Group 1: Report Summary - The report is from the Energy and Chemicals Team of the Research Center on September 2, 2025 [2] Group 2: Futures Contract Information - For the EC2510 contract, the previous closing price was 1291.4, with a 2.41% increase, a basis of 482.2, a trading volume of 29155, an open interest of 52271, and a change in open interest of -989 [2] - For the EC2512 contract, the previous closing price was 1640.9, with a 5.00% increase, a basis of 132.7, a trading volume of 11198, an open interest of 16495, and a change in open interest of -823 [2] - For the EC2602 contract, the previous closing price was 1461.3, with a 3.78% increase, a basis of 312.3, a trading volume of 1540, an open interest of 4846, and a change in open interest of 157 [2] - For the EC2604 contract, the previous closing price was 1241.8, with a 3.11% increase, a basis of 531.8, a trading volume of 1721, an open interest of 7069, and a change in open interest of -67 [2] - For the EC2606 contract, the previous closing price was 1428.5, with a 3.81% increase, a basis of 345.1, a trading volume of 174, an open interest of 890, and a change in open interest of 23 [2] Group 3: Month - Spread Information - The EC2510 - 2512 month - spread was -349.5, with a day - on - day change of -47.8 and a week - on - week change of -24.5 [2] - The EC2512 - 2602 month - spread was 179.6, with a day - on - day change of 25.0 and a week - on - week change of 5.0 [2] Group 4: Spot Index Information - The SCHIS SCFI (European Line) index was 1773.6 points on September 1, 2025, down 10.88% from the previous period, and the previous decline was 8.71% [2] - The SCFI (European Line) was 1481 dollars/TEU on September 1, 2025, down 11.21% from the previous period, and the previous decline was 8.35% [2] - The CCFI was 1685.8 points on August 29, 2025, down 4.09% from the previous period, and the previous decline was 1.83% [2] - The NCFI was 929.56 points on August 29, 2025, down 14.25% from the previous period, and the previous decline was 8.83% [2] Group 5: Weekly Outlook - Currently, downstream customers are booking cabins for the first half of September (week 36 - 37). The average quote for week 36 is 2270 dollars (equivalent to 1600 points on the disk), and for week 37 is 2125 dollars (equivalent to 1450 points on the disk) [2] - In September, the overall shipping capacity has been adjusted downward. The FAL3 of the OA Alliance will add a blank sailing in week 37. The FE3 of PA&MSC will add blank sailings in weeks 39 and 41 respectively, and the FE4 will add a blank sailing in week 41 [2] - The average weekly shipping capacity in September and October is 296,000 and 309,000 TEU respectively. After considering all TBN as blank sailings, it will be 296,000 and 281,000 TEU [2] - The market pattern in September is loose, and the upward momentum will continue for at least the next two weeks. The decline in October depends on the shipping companies' blank - sailing behavior. In terms of valuation, the price of the 10 - contract is close to the annual low (1250 - 1300), with limited downside. The 12 - contract may decline in the short - term but is in the peak season and long - term contract negotiation season, so opportunities to go long on dips can be considered [2] Group 6: Recent European Line Quote Information - For week 36, the latest quotes from shipping companies range from 2120 to 2420 dollars, with an average of 2250 dollars (1550 points). The PA Alliance quotes 2200 - 2300 dollars, MSK quotes 2100 dollars (later rising to 2200 dollars), and the OA Alliance quotes 2300 - 2400 dollars [3] - For week 37, the latest average quote is 2100 dollars (equivalent to 1450 points on the disk). MSK quotes 1900 dollars (later rising to 1950 dollars), the PA Alliance quotes 2100 - 2150 dollars, and the OA Alliance quotes 2100 - 2300 dollars [3] Group 7: Related News - On September 1, US media disclosed the US plan to rebuild Gaza, aiming to control the region for at least 10 years [4] - On September 1, the Yemeni Houthi rebels said they attacked the "ScarletRay" oil tanker in the northern Red Sea. The Israeli Defense Forces launched an air strike on Sanaa on August 28. On August 31, Houthi leader Abdul Malik Houthi said they would retaliate and escalate military attacks and shipping blockades against Israel [4] Group 8: Note - The XSI - C index is released with a three - day delay [5]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - Today, the futures prices of each contract of the Container Shipping Index (European Line) opened higher, moved up, and then fluctuated. By the close, the prices of all EC contracts had rebounded. The ruling by the US Federal Circuit Court of Appeals that most of the global tariff measures implemented by former President Trump were illegal brought positive macro - sentiment, leading to a recovery in futures prices. However, the current container shipping market is in the off - season, with relatively insufficient demand support, and the spot cabin quotes on the European line are still on a downward trend. For the future, it is more likely that EC will continue to fluctuate, and attention should be paid to the risk of some contracts falling from high levels [1]. 