Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The spot market for container shipping is in a downward trend, and the EC futures market is expected to remain weakly volatile. The dry bulk shipping market has seen a decline in the Baltic Dry Index due to falling freight rates for Capesize vessels, while the tanker market shows a divergence between the crude oil and refined oil sectors [6][14][22]. Summary by Directory Part I: Container Shipping - Container Freight Index (Europe Line) Market Analysis and Strategy Recommendation - **Market Performance**: On August 20, the EC2510 contract closed at 2123 points, down 0.2% from the previous day. The SCFI Europe Line reported on August 15 was $1820/TEU, down 7.2% month-on-month. The second-phase settlement index of EC2508 reported on Monday was 2180.17 points, down 2.5% month-on-month, slightly exceeding market expectations [6]. - **Logic Analysis**: With the decline in cargo volume and sufficient capacity supply, spot freight rates are accelerating their decline. The tariff policy has put pressure on the market, and geopolitical factors such as the Israel-Palestine ceasefire negotiations may affect the far - month contracts [7]. - **Trading Strategy**: Unilateral trading should expect a weak and volatile market. For arbitrage, consider rolling operations on the 10 - 12 reverse spread at low levels [8][9]. Industry News - Trump believes there is a good chance to stop the Russia-Ukraine conflict. The US added 407 product categories to the steel and aluminum tariff list. Korea's KMTC ordered 4 container ships and returned to the Trans - Pacific route [11]. Part II: Dry Bulk Shipping Market Analysis and Outlook - **Market Performance**: The Baltic Dry Index fell to a two - week low on Tuesday due to falling Capesize vessel freight rates. The Capesize vessel freight index and daily earnings decreased, while the Panamax vessel freight index and daily earnings increased slightly [14]. - **Spot Rates**: On August 19, the Capesize vessel iron ore route rates from Tubarao, Brazil to Qingdao and from Western Australia to Qingdao decreased. Weekly data showed mixed trends for different routes [15]. - **Shipping Data**: From August 11 - 17, the global iron ore shipment volume increased, and Brazilian soybean and corn shipments showed certain growth compared to the same period last year [17]. - **Logic Analysis**: The Capesize vessel market has few cargoes and weak market sentiment, while the Panamax vessel market has limited coal and grain cargoes. The short - term freight rates of large - sized vessels are under pressure, and the support for medium - sized vessel freight rates from coal transportation demand is expected to weaken [18]. Industry News - The iron ore inventory at seven major ports in Australia and Brazil decreased slightly. The US added product categories to the steel and aluminum tariff list. A coal - laden bulk carrier explosion closed the main channel of the Baltimore Port [19]. Part III: Tanker Transportation Market Analysis and Outlook - **Market Performance**: On August 19, the BDTI was 999, down 1.58% month - on - month and up 8.0% year - on - year. On August 18, the BCTI was 612, up 1.16% month - on - month and down 4.38% year - on - year [22]. - **Logic Analysis**: The crude oil market is stable, with VLCC and Aframax vessel freight rates supported by tight capacity. The refined oil market has an imbalance between supply and demand, and short - term and long - term factors need to be monitored [22]. Industry News - The refined oil inventory at the Fujairah Port in the UAE decreased. India's imports of Russian crude oil decreased in July, and state - owned refineries will seek alternative sources in August and September [23][24]. Part IV: Related Attachments - The report provides multiple charts showing the trends of container shipping, dry bulk shipping, and tanker transportation indices and freight rates over different time periods [26][37][43].

