Report Summary 1. Report Industry Investment Rating - The investment strategy for the shipping industry is to wait and see [9] 2. Core Viewpoint - The European container shipping market shows a trend of "simultaneous strengthening of futures and spot". Freight rates have rebounded for multiple consecutive weeks, with both spot and futures prices rising steadily. Shipping companies are strongly willing to control cabins and support prices. The demand side benefits from pre - Spring Festival stocking and restocking needs, and the cabin loading rate has improved. On the supply side, empty sailings have decreased, and effective capacity has tightened. The Red Sea situation has marginally eased, and some airlines are tentatively resuming flights, but overall they remain cautious. Freight rates may peak in early January, and the market faces adjustment pressure depending on demand sustainability and flight resumption progress [8] 3. Summary by Relevant Content 3.1 Shipping Freight Index - The current values of the Shanghai Export Container Freight Index (SCFI), China Export Container Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1656, 1147, 2188, 962, 3033, 1690, 1589, and 3143 respectively. Their previous values were 1553, 1125, 1992, 924, 2846, 1533, 1510, and 2833 respectively, with corresponding increases of 6.66%, 1.95%, 9.84%, 4.11%, 6.57%, 10.24%, 5.23%, and 10.94% [4] 3.2 Spot Price - For the Gemini Alliance (MSK, HPL), MSK's freight rate in the second week of January rose to $2540/FEU, a $40 increase compared to the previous sailing. HPL - SPOT's price decreased from $3535/FEU in the first half of January to $3035/FEU, with an expected increase back to $3535/FEU in the second half of January. - For the OCEAN Alliance (OOCL, CMA), OOCL's freight rate in the first half of January remained flat at $3180 - 3230/FEU, and CMA's freight rate increased slightly from $3245/FEU to $3293/FEU. - For the MSG&PA Alliance (ONE, YML), ONE has an expected online increase to $2836/FEU in the second half of January, consistent with the announced increase in the first half. YML's offline quote is $2800/FEU, with special offers for larger volumes [7] 3.3 Market Information - Houthi movement leader Abdul - Malik al - Houthi warned that a new round of conflict with Israel is "certain and inevitable". Ukrainian President Volodymyr Zelensky hopes to reach a framework agreement to end the war when meeting with US President Trump. Trump plans to announce multiple major measures on the Gaza issue in early January, depending on his meeting with Israeli Prime Minister Netanyahu [5] 3.4 Market Trend - The market is in a volatile state [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - The European container shipping market shows a "synchronous strengthening of spot and futures" trend. Freight rates have rebounded for multiple weeks, with both spot and futures prices rising steadily. Shipping companies are strongly willing to control capacity and support prices. The demand side benefits from pre - Spring Festival stocking and restocking needs, improving the cabin loading rate; the supply side sees a reduction in blank sailings and a tightening of effective capacity. The Red Sea situation has marginally eased, with some airlines tentatively resuming flights, but overall they remain cautious. Freight rates may peak in early January, and the market faces adjustment pressure depending on demand sustainability and flight resumption progress. [9] 3. Summary by Relevant Catalogs 3.1 Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) is 1656, up 6.66% from the previous value of 1553. The China Export Container Freight Index (CCFI) is 1147, up 1.95% from 1125. SCFI - US West is 2188, up 9.84%, SCFIS - US West is 962, up 4.11%, SCFI - US East is 3033, up 6.57%, and SCFI - Northwest Europe is 1690, up 10.24%. SCFIS - Northwest Europe is 1589, up 5.23%, and SCFI - Mediterranean is 3143, up 10.94%. [5] - **Contract Data**: For contracts, EC2506 is 1316.2, down 0.29% from 1320.0; EC2608 is 1486.1, down 0.71% from 1496.7; EC2610 is 1049.3, down 0.92% from 1059.0; EC2512 is 1613.0, up 0.31% from 1608.0; EC2602 is 1824.5, up 1.38% from 1799.7; EC2604 is 1154.8, down 0.83% from 1164.5. [5] - **Position Data**: EC2606 position is 2249, up 123 from 2126; EC2608 position is 1192; EC2610 position is 6049, up 108 from 5941; EC2512 position is 1675, down 39 from 1714; EC2602 position is 31849, down 2401 from 34250; EC2604 position is 21462, up 208 from 21254. [5] - **Monthly Spread**: The 12 - 02 monthly spread is - 211.5, down 19.8 from - 191.7; the 12 - 04 monthly spread is 458.2, up 14.7 from 443.5; the 02 - 04 monthly spread is 669.7, up 34.5 from 635.2. [5] 3.2 Market Overview - The EC market shows a volatile trend. [7] 3.3 Spot