Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints The report comprehensively analyzes the European line shipping market, covering aspects such as loading rates, ship schedules, capacity, port congestion, and futures and spot markets. It provides detailed data on the current situation and trends in these areas, helping to understand the market dynamics of the European line shipping industry [7][13][25]. 3. Summary by Relevant Catalogs 3.1. European Line Loading Rate Tracking - W13 European line fleet's average loading rate from Chinese ports was 91.3%, a slight 0.8% increase from the previous period (90.5%) [10]. - W12 European line fleet's loading rate from Asian ports was 98.1%, a 2.1% decrease from the previous period (100.2%). The difference in loading rates between Asian and Chinese ports has narrowed [10]. - OA's loading rate from Chinese ports was 92.9%, a 3.4% increase from the previous period, still in the lower - middle range [10]. - PA and MSC's loading rate from Chinese ports was 91.9%, a slight 0.7% increase, and their W12 loading rate from Asian ports was 96.6% [10]. - Gemini's loading rate from Chinese ports was 87.3%, a 0.32% decrease, and its W12 loading rate from Asian ports was 98.1% [10]. 3.2. European Line Ship Schedules and Capacity - In May, the monthly average weekly capacity was 266,000 TEU, with 6 TBN. Considering TBN, the monthly average weekly capacity was about 276,000 TEU, and the supply pressure decreased significantly compared to April [14]. - OA added two empty voyages in W16. The monthly average weekly capacity in April dropped to 310,000 TEU, with 1 TBN, basically the same as the average level of 307,000 TEU in the same period last year. The supply pressure was relatively high at the beginning and end of the month [15]. 3.3. Ship Schedule Delays and Index Trends - In W13, 4 ship schedules were delayed to W14, including 0 from Gemini, 1 from OA, and 3 from MSC and PA. The SCFIS (European Line) index closed at 1752.54 points, a 3.5% increase from the previous period [23]. - The actual departure capacity of the European line from Shanghai Port in W13 was 190,500 TEU, of which 11% were previously delayed ship schedules [23]. 3.4. Port Congestion Data - In China, the average turnover time of Yangshan Port was about 1.7 days, Ningbo Port about 1.8 days, and Yantian Port about 1.4 days. Due to fog, the congestion situation in Chinese ports slightly worsened [26]. - In Southeast Asia, ports were operating normally. The average time of ships in Singapore Port was 1.2 days, and in Port Klang was 1.8 days [26]. - In Europe, ports were operating normally. The average time of ships in Antwerp Port was about 2.1 days, Rotterdam 2.6 days, Hamburg Port 3.3 days, and Bremen Port 1.8 days [26]. 3.5. Futures and Spot Markets The report presents the historical contract delivery settlement prices and current contract settlement prices of EC, the forward curve, and the seasonal coefficients of SCFIS (European Line) and SCFI (European Line) [28][29].

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The loading rate of the European route fleet departing from China in W9 was 92.7%, with a slight increase of 0.9% compared to the previous period. The loading rate of the European route fleet departing from Asia in W8 was 98.8%, with a slight increase of 0.7% compared to the previous period. The loading difference between Asia and China was 7.0%. [10] - The average weekly capacity from W12 - W13 in the second half of March was 29.3 million TEU, higher than the average level of 26.1 million TEU in the first half. The average weekly capacity in April was 31.7 million TEU, with 5 TBN. It was higher than the average level of 30.7 million TEU in the same period last year. [14] - The SCFIS (European route) index closed at 1463.40 points, a decrease of 7.0% compared to the previous period. [24] - The operating conditions of Chinese ports have been significantly improved due to the weakening market demand. The pressure on Southeast Asian ports has been significantly relieved compared to the previous period, and the pressure on European ports has continued to improve month - on - month. [27] 3. Summary by Relevant Catalogs 3.1 European Route Loading Rate Tracking - The loading rate of the European route fleet departing from China in W9 was 92.7%, with a slight increase of 0.9% compared to the previous period (previous period: 91.8%). The loading rate of the European route fleet departing from Asia in W8 was 98.8%, with a slight increase of 0.7% compared to the previous period (previous period: 98.1%). The loading difference between Asia and China was 7.0%. [10] - OA's loading rate departing from China was 94.0%, with a slight decrease of 0.6% compared to the previous period. PA and MSC's loading rate departing from China was 92.7%, with an increase of 1.5%. Their loading rate departing from Asia in W8 reached 98.8%. Gemini's loading rate departing from China was 90.5%, with an increase of 5.0%. The transshipment demand continued to decrease, and its loading rate departing from Asia in W8 reached 100.6%. [10] 3.2 European Route Ship Schedule and Capacity - The average weekly capacity from W12 - W13 in the second half of March was 29.3 million TEU, higher than the average level of 26.1 million TEU in the first half. [14] - The average weekly capacity in April was 31.7 million TEU, with 5 TBN. It was higher than the