3) Summary by Relevant Contents EC Risk Management Strategy Advice - For those with existing cabin positions but full capacity or poor booking volume and worried about falling freight rates, they can short the container shipping index futures (EC2510) at 1350 - 1450 to lock in profits [1]. - For those who want to book cabins according to order situations due to increased blank sailings by shipping companies or the approaching peak season, they can buy the container shipping index futures (EC2510) at 1150 - 1250 to determine booking costs in advance [1]. Market Data - **EC Contract Positions and Trading Volume**: In the EC2510 contract, long positions decreased by 433 to 27,805, short positions increased by 583 to 30,516, and trading volume increased by 4,936 to 32,358 (bilateral) [1]. - **EC Basis Changes**: On September 1, 2025, the basis of EC2510 was 482.20, down 30.40 from the previous day and 150.00 from the previous week; other contracts also showed different degrees of decline [4]. - **EC Prices and Spreads**: On September 1, 2025, the closing price of EC2510 was 1291.4, up 2.41% from the previous day and down 4.90% from the previous week; different contract spreads also changed [4]. - **Global Freight Rate Index**: The SCFIS European route decreased by 10.88% to 1773.6; the SCFIS US - West route decreased by 5.87% to 1041.38; the SCFI European route decreased by 11.21% to 1481; the SCFI US - West route increased by 16.97% to 1923; other indices also had corresponding changes [8]. Shipping Company Quotes - **Maersk**: On September 11, the total quote for 20GP from Shanghai to Rotterdam was $1165, up $5 from the previous period; the total quote for 40GP was $1950, up $10 from the previous period [6]. - **MSC**: In early September, the total quote for 20GP from Shanghai to Rotterdam was $1280, down $126 from the previous period; the total quote for 40GP was $2140, down $212 from the previous period [6]. - **Herbert**: In early September, the average total quote for 20GP from Shanghai to Rotterdam was $1185, down $75 from the previous period; the average total quote for 40GP was $1935, down $150 from the previous period [7]. - **ONE**: In early September, the total quote for 20GP from Shanghai to Rotterdam was $2004, up $330 from the previous week; the total quote for 40GP was $2643, up $500 from the previous week [7]. Port and Ship - related Data - **Global Major Port Waiting Times**: On August 31, 2025, the waiting time at Hong Kong Port was 0.439 days, down 0.012 from the previous day; Shanghai Port was 1.340 days, down 0.341; other ports also had corresponding changes [15]. - **Ship Speeds and Waiting Ships in Suez Canal**: On August 31, 2025, the speed of 8000 + container ships was 15.826 knots, down 0.044 from the previous day; the number of ships waiting at the Suez Canal port anchor was 17, down 2 from the previous day [23]. Market News - **Positive News**: The US Federal Circuit Court of Appeals ruled that most of the global tariff measures implemented by former President Trump were illegal, which brought positive macro - sentiment [1][2]. - **Negative News**: Some shipping schedules of Mediterranean Shipping and Herbert on the European line in early September continued to lower their quotes, and the SCFIS European route accelerated its decline [3].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - Amid geopolitical conflicts and tariff uncertainties, the game is challenging, so it's recommended to participate with a light position or stay on the sidelines [4]. - The overall supply - demand situation has no significant change. The freight rates on European routes continue to decline, the market is not optimistic about the subsequent freight rate trends, and the market remains under pressure [4]. - Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [4]. 3. Summary by Content Freight Rate Index - On August 25, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1990.20 points, down 8.7% from the previous period; the SCFIS for the US - West route was 1041.38 points, down 5.9% from the previous period [2]. - On August 29, the Ningbo Containerized Freight Index (NCFI) composite index was 1098.17 points, up 6.02% from the previous period; the NCFI for the European route was 929.56 points, down 14.23% from the previous period; the NCFI for the US - West route was 1396.85 points, up 44.97% from the previous period [2]. - On August 29, the Shanghai Containerized Freight Index (SCFI) was 1445.06 points, up 29.70 points from the previous period; the SCFI European route price was 1481 USD/TEU, down 11.21% from the previous