Price - **Gemini Alliance**: MSK's freight rate in the second week of January rose to 2540 dollars/FEU, a 40 - dollar increase compared to the opening price, with the overall offline loading rate increasing. HPL - SPOT's price in the first half of January dropped from 3535 dollars/FEU to 3035 dollars/FEU, and there is an expected increase back to 3535 dollars/FEU in the second half of January. [8] - **OCEAN Alliance**: OOCL's freight rate in the first half of January remained flat at 3180 - 3230 dollars/FEU. CMA's freight rate in the first half of January rose slightly from 3245 dollars/FEU to 3293 dollars/FEU. [8] - **MSC&PA Alliance**: ONE has an expected online price increase to 2835 dollars/FEU in the second half of January. Offline, the FAK quote in the first half of January was 2800 dollars/PEU, up 120 dollars/FEU from the end of December. YML's offline quote is 2800 dollars/FEU, with special prices available for large volumes. [8] 3.4 Strategy - The recommended strategy is to wait and see. [10]

Group 1: Shipping Derivatives Data - Current values of Shanghai export container freight rate indices include 1398 for the comprehensive index SCFI, 1115 for the index CCFI, etc. [5] - The percentage changes of the indices range from -5.02% (SCFI - West US) to 3.05% (SCFI - Mediterranean) [5] - For contracts like EC2506, EC2608, etc., the current values, previous values, and percentage changes are presented, with changes ranging from -0.33% (EC2610) to 1.43% (EC5602) [5] - The current and previous values of contract positions and their changes are also provided, such as a 22 - unit increase in EC2606 position [5] - The current and previous values of month - spreads and their changes are given, e.g., a 11.8 - unit increase in the 02 - 04 month - spread [5] Group 2: Market News and Impact - CMA CGM's decision to change the INDAMEX route to pass through the Suez Canal is a significant development signal for container ships to return to the Red Sea route [6] - The traffic volume through the Bab el Mande Strait has reached the highest level since January 2024 [6] - In the FEWB route, the shipping companies strictly control capacity in December, with a blank - sailing rate of only 0.9%, and other factors lead to high freight rates during Christmas and New Year [6] - In the TAWB route, ports in Northern Europe and the Mediterranean are severely congested due to labor disputes, and there are shortages of containers and trailers in many European countries [6] Group 3: EC Market - The EC market is in a volatile state. The spot prices in early and late December are provided, and MSK plans to raise the price to 3500 in January [7] - The recent market is mainly affected by index fluctuations, long - short gaming, and the transition of the main contract. It shows a volatile pattern and is sensitive to short - term factors [9] - Future focus should be on the actual freight rates in late December and the forward rates in early January. The short - term bearish and long - term bullish expectations are in a game [9] - The short - term strategy is to wait and see [10]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The container shipping market is complex. The INDAMEX route of CMA CGM will change to pass through the Suez Canal, which is an important progress for container ships to return to the Red Sea route. The FEWB route has low empty - sailing rates and reduced capacity due to ship maintenance, with port congestion and strong e - commerce demand supporting freight rates. The TAWB route has serious port congestion due to labor disputes. The European container shipping route's December contract is in the delivery month, and the market is verifying previous expectations. The overall market is under downward - adjustment expectations, and the key to future trends lies in the final announcement of the "late - month freight rates" [7][8] 3. Summary by Relevant Catalogs 3.1 Shipping Derivatives Data - **Freight Rate Index**: The present values of Shanghai Export Container Freight Composite Index (SCET), China Export Container Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, and SCFI - Northwest Europe are 1398, 1115, 1550, 2315, and 1400 respectively, with corresponding declines of - 0.39%, - 0.62%, - 5.02%, - 14.29%, - 4.65%, and - 0.28%. The present value of SCFIS - Northwest Europe is 1483 with a decline of - 9.52%, and the present value of SCFI - Mediterranean is 2300 with an increase of 3.05% [6] - **Contract Data**: For contracts like EC2506, EC2608, EC2610, EC2512, EC2602, and EC2604, the present values are 1252.5, 1367.1, 1040.0, 1658.6, 1609.9, and 1092.9 respectively, with corresponding changes of - 0.21%, - 1.34%, - 0.02%, 0.58%, 1.57%, and 0.26% [6] - **Position Data**: The present positions of