1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The shipping situation on the European route shows various trends in terms of loading rates, shipping schedules, and port congestion. The loading rates fluctuate among different alliances and departure regions, and there are also changes in shipping capacity and ship - schedule delays [6][11][16] 3. Summary by Relevant Catalogs 3.1. European Route Loading Rate Tracking - W45 European - bound fleet's average loading rate for ships departing from China was 91.1%, a slight decrease of 0.4% from the previous period. The loading rate for ships departing from Asia in W44 was 98.2%, a slight increase of 0.5% from the previous period [7] - For different alliances, OA China - departure loading rate was 91.6%, a 3.7% decline; PA and MSC China - departure loading rate was 91.4%, a slight 0.2% decrease; Gemini China - departure loading rate was 90.2%, a 5.0% increase [7] 3.2. European Route Shipping Schedule and Capacity - In November, the monthly average weekly shipping capacity was 29.7 million TEU, 19% higher than the average level of 25.0 million TEU in the same period last year. Only in W46 was the supply low at 21.2 million TEU, and it will recover to 31.4 million TEU in the second half of November [11] - In December, the monthly average weekly shipping capacity was 30.3 million TEU, with 4 TBN remaining [11] - There were some changes in shipping schedules, such as route changes and TBN adjustments for certain voyages [11] 3.3. Ship - Schedule Delays and Spot Market Overview - In W45, 3 ships' schedules were postponed to W46, with 0 from Gemini and OA, and 3 from MSC and PA. The operation of Chinese ports is returning to normal [15] - The SCFIS (European route) index closed at 1504.80 points, a 24.5% increase from the previous period. The actual departure capacity of Shanghai Port on the European route in W45 was 28.96 million TEU, with 13% from the delayed schedules in W43 [16] 3.4. Ship - Schedule Delay Observation and Early Warning - There were ship - schedule delays in different weeks for various alliances, with specific ships being delayed for different days and postponed to different weeks. Early warnings were issued for some routes in certain alliances, such as the AE1 route in Gemini [28][31] 3.5. Relevant Port Congestion Data - In China, the average turnaround time at Yangshan Port was about 0.9 days, at Ningbo Port about 1.1 days, and at Yantian Port about 1.0 days. The congestion situation at Chinese ports continued to improve [35] - In Southeast Asia, the port operation fluctuations have converged, and the congestion situation has improved significantly. The average time of ships in port at Singapore Port was 1.3 days, and at Port Klang was 1.2 days [35] - In Europe, although the congestion scale at ports was still relatively high, the ship - turnaround efficiency has basically returned to normal levels, and the impact on the return journey of European - route ships has been greatly reduced [35]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The loading rate of the European route fleet has slightly rebounded. The supply pressure in the middle of October has eased, and the possibility of freight rates stabilizing has increased. The congestion at Chinese ports has slightly improved, while the congestion at European ports may improve, and the congestion at Southeast Asian ports fluctuates [7][11][35] Group 3: Summary by Related Catalogs 1. European Route Loading Rate Tracking - W37 European route fleet average loading rate from Chinese ports was 90.4%, up 0.8% from the previous period. W36 Asian departure loading rate was 96.4%, unchanged from the previous period. The loading difference between Asia and China was about 6.8%. Different alliances had different loading rate changes [7] 2. European Route Ship Schedule and Capacity - The average weekly capacity in October was 26.7 million TEU, basically the same as last year. The supply pressure in the middle of the month eased, and the possibility of freight rates stabilizing increased. There were new blank sailings and cancelled extra sailings [11] 3. Ship Schedule Delays and Spot Overview - W38 had 3 delayed sailings. The SCFIS (European route) index fell 12.9%. The actual departure capacity from Shanghai Port was 31.0 million TEU, with 14% from delayed sailings in W36 [15] 4. Ship Schedule Delay Observation and Early Warning - There were many delayed sailings in different weeks and alliances, and early warnings were issued for some routes in different weeks [17][20][22][27][31] 5. Related Port Congestion Data - Chinese ports' congestion improved slightly, but may be affected by typhoons. Southeast Asian ports' congestion fluctuated. European ports' congestion may improve, but German ports' pressure continued [35]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The loading rate of the European route fleet departing from China decreased, and the loading difference between Asia and China decreased to the average level of April - May. The supply pressure in October remains high, and the delay of ship schedules has improved, while the decline of the SCFIS index will continue to widen [7][14][18][19] 3. Summary by Relevant Catalogs 3.1. European Route Loading Rate Tracking - W32 European route fleet's average loading rate when departing from China was 89.7%, a 3.0% decrease from the previous period, reaching the lowest point since April. The loading rate of the European route fleet departing from Asia in W31 was 96.8%, a 0.3% decrease from the previous period, and the loading difference between Asia and China decreased to the average level of April - May [7] - Among different alliances, the OA's loading rate when departing from China was 92.2%, with a slight decline; PA and MSC's was 91.3%, continuing to decline; Gemini's was 85.2%, with a large decline, dragging down the comprehensive loading rate [9] 3.2. European Route Ship Schedules and Capacity - The average weekly capacity in August was 326,000 TEU, higher than that in July. The average weekly capacity in September was 308,000 TEU, higher than the average level of June - July. The average weekly capacity in October was 286,000 TEU, higher than that in March and the same period last year, and the supply pressure remains high [14] - The SWAN route's last port was changed from Antwerp to Felixstowe, and the ship schedule delays are expected to improve significantly after October. MSC's ALBATROS route cancelled Shanghai挂靠 from W28, and the BRITANNIA route cancelled Ningbo挂靠 and added new ports from W28 [12][14] 3.3. Ship Schedule Delays and Spot Overview - In W32, 6 ship schedules were delayed to W33, and the delay situation improved compared to last week. The proportion of previously delayed capacity in the actually departed ships last week was over 60%. With relatively calm weather in the northern East China Sea this week, the delay situation is expected to improve further [18] - The SCFIS (European route) index closed at 2235.48 points, a 2.7% decline. Due to the high proportion of previously delayed capacity, the decline of the index was less than expected. As the spot price is adjusted downwards and the ship schedule delays improve, the index decline will continue to widen [19] - The actual departing capacity of the European route from Shanghai Port in W32 was 332,200 TEU, of which 62% were delayed ship schedules from W31. By alliance, the weights of Gemini, OA, and PA + MSC were 18%, 37%, and 45% respectively [19] 3.4. Ship Schedule Delay Observation and Early Warning - Different alliances have different ship schedule delay situations and early - warning routes in different weeks. For example, in W32, OA's AE1 and AE2 routes were delayed, and in W33, there were early - warnings for OA's AE3 and AE5 routes, etc. [21][28][30] 3.5. Related Port Congestion Data - In China, due to the residual impact of previous typhoons, the congestion pressure in Ningbo and Shanghai ports is still high. Yangshan Port's average turnover time is about 2.0 days, Ningbo Port's is about 2.8 days, and Yantian Port's is about 1.2 days. As the shipping volume decreases, the port pressure is expected to ease, but potential weather disturbances need to be monitored [39] - In Southeast Asia, the port congestion pressure has significantly decreased. The average in - port time of ships in Singapore Port is 1.4 days, and in Port Klang is 1.0 days [39] - In Europe, problems such as summer holidays, labor shortages, railway construction in Germany, and low water levels in the Rhine River are still ongoing. The average in - port time of Antwerp Port is about 1.8 days, Rotterdam's is 2.5 days, Hamburg Port's is 2.7 days, and Bremen Port's is 3.1 days [39]