period; the SCFI US - West route was 1923 USD/FEU, up 16.97% from the previous period [2]. - On August 29, the China Containerized Freight Index (CCFI) composite index was 1156.32 points, down 1.6% from the previous period; the CCFI for the European route was 1685.80 points, down 4.1% from the previous period; the CCFI for the US - West route was 774.39 points, down 3.1% from the previous period [2]. Economic Data - The preliminary value of the Eurozone's manufacturing PMI in August was 50.5 (estimated 49.5, previous value 49.8); the preliminary value of the service PMI was 50.7 (estimated 50.8, previous value 51); the preliminary value of the composite PMI rose to 51.1, higher than 50.9 in July, improving for three consecutive months and reaching the highest since May 2024, higher than the expected value of 50.7. The Eurozone's Sentix investor confidence index in August was - 3.7 (expected 8, previous value 4.5) [2]. - China's manufacturing PMI in July was 49.3%, down 0.4 percentage points from the previous month, and the manufacturing prosperity level declined [2]. - The value of the US S&P Global manufacturing PMI in August was 53.3, reaching a 39 - month high (estimated 49.5, previous value 49.8); the preliminary value of the US S&P Global service PMI was 55.4 (estimated 54.2, previous value 55.7); the preliminary value of the US Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [3]. Market Situation - The SCFI maintains a downward trend, the market is under pressure and volatile, and it's not recommended to increase positions. Stop - loss should be set [1]. - As of August 29, the main contract 2510 closed at 1261.0, down 2.15%, with a trading volume of 25,200 lots and an open interest of 53,200 lots, a decrease of 988 lots from the previous day [4]. Trading Strategies - Short - term strategy: The main contract is weak, while the far - month contracts are strong. Risk - takers are recommended to lightly test long positions around 1300 for the 2510 contract and increase long positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend, avoid holding losing positions, and set stop - loss [5]. - Arbitrage strategy: Given the volatile international situation, each contract still follows the seasonal logic and has large fluctuations. It's recommended to stay on the sidelines or make light - position attempts [5]. - Long - term strategy: It's recommended to take profits when each contract rises, wait for the correction to stabilize, and then judge the subsequent direction [5]. Other Information - The US - China tariff extension continues, and there is no substantial progress in the negotiation. The tariff war has gradually evolved into a trade negotiation issue between the US and other countries, and the spot price has slightly decreased [4]. - On August 29, the Israeli Defense Forces continued operations in the Middle East, including a "major strike" on strategic targets of the Yemeni Houthi rebels [6]. - On August 26, the US Department of Commerce made an anti - dumping preliminary ruling on polypropylene corrugated boxes imported from China, with a preliminary ruling unified duty rate of 83.64% (the margin after offsetting subsidies was adjusted to 73.10%). The anti - dumping final ruling is expected to be combined with the counter - subsidy final ruling on November 12, 2025 [6]. - The daily limit for contracts from 2508 to 2606 is adjusted to 18%, the company's margin for these contracts is adjusted to 28%, and the daily opening limit for all contracts from 2508 to 2606 is 100 lots [5].

Report Industry Investment Rating - The investment view is "oscillating weakly", and the trading strategy is "unilateral: oscillating weakly; arbitrage: 10 - 12 reverse spread rolling operation" [3] Core View of the Report - The freight rate of the container shipping index has been continuously falling and is approaching the cost line. Spot freight rates are bearish, with the September FAK freight rate center in the market at 2000 - 2200. Political and economic factors are neutral, and the container ship order book has reached 10 million TEU. The supply of shipping capacity is neutral, and the demand is also neutral. The OCEAN's September freight rate reduction rhythm has accelerated, which may put pressure on MSK to reduce prices to attract cargo. In the short term, the freight rate may fall below 1300, and the price of the 12 - contract is likely to show an oscillatingly weak operating trend [3] Summary According to Relevant Catalogs Part One: Main Views and Strategy Overview - **Spot Freight Rates**: Bearish. The September prices of GEMINI, OA, PA, and MSC have all decreased, with the market FAK freight rate center in September at 2000 - 2200 [3] - **Political and Economic Factors**: Neutral. There are events such as the threat of revenge from the Yemeni Houthi armed forces, the extension of the exclusion list measures in the US - China trade