Report Summary 1. Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints - The overall trend of the EC market is downward. It is expected that the freight rates on the European route will peak at the end of July, with a low possibility of a rate hike in August, and even if a hike is called, the success rate will be low. Freight rates are about to enter a rounded - top trend, and an accelerated decline is expected at the end of August [7][8]. 3. Summary by Relevant Catalogs 3.1 Shipping Freight Index - **Present Values and Changes**: The present values of Shanghai Export Container Freight Index (SCFI) and China Export Container Freight Index (CCFI) are 1647 and 1261 respectively, with daily changes of - 3.30% and - 3.23%. SCFI - US West, SCFIS - US West, SCFI - US East, and SCFI - Northwest Europe are at 2067, 1301, 3378, and 2090 respectively, with changes of - 3.50%, 2.76%, - 6.48%, and 0.53%. SCFIS - Northwest Europe and SCFI - Mediterranean are at 2400 and 2418, with changes of - 0.87% and - 4.35% [4]. 3.2 Shipping Derivative Contracts - **Contract Prices and Changes**: For contracts EC2506, EC2508, EC2510, EC2512, EC2602, and EC2604, the present values are 1518.0, 2212.6, 1527.5, 1720.2, 1518.8, and 1361.7 respectively, with changes of 0.74%, - 1.44%, - 3.56%, - 3.35%, - 2.78%, and - 1.47% [4][5]. - **Contract Positions and Changes**: The present positions of EC2606, EC2508, EC2410, EC2412, EC2602, and EC2604 are 788, 8358, 49977, 8520, 4479, and 5525 respectively, with changes of - 53, - 1326, - 609, - 221, 152, and 12 [5]. - **Monthly Spread and Changes**: The present monthly spreads for 10 - 12, 12 - 2, and 12 - 4 are 685.1, - 192.7, and 358.5 respectively, with changes of 24.1, 3.3, and - 39.4 [5]. 3.3 Market Influencing Factors - **Price Announcements by Shipping Companies**: ONE's August upper - ten - day list price for large containers remains the same as in late July, and CM4 reduced prices at the end of July. MSK's August first - week freight rate is lower than the current selling price, and Maersk's overtime ship opening also affected the market [8]. 3.4 Investment Strategy - The recommended strategy is to short contracts 10 on rallies and hold the long - 12 short - 4 calendar spread [9].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The EC market rebounded on Friday with the 08 contract surging due to Maersk's announced PSS price increase of $500 for long - term contracts in August and ONE's online quote increase of $300. However, the market sentiment fluctuated as ONE's offline August early - period list price remained the same as late - July and CML cut prices at the end of July. The 10 contract declined on Monday afternoon, and the market dropped on Tuesday afternoon as MSK's August first - week freight rate was lower than the current selling price. On Wednesday, it was affected by Maersk's overtime ship opening at $2700. Overall, it rebounded on Thursday afternoon due to the positive commodity market, but some airlines continued to cut prices for late - July and early - August. It is expected that the European line freight rate will peak at the end of July, with a low possibility of price hikes in August, and even if there are price hikes, the success rate will be low. The freight rate is about to enter an arc - top trend, and the accelerated decline is expected at the end of August [7]. - The strategy is to short the 10 contract on rallies and hold the 12 - 4 calendar spread [8]. 3. Summary by Relevant Catalogs 3.1 Freight Index - **Current Values**: The Shanghai Export Container Freight Index (SCFI) is 1647, the China Export Container Freight Index (CCFI) is 1304, SCFI - US West is 2142, SCFIS - US West is 1301, SCFI - US East is 3612, SCFI - Northwest Europe is 2079, SCFIS - Northwest Europe is 2400, and SCFI - Mediterranean is 2528 [5]. - **Previous Values**: SCFI was 1733, CCFI was 1314, SCFI - US West was 2194, SCFIS - US West was 1266, SCFI - US East was 4172, SCFI - Northwest Europe was 2099, SCFIS - Northwest Europe was 2421, and SCFI - Mediterranean was 2667 [5]. - **Percentage Changes**: SCFI decreased by 4.98%, CCFI decreased by 0.78%, SCFI - US West decreased by 2.37%, SCFIS - US West increased by 2.76%, SCFI - US East decreased by 13.42%, SCFI - Northwest Europe decreased by 0.95%, SCFIS - Northwest Europe decreased by 0.87%, and SCFI - Mediterranean decreased by 5.21% [5]. 