Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Container Shipping**: Spot freight rates are in a downward channel, and the decline is expected to slow down in mid - to late October. The overall freight rate center is expected to move down in the second half of the year due to tariff suppression. The 10 - contract valuation has room to decline, and trading strategies include weak oscillations for single - sided trading and specific arbitrage operations [8][9][11]. - **Dry Bulk Shipping**: The Baltic Dry Bulk Freight Index reached a one - and - a - half - month high. Large - vessel market freight rates are expected to be supported in the short term but lack strong upward momentum. Medium - vessel market transportation demand has certain support and is expected to fluctuate in the short term [19][22]. - **Oil Tanker Transportation**: The oil transportation market shows obvious differentiation. The crude oil transportation market continues to rise, while the refined oil market is in a downward trend. Long - term attention should be paid to the impact of environmental protection elimination and supply - demand reshaping on freight rates [29]. 3. Summary by Directory Container Shipping - Container Freight Index (European Line) - **Market Data** - **Futures Disk**: On September 17, 2025, EC2510 closed at 1,109.7, down 60.0 or 5.13%. Different contracts showed different price and volume changes [5]. - **Container Freight Rates**: SCFIS European Line was at 1440.24 points, down 8.06% week - on - week and 62.24% year - on - year. Different routes had different freight rate changes [5]. - **Fuel Costs**: WTI crude oil near - month was at $64.17 per barrel, up 1.82% year - on - year; Brent crude oil near - month was at $68.03 per barrel, up 1.51% year - on - year [5]. - **Market Analysis and Strategies** - **Analysis**: Spot freight rates are falling, and the impact of the closure of the Polish border on China - Europe freight trains continues. The freight rate center in the second half of September dropped to around 1400 - 1700 US dollars/FEU. The market is affected by factors such as demand, supply, and tariffs [8][9]. - **Strategies**: Single - sided trading is expected to be weakly oscillating. For the 10 - contract, short positions can be gradually reduced and profited before the National Day. For arbitrage, conduct 10 - 12 reverse arbitrage operations at low levels and enter 2 - 4 positive arbitrage at low levels [11][12]. Dry Bulk Shipping - **Market Data** - **Freight Index**: On September 16, the Baltic Dry Bulk Freight Index rose 0.05% to 2154 points. The Capesize vessel freight index rose 1.1% to 3189 points, while the Panamax vessel freight index fell 1.8% to 1968 points [18][19]. - **Spot Freight Rates**: Different routes of Capesize and Panamax vessels had different freight rate changes on September 16 and as of September 12 [18][20]. - **Shipping Data**: From September 8 - 14, 2025, the global iron ore shipping volume increased. Brazilian grain exports in September are expected to increase [21]. - **Market Analysis and Outlook** - **Analysis**: The rise in Capesize vessel freight rates offset the decline of smaller vessels. The large - vessel market is supported by Australian end - of - season cargo releases, but the cargo volume is expected to decrease from mid - October. The medium - vessel market has certain transportation demand support, mainly in a fluctuating trend [22]. Oil Tanker Transportation - **Market Data** - **Freight Index**: On September 16, the Baltic Dirty Tanker Index (BDTI) was at 1137, up 0.8% week - on - week and 26.76% year - on - year; the Baltic Clean Tanker Index (BCTI) was at 609, up 0.66% week - on - week and down 4.55% year - on - year [28][29]. - **Average Earnings**: VLCC average earnings were $57,975 per day, up 58.71% week - on - week and 90.00% year - on - year; Suezmax average earnings were $45,871 per day, up 43.38% week - on - week and down 14.04% year - on - year [28]. - **Crude Oil Futures Prices**: WTI crude oil near - month was at $64.17 per barrel, up 1.82% year - on - year; Brent crude oil near - month was at $68.03 per barrel, up 1.51% year - on - year [28]. - **Market Analysis and Outlook** - **Analysis**: The crude oil transportation market continues to rise, while the refined oil market is in a downward trend. The VLCC market is improving due to tight supply and slightly higher - than - expected cargo volume [29]. - **Industry News** - OPEC+ representatives will discuss updating member production capacity estimates in Vienna from September 18 - 19, aiming to determine new production baselines and 2027 production targets [30]. - On September 15, oil prices continued to rise due to supply interruption risks from Ukraine's attacks on Russian energy facilities and Trump's call for NATO to stop buying Russian oil [31].