investigation, the EU's proposed tariff on US goods, the container ship order book reaching 10 million TEU, and the US government's plan to expand national security tariffs [3] - **Shipping Capacity Supply**: Neutral. The subsequent shipping capacity deployment shows different levels in different months, and there is a transfer of ships from the US line to the European line in September [3] - **Demand**: Neutral. The overall loading rate is lower than the same period in the past two years, and the OA alliance's loading rate has a relatively large decline, resulting in a relatively large price reduction recently [3] - **Summary and Strategy**: The OCEAN's freight rate reduction may put pressure on MSK. In the short term, the freight rate may fall below 1300, and the 12 - contract price is likely to be oscillatingly weak. The trading strategy is unilateral oscillating weakness and 10 - 12 reverse spread rolling operation [3] Part Two: Price - **Spot Market**: The demand recovery is slow, the supply is high, a new alliance has been established, and the price is falling in the off - season [5] Part Two: Static Capacity - **Order Volume**: There are data on container ship order volumes in different loading capacities and time periods [15] - **Delivery Volume**: Data on container ship delivery volumes in different loading capacities and time periods are presented [18][20] - **Future Delivery**: Information on future container ship deliveries in different loading capacities, time periods, and quarterly seasonality is provided [24][26][27] - **Shipbreaking Price**: Data on shipbreaking prices of container ships in different loading capacities and new - building prices, including indices and prices in different loading capacities, are shown [31][33] - **Second - hand Ship Price**: Information on second - hand container ship prices, including indices and prices of ships with different loading capacities and ages, is presented [37][39][41] - **Existing Capacity**: Data on the existing capacity of container ships, including total capacity, capacity in different loading capacities, the proportion of ships over 25 years old, idle and retrofit ratios, average age, and shipbreaking average age, are provided [46][49][53] Part Three: Dynamic Capacity - **Ship Schedule**: Data on the total shipping capacity deployment from Shanghai to European base ports, as well as the capacity deployments of different alliances and shipping companies, are presented [60][61][63] - **Desulfurization Tower Installation**: Information on container ships with installed, being installed, and the average age and duration of desulfurization tower installation, as well as average speed and idle capacity, is provided [71][72][79]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The core factors affecting the EC price trend this week are the weak demand in the off - season and the continuous decline of the spot cabin quotes for European routes in early September by major shipping companies, which has led to a decrease in the valuation of futures prices [2]. - The short - term futures price valuation is still relatively weak, but the ruling by the US Federal Circuit Court of Appeals that most of the global tariff measures implemented by former President Trump are illegal brings some positive macro - sentiment, and there is a relatively high possibility of a slight short - term rebound in the futures price [7]. - If the cease - fire agreement in Gaza is reached again or other geopolitical risks in the Middle East suddenly decrease, leading to the resumption of shipping in the Red Sea, the freight rates for European routes will significantly decline. Also, the off - season demand may further weaken in the following months, and the support from demand during peak seasons like December may be relatively weak [8]. Summary According to the Table of Contents Chapter 1: Core Factors and Strategy Recommendations 1.1 Core Factors - The EC price is highly positively correlated with the spot cabin quotes for European routes. Currently, the market is in the off - season, with a significant decline in booking demand and weakened support for European route freight rates [2]. - In the short - term, the futures price may slightly rebound due to positive macro - sentiment, while in the long - term, if the Red Sea resumes shipping and the off - season demand weakens, the European route freight rates will decline [7][8]. 1.2 Trading - Type Strategy Recommendations - **Trend Judgment**: The market is in the middle of a downward trend. The short - term support level for the main contract is in the range of 1200 - 1250, and the pressure level is in the range of 1310 - 1360 [15]. - **Strategy Suggestions**: Considering the off - season and weak demand, one can choose to sell for hedging at high positions, with the recommended entry range being 1350 - 1400 [15]. - **Spot - Futures (Basis) Strategy**: Traders can short the basis at an appropriate time [15]. - **Arbitrage (Inter - period) Strategy**: It is advisable to stay on the sidelines for now [15]. 