EC2606, EC2608, EC2610, EC2512, EC2602, and EC2604 are 2108, 1559, 3976, 3500, 32215, and 19350 respectively, with corresponding changes of - 33, 10, 15, - 231, - 2007, and 221 [6] - **Monthly Spread Data**: The present values of 12 - 02, 12 - 04, and 02 - 04 monthly spreads are 48.7, 565.7, and 517.0 respectively, with corresponding changes of - 15.4, 6.7, and 22.1 [6] 3.2 Market News and Analysis - **Route Changes**: CMA CGM's INDAMEX route will pass through the Suez Canal, which is an important step for container ships to return to the Red Sea route, increasing the traffic volume of this key route [7] - **FEWB Route**: In December, shipping companies strictly controlled capacity, with an empty - sailing rate of only 0.9%. Ship maintenance further reduced capacity. European northern and Mediterranean ports were congested, which extended ship turnaround and increased rejections. Strong e - commerce demand supported freight rates, and shipping companies promoted GRI to drive the market up, and the rates are expected to remain high during Christmas and New Year [7] - **TAWB Route**: Ports in Northern Europe (such as Rotterdam) and the Mediterranean were seriously congested due to labor disputes, with yard utilization rates exceeding 90%. Many European countries also faced container shortages [7] - **European Container Shipping Route**: In December, the contract entered the delivery month. Although there were some signs supporting the bulls (such as price increase letters), the overall market was under the pressure of downward - adjustment expectations. The key to future trends is the final announcement of the "late - month freight rates", especially the performance of freight rates in mid - to - late December [8] 3.3 Strategy - The strategy is to wait and see as the December contract is gradually losing trading value [9]

Group 1: Report Industry Investment Rating - The report does not mention the industry investment rating [5][6] Group 2: Core Views of the Report - The easing of Sino - US trade policies has released positive signals, significantly alleviating the suppression of trans - oceanic cargo volume by trade frictions, and the market sentiment has improved the expectations of the European line [6] - The Sino - US trade agreement this week is expected to prompt some US retailers to accelerate short - term imports, but it is unlikely to lead to a significant adjustment of the supply - chain strategy [6] - The EC market is oscillating strongly. In the short term, macro - level positives, capacity control, and multiple rounds of price - support expectations will still support the market. Before the peak - season expectations are falsified, the main contract is likely to maintain a strong oscillation, but the market has already factored in a certain premium [7][8] Group 3: Summary by Related Catalogs Shipping Derivatives Data - **Freight Rate Index**: The current values of SCFI, CCFI, SCFI - US West, SCFIS - US West, SCFI - US East, and SCFI - Northwest Europe are 1551, 1021, 2647, 1208, 3438, and 1344 respectively, with increases of 10.49%, 2.89%, 22.94%, 9.12%, 13.39%, and 7.87% compared to the previous values. The current value of SCFIS - Northwest Europe is 1208, a decrease of 7.93%, and the current value of SCFI - Mediterranean is 1983, an increase of 13.57% [5] - **Contracts**: The current values of EC2506, EC2608, EC2610, EC2512, EC2602, and EC2604 are 1400.8, 1483.5, 1139.3, 1851.7, 1592.2, and 1184.4 respectively, with increases of 1.54%, 0.84%, 0.64%, 2.64%, 2.48%, and 2.01% [5] - **Positions**: The current positions of EC2606, EC2608, EC2610, EC2512, EC2602, and EC2604 are 1490, 1342, 1266, 29320, 18781, and 14507 respectively, with changes of - 31, - 10, - 14, - 2045, 326, and - 403 [5] - **Monthly Spreads**: The current values of the 12 - 02, 12 - 04, and 02 - 04 monthly spreads are 259.5, 667.3, and 407.8 respectively, with increases of 9.1, 24.4, and 15.3 [5] Market Analysis - **EC Market**: The market is oscillating strongly. In early November, the spot prices of shipping companies varied, and the price in late November was reported at 3000 [7] - **Influencing Factors**: The key influencing factors include the fulfillment of peak - season demand, the persistence of shipping company strategies, and geopolitical and long - term agreement variables [8] - **Outlook and Strategy**: In the short term, the market is expected to remain strongly oscillating. It is recommended to buy the main contract at low prices and focus on tracking the suspension of voyages and shipping company loading rates. The recommended strategy is to wait and see [8][9]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Report Core View - The shipping derivatives market shows mixed trends with some indices rising