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights a recovery in dry bulk throughput and a positive year-on-year change in crude oil throughput for June [1][3] - Overall cargo throughput performance remains stable, maintaining a "Positive" rating for the shipping and port sector [6] Summary by Sections Overview: National Import and Export Volume and Cargo Throughput - In the first half of 2025, the national import and export total reached 21.79 trillion yuan, a year-on-year increase of 2.9%. The import total was 8.79 trillion yuan, down 2.7%, while the export total was 13 trillion yuan, up 7.2% [5][13] - Coastal major ports achieved a cargo throughput of 5.703 billion tons, a year-on-year increase of 2.5% [5][30] Container: Shipping Rates and Container Throughput - As of August 1, 2025, the China Container Freight Index (CCFI) was at 1232.29 points, down 43.49% year-on-year [5][34] - Container throughput for the first half of 2025 reached 15.227 million TEUs, a year-on-year increase of 7.1% [5][40] Liquid Bulk: Oil Shipping Rates and Crude Oil Throughput - The Baltic Dirty Tanker Index (BDTI) was at 965 points on August 4, 2025, a year-on-year increase of 2.66% [6][42] - Crude oil imports for the first half of 2025 totaled 279 million tons, a year-on-year increase of 1.4% [6][50] Dry Bulk: Shipping Rates and Iron Ore, Coal Throughput - The Baltic Dry Index (BDI) was at 1970 points on August 4, 2025, a year-on-year increase of 17.47% [6][57] - Iron ore throughput for the first half of 2025 was 686 million tons, a year-on-year increase of 1.56% [6][63] Monthly Throughput of Key Port Listed Companies - In June 2025, Shanghai Port Group's cargo throughput was 0.52 billion tons, down 1.57% year-on-year, while Ningbo Port's cargo throughput was 1.01 billion tons, up 11.63% year-on-year [6][75]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The EC futures contracts show different price trends, with some experiencing declines and others increases. For example, EC2508 decreased by 1.58% to 2088.8, while EC2602 increased by 1.51% to 1492.4 [2][30]. - The month - to - month spreads of EC futures also have fluctuations. For instance, the day - on - day change of EC2508 - 2510 was - 24.7, and the week - on - week change was 5.5 [2][30]. - Shipping freight indices have various trends. SCFIS decreased by 0.81% to 2297.86, SCFI decreased by 1.87% to 2051 dollars/TEU, CCFI increased by 0.13% to 1789.5 points, and NCFI decreased by 3.53% to 1372.7 points [2][30]. - In the European line, there are supply and demand issues. In August, the first - week (week32) had good cargo collection but few container usages. Week33 had different cargo collection situations among alliances, and starting from late August, the supply pressure is very high [2][30]. - The recent European line quotes show price drops among many shipping companies. For example, CMA dropped 200 dollars to 3245 dollars, and HPL dropped 300 dollars to 2835 dollars [2][30]. 3. Summaries According to Relevant Catalogs 3.1 EC Futures Contracts - EC2508 closed at 2088.8 with a - 1.58% change, trading volume of 209.1, and an open interest of 3946 [2][30]. - EC2510 closed at 1413.0 with a - 0.62% change, trading volume of 884.9, and an open interest of 52108 with a change of - 421 [2][30]. - EC2512 closed at 1690.5 with a 0.79% change, trading volume of 607.4, and an open interest of 8208 with a change of - 179 [2][30]. - EC2602 closed at 1492.4 with a 1.51% change, trading volume of 805.5, and an open interest of 4116 with a change of - 23 [2][30]. - EC2604 closed at 1331.0 with a 1.21% change, trading volume of 966.9, and an open interest of 4195 with a change of 49 [2][30]. - EC2606 closed at 1471.6 with a 1.27% change, trading volume of 826.3, and an open interest of 789 with a change of - 6 [2][30]. 3.2 Month - to - Month Spreads of EC Futures - EC2508 - 2510: The previous day's spread was 675.8, with a day - on - day change of - 24.7 and a week - on - week change of 5.5 [2][30]. - EC2510 - 2512: The previous day's spread was - 277.5, with a day - on - day change of - 22.1 and a week - on - week change of - 8.2 [2][30]. - EC2512 - 2602: The previous day's spread was 198.1, with a day - on - day change of - 8.9 and a week - on - week change of - 7.9 [2][30]. 3.3 Shipping Freight Indices - SCFIS: Updated weekly on Mondays, the latest value on August 4, 2025, was 2297.86 points, with a 0.81% decline from the previous period and a 3.50% decline from two periods ago [2][30]. - SCFI: Updated weekly on Fridays, the value on August 1, 2025, was 2051 dollars/TEU, with a 1.87% decline from the previous period and a 0.53% increase from two periods ago [2][30]. - CCFI: Updated weekly on Fridays, the value on August 1, 2025, was 1789.5 points, with a 0.13% increase from the previous period and a 0.90% decline from two periods ago [2][30]. - NCFI: Updated weekly on Fridays, the value on August 1, 2025, was 1372.7 points, with a 3.53% decline from the previous period and a 1.20% decline from two periods ago [2][30]. 