canal port anchor remained unchanged at 30, less than 7 in the same period last year [24][25].

Group 1: EC Futures Contract Information - EC2508 had a closing price of 2468.7 with a 4.28% increase, a volume of 14033, and an open interest of 11574 with a decrease of 1671 [2] - EC2510 had a closing price of 1676.4 with a 1.93% increase, a volume of 76841, and an open interest of 54063 with an increase of 1346 [2] - EC2512 had a closing price of 1860.4 with a 1.90% increase, a volume of 9640, and an open interest of 8392 with an increase of 169 [2] - EC2602 had a closing price of 1513.9 with a 0.62% increase, a volume of 1336, and an open interest of 3867 with a decrease of 8 [2] - EC2604 had a closing price of 1370.2 with a 1.51% increase, a volume of 2779, and an open interest decrease of 45 [2] - EC2606 had a closing price of 1465.7 with a 0.77% increase, a volume of 104, and an open interest of 742 with an increase of 25 [2] Group 2: Month - Spread Information - The spread of EC2508 - 2510 was 69.7 on the reporting day, compared to 792.3 the previous day, 722.6 two days ago, and 652.9 three days ago, with a weekly change of 237.4 [2] - The spread of EC2510 - 2512 was - 3.0 on the reporting day, compared to - 184.0 the previous day, - 181.0 two days ago, and - 178.0 three days ago, with a weekly change of - 23.1 [2] - The spread of EC2512 - 2602 was 25.3 on the reporting day, compared to 346.5 the previous day, 321.2 two days ago, and 295.9 three days ago, with a weekly change of 50.9 [2] Group 3: Index Information - The SCHS index was 2400.5 on 2025/7/21, with a - 0.89% change from the previous period and a 7.26% expected change in the next period, updated weekly on Mondays [2] - The SCFI index was 2079 dollars/TEU on 2025/7/18, with a - 0.95% change from the previous period and a - 0.10% expected change in the next period, updated weekly [2] - The CCFI (European line) index was 1803.42 on 2025/7/18, with a 4.46% change from the previous period and a 1.90% expected change in the next period, updated every Friday [2] - The NCFI index was 1440.25 on 2025/7/18, with a 0.35% change from the previous period and a - 0.50% expected change in the next period, updated on Fridays [2] - The TCI index was 1054.56 on 2025/7/18, with a - 0.75% change from the previous period and no expected change in the next period, updated daily [2] Group 4: Capacity and Price Information - In August, the weekly average capacity is 320,000 TEU, an 8% increase from the previous period, and the market may remain stable or see some shipping companies' quotes decline slightly in the next half - month [2] - In July, the overall price remained stable at around 2400 points, and in the fifth week (week 31) of July, the quote was 3400 dollars, equivalent to around 2400 points on the futures market [3] - In August, multiple shipping companies announced price adjustments: EMC increased by 100, CMA increased by 400, HPL increased by 200, MSC increased by 200, MSK (Shanghai - Rotterdam) decreased by 100 to 2900 dollars, and MSK (Shanghai - Antwerp) remained stable at 2900 dollars [3] Group 5: Related News - On 7/23, Trump announced a trade agreement with Japan, including a 15% tariff and a 550 billion - dollar investment in the US [4] - On 7/23, it was reported that the cease - fire negotiation in Gaza had made significant progress, and relevant parties were discussing the deployment scale and location of Israeli troops in certain areas, with an expected agreement [4] Group 6: Index Delay Note - The XSI - C index is delayed by three working days [5]

