Report Information - Report Title: "Oriental Line Shipping Pulse 2026W07" [3] - Author: Lan Xi - Department: Black and Shipping Department of Orient Securities Derivatives Research Institute - Qualification Numbers: F03086543 (从业资格号), Z0016590 (投资咨询号) Core Findings Loading Rate - In week W6, the average loading rate of the European line fleet departing from China ports reached 93.6%, a 2.2% increase from the previous period (91.4%) [10]. - In week W5, the loading rate of the European line fleet departing from Asian ports was 96.8%, remaining basically flat compared to the previous period (96.7%) [10]. - For different alliances, the OA alliance's China - departing loading rate was 95.9%, up 2.2% from the previous period; the PA + MSC alliance's China - departing loading rate was 94.9%, with a slight 0.5% increase, and its Asian - departing loading rate in week W5 reached 98.6%; the Gemini alliance's China - departing loading rate was 88.9%, up 3.6% from the previous period [10]. Shipping Capacity - The average weekly shipping capacity from late February (weeks W8 - W9) was 224,300 TEUs, slightly lower than the 239,000 TEUs average during the same Spring Festival period last year [13]. - The monthly average weekly shipping capacity in March was 301,000 TEUs, significantly higher than the 258,000 TEUs average during the same period last year. Starting from mid - March, the shipping capacity increased significantly, with the average weekly shipping capacity from weeks W11 - W13 reaching 327,000 TEUs [13]. Shipping Schedule and Index - In week W6, 6 sailings were postponed to week W7, including 1 from Gemini, 1 from OA, and 4 from MSC and PA. The overall operation of Chinese ports was normal. In Shanghai Port, 6 sailings in week W6 were postponed to week W7, and 1 sailing skipped a port [20]. - The SCFIS (European Line) index closed at 1657.94 points, a 7.5% decrease from the previous period [20]. - The actual departing shipping capacity from Shanghai Port on the European line in week W6 was 211,400 TEUs, of which 36% were postponed sailings from week W5. By alliance, the weights of Gemini, OA, PA + MSC, and MSC were 21%, 42%, 23%, and 14% respectively [20]. Port Congestion - In Chinese ports, the average turnaround time at Yangshan Port was about 1.7 days, at Ningbo Port about 2.4 days, and at Yantian Port about 1.3 days. With the approaching Spring Festival, the pressure on domestic ports is expected to gradually ease [23]. - In Southeast Asian ports, the pressure has significantly eased compared to the previous period. The average time ships spent in port at Singapore Port was 1.2 days, and at Port Klang was 1.3 days [23]. - In European ports, the pressure has slightly eased compared to the previous period. However, due to continuous low - temperature and snowfall weather, the port operation outlook remains uncertain. The average time ships spent in port at Antwerp was about 1.5 days, at Rotterdam 2.3 days, at Hamburg 3.5 days, and at Bremen 1.4 days [23].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The loading rate of the European route fleet departing from China decreased, and the loading difference between Asia and China decreased to the average level of April - May. The supply pressure in October remains high, and the delay of ship schedules has improved, while the decline of the SCFIS index will continue to widen [7][14][18][19] 3. Summary by Relevant Catalogs 3.1. European Route Loading Rate Tracking - W32 European route fleet's average loading rate when departing from China was 89.7%, a 3.0% decrease from the previous period, reaching the lowest point since April. The loading rate of the European route fleet departing from Asia in W31 was 96.8%, a 0.3% decrease from the previous period, and the loading difference between Asia and China decreased to the average level of April - May [7] - Among different alliances, the OA's loading rate when departing from China was 92.2%, with a slight decline; PA and MSC's was 91.3%, continuing to decline; Gemini's was 85.2%, with a large decline, dragging down the comprehensive loading rate [9] 3.2. European Route Ship Schedules and Capacity - The average weekly capacity in August was 326,000 TEU, higher than that in July. The average weekly capacity in September was 308,000 TEU, higher than the average level of June - July. The average weekly capacity in October was 286,000 TEU, higher than that in March and the same period last year, and the supply pressure remains high [14] - The SWAN route's last port was changed from Antwerp to Felixstowe, and the ship schedule delays are expected to improve significantly after October. MSC's ALBATROS route cancelled Shanghai挂靠 from W28, and the BRITANNIA route cancelled Ningbo挂靠 and added new ports from W28 [12][14] 3.3. Ship Schedule Delays and Spot Overview - In W32, 6 ship schedules were delayed to W33, and the delay situation improved compared to last week. The proportion of previously delayed capacity in the actually departed ships last week was over 60%. With relatively calm weather in the northern East China Sea this week, the delay situation is expected to improve further [18] - The SCFIS (European route) index closed at 2235.48 points, a 2.7% decline. Due to the high proportion of previously delayed capacity, the decline of the index was less than expected. As the spot price is adjusted downwards and the ship schedule delays improve, the index decline will continue to widen [19] - The actual departing capacity of the European route from Shanghai Port in W32 was 332,200 TEU, of which 62% were delayed ship schedules from W31. By alliance, the weights of Gemini, OA, and PA + MSC were 18%, 37%, and 45% respectively [19] 3.4. Ship Schedule Delay Observation and Early Warning - Different alliances have different ship schedule delay situations and early - warning routes in different weeks. For example, in W32, OA's AE1 and AE2 routes were delayed, and in W33, there were early - warnings for OA's AE3 and AE5 routes, etc. [21][28][30] 3.5. Related Port Congestion Data - In China, due to the residual impact of previous typhoons, the congestion pressure in Ningbo and Shanghai ports is still high. Yangshan Port's average turnover time is about 2.0 days, Ningbo Port's is about 2.8 days, and Yantian Port's is about 1.2 days. As the shipping volume decreases, the port pressure is expected to ease, but potential weather disturbances need to be monitored [39] - In Southeast Asia, the port congestion pressure has significantly decreased. The average in - port time of ships in Singapore Port is 1.4 days, and in Port Klang is 1.0 days [39] - In Europe, problems such as summer holidays, labor shortages, railway construction in Germany, and low water levels in the Rhine River are still ongoing. The average in - port time of Antwerp Port is about 1.8 days, Rotterdam's is 2.5 days, Hamburg Port's is 2.7 days, and Bremen Port's is 3.1 days [39]