average level of 30.7 million TEU in the same period last year. The supply pressure in the first two weeks (W14 - W15) of April was significant, with an average weekly capacity of 33.6 million TEU. The supply pressure in the second half (W16 - W18) was relatively alleviated, with an average weekly capacity of 30.5 million TEU, but the pending voyages were concentrated in the second half, and the supply still had uncertainties. [14] 3.3 Ship Schedule Delays and Index Trends - In W9, 3 ship schedules were postponed to W7, including 1 voyage of Gemini, 1 voyage of OA, and 1 voyage of MSC and PA. In Shanghai Port, 1 ship schedule in W9 was postponed to W10, and there were also 2 voyages with port - skipping and late - departure situations. [23] - The SCFIS (European route) index closed at 1463.40 points, a decrease of 7.0% compared to the previous period. The actual departure capacity of the European route in Shanghai Port in W9 was 18.89 million TEU, of which 7% were delayed ship schedules from W8. [24] 3.4 Port Congestion Data - In China, the average turnover time in Yangshan Port was about 1.4 days, about 1.3 days in Ningbo Port, and about 1.3 days in Yantian Port. The operating conditions of Chinese ports have been significantly improved due to the weakening market demand. [27] - In Southeast Asia, the pressure on ports has been significantly relieved compared to the previous period. The average time of ships in Singapore Port was 1.3 days, and in Port Klang was 1.3 days. [27] - In Europe, the pressure on ports has continued to improve month - on - month. The average time in Antwerp Port was about 1.5 days, 2.4 days in Rotterdam, 2.9 days in Hamburg Port, and 1.7 days in Bremen Port. [27] 3.5 Futures and Spot - The report presents the seasonal trends of SCFIS (European route), the historical contract delivery settlement prices and current contract settlement prices of EC, the EC forward curve, and the seasonal coefficients of SCFI (European route) (corresponding to the dates of SCFIS), as well as the price differences between different contract months. [29]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints The report comprehensively analyzes the European Line shipping market, covering aspects such as loading rates, ship capacity, schedules, delays, and port congestion. It shows that the loading rates vary between China and Asia departures, with supply pressures fluctuating over different weeks. Ship schedule adjustments and delays are common, and port congestion persists in different regions, which may impact the shipping market's operation and performance. 3. Summary by Sections 3.1. European Line Loading Rate Tracking - W34 European Line fleet's average loading rate for China departures was 90.6%, almost unchanged from the previous period (90.7%). W33 Asian departures had a loading rate of 97.3%, down 0.9% from the previous period. The loading difference between Asia and China was about 6.7%, at a historical high [5][7]. - OA's China departure loading rate was 91.6%, up 1.7% from the previous low but still in a low - stage range. PA and MSC's China departure loading rate was 93.4%, with a significant improvement. Gemini's China departure loading rate was 87.1%, down 3.6% [7]. 3.2. European Line Ship Schedules and Capacity - In September, the monthly average weekly capacity was 30.7 million TEU, with 2 TBN remaining. W36 - 37 average was 27.5 million TEU, and W37 was only 23.7 million TEU, with supply pressure significantly relieved. In the second half - month (W38 - 39), the average was 34.0 million TEU, with a surplus [11]. - In October, the monthly average weekly capacity was 26.9 million TEU, with 5 TBN remaining, slightly higher than March and similar to last year's level. However, the first half - month still had a supply surplus [11]. - Some routes had ship adjustments, such as FAL1 adding a ship in W37, and several routes having ship replacements [11]. 3.3. Ship Schedule Delays and Spot Overview - In W33, 5 ship schedules were delayed to the same week, with the delay situation similar to the previous week. The SCFIS (European Line) index closed at 1990.20 points, down 8.7% [15]. - The actual departure capacity of the Shanghai Port on the European Line in W33 was 26.7 million TEU, of which 26% was from the delayed schedules of W32 [15]. 3.4. Ship Schedule Delay Observation and Early Warning - Multiple ships from different alliances had schedule delays, with different delay days and rescheduled weeks. For example, in some weeks, ships from Gemini, OA, and MSC&PA were delayed for various periods and redirected to different weeks [17][19][23]. - Different alliances had early - warning routes. For instance, Gemini had early - warning routes like AE1, AE3, etc.; OA had FAL1, FAL3, etc.; and MSC&PA had FE4, FE6, etc. [26][28][30]. 3.5. Related Port Congestion Data - In China, Yangshan Port's average turnover time was about 1.9 days, Ningbo Port about 2.0 days, and Yantian Port about 1.6 days. Shanghai and Ningbo Ports' congestion improved but turnover times were still high [34]. - In Southeast Asia, Port Klang showed signs of congestion rebound. Singapore Port's average ship stay time was 1.5 days, and Port Klang's was 1.8 days [34]. - In Europe, problems such as summer vacations, labor shortages, railway construction, and low Rhine water levels persisted, increasing port pressure, especially in Hamburg Port [34].