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The container shipping index (European Line) is under pressure. The 2510 contract is currently pricing in the downward trend of freight rates in the first half of October and the potential upward risk in the second half, and is short - term weak. The 2512 contract should not be over - estimated due to potential negative factors. The 2602 contract may not show a discount to the 12 contract in years with a late Spring Festival [10][13] - This week, consider taking profits on the 2510 contract at low prices. In the medium - to - long - term, consider going long on the 02 - 04 and 12 - 04 calendar spreads [14] Summary by Related Catalogs Futures Market - The main 2510 contract of the container shipping index (European Line) closed at 1,203.8 points, down 5.28%, with an increase of 2,187 lots in positions; the second - main 2512 contract closed at 1,609.1 points, down 4.07%, with an increase of 1,417 lots in positions [1][10] Freight Rates - The 38 - week freight rate center has further declined to around $1,650/FEU. Conservatively estimated, the cumulative decline in the 39th and 40th weeks is $100/FEU, and the center may fall to around $1,550/FEU. Different alliances have different pricing and adjustment situations [11] Supply - Side Fundamentals - In October, the weekly average capacity has been slightly revised down from 276,000 TEU/week to 267,000 TEU/week. The year - on - year growth rate of capacity in October is 1.1%, a significant decline compared to July - September. The suspension of sailings by shipping companies during the National Day holiday is relatively strong. In November, there are 6 pending voyages, 3 blank sailings, and 1 additional sailing. Without considering the pending voyages, the current weekly average capacity is 302,000 TEU/week [12] Contract Analysis - The 2510 contract may mainly reflect the freight rate quotes from the 40th to 42nd weeks. The current price may have priced in the downward trend of freight rates in the first half of October and the potential upward risk in the second half, and is short - term weak. The 2512 contract should not be over - estimated due to potential negative factors such as the late Spring Festival in 2026 and increasing over - capacity pressure. The 2602 contract may not show a discount to the 12 contract in years with a late Spring Festival [13] Strategy - This week, consider taking profits on the 2510 contract at low prices. In the medium - to - long - term, consider going long on the 02 - 04 and 12 - 04 calendar spreads [14] Trend Intensity - The trend intensity of the container shipping index (European Line) is 0, indicating a neutral trend [15]

Summary of Key Points from the Conference Call Company Overview - The company discussed is Zhonggu Logistics, focusing on its performance in the logistics industry for the first half of 2025. Financial Performance - In the first half of 2025, the company's non-GAAP net profit reached 1.072 billion yuan, with 1 billion yuan attributed to sustainable income, 750 million yuan from foreign trade, and 250 million yuan from domestic trade [1][5][2]. - The second quarter saw a decline in non-GAAP net profit compared to the first quarter, primarily due to lower domestic freight rates and a lack of asset disposal gains, which were 70 million yuan in the first quarter [1][3][4]. - The company's operating costs increased due to a reduction in loaded tonnage to 1.2 million tons, resulting in a year-on-year increase of over 10% [1][6][8]. Market Dynamics - The domestic logistics market experienced a 40% reduction in capacity compared to the previous year, leading to a contraction in domestic trade volume despite a slight recovery in freight rates [2][5]. - Conversely, foreign trade capacity increased by approximately 40% year-on-year, with leasing prices remaining high, contributing to better performance in foreign trade [2]. - The competitive landscape in the domestic market has stabilized, with expectations for freight rates to rise in the fourth