and others falling. The EC contracts are mostly in a state of slight fluctuations, and the shipping market is affected by various factors such as the situation in the Red Sea and international trade policies [3][4]. - The EC market is in a state of shock. The spot price has changed from late - October to early - November. The European line is in the year - end price - holding stage, and the first round of price - holding in late October has initially achieved results, and it has entered the second round in early November. Future price - holding actions are expected [5]. - The recommended strategy is to wait and see as the short - term peak - season price increase cannot be disproven and the market is in a relatively strong shock state [6]. 3. Summary by Related Content Shipping Derivatives Data - **Freight Index**: The Shanghai Export Container Freight Index (SCFI) has a current value of 1310, up 12.92% from the previous value. The China Export Container Freight Index (CCFI) is at 973, down 4.11%. Different routes show different trends, with SCFI - US West up 31.88%, SCFIS - US West down 1.60%, SCFI - US East up 16.35%, SCFI - Northwest Europe up 7.21%, SCFIS - Northwest Europe down 1.43%, and SCFI - Mediterranean up 3.53% [4]. - **EC Contracts**: For EC contracts, most show slight fluctuations. For example, EC2506 has a current value of 1374.8, up 1.59%; EC2608 is at 1478.9, up 0.28%; EC2510 is 1136.1, down 0.04% [4]. - **Positions**: The positions of EC contracts also have changes. For example, EC2606 position has a current value of 1402, an increase of 3; EC2608 position is 1212, an increase of 28; while some positions have decreased, such as EC2410 with a decrease of 765 [4]. - **Monthly Spread**: The monthly spreads of 10 - 12, 12 - 2, and 12 - 4 are - 657.0, 211.1, and 621.3 respectively, with corresponding changes of - 5.3, 5.7, and 4.4 [4]. Market News - Shipping companies are delaying their return to the Red Sea route. Even though there is a cease - fire agreement between Israel and Hamas, it is unlikely to quickly resume the Suez Canal route in the short term due to factors like complex route network adjustment, repeated security risks in the Red Sea, and potential port congestion [4]. - Egypt claims to have lost over $9 billion due to Houthi attacks on Red Sea shipping [4]. - The US may soon announce a long list of tariff exemptions, and intense lobbying is expected as the power to adjust tariff scope has shifted to the USTR and the Commerce Department [4]. - The US Treasury Secretary plans to meet with China's Vice - Premier He Lifeng in Malaysia next week to prevent the further escalation of Sino - US tariffs [4]. - A White House envoy will go to the Middle East to promote the implementation of the Gaza agreement [4]. - Chinese Minister Wang Wentao had a video meeting with the EU Commissioner for Trade and Economic Security, and they agreed to hold an "upgraded" China - EU export control dialogue mechanism meeting in Brussels as soon as possible [4]. EC Market - **Market Condition**: The EC market is in a state of shock. The spot prices of shipping companies have changed from late October to early November. For example, in late October, Maersk quoted 1800 - 1900, while in early November, HPL quoted 2500 [5]. - **Logic**: The current sanctions have little impact on the European line. The European line is in the year - end price - holding stage. The first round of price - holding in late October has initially stopped the decline, and the second round in early November is underway. Future price - holding actions are expected. However, factors such as Sino - US relations, end - of - month loading, and November's empty sailings need to be monitored [5]. - **Strategy**: The recommended strategy is to wait and see as the short - term peak - season price increase cannot be disproven and the market is in a relatively strong shock state [6].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The EC market has rebounded. CM4 has raised the November freight rate to 3000, and MSK's unchanged 10 - second - week freight rate of 1400 has increased the expectation of a halt in the decline. MSK has set the late - October freight rate at 1800, a 400 increase from the early - October rate [6]. - In the European shipping market, based on IPMI data, the cargo volume will bottom out in October and turn around in November. From late - September to late - October, shipping companies are "grabbing cargoes", but the "ROLLINGPOOL" strategy in the off - season may intensify the decline in freight rates. It is expected that the offline freight rate will fall to the May low by late - October, and shipping companies will start to support the price through contracts after the cargo volume rebounds in November. The suspension of voyages during the National Day has limited impact on the market due to the low cargo volume. A price increase notice during the holiday, combined with pre - holiday cargoes, may drive up prices in the peak season [7]. 