1.3 Industry Customer Operation Suggestions - **EC Risk Management Strategy Suggestions**: For companies with full shipping capacity or poor booking volume, they can short the container shipping index futures to lock in profits when they are worried about falling freight rates. For companies concerned about rising freight rates, they can buy container shipping index futures to determine booking costs in advance [14]. 1.4 Basic Data Overview - **Comprehensive Freight Index**: The FBX comprehensive route index decreased by 3.46% week - on - week, the CICFI increased by 1.32%, the SCFI increased by 2.1%, the NCFI increased by 6.02%, the CCFI decreased by 1.58%, the CFFI decreased by 4.99%, the SCFIS for European routes decreased by 8.71%, the SCFIS for the US West Coast route decreased by 5.87%, the SCFI for European routes decreased by 11.21%, the SCFI for the US West Coast route increased by 16.97%, and the SCFI for the US East Coast route increased by 9.68% [16]. Chapter 2: This Week's Important Information and Next Week's Events to Watch 2.1 This Week's Important Information - **Positive Information**: The US Federal Circuit Court of Appeals ruled that most of Trump's global tariff measures were illegal. China's Ministry of Commerce is actively promoting Sino - US and Sino - Canadian economic and trade relations. Hamas has expressed its willingness to reach a cease - fire agreement, but Israel's Prime Minister has refused [27]. - **Negative Information**: Trump is trying to break the negotiation deadlock between Israel and Hamas. The spot cabin quotes for European routes in early September by major shipping companies continue to decline, and the SCFI for European routes is accelerating its decline [28][29]. 2.2 Next Week's Important Events to Watch - The release of China's official manufacturing PMI for August and the final manufacturing PMI values for August in Europe and the US at the beginning of September [29]. Chapter 3: Market Interpretation * Basis Structure - The European route of the Shanghai Export Container Freight Settlement Index (SCFIS) continued to decline, with the decline rate increasing to 8.71%. The basis between the main contract EC2510 and the spot market narrowed compared to the previous week. Traders can short the basis at an appropriate time [29]. * Monthly Spread Structure - The spreads of the inter - period contract combinations for European routes in container shipping (EC2510 - 2512, EC2510 - 2602, EC2512 - 2602) have converged. Traders can stay on the sidelines for now [31].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Today, the prices of each monthly contract of the container shipping index (European route) futures fluctuated slightly downward. As of the close, the prices of all EC monthly contracts declined. From the changes in the positions of the top 20 institutional investors on the exchange, the long positions of the EC2510 contract decreased by 688 lots to 28,238 lots, and the short positions decreased by 619 lots to 30,214 lots. The trading volume increased by 1,269 lots to 28,527 lots (bilateral). ONE continued to lower the spot container quotes for the European route in early September, which was negative for the futures price trend. In the current off - season with weakening demand, the European route freight rates continued to decline. For the future market, it is more likely that EC will continue the trend of fluctuating and falling back, and attention should be paid to the risk of a low - level rebound in some contracts [1]. 3. Summary by Relevant Catalogs EC Risk Management Strategy - **Position Management**: For those who have already obtained container positions but have full capacity or poor booking volume and are worried about freight rate drops, with a long spot exposure, to prevent losses, they can short the container shipping index futures according to the company's container positions to lock in profits. The recommended hedging tool is EC2510, with a selling suggestion in the range of 1350 - 1450 [1]. - **Cost Management**: When shipping companies increase the blank sailing rate or are about to enter the peak market season and hope to book containers according to order situations, with a short spot exposure, to prevent freight rate increases and additional transportation costs, they can buy the container shipping index futures at present to determine the container booking cost in advance. The recommended hedging tool is EC2510, with a buying suggestion in the range of 1150 - 1250 [1]. Market Factors - **Positive Factors**: The Israeli military said it was preparing to expand military operations against Hamas in Gaza City [2]. - **Negative Factors**: ONE continued to lower the European route quotes in early September, and the