quarter, driven by historical trends [9][10][11]. Cost Structure and Challenges - The mismatch between capacity and cargo volume has been a significant factor in rising costs, with a 15% increase noted in the first half of the year [7][8]. - Fixed asset depreciation has also contributed to increased costs per container, despite the company maintaining industry-leading efficiency [6][8]. Future Outlook - The company anticipates an increase in freight rates in the fourth quarter, contingent on demand stability [10][12]. - The foreign trade segment faces uncertainties due to U.S. tariffs, but the overall trend remains positive [10][12]. - The company has successfully signed long-term contracts for foreign trade vessel leases, with all contracts post-April 2025 being for two years or more [13]. Investment and Dividend Strategy - The company achieved a high dividend payout ratio of 84% in the mid-year report, with plans to maintain a minimum of 60% for the full year [16]. - Management is focused on exploring new business directions to achieve growth beyond existing domestic and foreign container operations [17]. Additional Insights - Demand for small vessels in the foreign trade market remains strong, with ongoing negotiations for potential deployment despite cost challenges [14]. - The company aims to enhance investor returns through improved dividend strategies and innovative business developments [16][17].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The shipping market is in a weak oscillation. The market's expectation of interest rate cuts has increased due to Powell's speech, and Trump's threat to impose tariffs on imported furniture has led to pre - shipment rush. The short - term market still has room to decline [5]. - The current shipping market demand is continuously weak. The spot freight rate is under obvious pressure due to more overtime ships in late August. The market has turned to buyer - dominated, and there is no clear price - increase plan from shipping companies for now [6]. - The downward adjustment of OCEAN's freight rate in September is accelerating, which may put pressure on NSK to cut prices. The price of the 12 - contract is likely to show a weak and oscillating trend [7]. - The recommended strategy is to short the 10 - contract on rallies and conduct a rolling 10 - 12 reverse spread [8]. Group 3: Summary by Related Contents Shipping Market Data - The Shanghai Export Container Freight Index (SCFI) is currently at 1415, down 3.07% from the previous value; the China Export Container Freight Index (CCFI) is at 1175, down 1.55%. Rates for various routes such as SCFI - US West, SCFI - US East, and SCFI - Northwest Europe all decreased, with declines ranging from 3.90% to 8.72% [4]. - For shipping derivatives, the prices of contracts like EC2506, EC2608, etc. mostly declined, with the largest decline of 2.45%. The open interest of some contracts increased, and the month - spreads also changed slightly [4]. Market Influencing Factors - Powell's speech at the Jackson Hole Symposium made the market expect interest rate cuts, and Trump's plan to impose tariffs on imported furniture led to pre - shipment rush [5]. - The increase in overtime ships in late August put pressure on spot freight rates. The competition for prices intensified, and shipping companies took measures such as adjusting surcharges and relaxing long - term contract booking restrictions to stimulate shipments [6]. - The planned suspension of voyages on the Trans - Pacific route before China's "Golden Week" in 2025 may increase temporarily in the coming weeks, and the current announced capacity reduction is lower than the historical benchmark [4]. - The low empty - sail rate on European routes in September and the sufficient supply of shipping capacity in the near future indicate no obvious signal of supply tightening in the short term. The congestion at European ports and the decrease in the rate of postponed sailings on the Asia - Europe route may affect subsequent cabin allocation and arrival cycles [6]. Shipping Company Strategies - Mediterranean Shipping (MSC) and Maersk (MSK) have announced their quotes for early September, maintaining the August level. Maersk will lower the peak - season surcharge to $50/100 in September and adjust the overweight surcharge policy [6]. - Some shipping companies are relaxing the restrictions on low - price long - term contract bookings to boost shipment volume [6].