3.2 Contracts - **Current Values**: EC2506 is 1506.9, EC2508 is 2244.9, EC2510 is 1583.9, EC2512 is 1779.9, EC2602 is 1562.3, and EC2604 is 1382.0 [5]. - **Previous Values**: EC2506 was 1468.8, EC2508 was 2239.7, EC2510 was 1537.0, EC2512 was 1701.8, EC2602 was 1477.3, and EC2604 was 1324.0 [5]. - **Percentage Changes**: EC2506 increased by 2.59%, EC2508 increased by 0.23%, EC2510 increased by 3.05%, EC2512 increased by 4.59%, EC2602 increased by 5.75%, and EC2604 increased by 4.38% [5]. 3.3 Positions - **Current Values**: EC2606 position is 841, EC2508 position is 9684, EC2410 position is 50586, EC2412 position is 8741, EC2602 position is 4327, and EC2604 position is 5513 [5]. - **Previous Values**: EC2606 position was 807, EC2508 position was 11039, EC2410 position was 50131, EC2412 position was 8446, EC2602 position was 4094, and EC2604 position was 5800 [5]. - **Change Values**: EC2606 increased by 34, EC2508 decreased by 1355, EC2410 increased by 455, EC2412 increased by 295, EC2602 increased by 233, and EC2604 decreased by 287 [5]. 3.4 Calendar Spreads - **Current Values**: The 10 - 12 spread is 661.0, the 12 - 2 spread is - 196.0, and the 12 - 4 spread is 397.9 [5]. - **Previous Values**: The 10 - 12 spread was 702.7, the 12 - 2 spread was - 164.8, and the 12 - 4 spread was 377.8 [5]. - **Change Values**: The 10 - 12 spread decreased by 41.7, the 12 - 2 spread decreased by 31.2, and the 12 - 4 spread increased by 20.1 [5].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - The market for shipping derivatives is currently in a state of oscillation. It is expected that the freight rates for European routes will peak at the end of July, with a low possibility of rate hikes in August, and even if there are hikes, the success rate will be low. Freight rates are about to enter a rounded - top trend, and an accelerated decline is expected at the end of August [5]. - The recommended strategy is to short the 10 - contract on rallies and hold the 12 - 4 calendar spread [6]. 3. Summary by Relevant Catalogs 3.1 Shipping Freight Index - **Spot Freight Index**: The current values of Shanghai Export Container Freight Composite 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 1647, 1304, 2142, 1301, 3612, 2079, 2400, and 2528 respectively. Their respective previous values were 1733, 1314, 2194, 1266, 4172, 2099, 2421, and 2667, with corresponding changes of - 4.98%, - 0.78%, - 2.37%, 2.76%, - 13.42%, - 0.95%, - 0.87%, and - 5.21% [3]. - **Contract Freight Index**: The current values of contracts EC2506, EC2508, EC2510, EC2512, EC5602, and EC2604 are 1468.8, 2239.7, 1537.0, 1701.8, 1477.3, and 1324.0 respectively. Their previous values were 1460.0, 2249.7, 1548.0, 1708.7, 1460.5, and 1319.8, with changes of 0.60%, - 0.44%, - 0.71%, - 0.40%, 1.15%, and 0.32% [3]. - **Contract Positions**: The current positions of EC2606, EC2508, EC2410, EC2412, EC2602, and EC2604 are 807, 11039, 50131, 8446, 4094, and 5800 respectively. Their previous positions were 779, 12393, 51734, 8533, 3982, and 5538, with changes of 28, - 1354, - 1603, - 87, 112, and 262 [3]. - **Monthly Spread**: The current values of the 10 - 12, 12 - 2, and 12 - 4 monthly spreads are 702.7, - 164.8, and 377.8 respectively. Their previous values were 701.7, - 160.7, and 388.9, with changes of 1.0, - 4.1, and - 11.1 [3]. 3.2 Market News - US President Trump said he would be willing to abandon tariff provisions if he could persuade major countries to open their markets to the US; US Treasury Secretary Scott Bessent confirmed that most countries will face a rebound in tariff levels to the retaliatory rates set on April 2 by the Trump administration on August 1; he will discuss with Chinese officials in Stockholm whether to further postpone the August 12 tariff deadline for China; Indonesia will impose a 19% reciprocal tariff on US goods and cancel tariff barriers on over 99% of US exports; Trump announced a 15% reciprocal tariff on Japan [4]. 3.3 Market Analysis - The 08 - contract rallied on Friday as Maersk announced a PSS increase of 500 for long - term contracts in August and ONE raised its online quote by 300, leading the market to pre - trade the August price increase; the 10 - contract declined on Monday as ONE's offline August price remained the same as in late July and CMA cut prices at the end of July; the market declined on Tuesday afternoon as WSK's August first - week freight rate was lower than the current selling price, seen as a signal of a peak in freight rates [5].