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

Report Industry Investment Rating No information provided. Core Viewpoints - The freight rates in the container shipping industry are currently at a high level and are expected to remain volatile. The 8 - month contract is in a high - level oscillation and game - based delivery situation, while the 10 - month contract is mainly for short - position allocation, and the 12 - month contract is affected by the potential resumption of the Suez Canal [3][4]. - The strategies include the main contract oscillating, an arbitrage strategy of going long on the 12 - month contract and short on the 10 - month contract, and shorting the 10 - month contract when the price is high [7]. Summary by Directory 1. Market Analysis - Online quotes show different price levels for various shipping companies on the Shanghai - Rotterdam route. For example, Maersk's Shanghai - Rotterdam price in the 31st week is 1855/3110, and HPL's 8 - month first - half - month shipping schedule quote is 2235/3535 [1]. - Geopolitically, there has been "significant progress" in the Gaza cease - fire negotiations. The weekly average capacity on the China - European base port route in July is 303,500 TEU, and in August it is 310,000 TEU. There are 5 blank sailings in July and 2 in August, mostly from the OA alliance. Maersk will add two additional ships in August [2]. 2. Contract Analysis - **8 - month contract**: The freight rate is in high - level oscillation. The estimated average freight rate in the first half of August is about $3200/FEU. The final settlement price of the 08 contract may be around 2200 points [3]. - **10 - month contract**: It is a off - season contract, mainly for short - position allocation. Normally, the price in October is 20% - 30% lower than that in August. Attention should be paid to whether Maersk's pricing strategy will change due to the addition of two ships in August [4]. - **12 - month contract**: The regular pattern of peak and off - season still exists. The risk lies in whether the Suez Canal will resume navigation. Usually, the price in December is more than 10% higher than that in October [4]. 3. Futures and Spot Prices - As of July 17, 2025, the total open interest of all contracts of the container shipping index European route futures is 84,091 lots, and the single - day trading volume is 80,457 lots. The closing prices of different contracts vary, such as EC2602 at 1485.70 and EC2508 at 2164.50 [5]. - On July 11, 2025, the SCFI (Shanghai - Europe route) price is $2099/TEU, the SCFI (Shanghai - US West route) price is $2194/TEU, and the SCFI (Shanghai - US East) price is $4172/FEU. On July 14, the SCFIS (Shanghai - Europe) is 2421.94 points, and the SCFIS (Shanghai - US West) is 1266.59 points [5][6]. 4. Container Ship Capacity Supply - 2025 is a major year for container ship deliveries. As of July 11, 2025, 141 container ships have been delivered, with a total capacity of 1.194 million TEU. Among them, 46 ships with a capacity of 12,000 - 16,999 TEU have a total capacity of 689,300 TEU, and 7 ships with a capacity of over 17,000 TEU have a total capacity of 159,880 TEU [6]. 5. Strategies and Risks - **Strategies**: The main contract oscillates. The arbitrage strategy is to go long on the 12 - month contract and short on the 10 - month contract, and short the 10 - month contract when the price is high [7]. - **Risks**: Downward risks include an unexpected decline in the European and American economies, a sharp drop in oil prices, unexpected ship deliveries, insufficient ship idling, and a good resolution of the Red Sea crisis. Upward risks include the recovery of the European and American economies, supply chain issues, significant capacity reduction by liner companies, and the continuous fermentation of the Red Sea crisis leading to ship detours [7].

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: July 18, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Report Core View - The price increase in July was better than expected, and the SCFIS settlement index rebounded above 2400 points this week. The quotes in July changed little, with Maersk's quotes in the second half of July slightly higher than in the first half. The quotes of other airlines converged to $3300 - $3500. The 08 contract is still at a discount to the spot index and has room for repair. For the traditional off - season in October, pay attention to short - selling opportunities and positive spread arbitrage opportunities between 08 - 10 contracts [8] Summary by Directory 1. Market Review and Operation Suggestions - Spot Market: The price increase in July was better than expected, and the SCFIS settlement index rose above 2400 points. Maersk's quotes in the second half of July were slightly higher than in the first half, and other airlines' quotes converged to $3300 - $3500. In August, few airlines have reported freight rates. HPL continued the late - July rate, and CMA CGM raised the rate by $800 compared to late July. The 08 contract is at a discount to the spot index and has repair space. In October, focus on short - selling opportunities and 08 - 10 positive spread arbitrage opportunities [8] 2. Industry News - Overall Market: From July 7 to July 11, the China export container shipping market was generally stable, with freight rates rising and falling due to different supply - demand fundamentals of different routes. The comprehensive index declined slightly [9] - European Route: The eurozone's July SENTIX investor confidence index rose to 4.5, better than expected. The index has risen for three consecutive months, indicating stable economic recovery. However, the EU - US tariff negotiation has no clear result, and the market faces uncertainty. The transport demand was stable, and the market freight rate was stable. On July 11, the freight rate from Shanghai Port to European basic ports was $2099/TEU, down 0.1% from the previous period [9] - Mediterranean Route: The supply - demand fundamentals were weaker than the European route, and the spot booking price declined slightly. On July 11, the freight rate from Shanghai Port to Mediterranean basic ports was $2667/TEU, down 7.0% from the previous period [9] - North American Route: The "tariff war" was the focus. Trump postponed the implementation of "reciprocal tariffs" to August 1. The US set new tariff rates for multiple countries and will impose a 50% tariff on copper. The transport demand was stable, and the market freight rate rebounded after adjustment. On July 11, the freight rates from Shanghai Port to US West and East basic ports were $2194/FEU and $4172/FEU, up 5.0% and 1.2% respectively from the previous period [9][10] - EU - US Trade Negotiation: The negotiation on EU - US trade is ongoing, with automobile and agricultural product tariffs being the key issues. Any agreement depends on Trump's decision and may be overturned by him. The US currently imposes 50% tariffs on EU steel and aluminum products, 25% on the automotive sector, and 10% on most other goods [10] - Trump's Tariff Plan: Trump plans to impose a unified tariff of 15% or 20% on almost all trading partners that have not been tariffed [10] - Yemen Houthi Armed Forces: The leader of the Yemen Houthi armed forces said that as long as Israel continues to invade and blockade Gaza, the armed forces will continue to ban ships related to Israel from passing through the Red Sea, the Gulf of Aden, and the Arabian Sea [10] 3. Data Overview 3.1 Container Shipping Spot Prices - SCFIS: The European route index rose from 2258.04 to 2421.94, an increase of 7.3%. The US West route index fell from 1557.77 to 1266.59, a decrease of 18.7% [12] 3.2 Container Shipping Index (European Line) Futures Market - The trading data of multiple contracts such as EC2508, EC2510, etc. are provided, including opening price, closing price, settlement price, price change, price change rate, trading volume, open interest, and open interest change [6] 3.3 Shipping - Related Data Charts - Multiple charts are provided, including global container shipping capacity, global container ship order backlog, Shanghai - European basic port freight rates, etc. [16][19]