SCFI European route accelerated its decline [3]. EC Basis Daily Changes | Contract | Basis (Points) | Daily Change (Points) | Weekly Change (Points) | | --- | --- | --- | --- | | EC2510 | 729.20 | 24.00 | 48.00 | | EC2512 | 427.50 | 8.30 | 98.50 | | EC2602 | 582.10 | - 8.10 | 56.90 | | EC2604 | 785.80 | 11.60 | 60.10 | | EC2606 | 614.1 | - 2.10 | - 136.07 | [4] EC Price and Spread | Contract | Closing Price (Points) | Daily Change Rate | Weekly Change Rate | Spread | Closing Price (Points) | Daily Change | Weekly Change | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2510 | 1261.0 | - 1.87% | - 3.67% | EC2510 - 2602 | - 147.1 | - 32.1 | 8.9 | | EC2512 | 1562.7 | - 0.53% | - 5.93% | EC2602 - 2606 | 32 | 6 | - 3 | | EC2602 | 1408.1 | 0.58% | - 3.88% | EC2606 - 2510 | 115.1 | 26.1 | - 5.9 | | EC2604 | 1204.4 | - 1.77% | - 4.75% | EC2510 - 2512 | - 301.7 | - 15.7 | 50.5 | | EC2606 | 1376.1 | 0.15% | - 3.77% | EC2512 - 2602 | 154.6 | - 16.4 | - 89.3 | | EC2608 | 1561 | - 1.11% | - | EC2602 - 2604 | 203.7 | 19.7 | 3.2 | [5] Container Shipping Spot Container Quotes - On September 11, for Maersk's shipping schedule from Shanghai to Rotterdam, the total quote for 20GP was $1,160, a $5 increase from the previous value in the same period, and the total quote for 40GP was $1,940, a $10 increase from the previous value in the same period. - In early September, for ONE's shipping schedule from Shanghai to Rotterdam, the total quote for 20GP was $1,674/1,374, a $130 decrease from the previous value in the same period, and the total quote for 40GP was $2,143, a $200 decrease from the previous value in the same period [7]. Global Freight Rate Index | Index | Latest Value | Previous Value | Change | Change Rate | | --- | --- | --- | --- | --- | | SCFIS: European Route (Points) | 1990.2 | 2180.17 | - 189.97 | - 8.71% | | SCFIS: US West Route (Points) | 1041.38 | 1106.29 | - 64.91 | - 5.87% | | SCFI: European Route ($/TEU) | 1481 | 1668 | - 187 | - 11.21% | | SCFI: US West Route ($/FEU) | 1923 | 1644 | 279 | 16.97% | | FBX Comprehensive Freight Rate Index ($/FEU) | 1916 | 1887 | 29 | 1.54% | [8] Global Major Port Waiting Times | Port | 2025 - 08 - 28 | 2025 - 08 - 27 | Daily Change | Last Year's Same Period | | --- | --- | --- | --- | --- | | Hong Kong Port | 0.370 | 0.542 | - 0.172 | 0.855 | | Shanghai Port | 1.469 | 1.646 | - 0.177 | 1.185 | | Yantian Port | 0.774 | 1.008 | - 0.234 | 0.719 | | Singapore Port | 0.786 | 0.669 | 0.117 | 0.545 | | Jakarta Port | 0.782 | 0.601 | 0.181 | 0.969 | | Long Beach Port | 2.185 | 2.403 | - 0.218 | 1.805 | | Savannah Port | 1.216 | 1.417 | - 0.201 | 1.858 | [13] Ship Speed and Number of Container Ships Waiting at Suez Canal Port Anchorage | Ship Type | 2025 - 08 - 28 | 2025 - 08 - 27 | Daily Change | Last Year's Same Period | | --- | --- | --- | --- | --- | | 8000+ | 15.896 | 15.911 | - 0.015 | 15.681 | | 3000+ | 14.882 | 14.905 | - 0.023 | 14.96 | | 1000+ | 13.264 | 13.236 | 0.028 | 13.299 | | Ships Waiting at Suez Canal Port Anchorage | 2 | 0 | 2 | 11 | [23]

Report Summary 1) Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2) Core Viewpoint The overall pattern in September is loose, and the subsequent driving force remains weak. However, the valuation in October is gradually approaching the annual low (1250 - 1300), leaving limited downside potential. Investors can focus on the long - allocation opportunities of the 12 - contract [1]. 3) Summary by Related Catalogs EC Futures Contracts - **Contract Prices**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 are 1316.0, 1620.5, 1440.8, 1248.8, and 1405.7 respectively, with price declines of - 0.22%, - 1.42%, - 1.94%, - 1.91%, and - 0.77% [1]. - **Trading Volume and Open Interest**: The trading volumes of EC2510, EC2512, EC2602, EC2604, and EC2606 are 18011, 5472, 771, 974, and 88 respectively. The open interests are 53725, 14317, 4558, 6242, and 873 respectively, with changes of - 684, 447, 54, 306, and 5 [1]. - **Month - to - Month Spreads**: The spreads of EC2510 - 2512, EC2512 - 2602 have changed. The spread of EC2510 - 2512 has a day - on - day increase of 20.5 and a week - on - week increase of 91.9. The spread of EC2512 - 2602 has a day - on - day increase of 5.1 and a week - on - week decrease of - 28.7 [1]. Spot Market - **SCFI (European Line)**: As of August 25, 2025, the index is 1990.2, a decrease of 8.71% from the previous period [1]. - **CCFI**: As of August 22, 2025, the index is 1757.74, a decrease of 1.83% from the previous period [1]. - **NCFI**: As of August 22, 2025, the index is 1083.74, a decrease of 8.83% from the previous period [1]. Booking Situation - **Week 35 - 36**: Downstream is booking spaces for the end of August to early September. The average price for Week 35 is 2550 US dollars (1800 points), and the current average quote for Week 36 is 2300 US dollars (1600 points). PA Alliance quotes 2200 - 2300 US dollars, MSK quotes 