Core Viewpoint - The report highlights the financial performance and operational challenges faced by China Merchants Energy Shipping Co., Ltd. in the first half of 2025, emphasizing a decline in revenue and profits due to geopolitical risks and market volatility [1][3][4]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately CNY 12.58 billion, a decrease of 4.91% compared to the same period last year [3]. - Total profit for the period was CNY 2.48 billion, down 16.40% year-on-year [3]. - Net profit attributable to shareholders was CNY 2.12 billion, reflecting a 14.91% decline from the previous year [3]. - The company declared a cash dividend of CNY 0.7 per share, totaling CNY 565.22 million, which represents 41.22% of the net profit for the period [1]. Industry Overview - The international shipping market faced significant challenges due to geopolitical tensions, including the US tariff policy adjustments and conflicts in the Middle East and Ukraine, leading to increased complexity in global trade [4][5]. - The Clarkson shipping index fell by 5% year-on-year, with a more substantial decline of 31% when excluding the container shipping market [4]. - The global economic growth forecast for 2025 is only 2.8%, with the International Energy Agency (IEA) predicting a slowdown in global oil demand growth to 0.8% [4][5]. Shipping Market Dynamics - The average daily earnings for VLCC, Suezmax, and Aframax tankers decreased by 9.99%, 18.32%, and 31.00% respectively, indicating a challenging market environment [5]. - The global LNG trade volume is expected to grow by 6% in 2025, driven by increased exports from the US and rising imports in Europe [6]. - The global fleet of LNG carriers has grown to 829 vessels, with a high order backlog, although new orders have significantly declined [6]. Company Operations - The company operates a fleet of 52 VLCCs, maintaining its position as the world's largest operator in this segment [8]. - The dry bulk fleet consists of 37 VLOCs, also ranking first globally, with a focus on enhancing operational efficiency and safety [9]. - The company is actively pursuing long-term contracts with major oil companies and expanding its market presence in LNG transportation [10]. Strategic Focus - The company aims to enhance its core competitiveness by optimizing fleet structure and focusing on strategic partnerships with key clients [9][11]. - Efforts are being made to improve operational capabilities in the automotive and container shipping sectors, with a focus on customer-centric services [12].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The shipping market is experiencing a rebound, mainly due to the market's increased expectation of interest rate cuts after Powell's speech at the Jackson Hole Symposium and the anticipation of a rush to ship furniture before potential tariffs. However, the current shipping market demand remains weak, with spot freight rates accelerating to the bottom, and the overall trend is downward [7][8][9]. 3. Summary by Relevant Content 3.1 Shipping Index Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) and related sub - indices showed declines, with SCFI - Northwest Europe having the largest decline of - 8.35%, and EC2510 in the derivatives having the largest increase of 3.74% [5]. - **Positions**: There were changes in the positions of various contracts, such as a decrease of 22 in the EC2606 position and an increase of 102 in the EC2410 position [5]. - **Monthly Spreads**: The monthly spreads of 10 - 12, 12 - 2, and 12 - 4 all increased, with the 12 - 4 spread increasing by 16.0 [5]. 3.2 Market Situation - **Demand and Supply**: The demand in the shipping market is weak. In late August, the increase in overtime ships pressured the spot freight rates. The market is buyer - dominated, and there are no clear price - increase plans from shipping companies. The announced empty - sailing rate for European routes in September is low, and the supply of shipping capacity is abundant in the short term [8]. - **Port Conditions**: European main ports such as Germany and the Netherlands are congested, and the on - time rate of the Asia - Europe route has decreased by 13.3%, which may affect subsequent cabin allocation and arrival cycles [8]. - **Policy Impact**: Trump's potential tariff policy on furniture and the global over - capacity problem have further suppressed trade volume [8]. 3.3 Market Trend and Strategy - **Trend**: Shipping companies are accelerating the price - cut rhythm to maintain market share, and the overall downward trend of freight rates is established. The spot freight rate is in the stage of accelerating to the bottom, and the follow - up decline of the futures market may be smaller [9]. - **Strategy**: The recommended strategy is to short the October contract on rallies and conduct a rolling 10 - 12 reverse spread [10].