3. Summary by Related Catalogs 3.1 Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) dropped by 14.31% to 1198, and the China Export Container Freight Index (CCFI) decreased by 0.45% to 1120. Rates for various routes such as SCFI - West America, SCFI - East America, and SCFI - Northwest Europe also declined significantly, with drops ranging from 8.84% to 31.07%. However, the SCFIS - Northwest Europe and SCFI - Mediterranean decreased by 17.15% and 5.75% respectively [4]. - **EC Contracts**: The prices of EC contracts (EC2506, EC2608, etc.) showed an upward trend, with涨幅 ranging from 1.91% to 6.81%. The EC2606 and EC2608 contracts had a slight change in positions, while the EC2410 contract saw a significant decrease in positions by 5414. The month - spread values of 10 - 12, 12 - 2, and 12 - 4 also changed, with the 10 - 12 spread decreasing by 28.0 and the 12 - 4 spread increasing by 62.5 [4]. 3.2 Market News - The goods transportation through the Kazakh border has been temporarily suspended due to the disagreement between the Kazakh and Russian governments on the customs union agreement, and the negotiation completion date is unknown. The Polish - Belarusian border may open on Tuesday or Wednesday this week [5]. - In the first week of September, the booking volume from China to the US decreased by nearly 26% year - on - year, and the booking volume from the US to China decreased by 18%. Tariffs remain a key variable for market fluctuations [5]. 3.3 Strategy - A positive spread strategy for the 10 - 12 period is recommended [8].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - The shipping market is facing multiple challenges. Cargo transportation through the Kazakh border has been temporarily suspended due to disagreements between the governments of Kazakhstan and Russia. MSC has cancelled 5 more voyages during the Golden Week off - season, leading to a reduction in capacity on the Pacific and Asia - Europe routes. The booking volume between China and the US has declined significantly, and tariffs remain a key variable for market fluctuations. The EC market is showing a rebound, mainly due to MSK's stable 10 - second - week freight rates and a price increase in the second half of October. In the European shipping market, the freight rates are expected to fall in late October and recover in November [5][6][7]. 3. Key Points by Content Shipping Market News - Cargo passage through the Kazakh border is temporarily suspended due to government disagreements, and the negotiation completion date is unknown. The Polish - Belarusian border may open this Tuesday, Wednesday, or by the end of the month [5]. - MSC cancels 5 more voyages during the Golden Week off - season, with a 14% reduction in Pacific route capacity and a 17% reduction in Asia - Europe route capacity [5]. - In the first week of September, China - US booking volume decreased by nearly 26% year - on - year, and US - China booking volume decreased by 18%. Tariffs are a key variable [5]. Shipping Derivatives Data - **Freight Index**: The Shanghai Export Container Freight Index (SCFI) decreased by 14.31%, and the China Export Container Freight Index (CCFI) decreased by 0.45%. Rates on various routes such as SCFI - US West, SCFI - US East, and SCFI - Northwest Europe also declined [4]. - **EC Contracts**: Most EC contracts showed price increases, with EC2512 rising by 4.50%. Some contracts also had changes in positions, such as a 488 - increase in EC2412 positions [4]. - **Month - spread**: The 10 - 12 month - spread decreased by 58.7, the 12 - 2 month - spread increased by 20.6, and the 12 - 4 month - spread increased by 46.7 [4]. EC Market - The EC market is rebounding. MSK's 10 - second - week freight rates remained stable at 1400, and the rates in late October increased by 400 compared to early October [6]. Spot Price - This week, the GEMINI October price dropped to 1500, OA to 1550, PA to 1400, and MSC to 1600. The FAK freight rate center in the market in late September was 1500 [7]. Strategy - A 10 - 12 positive spread strategy is recommended [8].