2100 US dollars (later increased to 2200 US dollars), and OA Alliance quotes 2300 - 2400 US dollars [1]. - **Week 36 - 37**: For Week 36, the latest quotes from shipping companies range from 2120 to 2420 US dollars, with an average of 2250 US dollars (1550 points). For Week 37, the latest average quote is 2200 US dollars (1500 points), with MSK's opening quote at 1900 US dollars (1300 points), and OOCL reducing the price to 2100 US dollars [2]. Shipping Capacity - The weekly average shipping capacity in September and October 2025 is 300,000 and 320,000 TEU respectively. After considering all TBN as suspended, it is 290,000 TEU for both months. However, on August 26, the suspension of the FE4 route of PA Alliance in Week 38 of September was filled by HMM AOUAMARINE, increasing the weekly average shipping capacity in September to 305,000 TEU [1]. Related News - On August 23, 2025, US President Trump announced a major tariff investigation on imported furniture, to be completed within 50 days [3]. - On August 26, 2025, Trump threatened to impose up to 200% tariffs on Chinese goods exported to the US if the export of rare - earth magnets is restricted [3]. - On August 28, 2025, the Israeli military chief of staff stated that the Israeli army is advancing ground operations in Gaza City [3].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The overall situation in September is loose, and the subsequent driving force continues to be weak. However, the valuation in October has gradually approached the annual low (1250 - 1300), and the downside space may be limited. Attention can be paid to the long - allocation opportunity of the 12 - contract [2] Group 3: Summary According to Related Catalogs Futures Market - **Futures Contracts**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 decreased by 2.88%, 3.11%, 1.84%, 0.85%, and 2.01% respectively. The trading volume of EC2510 was 25,779, and the open - interest changes of different contracts varied, with EC2510 increasing by 52, EC2604 increasing by 133, etc. [2] - **Month - to - Month Spreads**: The spread of EC2510 - 2512 increased by 13.7 compared with the previous day and 95.9 compared with the previous week. The spread of EC2512 - 2602 decreased by 25.2 compared with the previous day and 69.3 compared with the previous week [2] Spot Market - **Spot Prices**: The prices of Telinit SCH (European Line) on August 25th and 22nd were 1990.2 and 1668 dollars/TEU respectively, with a decrease of 8.71% and 8.35% compared with the previous periods. The CCFI on August 22nd was 1757.74 points, a decrease of 1.85% compared with the previous period, and the NCFI was 1083.74 points, a decrease of 8.83% compared with the previous period [2] Shipping Market Weekly Situation - **Booking Situation**: Downstream is currently booking shipping space for the end of August and early September (week35 - 36). The final average price of week35 is 2550 dollars (1800 points), and the current average quoted price of week36 is 2300 dollars (1600 points). Different alliances and shipping companies have different price ranges [2] - **Capacity Situation**: The weekly average 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. On August 26th, the suspension of the FE4 route of the PA alliance in week38 of September was filled by HMM AOUAMARINE, increasing the weekly average capacity in September to 305,000 TEU [2] Recent European Line Quotation Situation - **Week35**: The average landed price is 2575 dollars (1770 points) [3] - **Week36**: The latest quoted price of shipping companies ranges from 2120 to 2420 dollars, with an average of 2250 dollars (1550 points). Different alliances and shipping companies have different price ranges [3] - **Week37**: The opening quoted price of MSK is 1900 dollars (1300 points) [3] Related News - On August 23rd, US President Trump announced a major tariff investigation on imported furniture, and the tax rate is to be determined. On August 26th, Trump said dealing with Netanyahu was difficult and expected a good and clear outcome in 2 - 3 weeks. Also on August 26th, Trump threatened to impose up to 200% tariffs on Chinese goods exported to the US if rare - earth magnet exports were restricted [4]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - Currently, downstream customers are booking shipping space for the end of August and early September (week 35 - 36). The average price for week 35 is $2550 (1800 points), and the current average quote for week 36 is $2300 (1600 points). MSK has relatively less pressure to receive goods due to significant price cuts, but most shipping companies face pressure to receive goods at the end of the month. The overall shipping capacity in September is reduced this week because the FAL8 of the OA Alliance has added a suspension of service in week 37 [2][8]. - The average shipping capacities in September and October 2025 are 300,000 and 320,000 TEUs