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Views of the Report - **Container Shipping**: The EC futures market shows a weak shock, and the spot freight rate in September is in a rapid decline channel. The tariff pressure in the second half of the year is expected to reduce the support for freight rates, and the competition among shipping companies may intensify. The recommended trading strategies are short - term bearish shock for single - side trading and rolling operation of reverse spread for 10 - 12 contracts [5][7][10]. - **Dry Bulk Shipping**: The dry bulk freight index increased on August 22. The freight rate of Capesize ships increased, and the Far East Dry Bulk Index (FDI) also rose on August 25. The freight rate of large - scale ships is expected to recover in the short term, and the medium - sized ship market is expected to be slightly stronger in shock [17][18]. - **Oil Tanker Transportation**: The crude oil market and the refined oil market have different trends. The crude oil market is in a tight supply - demand pattern, which supports the increase of freight rates, while the refined oil market is relatively stable with weak demand. Short - term attention should be paid to the impact of concentrated bookings on the Middle East route in September, and long - term attention should be paid to the impact of environmental protection elimination and supply - demand reshaping on freight rates [26][27]. 3. Summary by Relevant Catalogs Container Shipping Market Analysis and Strategy Recommendation - **Futures Market**: On August 26, EC2510 closed at 1318.9 points, down 2.88% from the previous day. The latest SCFIS European line reported 1990.2 points on Monday after the market, down 8.7% month - on - month. The final delivery settlement price of EC2508 was 2135.28 points [5]. - **Spot Market**: In September, the spot freight rate is in a rapid decline channel, and the loading rate of shipping companies has decreased. MSK's offer for Shanghai - Rotterdam in WK37 is 1900 US dollars/FEU, down 200 US dollars from last week. The freight rates of other shipping companies also show a downward trend [7]. - **Tariff Impact**: The US plans to complete the investigation of adding furniture import tariffs within 50 days. In 2024, the container volume of furniture, home furnishings and lighting imported by the US accounted for 13% of the total imports. If the tariff is implemented, it will bring cost pressure to major exporting countries such as China and Vietnam [6]. - **Trading Strategy**: Single - side trading is recommended to be bearish in shock, and the valuation center of the October contract is expected to be revised down. For arbitrage, it is recommended to conduct reverse spread rolling operation for the 10 - 12 contracts [10]. Industry News - The US Vice - President mentioned that the US currently imposes a 54% tariff on China and has multiple dialogues with the Chinese government to end the trade war. The US may finalize a trade agreement with South Korea. Trump claims to impose tariffs on imported furniture, and the interest rate cut by the Federal Reserve is considered appropriate [11][12]. - Regarding the Red Sea situation, Trump said it is difficult to deal with Netanyahu, and an outcome is expected in 2 - 3 weeks. Iran will start a new round of talks with the UK, France and Germany. The leader of Hezbollah refuses to disarm, and Israel is ready to support Lebanon in disarming Hezbollah [13][14][15]. Dry Bulk Shipping Market Analysis and Outlook - **Freight Index**: On August 22, the Baltic Dry Bulk Freight Index rose 2.69% to 1944 points. The Capesize ship freight index rose about 3.33% to 2793 points, the Panamax ship freight index rose 2.97% to 1770 points, and the Supramax ship freight index rose 1.35% to 1424 points. On August 25, the Far East Dry Bulk Index (FDI) reported 1316.81 points for the comprehensive index, up 4.7% month - on - month [17][18]. - **Spot Freight Rate**: On August 22, the freight rate of the Capesize ship iron ore route from Tubarao, Brazil to Qingdao was 23.44 US dollars/ton, up 0.73% month - on - month, and the freight rate from Western Australia to Qingdao was 9.40 US dollars/ton, up 7.37% month - on - month. The weekly freight rate data shows that the freight rates of some routes have increased or decreased [19]. - **Shipping Data**: From August 18 to 24, 2025, the global iron ore shipping volume decreased by 90.8 tons month - on - month. In the fourth week of August 2025, the cumulative shipment of soybeans in Brazil was 725.78 million tons, and the cumulative shipment of corn was 496.04 million tons [20]. - **Incident Impact**: An accident occurred at the Simfer mine in Guinea, and all activities at the mine have been suspended. The accident may affect the project progress, but the project is not expected to stop for a long time [21]. Industry News - In July 2025, India's coal imports decreased, with different demands for different types of coal. The free trade agreement negotiation between Canada and the South American Common Market will restart. The Brazilian court overturned the decision of the antitrust regulatory agency to suspend the "soybean fallow agreement" [24][25]. Oil Tanker Transportation Market Analysis and Outlook - **Freight Index**: On August 22, the Baltic Dirty Tanker Index (BDTI) was 1042, up 1.26% month - on - month and 16.16% year - on - year. The Baltic Clean Tanker Index (BCTI) was 618, up 0.65% month - on - month and down 1.28% year - on - year [26][27]. - **Market Trend**: The crude oil market is in an upward trend, with increasing demand for VLCC and Suezmax, and a tight supply - demand pattern supports the increase of freight rates. The refined oil market is relatively stable, with weak demand and sufficient supply of some ship types, and the freight rate maintains a shock trend [27]. Industry News - India will buy oil from the most profitable places, including Russia. The continuous rebound of oil prices is due to geopolitical disturbances and supply interruption risks. The market continues to pay attention to the Russia - Ukraine issue, and oil prices will continue to fluctuate [28].