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The market's expectation of price support at $2000/FEU has failed. With demand entering the off - season, supply vessel schedules being full, and the impact of overtime ships, the freight rate is accelerating to decline. The market may continue to be weak in the future, and it is recommended to hold short positions in the October contract [2][4] 3. Summary by Relevant Catalogs Spot Market Freight Rates - MSK's 35 - week opening rate rose to $2340/FEU, while HPL - Q0's quote dropped to $2435/FEU, a $400 decrease from the previous level [3] - OCEAN's 34 - week freight rate was between $2800 - $2900/FEU. EMC's online rate remained at $3010 - $3160/FEU, CMA's at $2920 - $3020/FEU, and FAL's 3 - route rate dropped to $2520/FEU and then rebounded [3] - MSC's rate dropped to $2840/FEU, while ONE and HMM maintained their rates at $2743 and $2700/FEU respectively [3] Market Performance - MSK's opening freight rate dropped from $2600/FEU to $2200/FEU. HPL's online rate for the 22nd ship was $1800/FEU, and CMA's online rate dropped from $2920 to $2520/FEU, causing the futures market to break below 1400 points and reach a minimum of 1326.7 points [2] - The trading volume of the October contract rose to 66,400 lots, with an increase of 4786 lots in open interest. It closed at 1333.1 points, down 5.57%. The December contract closed at 1700.1 points, down 1.19% [2] Fundamental Information - Wan Hai will upgrade the Red Sea route AR2. Starting from mid - September, the new FM1 Asia - Mediterranean route will use the Suez Canal, adding direct routes to important ports such as Alexandria in Egypt and Izmit and Istanbul in Turkey [3] Macroeconomic Data - In August, the ZEW economic sentiment index in the Eurozone was 25.1, down from the previous value of 36.1. OPEC's monthly report raised the Eurozone's economic growth forecast for 2025 from 1% to 1.2% and for 2026 from 1.1% to 1.2% [3] Trading Logic and Outlook - The market's expectation of price support at $2000/FEU has failed. With demand in the off - season, supply vessel schedules being full, and the impact of overtime ships, the freight rate is accelerating to decline. The traditional price - decline period from August to September requires OCEAN and PA to follow the downward trend. The accelerated decline of SCFIS in the second half of August may narrow the futures discount [4] - The market outlook is weak and volatile, and it is recommended to hold short positions in the October contract [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - The spot price of shipping has peaked, and the subsequent focus is on the downward slope of prices until the end of October. The shipping companies are facing increasing pressure to secure cargo, and the current spot freight rates have entered a rapid downward phase. The freight rates on the European route are expected to break through the 2000 mark in September [8]. 3. Summary by Relevant Catalogs 3.1 Shipping Freight Index - **Current and Previous Values and Changes**: The Shanghai Export Container Freight Index (SCFI) has a current value of 1490, a previous value of 1551, and a decline of -3.94%. The China Export Container Freight Index (CCFI) has a current value of 1201, a previous value of 1233, and a decline of -2.59%. Other routes such as SCFI - West US, SCFI - East US, and SCFI - Northwest Europe also show varying degrees of decline [4]. 3.2 Shipping Contracts - **Contract Price Changes**: Contracts such as EC2506, EC2508, etc., show different price changes. For example, EC2506 has a price increase of 0.17% [5]. - **Contract Positions**: The positions of contracts like EC2606, EC2508 show different changes. For example, the position of EC2606 decreased by 8 [5]. - **Contract Month - to - Month Differences**: The month - to - month differences such as 10 - 12, 12 - 2, 12 - 4 also show changes. For example, the 10 - 12 month - to - month difference increased by 18.8 [5]. 3.3 Market News - **Tariff and Diplomatic News**: The US and China need to decide whether to extend the current tariff suspension agreement by August 12. Trump threatens to impose higher tariffs on countries buying Russian oil. Trump and Putin will meet in Alaska on August 15 [6]. - **Shipping Route News**: South Korea will start pilot operations on the "Northern Sea Route" in 2026. Three Chinese small - scale carriers will provide several voyages on this route in late summer 2025 [6]. - **US Import News**: The latest Global Port Tracker (GPT) report shows that US imports in the last four months of 2025 will decline significantly year - on - year, mainly due to pre - stocking in late 2024 and the pre - peak before the tariff takes effect this year [6]. 3.4 Market Analysis - **Market Trend**: The market is in a volatile state [7]. - **Spot Price Analysis**: The spot price has peaked and is in a downward phase. Shipping companies on the European route are under great pressure to secure cargo, and the spot freight rates are expected to decline further [8]. 3.5 Investment Strategy - **Strategy Suggestion**: Short the October contract on rallies (take profit gradually as the recent decline is large), and hold the long - December and short - April spread [9].