Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The prices of each monthly contract of the Container Shipping Index (European Line) futures fluctuated slightly downward in the morning and rebounded in the afternoon. Except for a slight increase in the EC2508 contract, the prices of other monthly contracts declined slightly. The opening price of the futures dropped due to Hamas' compromise on the cease - fire plan and MSC and Evergreen's price cuts for the European Line in late August. However, the price rebounded later because MSK's new - week spot cabin quotes for the European Line decreased less than the previous value and market expectations. Overall, it is more likely that EC will continue to fluctuate, and some contracts may rebound from low levels [1]. 3. Summary by Relevant Content EC Risk Management Strategy - For those with full - capacity or poor booking volume and worried about falling freight rates, they can short the container shipping index futures (EC2510) at 1450 - 1550 to lock in profits [1]. - For those who want to book cabins according to orders to prevent rising freight rates and increased costs, they can buy the container shipping index futures (EC2510) at 1200 - 1300 to determine booking costs in advance [1]. Market Factors Analysis - **Negative Factors**: Hamas compromised on the cease - fire plan, reducing geopolitical risks and dampening market sentiment. MSC and Evergreen cut the European Line quotes in late August [1][2]. - **Positive Factor**: MSK's new - week spot cabin quotes for the European Line decreased less than the previous value and market expectations [1]. EC Contract Data - **Position and Trading Volume**: In the EC2510 contract, long positions decreased by 347 to 27701, short positions increased by 122 to 32102, and trading volume decreased by 955 to 33432 (bilateral) [1]. - **Price and Spread**: On August 19, 2025, EC2508 closed at 2127.3 with a daily increase of 1.87% and a weekly increase of 2.18%. EC2510 closed at 1370.3 with a daily decrease of 0.20% and a weekly decrease of 3.34%. Other contract data are also provided, along with price spreads between different contracts [4]. Spot Cabin Quotes - **Maersk**: On August 28, the 20GP total quote for Shanghai - Rotterdam was $1480 (up $30 from the previous value), and the 40GP was $2510 (up $60). On September 4, the 20GP opening quote was $1265 (down $55 from the previous week), and the 40GP was $2110 (down $90 from the previous week) [6]. - **MSC**: In the past two weeks, the 20GP total quote for Shanghai - Rotterdam was $1550 (down $150), and the 40GP was $2590 (down $250). In early September, the 20GP total quote was $1556 (up $6), and the 40GP was $2602 (up $12) [6]. - **Evergreen**: In late August, the 20GP total quote for Shanghai - Rotterdam was $1805 (down $150), and the 40GP was $2760 (down $200) [7]. Global Freight Rate Index - **SCFIS**: The European Line was at 2180.17 (down 55.31, - 2.47%), and the US - West Line was at 1106.29 (up 24.15, 2.23%) [7]. - **SCFI**: The European Line was at $1820/TEU (down $141, - 7.19%), and the US - West Line was at $1759/FEU (down $64, - 3.51%) [7]. - **XSI**: The European Line was at $3083/FEU (down $36, - 1.15%), and the US - West Line was at $1849/FEU (down $13, - 0.7%) [7]. - **FBX**: The comprehensive freight rate index was at $1975/FEU (down $162, - 7.58%) [7]. Global Port Waiting Time - On August 18, 2025, Hong Kong Port's waiting time was 1.020 days (up 0.527 from the previous day), Shanghai Port's was 1.809 days (down 0.220), and other port data are also provided [14]. Ship Speed and Waiting Ship Number - On August 18, 2025, the average speed of 8000 + container ships was 15.966 knots (down 0.014 from the previous day), and the number of ships waiting at the Suez Canal port anchor was 19 (up 4 from the previous day) [22].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Today, the futures prices of each contract of the Container Shipping Index (European Line) opened significantly lower and then fluctuated upwards. By the close, all contracts except EC2508 slightly declined. The suspension of the 24% mutual tariffs between China and the US for 90 days has a relatively neutral impact on futures prices from a macro - sentiment perspective. MSC's reduction of the spot cabin quotation for the European Line has lowered the futures price estimate. The EC2508 contract has some support at the bottom based on the basis convergence logic, showing a slight oscillation. In the future, it is more likely that the EC will oscillate downward or continue to oscillate. In the medium - term, without sudden events, the overall futures price may still slightly decline [1] Group 3: Summary of Related Catalogs 1. EC Risk Management Strategy Recommendations - **Position