1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Container Shipping - The EC futures market showed mixed trends on July 9, with EC2508 rising 0.31% to 2012.5 points. The latest SCFIS European Line index increased by 6.3% week - on - week to 2258.04 points, and the SCFI European Line rose 3.5% to $2101/TEU [2][4]. - Spot freight rates vary among major shipping companies. The OA Alliance maintains high - level quotes due to good cargo collection. The demand side is in the traditional peak season from July to August, but tariff policies may affect the shipping rhythm. The supply side shows that the weekly average capacity in July, August, and September 2025 is increasing, and July is in a stage of increasing supply and demand [5]. - The short - term market is expected to be supported by Maersk's unchanged rates, driving the EC2508 contract to be relatively strong. The far - month contracts need to focus on the cease - fire negotiations [5]. Dry Bulk Shipping - The Baltic Dry Index (BDI) fell by about 0.4% to 1431 points on July 8, the lowest since June 3. The Capesize vessel freight index declined for the 16th consecutive day, while the Panamax vessel index reached its highest point since August last year [12]. - Spot freight rates for Capesize vessels' iron ore routes decreased, while some coal and grain routes of Panamax vessels showed different trends. The iron ore and grain shipping volumes decreased in the recent period [13][15]. - The Capesize vessel market is under pressure due to limited cargo volume, while the Panamax vessel market is expected to be relatively strong due to coal and grain transportation demand [17]. Oil Tanker Shipping - On July 8, the Baltic Dirty Tanker Index (BDTI) remained unchanged at 935 points, and the Baltic Clean Tanker Index (BCTI) decreased by 0.19% to 534 points. The short - term freight rate increase is mainly due to geopolitical conflict premiums, and the demand side is relatively weak during the refinery maintenance period [21][23]. 3. Summary by Directory Container Shipping Futures Market - Different EC contracts showed different price changes on July 9. For example, EC2508 rose 0.31%, while EC2510 fell 0.34%. The trading volume and open interest of most contracts decreased [2]. - The monthly spread structure also changed, with some spreads rising and some falling [2]. Freight Rates - The SCFIS European Line index increased by 6.35% week - on - week, while the SCFIS US West Line index decreased by 3.79%. The SCFI comprehensive index decreased by 5.27% [2]. Market Analysis and Strategy - The market is affected by shipping company quotes, demand - supply dynamics, and tariff policies. The short - term strategy is to wait and see for single - side trading and conduct rolling operations for the 10 - 12 spread arbitrage [4][5][6]. Dry Bulk Shipping Freight Index - The BDI decreased by 0.35% on July 8, the BCI decreased by 4.05%, the BPI increased by 2.48%, and the BSI increased by 2.27% [12]. Spot Freight Rates - Spot freight rates for different routes of Capesize and Panamax vessels showed various trends on July 8 and in the week of July 4 [12][13]. Shipping Volume - From June 30 to July 6, 2025, the global iron ore shipping volume decreased by 362.7 million tons. In June 2025, the soybean shipping volume from Brazil was lower than that in July last year [14][15]. Market Analysis - The Capesize vessel market is weak due to limited cargo volume, while the Panamax vessel market is expected to be strong due to coal and grain demand [17]. Oil Tanker Shipping Freight Index - On July 8, the BDTI remained unchanged, and the BCTI decreased by 0.19%. The average earnings of different types of oil tankers showed different trends [21][22]. Market Analysis - The short - term freight rate increase is mainly due to geopolitical conflict premiums, and the demand side is weak during the refinery maintenance period [23]. Industry News - There are various news related to tariffs, shipping volume, and geopolitical situations, such as Trump's tariff announcements, shipping volume data from different regions, and the cease - fire negotiation progress in the Gaza Strip [8][10][15]. Related Attachments - There are multiple figures showing different shipping indices and freight rates over time, including SCFIS, SCFI, BDI, BDTI, etc. [27][36][42]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The container shipping market is in a state of high - low price game. The spot freight rate center is gradually rising, and the 7 - 8 month is expected to reach the peak of the peak season. However, due to the impact of the tariff trade war, the height of the freight rate should not be overestimated. The dry bulk shipping market is expected to be weak in the large - ship market in the short term and the medium - ship market is expected to be volatile and strong. The oil tanker transportation market is affected by geopolitical conflicts, and the short - term freight rate increase is mainly due to the geopolitical conflict premium [5][17][21]. 3. Summary by Directory Container Shipping Market Analysis - On July 2, the EC contract on the futures market generally showed a downward trend, with a significant decline in trading volume. The spot container freight rates of different routes showed different trends, with the SCFIS European line increasing and the SCFIS US - West line decreasing. The spot freight rate center has gradually increased, but the freight rate should not be overestimated due to the tariff trade war. The 7 - 8 month is in the stage of increasing supply and demand, and the freight rate is expected to reach the peak of the peak season [2][5]. Trading Strategies - Unilateral: The market is in a volatile state. The subsequent EC2512 can be considered to adopt the idea of buying on dips. - Arbitrage: Conduct rolling operations on the 10 - 12 reverse spread [5][6]. Dry Bulk Shipping Market Analysis - On July 1, the Baltic Dry Bulk Freight Index continued to decline for the fifth consecutive trading day to near a one - month low, mainly due to the decline in demand for cape - size ships. The spot freight rates of different routes showed different trends, and the short - term large - ship market is expected to be weak, while the medium - ship market is expected to be volatile and strong [13][17]. Data Support - From June 23 to June 29, 2025, the global iron ore shipping volume decreased, and the expected export volume of Brazilian grains in June also changed. The inventory of major ports in Australia and Brazil decreased, and the inventory of imported iron ore in 47 ports in China also decreased [16][18]. Oil Tanker Transportation Market Analysis - On July 1, the Baltic crude oil transportation index BDTI and the refined oil transportation index BCTI both declined. Recently, the escalation of geopolitical conflicts has boosted the sentiment of the oil transportation market, and the VLCC freight rate has jumped significantly. In the short term, the increase in freight rates is mainly due to the geopolitical conflict premium, and the impact of market sentiment changes on freight rates needs to be further observed [20][21]. Industry Information - As of the week of June 30, the refined oil inventory in the Port of Fujairah in the UAE increased. The domestic refined oil retail price limit has experienced "three consecutive increases", but the new cycle starts with a negative change rate of crude oil, and the market sentiment is wait - and - see [22].