Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The SCFIS index reported 1795 points, showing a strong and volatile pattern. Its trend is mainly influenced by the expected actual freight rates of liner companies in late January. The current main contract fluctuates violently without a one - way trend, and the price oscillates around the key central level of 1800 points. The market will remain strongly volatile, and the recommended strategy is to wait and see [9][10]. 3. Summary by Related Content a. Shipping Freight Index - **Current and Previous Values and Fluctuations**: The current value of the Shanghai Export Container Freight Index (SCFI) comprehensive index 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% from 1992; SCFIS - US West is 1250, down 3.92% from 1301; SCFI - US East is 3033, up 6.57% from 2846; SCFI - Northwest Europe is 1690, up 10.24% from 1533; SCFIS - Northwest Europe is 1795, up 3.04% from 1742; SCFI - Mediterranean is 3143, up 10.94% from 2833 [5]. b. Spot Freight Price - **European Line Freight**: The current European line freight is in high - level oscillation. The second - half - month quotes of each alliance are generally higher than those in the first half - month. The OA alliance has the highest overall freight level, and the individual quote of MSC has a significant increase. For example, in the OA alliance, from wk1 (12/20 - 1/4) to wk2 (1/5 - 1/12), the 20GP increased from 1535 to 1824, and the 40GP increased from 2631 to 3068 [6]. c. Market Logic - **Market Fluctuation Reasons**: The market is affected by the expected actual freight rates of liner companies in late January. The main contract fluctuates violently. The morning trading on the previous day was affected by msk's fourth - week opening offer of 2800, up 100 month - on - month, indicating that airlines think the freight rate peak may appear in late January. The afternoon trading saw a price adjustment (for Gdansk Port), a decrease of 300, causing market panic. However, the volume of Gdansk in the container field is about 16% of Rotterdam and is not included in the index, so it is necessary to observe whether the prices of mainstream ports follow the decline [9]. d. Strategy - **Investment Strategy**: The recommended strategy is to wait and see [10].

Report Summary 1. Reported Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current European line freight rates are in a high - level oscillation. The quotes of each alliance in the second half and last ten - day of the month are generally higher than those in the first ten - day. The OA alliance has the highest overall freight rate level, and the individual quote increase of MSC is significant. The SCFIS index shows a relatively strong oscillation pattern, and its trend is restricted by the expected actual freight rates of liner companies in late January. The current main contracts fluctuate sharply and lack a one - way trend, with high operation difficulty. The recommended strategy is to wait and see [5][6][7] 3. Summary by Relevant Catalogs 3.1 Shipping Freight Rate Index - **Shanghai Export Containerized Freight Index (SCFI)**: The current value is 1656, the previous value is 1553, and the increase rate is 6.66% [4] - **China Containerized Freight Index (CCFI)**: The current value is 1147, the previous value is 1125, and the increase rate is 1.95% [4] - **SCFI - US West**: The current value is 2188, the previous value is 1992, and the increase rate is 9.84% [4] - **SCFIS - US West**: The current value is 1250, the previous value is 1301, and the decrease rate is 3.92% [4] - **SCFI - US East**: The current value is 3033, the previous value is 2846, and the increase rate is 6.57% [4] - **SCFI - Northwest Europe**: The current value is 1690, the previous value is 1533, and the increase rate is 10.24% [4] - **SCFIS - Northwest Europe**: The current value is 1795, the previous value is 1742, and the increase rate is 3.04% [4] - **SCFI - Mediterranean**: The current value is 3143, the previous value is 2833, and the increase rate is 10.94% [4] 3.2 Spot Freight Rates of Different Alliances - **GEMINI Alliance** - wk1 (12/29 - 1/4): 20GP is 1585, 40GP is 2550 - wk2 (1/5 - 1/12): 20GP is 1585, 40GP is 2550 (same as wk1) - wk3 (1/13 - 1/20): 20GP is 1635, 40GP is 2650 (increased by 50 and 100 respectively compared to wk1) [5] - **OA Alliance** - wk1 (12/20 - 1/4): 20GP is 1535, 40GP is 2631 - wk2 (1/5 - 1/12): 20GP is 1824, 40GP is 3068 (significantly increased compared to wk1) - wk3 (1/13 - 1/20): 20GP is 1824, 40GP is 3068 (same as wk2) [5] - **PA Alliance** - wk1 (12/29 - 1/4): 20GP is 1603, 40GP is 2806 - wk2 (1/5 - 1/12): 20GP is 1645, 40GP is 2600 - wk3 (1/13 - 1/20): 20GP is 1645, 40GP is 2600 (same as wk2) [6] - **MSC** - wk1 (12/20 - 1/4): 20GP is 1700, 40GP is 2840 - wk2 (1/5 - 1/12): 20GP is 1700, 40GP is 2840 (same as wk1) - wk3 (1/13 - 1/20): 20GP is 1880, 40GP is 3140 (increased by 180 and 300 respectively compared to wk1) [6] 3.3 Strategy - The recommended strategy for the shipping derivatives market is to wait and see [7]