3.4 European Line Supply and Demand - In August, week32 had good cargo collection but few container usages. Week33 had different cargo collection situations among alliances, with MSK performing better, OA average, and PA worse. Starting from late August, the supply pressure is very high, with week34/35 having a capacity of 340,000 TEU and the average weekly capacity in September 2025 (tentative) being 343,000 TEU (323,000 TEU excluding TBN) [2][30]. 3.5 European Line Quotes - CMA dropped 200 dollars to 3245 dollars, HPL dropped 300 dollars to 2835 dollars, MSC dropped 300 dollars to 3040 dollars, and OOCL dropped 100 dollars to 3100 dollars. MSK opened the week34 booking at 2600 dollars, a 200 - dollar decline from the previous week, and then the price rose to 2640 dollars. The current average quote for week34 is equivalent to about 2050 points on the futures. Week33 quotes dropped to 2800 - 3200 dollars, with an average of 3000 dollars (equivalent to about 2100 points on the futures) [2][30]. 3.6 Related News - On August 4, the EU Commission spokesman said that the EU would suspend two sets of counter - measures against US tariffs for six months, targeting US tariffs on steel and aluminum products and the Trump administration's benchmark and auto tariffs [3][31]. - On August 6, Israeli Prime Minister Netanyahu decided to fully occupy Gaza, and the plan will be submitted for a vote on August 7. As of August 5, the Israeli army had controlled about 75% of the Gaza Strip, and the new plan aims to occupy the remaining area [3][31]. 3.7 Index Delay - The XSI - C index will be delayed by three working days for publication [4][32].

1. Report Industry Investment Rating - No relevant information provided in the documents. 2. Core Viewpoints of the Report - Overall, under the suppression of high capacity, as demand gradually enters the off - season, freight rates will be under pressure in the future [2][6]. 3. Summary According to Related Catalogs 3.1 EC Futures Contracts and Price Trends - EC2508 had a price of 2111.0 with a decline of 3.31%, EC2510 had a price of 1460.0 with a decline of 2.85%, EC2512 had a price of 1735.0 with a decline of 0.16%, EC2602 had a price of 1521.3 with a decline of 1.28%, EC2604 had a price of 1370.0, and EC2606 had a price of 1504.9 with an increase of 0.76% [2][6]. - For month - spreads, EC2508 - 2510 was 680.4, EC2510 - 2512 was - 40.0, and EC2512 - 2602 was 16.9 [2][6]. 3.2 Freight Rate Indexes - SCEIS had a decline of 3.50% on 2025/7/28, SCFI had a decline of 0.95% on 2025/7/25, CCFI (European line) had relevant data on 2025/7/25, NCFI (European line) had a decline of 1.20% on 2025/7/25, and TCI had a value of 1062.48 with no change on 2025/7/18 [2][6]. 3.3 European Line Supply and Demand - In August and September (temporarily), the average weekly capacity was about 325,000 and 324,000 TEU respectively. The capacity in week32/33/34/35 was 330,000, 305,000, 350,000, and 316,000 TEU respectively, with high capacity pressure especially in the second half of August. There was a transfer from the US line to the European line. Under the support of the shipping company's base cargo, the shipping company's load factor in July had no significant pressure. In early August, the base cargo still provided some support, but the cargo volume gradually weakened and entered the off - season [2][6]. 3.4 Recent European Line Quotations - In July, the quotations remained stable at around 2400 points. In August, the PA alliance's quotation dropped by 200 - 300 to 3100 US dollars, MSK's quotation first dropped slightly (2900 - 3000 US dollars) and then increased slightly, OA continued to use 3400 - 3500 US dollars. In week31, the quotation landed at about 3300 US dollars (equivalent to 2300 points on the disk). On Tuesday, HPL reduced the price by 200 to 3100 US dollars [2][6]. 3.5 Related News - On 7/29, China and the US reached a consensus in the Stockholm talks to extend the previously suspended 24% reciprocal tariffs and China's counter - measures for 90 days, but the final agreement needs to be decided by President Trump [2][6]. - On 7/29, Israel was considering a full - scale military occupation of the Gaza Strip, the US State Department refused to hold a "two - state solution" meeting on the Gaza issue, and German government was expected to approve a 2026 budget with a record investment of 126.7 billion euros [2][6].