Financial Data and Key Metrics Changes - The company reported revenue of $327.6 million for Q2 2025, a decrease of 4.3% compared to $342 million in Q2 2024 [18] - EBITDA for Q2 2025 was $178.2 million, with adjusted EBITDA decreasing by $17 million to $173 million compared to Q2 2024 [19][20] - Net income for Q2 2025 was $69.9 million, down from $94 million in Q2 2024, with earnings per common unit at $2.34 [5][20] Business Line Data and Key Metrics Changes - The combined time charter equivalent (TCE) rate decreased by 1.5% to $23,040 per day, with available days down by 0.8% to 13,388 days compared to Q2 2024 [19] - TCE rates for the container fleet increased by 3.6% to $31,316 per day, while dry bulk and tanker TCE rates decreased by 12.6% and 9.4% respectively [19][21] - The company sold three vessels for $96 million and purchased two Aframax LR2 tankers for $133 million, expected to be delivered in 2027 [7][15] Market Data and Key Metrics Changes - The geopolitical environment, including the war in Ukraine and tariff changes, has reshaped global trade patterns, benefiting the shipping market [5][27] - The Baltic Dry Index average declined by 30% in the first half of 2025 compared to the same period in 2024, but has risen 37% since June [28] - The tanker market is expected to benefit from increased crude exports and a reduction in fleet size due to sanctions [30][34] Company Strategy and Development Direction - The company is focused on renewing its fleet to maintain a younger profile and reduce its carbon footprint through modern technologies [15] - A significant backlog of contracted revenue of $3.1 billion provides visibility in an uncertain market [12][17] - The company aims to enter long-term charters for vessels at the appropriate time, while also exploring cash-generative opportunities [9][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the shipping market's health and the potential for Q4 2025, while remaining open to longer-term charter opportunities [5][44] - The company is actively managing risks, including interest rate risks, through fixed-rate financing arrangements [12][24] - The overall outlook for the tanker market remains positive due to geopolitical factors and reduced fleet availability [30][34] Other Important Information - The company ended Q2 2025 with $389 million in cash and a net loan-to-value (LTV) ratio of 35.3%, unchanged from the previous quarter [6][23] - The company has repurchased 1.2 million common units, returning a total of $30.8 million to unitholders in 2025 [10][11] Q&A Session Summary Question: Regarding the two VLCCs that were on charter to a sanctioned entity - Management confirmed that contracts were terminated and vessels are now available for trading in a healthy spot market, with plans to consider long-term charters at the right time [42][44] Question: On the LR2s ordered and their chartering plans - Management indicated that they are comfortable holding the new LR2s without immediate charters, while remaining open to future long-term deals [50] Question: Concerning the sale of older vessels and future charter renewals - Management noted the strong container market and the strategy of selling older vessels to redeploy cash into newer assets, while evaluating options for vessels rolling off charters [49][50]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The current main contradictions in the EC market are the decline slope during the off - season, uncertainties in geopolitics and tariffs, and the repeated domestic macro - sentiment [2][17] - Fundamentally, in the second week of August (week33), the MSK alliance had better performance, while the OA and PA alliances had poor performance in terms of receiving goods; the goods - receiving situation in week34 significantly weakened [2][17] - EMC cancelled its independent operation ship in week35 this week, and OA added new operations in week39. The weekly average capacities in August, September (tentatively), and October (tentatively) 2025 are 327,000, 321,000, and 319,000 TEU respectively. After considering all TBN as suspended operations, they are 327,000, 300,000, and 287,000 TEU [2][17] - From the perspective of the market, the current 10 - contract is at a discount to the