Report Industry Investment Rating - Not provided in the given documents Core Viewpoint - In the face of high capacity constraints and with demand gradually entering the off - season, freight rates will face pressure in the future [1][28] Summary by Relevant Catalogs EC Futures Contracts - EC2508 had a yesterday's charge price of 2183.2, a decline of 1.33%, a direct difference of 133.4, a yesterday's volume of 2525, a yesterday's open interest of 7369, and an open interest change of - 989 [1][28] - EC2510 had a price of 1502.8, a decline of 1.62%, a direct difference of 813.8, a volume of 56014, and an open interest change of 717 [1][28] - EC2512 had a price of 1737.8, an increase of 1.02%, a direct difference of 578.8, and an open interest change of 79 [1][28] - EC2602 had a price of 1541.0, an increase of 1.46%, a direct difference of 775.6, and an open interest change of - 23 [1][28] - EC2604 had a price of 1370.0, an increase of 0.61%, a direct difference of 946.6, and an open interest change of - 283 [1][28] - EC2606 had a price of 1493.6, a decline of 1.61%, a direct difference of 823.0, and an open interest change of 44 [1][28] Month - to - Month Spread - EC2508 - 2510: The previous day's spread was 680.4, with a daily change of - 4.7 and a weekly change of - 21.3 [1][28] - EC2510 - 2512: The previous day's spread was - 235.0, with a daily change of - 42.3 and a weekly change of - 74.3 [1][28] - EC2512 - 2602: The previous day's spread was 196.8, with a daily change of - 4.6 and a weekly change of - 51.4 [1][28] Shipping Indexes - SCEIS (updated every Monday, as of 2025/7/28): 2316.56 points, a decline of 3.50% from the previous period and 0.89% from the period before the previous one [1][28] - SCFI (updated every Friday, as of 2025/7/25): 2090 dollars/TEU, an increase of 0.53% from the previous period and a decline of 0.95% in the next period [1][28] - CCFI (updated every Friday, as of 2025/7/25): 1787.24, a decline of 0.90% from the previous period and an increase of 4.46% in the next period [1][28] - NCFI (updated every week - nine, as of 2025/7/25): 1422.9, a decline of 1.20% from the previous period and an increase of 0.35% in the next period [1][28] - TCI (as of 2025/7/18): 1054.56 points, a decline of 0.75% from the previous period and no change in the next period [1][28] European Line Supply and Demand - The average capacities in August and September (temporarily) are 325,000 and 324,000 TEU respectively. The capacities in week32/33/34/35 are 330,000, 305,000, 350,000, and 316,000 TEU respectively, with high capacity pressure, especially in the second half of August [1][28] - There is a situation of transfer from the US line in the European line schedule. Supported by the base cargo volume of shipping companies, the loading rate of shipping companies in July did not face much pressure. In early August, the base cargo still provides some support, but the cargo volume is gradually weakening and entering the off - season [1][28] Recent European Line Quotations - In July, the quotations remained stable at around 2400 points [2][29] - In August, the PA alliance's price dropped by 200 - 300 to 3100 dollars, MSK's price decreased slightly at the beginning of the cabin opening (2900 - 3000 dollars) and then increased slightly, and OA continued to use 3400 - 3500 dollars. The price in week31 landed at about 3300 dollars (equivalent to 2300 points on the futures market) [2][29] Related News - On 7/28, the US - EU trade agreement may lead to a long - term pause in interest rate hikes by the European Central Bank, increasing the risk of no further interest rate cuts [3][30] - On 7/29, Israel is considering a full - scale military occupation of the Gaza Strip [3][30] - On 7/29, the US State Department refused to hold a "two - state solution" meeting on the Gaza issue [3][30] - On 7/29, the German government will approve a 2026 budget including a record investment of 126.7 billion euros to revitalize its sluggish economy [3][30]