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View - Under high - capacity pressure and with demand entering the off - season, the freight rates will face downward pressure in the future [2] 3. Summary by Relevant Content EC Futures Contracts and Spreads - The closing prices of EC futures contracts such as EC2508, EC2510, etc., showed different degrees of decline or increase on July 28, 2025. For example, EC2508 closed at 2212.6 with a - 1.44% decline [2] - The month - to - month spreads like EC2508 - 2510, EC2510 - 2512 also had changes compared to previous days and weeks [2] Shipping Freight Indexes - The SCFI (European Line) updated on July 25, 2025, was 2090 dollars/TEU, with a 0.53% increase compared to the previous period [2] - Other indexes like CCFI, NCFI, and TCI also had their respective data and changes [2] European Line Supply and Demand - In August and September (temporarily), the average weekly capacity is 325,000 and 324,000 TEU respectively. The capacity in weeks 32, 33, 34, and 35 is 330,000, 305,000, 350,000, and 316,000 TEU respectively, with high capacity pressure especially in the second half of August [2] - There is a transfer of shipping schedules from the US line to the European line. With the support of the shipping companies' base cargo volume, the shipping companies' stowage rate in late July was not under great pressure, but the cargo volume in early August is gradually weakening [2] European Line Quotations - In July, the European line quotations remained stable at around 2400 points [3] - In August, the PA Alliance's quotations dropped by 200 - 300 to 3100 dollars, MSK's quotations decreased slightly at first and then increased slightly, and OA mainly maintained at 3400 - 3500 dollars (considering a decline). The quotation in week 31 was about 3300 dollars (equivalent to 2300 points on the futures market) [13] Relevant News - On July 27, 2025, US President Trump announced that the US and the EU had reached a trade agreement, including a 15% tariff on EU goods exported to the US, a 600 - billion - dollar increase in EU investment in the US, and the EU's purchase of US military equipment and 750 - billion - dollar energy products [4] - The Yemen Houthi rebels stated that they would attack any ships belonging to companies with business at Israeli ports [4] - The cease - fire negotiation between Israel and Hamas in Gaza was deadlocked. Israel was considering measures to pressure Hamas, while Hamas officials said they were ready to complete the negotiation and that Israel's negative statements were an attempt to avoid the negotiation results [5]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The shipping capacity in August is relatively high, with an average weekly capacity of 320,000 TEU, a month - on - month increase of 8%. However, there is still support from base cargo at the beginning of August. In the next half - month, the market may remain stable or see a slight decline in quotes from some shipping companies [1]. - The downstream is currently booking shipping space for early August (week 30 - 31). The quotes were stable throughout July, around 2400 points. In the fifth week of July (week 31), the quote was $3400, equivalent to around 2400 points on the futures market [2]. 3. Summary by Relevant Catalogs EC Futures Contracts - EC2508 had a closing price of 2367.3, a change of 33.2, a trading volume of 11341, and an open interest of 13245 [1]. - For different EC futures contracts, there were various price changes, trading volumes, and open interest. For example, EC2510 had a closing price of 1644.7, a change of 755.8, a trading volume of 72757, and an open interest of 52717 [1]. - The month - to - month spreads also showed different trends. For instance, the spread between EC2508 - 2510 was 722.6, with a day - on - day increase of 69.7 [1]. Spot Freight Rate Index - SCHI2 on July 21, 2025, was 2400.5 points, a decrease of 0.89% compared to the previous period [1]. - SCFI on July 18, 2025, was $2079 per TEU, a decrease of 0.95% compared to the previous period [1]. - CCFI on July 18, 2025, was 1803.42 points, an increase of 4.46% compared to the previous period [1]. - NCFI on July 18, 2025, was 1440.25 points, an increase of 0.35% compared to the previous period [1]. - TCI on July 18, 2025, was 1054.56 points, a decrease of 0.75% compared to the previous period [1]. Recent European Line Quotes - The downstream is booking space for early August. Quotes were stable in July, around 2400 points. In week 31 of July, the quote was $3400, equivalent to around 2400 points on the futures market [2]. - On July 21, CMA lowered its quotes. The quote at the end of July decreased from $3645 to $3445, from $4145 to $3745 in early August, and from $5245 to $4145 in late August [2]. Related News - On July 19, Hamas reached a comprehensive cease - fire agreement, but Israel rejected it. Hamas was ready for a long - term battle and was willing to release all hostages in Gaza as part of the cease - fire agreement [3]. - On July 21, the Israeli Defense Forces started a ground operation in southern Deir al - Balah in the central Gaza Strip [3]. - On July 22, US President Trump hoped to end the conflict in Gaza through negotiation, achieve a cease - fire, and secure the release of all hostages [3].