Core Insights - The Shanghai Export Container Freight Index for European routes reached 1622.81 points as of June 9, 2025, reflecting a 29.5% increase compared to the previous period [1] Group 1 - The Shanghai Export Container Freight Index indicates a significant rise in shipping costs for exporters [1] - The increase in the index suggests a potential upward trend in freight rates, impacting logistics and supply chain costs for companies involved in international trade [1]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The overall shipping derivatives market shows a complex situation. The spot market has a tendency to increase prices in late June, and the futures market fluctuates upward. It is recommended to hold the 12 - 4 positive spread [8][9] 3. Summary by Relevant Catalogs 3.1 Shipping Freight Index - **SCFI and CCFI**: The current value of the Shanghai Export Container Freight Composite Index (SCFI) is 2240, with a previous value of 2073 and a rise - fall rate of 8.09%. The current value of the China Export Container Freight Index (CCFI) is 1155, with a previous value of 1118 and a rise - fall rate of 3.34% [5] - **Regional Routes**: SCFI - US West has a current value of 5606, a rise - fall rate of 8.39%; SCFI - US East has a current value of 6933, a rise - fall rate of 11.15%; SCFI - Northwest Europe has a current value of 1667, a rise - fall rate of 5.04%; SCFIS - Northwest Europe has a current value of 1252, a rise - fall rate of 0.40%; SCFI - Mediterranean has a current value of 3302, a rise - fall rate of 7.87%. However, SCFIS - US West has a current value of 1718, a fall rate of 0.12% [5] 3.2 EC Futures Contracts - **Prices**: For contracts like EC2506, EC2508, etc., their prices have different changes. For example, EC2506 has a current value of 1936.8, a previous value of 1971.1, and a fall rate of - 1.74%; EC2508 has a current value of 2062.5, a previous value of 2146.3, and a fall rate of - 3.90%. But EC2604 has a current value of 1217.3, a previous value of 1205.7, and a rise rate of 0.96% [5] - **Positions**: The positions of different contracts also vary. For example, the current value of EC2506 position is 8138, with a decrease of 622 compared to the previous value; the current value of EC2508 position is 46227, with a decrease of 1027 compared to the previous value [5] - **Monthly Spreads**: The current values of 10 - 12, 12 - 2, and 12 - 4 monthly spreads are 732.5, - 174.2, and 286.9 respectively, with changes of - 57.8, 11.8, and - 49.4 compared to the previous values [5] 3.3 Trade Situation - **Tariff Adjustment**: China will reduce the tariff on US goods from 125% to 10% for 90 days, and the US will reduce the tariff on Chinese goods from 145% to 30% for 190 days [5] - **Trade Friction**: There are signs of a resurgence of Sino - US trade frictions. Trump claims that China violated the agreement, and the US plans to impose broader sanctions on Chinese technology. Also, the US trade negotiation team has internal differences, which may complicate the negotiation in London on June 9 [6][7] 3.4 Market Situation - **Spot Market**: In late June, shipping companies are eager to raise prices. The COSCO offline quotation is 4200, CMA is 4250, etc. The market average transaction price in the first week of June is 2350 $/FEU, and the high - end (75% quantile) transaction price is 2700 $/FEU. Although the Far - East to Northern Europe route is not directly affected by Sino - US tariffs, the change in one region can affect the whole supply chain [8] - **Futures Market**: The price increase of shipping companies in late June stimulates the futures market to fluctuate upward. The near - month contracts of June and August are most affected, with the August contract being more elastic as June enters the delivery logic, while the far - month contracts follow the fundamental logic [8] 3.5 Strategy Recommendation - Hold the 12 - 4 positive spread [9]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - No clear - cut core viewpoints are presented in the given content 3. Summary by Related Catalogs EC Futures Contracts - EC2506, EC2508, EC2510, EC2512, EC2602, and EC2604 contracts' yesterday's closing prices were 1971.1, 2146.3, 1356.0, 1542.0, 1377.0, and 1205.7 respectively, with price changes of 0.04%, - 2.40%, - 1.95%, - 1.79%, - 1.63%, and - 2.70% [2]. - Their corresponding bases were - 718.3, - 893.5, - 103.2, - 289.2, - 124.2, and 47.1; yesterday's trading volumes were 5610, 73378, 12963, 1222, 430, and 443; yesterday's open interests were 8760, 47254, 24021, 4394, 2720, and 3365; and open - interest changes were - 326, - 707, 255, - 57, 33, and 42 respectively [2]. EC Futures Contract Month - to - Month Spreads - Month - to - month spreads like EC2506 - 2508, EC2508 - 2510, EC2506 - 2510, EC2510 - 2512, and EC2512 - 2602 had values, and their day - on - day and week - on - week changes are presented in the report [2]. Spot Freight Rate Indexes - SCFIS (updated weekly on Mondays, announced on 2025/6/2) was 1252.82 points, up 0.46% from the previous period and down 1.44% compared to the same period last year [2]. - SCFI (updated hourly, announced on 2025/5/30) was $1587/TEU, up 20.50% from the previous period [2]. - CCFI (updated weekly, announced on 2025/5/30) was 1375.62 points, down 1.22% from the previous period and down 2.64% compared to the same period last year [2]. - NCFI (updated hourly, announced on 2025/5/30) was 1067.59 points, up 36.25% from the previous period and up 4.35% compared to the same period last year [2]. - TCI (updated daily, announced on 2025/6/4) was 769.36 points, with no change from the previous period [2]. Capacity Arrangement - In June and July 2025, the weekly average capacity will be 297,000 and 314,000 TEU respectively [2]. Recent European Line Quotations - For the second week of June, COSCO&OOΩ's offline price increased by $200, and MSK's online price rose from $2100 to $2400. The average of week 23 converted to the futures price was about 1800 points [3]. - For the second half of June, multiple shipping companies announced price increases. After some price adjustments on June 5, the average freight was about $3000, converting to about 2100 points on the futures market [3]. News - On 6/5, the European Central Bank cut interest rates by 25 basis points as expected, with the deposit mechanism rate dropping to 2%, the main refinancing rate dropping to 2.15%, and the marginal lending rate dropping to 2.4% [4]. - On 6/6, the Israeli military said Hezbollah's air force was operating and producing thousands of drones, which was a "flagrant violation" of the understanding with Lebanon [4]. - On 6/6, sources said the Israeli army had controlled about 50% of the Gaza Strip [4].