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The supply pressure in the European line shipping market is increasing, especially with the addition of a large vessel on MSK's AE1 route in week 32, reaching a weekly capacity of 330,000 TEU. The downstream has stopped booking cargo space for the second half of July (week 29 - 30). Shipping companies' quotes for the second half of July have remained stable overall, but there has been a slight downward adjustment for the last week of July (week 30). With the support of shipping companies' base cargo, the spot price has remained stable, but it is expected that the cargo volume support will gradually weaken, and there will be pressure in week 32 [2][8]. 3. Summary by Relevant Catalogs Futures - **Contract Prices and Changes**: The closing prices of EC2508, EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are 2153.0, 1598.1, 1759.0, 1463.4, 1280.8, and 1421.6 respectively. The price changes are 1.27%, -3.47%, -4.19%, -3.50%, -2.90%, and -2.42% respectively. The open interest changes are -2808, 3849, 218, -186, -247, and 4 respectively [2]. - **Month - to - Month Spreads**: The spreads of EC2508 - 2510, EC2510 - 2512, and EC2512 - 2602 are 554.9, -160.9, and 295.6 respectively, with daily changes of 84.5, 19.5, and -24.0 respectively, and weekly changes of -66.5, -5.6, and 104.9 respectively [2]. Spot (European Line) - **Price Indexes and Changes**: The SCHIS index on July 14, 2025, was 2421.94 points, with a 7.26% increase from the previous period. The SCEI was 2099 dollars/TEU on July 11, 2025, with a -0.10% change from the previous period. The CCFI was 1726.41 points on July 11, 2025, with a 1.90% increase from the previous period. The NCFI was 1435.21 points on July 11, 2025, with a -0.50% change from the previous period. The TCI was 1019.55 points on July 11, 2025, with no change from the previous period [2]. Shipping Capacity and Quotes - **Shipping Capacity Arrangement**: The average weekly shipping capacities in July and August 2025 are 295,000 and 321,500 TEU respectively. In week 32, the shipping capacity reaches 330,000 TEU [2]. - **Quotes**: Downstream has stopped booking cargo space for week 29 - 30 in July. Shipping companies' quotes for the second half of July have remained stable overall, with quotes around 3400 dollars in week 29. For week 30, HPL, CMA, OOCL, and MSC have slightly reduced their quotes by about 200 dollars, with an average of 3300 dollars (equivalent to 2300 points on the futures market). MSK's quote for week 31 remains flat at 2900 - 3000 dollars [2][8].

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: July 17, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core Viewpoints - The price increase in July was better than expected, and the SCFIS settlement index rebounded above 2400 points. The quotes of major airlines remained stable, possibly supported by good cargo demand. For the 08 contract, there is still some room for repair as it is at a discount to the spot index. For October, which is a traditional off - season, pay attention to short - selling opportunities and 08 - 10 positive spread arbitrage opportunities at low prices [8] Summary by Directory 1. Market Review and Operation Suggestions - Spot market: The price increase in July was better than expected, and the SCFIS settlement index rose above 2400 points. Maersk's quotes in the second half of July were slightly higher than in the first half, and the quotes of other airlines converged to $3300 - 3500. For August, only a few airlines have reported fares, and attention should be paid to whether other airlines will follow the price increase. The 08 contract has room for repair, and for October, focus on short - selling and 08 - 10 positive spread arbitrage [8] 2. Industry News - From July 7 to July 11, the overall Chinese export container shipping market was stable, with freight rates fluctuating due to different supply - demand fundamentals. The European economic recovery was relatively stable, but the outcome of the EU - US tariff negotiation was uncertain. The freight rates in the European route were stable, while those in the Mediterranean route declined slightly, and those in the North American route rebounded after adjustment. The US - EU trade negotiation was ongoing, with automobile and agricultural product tariffs as key issues, and the negotiation result was subject to Trump's decision. Trump also planned to impose unified tariffs on most trading partners, and the Houthi armed forces in Yemen restricted ships related to Israel from passing through relevant sea areas [9][10] 3. Data Overview 3.1 Container Shipping Spot Prices - SCFIS for the European route (basic ports) increased from 2258.04 on July 7 to 2421.94 on July 14, a rise of 7.3%. SCFIS for the US - West route (basic ports) decreased from 1557.77 on July 7 to 1266.59 on July 14, a decline of 18.7% [12] 3.2 Container Shipping Index (European Line) Futures Market - The trading data of multiple contracts on July 16 were presented, including EC2508, EC2510, etc., with details of 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 included charts of global container shipping capacity, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][20]