respectively. After considering all TBN as suspended services, they are 290,000 TEUs each. Overall, the situation in September is loose, and the subsequent driving force remains weak. However, the valuation of October is approaching the annual low (1250 - 1300), and the downward space may be limited. Attention can be paid to the long - allocation opportunity of the December contract [2][8]. - On August 26, the two suspended services on the FE3/FE4 routes of the PA Alliance in week 37/38 of September were refilled, resulting in an increase in the average weekly shipping capacity in September to 310,000 TEUs [2][8] Summary According to Relevant Catalogs EC Futures Contract Information - For EC2508, the yesterday's closing price was 2136.0, with a change of -145.8 and a position change of -91, and the yesterday's trading volume was 1877 [2][8]. - For EC2510, the yesterday's closing price was 1358.0, with a change of 632.2, a position change of 102, and the yesterday's trading volume was 13515 [2][8]. - For EC2512, the yesterday's closing price was 1696.7, with a change of 293.5, a position change of 220, and the yesterday's trading volume was 7289 [2][8]. - For EC2602, the yesterday's closing price was 1496.9, with a change of 493.3, a position change of 42, and the yesterday's trading volume was 1070 [2][8]. - For EC2604, the yesterday's closing price was 1284.0, with a change of 1.54, a position change of -33, and the yesterday's trading volume was 706.2 [2][8]. - For EC2606, the yesterday's closing price was 857, with a change of 1445.7, a position change of -22, and the yesterday's trading volume was 544.5 [2][8] Freight Index Information - The SCEIS index on August 25, 2025, was 2180.17, with a change of -8.71% compared to the previous period, and a change of -2.47% in the previous period. It is updated every Monday [2][8]. - The SCFI (European line) on August 22, 2025, was 1668 dollars/TEU, with a change of -7.19% compared to the previous period [2][8]. - The CCFI (European line) on August 22, 2025, was 1757.74, with a change of -1.83% compared to the previous period [2][8]. - The NCFI on August 22, 2025, was 1257.71, with a change of -8.83% compared to the previous period and -5.49% in the previous period [2][8] Recent European Line Quotation - Week 35: The average price is $2575 (1770 points). The PA Alliance quotes $2500, MSK starts at $2300 and then rises to $2490, and the OA Alliance quotes $2700 - 2800 [2][8]. - Week 36: The latest quotes from shipping companies range from $2120 to $2420, with an average of $2250 (1550 points). The PA Alliance quotes $2200 - 2300, MSK starts at $2100 and then rises to $2200, and the OA Alliance quotes $2300 - 2400 [2][8] Related News - On August 23, the US President Trump announced a major tariff investigation on furniture imported into the US, which will be completed within the next 50 days. Furniture imported from other countries will be subject to tariffs, and the tax rate is to be determined [2][8]. - On August 26, Trump said that dealing with Netanyahu was quite tricky and expected a good and clear outcome in the next 2 - 3 weeks. The XSI - C index will be announced with a three - day delay [2][8]

Pricing Information - As of August 26, the latest spot quotes for shipping are as follows: Maersk: $1290-$1599/TEU, $2160-$2578/TEU; CMA: $1360-$1910/TEU, $2320-$2920/TEU; MSC: $1550-$1556/TEU, $2590-$2602/TEU; ONE: $1504-$1804/TEU, $2343/TEU; EMC: $1605-$1805/TEU, $2410-$2760/TEU. The pricing data has shown a gradual decline recently [1]. Shipping Index - As of August 25, the SCFIS European line index reported 1990.2 points, a week-on-week decrease of 8.71%. The US West Coast index fell by 5.87% to 1041.38 points. The SCFI composite index as of August 22 was 1415.36 points, down 3% from the previous period. The Shanghai-Europe freight rate decreased by 8% to $1668/TEU, while the Shanghai-US West Coast rate was $1644/FEU, down 7% from the previous week. The Shanghai-US East Coast rate was $2613/FEU, down 4% from the previous week [2]. Market Fundamentals - As of August 25, the global container shipping capacity exceeded 32.9 million TEU, representing a year-on-year growth of 7.9%. In terms of demand, the Eurozone's July composite PMI was 50.9, with a manufacturing PMI of 49.8 and a services PMI of 51.0. The US July manufacturing PMI index was 48, with a new orders index of 47.1. The OECD leading index for the G7 group recorded 100.40 in June [3]. Market Logic - The futures market experienced fluctuations yesterday, with the main contract closing at 1358 points, an increase of 3.74%. The significant drop in the SCFIS European line may have dampened market bullish sentiment. Although CMA opened with October quotes, the overall spot prices continue to decline, and ONE has further reduced its quotes today. The downward trend in spot pricing is expected to exert pressure on the futures market [4].