Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The shipping market is in a downward trend. The main reasons include Powell's speech at the Jackson Hole Symposium, which raised market expectations for interest rate cuts, and Trump's threat to impose tariffs on imported furniture, leading to pre - trading of furniture shipments. The short - term market still has room to decline [6]. - The current shipping market demand is weak. With more overtime ships in late August, spot freight rates are under significant pressure. The market has shifted to a buyer - dominated situation, and there is no clear price - increase plan from shipping companies yet. Trump's tariff policies and global over - capacity further suppress trade volume [7]. - OCEAN's freight rate reduction 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 volatile trend [8]. 3. Summary by Content 3.1 Shipping Derivatives Data - **Freight Rate Index**: 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 on various routes, such as SCFI - US West, SCFI - US East, and SCFI - Northwest Europe, all decreased, with the SCFI - Northwest Europe dropping by 8.35% and the SCFIS - Northwest Europe by 8.72% [4]. - **Contract Data**: All shipping contracts (e.g., EC2506, EC2608) showed price declines, with the largest drop of 3.05% in the EC2512 contract. Regarding positions, the positions of some contracts (e.g., EC2608, EC2410) increased, while the EC2606 position decreased by 1 [4]. - **Monthly Spread**: The 10 - 12 monthly spread increased by 18.5, while the 12 - 2 and 12 - 4 monthly spreads decreased by 8.7 and 16.7 respectively [4]. 3.2 Market News - Trump imposed a 50% tariff on most US imports from India to punish India for buying discounted Russian oil. The average spot freight rate on the US East route has dropped to the lowest level since the end of 2023, and the decline is expected to continue [5]. - Chinese trade negotiator Li Chenggang is expected to visit Washington this week to seek a new path based on the existing tariff truce [5]. 3.3 Market Analysis - The shipping market is in a downward trend. The market's expectation of interest rate cuts and Trump's tariff threat on furniture led to pre - trading of furniture shipments. The short - term market still has room to decline [6]. - The shipping market demand is weak. Overtime ships in late August pressured spot freight rates. Shipping companies such as MSC and MSK have announced September quotes, generally maintaining August levels. MSK will lower the peak - season surcharge and raise the overweight surcharge threshold. Some shipping companies are relaxing long - term low - price booking restrictions. The empty - sail rate on the European route in September is low, and there is no obvious signal of supply tightening in the short term [7]. - OCEAN's freight rate reduction in September is accelerating, which may force NSK to cut prices. The price of the 12 - contract is likely to be weak and volatile [8]. 3.4 Investment Strategy - The strategy is to short the 10 - contract on rallies and conduct a 10 - 12 reverse spread on a rolling basis [9].