Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - In the context of high - capacity suppression, as demand gradually enters the off - season, freight rates will face pressure in the future [2][20] Group 3: Summary of Related Catalogs EC Futures Contracts - EC2508 had a change of - 0.81 in price and - 724 in position change, with a closing price of 2121.6, trading volume of 195.0, and open interest of 4873 [2][20] - EC2510 had a price change of - 2.97, position change of - 3056, closing price of 1425.1, trading volume of 46302, and open interest of 51818 [2][20] Freight Rate Indexes - SCFIS had a change of - 3.50% compared to the previous period and - 0.89% compared to the two - period ago, with a current value of 2421.94 on July 28, 2025 [2][20] - SCFI had a change of 0.53% compared to the previous period and - 0.95% compared to the two - period ago, with a current value of 2099 dollars/TEU on July 25, 2025 [2][20] European Line Supply and Demand - The average weekly capacity in August and September (tentatively) is 325,000 and 324,000 TEU respectively. The capacity in week32/33/34/35 is 330,000, 305,000, 350,000, and 330,000 TEU respectively [2][20] - Overall, the capacity pressure is high, especially in the second half of August. The overall cargo volume is gradually weakening and entering the off - season [2][20] European Line Quotations - Currently, downstream is booking spaces for early August (week31 - 32). Week32 in August is expected to land at about 3300 dollars (equivalent to 2300 points on the disk) [2][20] - MSK's opening quotation for week33 is 2800 dollars, and most other shipping companies follow the previous quotations [2][20] Related News - On August 1, Trump increased the tariff on Canada from 25% to 35% and agreed to extend the temporary agreement with Mexico for 90 days, and Mexico agreed to terminate major non - tariff trade barriers [2][20] - On August 1, Hamas stated that the resistance will not stop until the end of the Israeli occupation [2][20]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Under high - capacity pressure and with demand entering the off - season, freight rates will face downward pressure in the future [2] 3. Summary by Relevant Catalogs EC Futures Contracts - EC2508 closed at 2111.0, down 3.31%; EC2510 closed at 1460.0, down 2.85%; EC2512 closed at 1735.0, down 0.16%; EC2602 closed at 1521.3, down 1.28%; EC2604 closed at 1370.0, unchanged; EC2606 closed at 1504.9, up 0.76% [2] - For the month - to - month spreads, EC2508 - 2510 was 651.0, with a daily decrease of 29.4 and a weekly decrease of 51.7; EC2510 - 2512 was - 275.0, with a daily decrease of 40.0 and a weekly decrease of 110.2; EC2512 - 2602 was 213.7, with a daily increase of 16.9 and a weekly decrease of 10.8 [2] Spot Indices - SCFIS on July 28, 2025, was 2316.56 points, down 3.50% from the previous period [2] - SCFI on July 25, 2025, was 2090 dollars/TEU, up 0.53% from the previous period [2] - CCFI on July 25, 2025, was 1787.24 points, down 0.90% from the previous period [2] - NCFI on July 25, 2025, was 1422.9 points, down 1.20% from the previous period [2] - TCI on July 18, 2025, was 1054.56 points, down 0.75% from the previous period [2] European Line Supply and Demand - In August and September (tentatively), 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] - Supported by the base cargo of shipping companies, the loading rate of shipping companies in late July was not under great pressure. In early August, the base cargo still provided some support, but the cargo volume declined marginally and gradually entered the off - season [2] Recent European Line Quotations - In July, the quotations remained stable at around 2400 points. In August, the PA Alliance dropped 200 - 300 to 3100 dollars; MSK's initial quotation decreased slightly (2900 - 3000 dollars) and then increased slightly; OA continued to use 3400 - 3500 dollars. The quotation in week 31 was about 3300 dollars (equivalent to 2300 points on the futures market). On Tuesday, HPL cut the price by 200 to 3100 dollars [3] News - On July 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. The final agreement needs to be approved by President Trump [4] - On July 29, Israel was considering a full - scale military occupation of the Gaza Strip [4] - On July 29, the US State Department refused to hold a "two - state solution" meeting on the Gaza issue [4] - On July 29, German government sources said that the German government would approve the 2026 budget draft on Wednesday, including a record 126.7 billion euro investment [5]