Group 1: EC Futures Contract Price and Related Data - EC2508 had a closing price of 2012.5 with a 0.31% increase, a base difference of 245.5, trading volume of 25398, and an open interest of 31348 with a decrease of 3709 [1] - EC2510 had a closing price of 1390.0 with a -0.34% decrease, a base difference of 868.0, trading volume of 10290, and an open interest of 29642 with a decrease of 786 [1] - EC2512 had a closing price of 1553.7 with a -1.37% decrease, a base difference of 704.3, trading volume of 2082, and an open interest of 1001 with a decrease of 78 [1] - EC2602 had a closing price of 1353.4 with a -0.38% decrease, a base difference of 904.6, trading volume of 313, and an open interest of 3775 with a decrease of 51 [1] - EC2604 had a closing price of 1190.8 with a 0.40% increase, a base difference of 1067.2, trading volume of 657, and an open interest decrease of 164 [1] - EC2606 had a closing price of 1332.5 with a -0.19% decrease, a base difference of 925.5, trading volume of 100, and an open interest of 430 with a decrease of 6 [1] Group 2: Month - to - Month Spread - The spread of EC2508 - 2510 was 622.5 on the day, compared to 611.5 the previous day [1] - The spread of EC2510 - 2512 was - 163.7 on the day, compared to - 180.6 the previous day [1] - The spread of EC2512 - 2602 was 200.3 on the day, compared to 216.7 the previous day [1] Group 3: Spot and Index Data - The TEDA index on 2025/7/7 was 2258.04 points, with a 6.35% increase from the previous period and a 9.61% increase the period before that [1] - The SCFI (European Line) on 2025/7/4 was 2101 dollars/TEU, with a 3.50% increase from the previous period and a 10.63% increase the period before that [1] - The CCFI (European Line) on 2025/7/4 was 1694.3 points, with a 3.27% increase from the previous period and a 3.94% increase the period before that [1] - The NCFI on 2025/7/4 was 1442.46, with a - 0.03% decrease from the previous period and an 11.03% increase the period before that [1] - The TCI on 2025/7/9 was 1019.55, with no change from the previous period and the period before that [1] Group 4: Capacity Arrangement - In July and August 2025, the weekly average capacity was 295,000 and 313,000 TEU respectively [1] - The second - week receiving in July was neutral, with some routes over - booked; the third - week capacity was 320,000 TEU, the fourth - week capacity was 290,000 TEU, and the first - week capacity in August reached 340,000 TEU. The decreasing cargo volume is expected to put pressure on subsequent freight rates [1] Group 5: Recent European Line Quotation - On Wednesday, MSK's European Line quotation was flat at 2900 US dollars, and MSC's online quotation dropped from 3600 to 3400 US dollars [2] - Downstream is currently booking space for the second half of July (week 29 - 30) [2] - The freight rate in the first half of July (week 27 - 28) was around 3380 US dollars (equivalent to 2350 points on the futures market) [2] - Shipping companies' quotations in the second half of July are generally stable. MSK's third - week quotation was flat at 2950 US dollars, and the current quotation range is 2900 - 3500 US dollars, with an average of 3400 US dollars (equivalent to 2400 points on the futures market) [2] Group 6: News - According to British media on 7/8, there is only one issue remaining in the Gaza cease - fire negotiation. Israel and Hamas still have differences on the status and presence of the Israeli Defense Forces in Gaza, while they have bridged major differences on several other issues [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The shipping market, especially the European route, is being closely monitored with details on EC futures contracts, spot prices, and shipping rates. The increasing weekly average shipping capacity from July to August is expected to put significant downward pressure on subsequent freight rates [2] 3. Summary by Related Catalogs EC Futures Contracts - The closing prices of various EC futures