1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The spot container shipping freight rate remains weak, but concerns about the passage of China - Europe freight trains and the expectation of post - holiday price increases still exist, causing the EC futures market to strengthen slightly. The decline rate of spot freight rates is expected to slow down after the holiday. For dry bulk shipping, the market showed a slight increase last week with different trends among ship types. The oil tanker market is generally improving, with the crude oil and refined oil markets remaining stable [5][19][23]. 3. Summary by Related Catalogs Container Shipping - Container Shipping Index (European Line) Market Analysis and Strategy Recommendation - **Market Performance**: On September 22, 2025, the EC2512 closed at 1653.9 points, up 1.71% from the previous day. The SCFI European Line on September 19 was $1052/TEU, down 8.84% month - on - month. The latest SCFIS European Line released after the market on the 22nd was 1254.92 points, down 12.87% month - on - month [5]. - **Logic Analysis**: Shipping companies continue to lower spot prices. The freight rate center in late September dropped to around $1300 - 1600/FEU. The demand side has seen a decline in peak - season cargo volume, and the loading rate of major shipping companies has decreased. The supply side shows that the average weekly capacity in September, October, and November 2025 is 281,800/249,700/285,900 TEU respectively. The blank - sailing rate in October is about 15.56%. Attention should be paid to the subsequent tariff policy and the reopening of the Polish border [6]. - **Trading Strategy**: For single - side trading, it is recommended to stop losses at low prices for short positions in EC2510 recently, and adopt a long - at - low strategy for the EC2512 contract. For arbitrage, conduct rolling operations at low prices for the 10 - 12 reverse spread and enter the market at low prices for the 2 - 4 positive spread [7][8]. Industry News - The probability of the Fed keeping interest rates unchanged in October is 8.1%, and the probability of a 25 - basis - point rate cut is 91.9%. In December, the probability of unchanged rates is 1%, the probability of a cumulative 25 - basis - point cut is 18.5%, and the probability of a cumulative 50 - basis - point cut is 80.5% [9]. - India's Minister of Commerce and Industry will visit the US to reach a "mutually beneficial" trade agreement, indicating a relaxation of tensions between the two countries [9]. - Shipping companies warn that the IMO's net - zero emission rules may bring huge costs to the industry, with an annual cost of about $20 - 30 billion by 2030 and over $300 billion by 2035 if the target is missed by 10% [10]. - Italian unions plan strikes and protests on September 19 and 22, which will disrupt the country's transportation and logistics [11]. - Israel has deployed a third division to the Gaza Strip, and Australia, Canada, and the UK have recognized the State of Palestine [12]. Dry Bulk Shipping Market Analysis and Outlook - **Freight Index**: The Baltic Dry Index (BDI) fell slightly on Friday but rose 3.6% week - on - week. The Capesize index rose to a new high since July 29, while the Panamax index dropped to a new low since September 5 [16]. - **Spot Freight Rate**: On September 19, the freight rate for the Brazil - Qingdao iron ore route was $24.77/ton, up 1.02% month - on - month, and the West Australia - Qingdao route was $10.94/ton, down 0.14% month - on - month. Weekly data shows that the freight rates of some coal and bauxite routes have increased [17]. - **Shipping Data**: From September 15 - 21, the global iron ore shipping volume decreased by 248,300 tons. Brazil's soybean, soybean meal, and corn exports in September are expected to increase [18]. - **Logic Analysis**: The Capesize market has good transportation demand and rising freight rates, while the Panamax market has reduced cargo volume and falling freight rates. The large - ship market may see a decline in cargo volume from mid - October, and the medium - ship market is under pressure due to weak demand [19][20]. Industry News - The Simandou iron ore project has started the first - batch mining operations [21]. - Brazil is expected to increase its soybean planting area and production in the 2025/26 season [21]. - India and the US are seeking a "mutually beneficial" trade agreement [21]. Oil Tanker Transportation Market Analysis and Outlook - **Freight Rate**: On September 19, the Baltic Dirty Tanker Index (BDTI) was 1143, down 0.35% month - on - month and up 30.48% year - on - year. The Baltic Clean Tanker Index (BCTI) was 618, down 0.48% month - on - month and up 3.34% year - on - year. The oil tanker market is generally stable, with the Suez - type ships popular in the crude oil market and regional differences in the refined oil market [23]. Industry News - Trump pressures European countries to stop buying Russian oil [24]. - Although there are concerns about oversupply and weak demand, geopolitical risks support international oil prices. The domestic refined oil price adjustment may be stranded [24].