spot, which has not led to a further decline in the market; the 12 - contract is given the attribute of the peak - season contract, and the continuous roll - over of positions supports it. However, the overall future drive is downward, and there is still some room for valuation. It is recommended to continue holding short positions in the 10 - contract and maintain the logic of shorting on rallies [2][17] Group 3: Summary According to Related Catalogs 1. Futures Market Data - For EC2508, the closing price was 2080.0, with a change of +0.43%, trading volume of 242, and open interest of 3330 with a change of - 102 [2][17] - For EC2510, the closing price was 1408.8, with a change of - 1.89%, trading volume of 44961, and open interest of 56688 with a change of +86 [2][17] - For EC2512, the closing price was 1750.0, with a change of - 0.57%, trading volume of 5/74 (might be a data error), and open interest of 10238 with a change of +33 [2][17] - For EC2602, the closing price was 1517.1, with a change of - 0.87%, trading volume of 1471, and open interest of 4202 with a change of +67 [2][17] - For EC2604, the closing price was 1344.9, with a change of - 0.60%, trading volume of 822, and open interest of 5295 with a change of - 108 [2][17] - For EC2606, the closing price was 1497.1, with a change of +0.44%, trading volume of 136, and open interest of 770 with a change of +30 [2][17] 2. Month - to - Month Spreads - The spread of EC2508 - 2510 was 671.2, with a day - on - day change of +36.2 and a week - on - week change of - 4.6 [2][17] - The spread of EC2510 - 2512 was - 341.2, with a day - on - day change of - 17.2 and a week - on - week change of - 63.7 [2][17] - The spread of EC2512 - 2602 was 232.9, with a day - on - day change of +3.3 and a week - on - week change of +34.8 [2][17] 3. Index Data - The SCHIS index on August 11, 2025, was 2235.48 points, with a change of - 2.71% compared to the previous period and - 0.81% in the previous change [2][17] - The SCF (European route) index on August 8, 2025, was 1961 dollars/TEU, with a change of - 4.39% compared to the previous period and - 1.87% in the previous change [2][17] - The CCFI index on August 8, 2025, was 1799.05 points, with a change of +0.53% compared to the previous period and +0.13% in the previous change [2][17] - The NCFI index on August 8, 2025, was 1257.71 points, with a change of - 8.37% compared to the previous period and - 3.3% in the previous change [2][17] 4. Recent European Route Quotation - The average quotation in week33 was about 3150 US dollars (equivalent to about 2200 points on the disk). Currently, downstream customers are booking spaces for mid - August (week33 - 34). In week34, the quotations of various shipping companies dropped by 200 - 300 US dollars, with an average of 2850 US dollars (2000 points). Among them, the PA alliance's quotation was 2700 US dollars, MSK's was 2600 US dollars, and the OA alliance's was 2900 - 3000 US dollars [3][18] - In week35, MSK opened bookings at 2200 US dollars [3][18] 5. News - On August 12, China and the US once again suspended the implementation of a 24% tariff for 90 days [3][18] - On August 11, Trump and Netanyahu discussed the "plan to take over Gaza City" [4][19] - On August 12, Egypt and Qatar proposed a new Gaza cease - fire plan, and a Hamas delegation will visit Egypt to restart the Gaza cease - fire negotiation [4][19]

Group 1 - Fuel oil futures experienced a decline, with the main contract trading at 2820.00 CNY/ton, reflecting a drop of 3.23% [1] - Singapore's fuel oil inventory rose by 969,000 barrels to reach 24.668 million barrels, marking a three-week high as of the week ending July 30 [2] - An estimated 3 million tons of fuel oil is expected to arrive in Asia in August, with more shipments anticipated in the coming weeks [2] Group 2 - The influx of fuel oil into Asia has led to a sufficient supply in the market, causing spot prices to widen [3] - OPEC announced an increase in production by 547,000 barrels per day starting in September, marking a significant shift from a previous reduction strategy [3] - Weak economic data from the U.S. and concerns over demand have negatively impacted the market, leading to a substantial decline in international oil prices [3]