contracts on July 7, 2025, showed declines, with EC2508 at 1849.9 (down 2.48%), EC2510 at 1341.9 (down 1.61%), etc [2] - The volume and open interest of different contracts also varied, with EC2508 having a volume of 47769 and an open interest of 36378 (up 431) [2] - The month - spreads between different contracts, such as EC2508 - 2510 at 508.0, showed changes compared to previous days [2] Spot and Index Data - The spot price on June 30, 2025, was 2123.24, with a 9.61% increase from the previous period [2] - SCFI (European route) on July 4, 2025, was 2101 dollars/TEU, up 3.50% from the previous period [2] - CCFI (European route) on July 4, 2025, was 1694.3, up 3.27% from the previous period [2] Shipping Capacity and Rates - The weekly average shipping capacity in July and August 2025 is 295,000 and 313,000 TEU respectively. The shipping capacity in the third week of July is 320,000 TEU, and the first week of August is 340,000 TEU [2] - The freight rates in the first half of July landed at around 3380 US dollars (equivalent to 2350 points). The shipping company quotes in the second half of July are generally stable, with an average of 3500 US dollars (equivalent to 2500 points) [3] Related News - On July 7, indirect cease - fire negotiations in Gaza restarted in Doha, Qatar. Trump will meet with Netanyahu on Monday to discuss details of the Gaza cease - fire agreement [4]

Group 1: EC Futures Contracts - EC2508 had a closing price of 1896.9 with a 0.71% increase, a volume of 28512, and an open interest of 35947 with a decrease of 388 [2] - EC2510 had a closing price of 1363.9 with a 0.29% decrease, a volume of 8414, and an open interest of 31361 [2] - EC2512 had a closing price of 1538.7 with a 0.70% increase, a volume of 1250, and an open interest of 8 with a decrease of 173 [2] - EC2602 had a closing price of 1338.7 with a 1.02% increase, a volume of 228, and an open interest of 3781 with a decrease of 31 [2] - EC2604 had a closing price of 1172.9 with a 0.11% decrease, a volume of 708, and an open interest of 5782 with an increase of 100 [2] - EC2606 had a closing price of 1319.9 with a 0.76% increase, and an open interest of 371 with an increase of 19 [2] Group 2: Month Spreads - EC2508 - 2510 month spread was 533.0, with a week - on - week increase of 53.9 [2] - EC2510 - 2512 month spread was - 174.8, with a week - on - week decrease of 5.7 [2] - EC2512 - 2602 month spread was 200.0, with a week - on - week increase of 22.2 [2] Group 3: Shipping Freight Indexes - SCHIS updated on Mondays, with a value of 2123.24 on 2025/6/30, a 9.61% increase from the previous period and a 14.11% increase from two periods ago [2] - SCFI (European Line) updated on Fridays, with a value of 2030 USD/TEU on 2025/6/27, a 10.63% increase from the previous period and a 0.49% decrease from two periods ago [2] - CCFI (European Line) updated on Fridays, with a value of 1640.72 on 2025/6/27, a 3.94% increase from the previous period and a 6.03% increase from two periods ago [2] - NCFI updated on Fridays, with a value of 1442.95 on 2025/6/27, a 11.03% increase from the previous period and a 0.64% decrease from two periods ago [2] - TCI updated daily, with a value of 957.21 on 2025/6/30, a 2.14% increase from the previous period and no change from two periods ago [2] Group 4: Capacity Arrangement - The average weekly capacity in July and August 2025 (tentatively) is 299,000 and 305,000 TEU respectively. The first week of July had good cargo receipts but no congestion. The second and fourth weeks had neutral capacity, while the third week had high capacity, which may suppress freight rates. There was one new sailing cancellation in week 33, and PA&MSC had ship delays [2] Group 5: European Line Quotations - Some shipping companies announced price increases in July. MSK opened at 3400 USD, and others were mostly between 3500 - 4000 USD. In the first half of July, some shipping companies cut prices. MSK dropped to 3100 and 2900 USD in the first and second weeks respectively, and the final average price was 3400 USD (equivalent to 2400 points on the disk). In the third week of July, MSK opened at 2900 USD [3] - HPL kept its August quotation at 3640 USD, while CMA announced an increase to 4745 USD [11]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Container shipping: The peak of the shipping season may be postponed, and the spot freight rate center may continue to rise. The trading strategy suggests a sideways trend for the single - side operation, with a focus on buying EC2512 at low prices, and a rolling operation for the 10 - 12 spread arbitrage [4][5][6]. - Dry bulk shipping: The large - vessel market is expected to be weak in the short term, while the medium - vessel market is expected to have a slightly stronger and fluctuating freight rate [17]. - Oil shipping: The short - term freight rate increase is mainly due to the geopolitical conflict premium, and the impact of market sentiment changes on the freight rate needs to be monitored [21]. 3. Summary According to the Directory Container Shipping Market Analysis - On July 1, the EC2508 contract closed at 1904.9 points, up 8.15%. The final delivery settlement price of the EC2506 contract was 1919.34 points. The SCFI European line reported $2030/TEU on June 27, up 10.6% week - on - week [2][4]. - The spot freight rate center has gradually recovered, with different quotes from major shipping companies. Some shipping companies have raised their freight rates for the second half of July [5]. - In terms of demand, July is the peak shipping season, and the impact of tariff policies on the shipping rhythm needs to be noted. In terms of supply, the weekly average capacity from July to September has increased compared to the previous schedule, and the market is in a stage of increasing supply and demand [5]. Trading Strategy - Single - side: Sideways. Consider a long - position strategy for EC2512 at low prices [6]. - Arbitrage: Rolling operation for the 10 - 12 spread arbitrage [8]. Industry News - The manufacturing PMI in June was 49.7%, up 0.2 percentage points from the previous month. Canada cancelled the digital service tax, and the EU and the US are conducting trade negotiations on tariffs [9]. Dry Bulk Shipping Market Analysis - The Baltic Dry Index dropped to 1489 points on Monday, the lowest since June 4. The Capesize ship freight index fell to 2111 points, the lowest since May 29, while the Panamax ship freight index rose to 1500 points, the highest since March 31 [13]. - As of June 30, the freight rate of the Capesize ship iron ore route from Tubarao, Brazil to Qingdao decreased by 4.54% week - on - week, while that from Western Australia to Qingdao increased by 3.52% week - on - week. As of June 27, the freight rates of some coal and grain routes of Panamax ships had different changes [13][14]. - From June 23 to June 29, the global iron ore shipping volume decreased by 149.1 million tons week - on - week. The expected soybean export volume in Brazil in June is 1437 million tons [15][16]. Industry News - From June 23 to June 29, the total iron ore inventory at seven major ports in Australia and Brazil decreased by 18.8 million tons. Guinea's bauxite exports in the first quarter increased by 39% year - on - year [18]. Oil Shipping Market Analysis - On June 30, the BDTI was 984, down 1.80% week - on - week and 12.22% year - on - year; the BCTI was 586, down 4.40% week - on - week and 28.54% year - on - year. The short - term freight rate increase is mainly due to the geopolitical conflict premium [21]. Industry News - The average price of crude oil in this cycle first rose and then fell, and the prices of gasoline and diesel may continue to decline. It is expected that oil prices will rise in the third quarter and be under pressure in the fourth quarter. As of June 30, the crude oil arrival volume of Shandong independent refineries decreased by 17.54% week - on - week [22][23][24].