Management**: For those who have bought cabin positions but face full capacity or poor booking volume and are worried about falling freight rates (long spot exposure), they can short the container shipping index futures (EC2510) in the range of 1500 - 1600 to lock in profits [1] - **Cost Management**: For those expecting to book cabins according to orders when shipping companies increase blank sailings or the peak season is approaching (short spot exposure), they can buy the container shipping index futures (EC2510) in the range of 1200 - 1300 to fix booking costs in advance [1] 2. Market Sentiment Analysis - **Likely Positive Factor**: On August 11 local time, a Hamas delegation was to arrive in Cairo to restart the stalled cease - fire negotiations in the Gaza Strip [2] - **Negative Factors**: MSC continued to reduce the spot cabin quotation for the European Line, and the SCFIS European Line continued to decline with an enlarged decline [2] 3. EC Basis and Price Data - **EC Basis Daily Change**: On August 12, 2025, the basis of EC2508 was 153.48 points, down 2.00 points daily and 55.58 points weekly; EC2510 was 817.88 points, down 8.80 points daily and 66.98 points weekly; EC2512 was 493.48 points, up 8.00 points daily and down 113.88 points weekly [3] - **EC Price and Spread**: On August 12, 2025, the closing price of EC2508 was 2082.0 points, up 0.10% daily and down 0.33% weekly; EC2510 was 1417.6 points, up 0.62% daily and 0.33% weekly; EC2512 was 1742.0 points, down 0.46% daily and up 3.05% weekly; EC2602 was 1528.0 points, up 0.72% daily and 2.39% weekly; EC2604 was 1350.0 points, down 0.91% daily and up 1.43% weekly; EC2606 was 1482.1 points, down 1.00% daily and up 0.71% weekly. There were also corresponding changes in price spreads [4] 4. Spot Cabin Quotations - On August 28, Maersk's 20GP total quotation for the Shanghai - Rotterdam route was $1355, up $20 from the previous period, and 40GP was $2270, up $40. In the past three weeks, MSC's 20GP opening quotation for the same route was $1700, down $120, and 40GP was $2840, down $200 [6] 5. Global Freight Rate Index - SCFIS European Line was 2235.48 points, down 62.38 points (- 2.71%); SCFIS US West Line was 1082.14 points, down 47.98 points (- 4.25%); SCFI European Line was $1961/TEU, down $90 (- 4.39%); SCFI US West Line was $1823/FEU, down $198 (- 9.80%); XSI European Line was $3239/FEU, down $52 (- 1.58%); XSI US West Line was $1954/FEU, down $25 (- 1.3%); FBX Composite Freight Rate Index was $2175/FEU, up $40 (1.87%) [7] 6. Global Major Port Waiting Times - On August 11, 2025, compared with the previous day, the waiting time at Hong Kong Port decreased by 0.206 days to 0.397 days; Shanghai Port increased by 0.230 days to 1.886 days; Yantian Port decreased by 0.044 days to 0.584 days; Singapore Port increased by 0.157 days to 0.588 days; Jakarta Port decreased by 0.048 days to 1.046 days; Long Beach Port decreased by 0.190 days to 2.070 days; Savannah Port increased by 0.419 days to 1.919 days [12] 7. Ship Speed and Number of Container Ships Waiting at Suez Canal Ports - On August 11, 2025, compared with the previous day, the speed of 8000 + container ships increased by 0.153 knots to 16.188 knots; 3000 + increased by 0.076 knots to 14.870 knots; 1000 + decreased by 0.019 knots to 13.287 knots. The number of ships waiting at the Suez Canal port anchor decreased by 13 to 12, compared with 5 in the same period last year [21]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Today, the prices of each monthly contract of the Container Shipping Index (European Line) futures showed an overall oscillatory downward trend. Affected by commodity sentiment, there was a callback during the session, followed by a further decline. As of the close, the prices of all EC contracts dropped. The futures price is expected to continue to oscillate and slightly decline, but attention should be paid to sudden factors such as the actions of other shipping companies and changes in the spot cabin quotes on the European line, as well as the possibility of a rebound when the futures price reaches a low level [2]. 3. Summary by Related Catalogs 3.1 EC Risk Management Strategy Recommendation - **Position Management**: For those who have already obtained positions but have full capacity or poor booking volumes, and are worried about falling freight rates, they can short the container shipping index futures to lock in profits. The recommended entry range for selling the EC2510 contract is 1800 - 1900 [1]. - **Cost Management**: When shipping companies increase blank sailings or the market is about to enter the peak season, to prevent rising freight rates from increasing transportation costs, they can buy the container shipping index futures to determine the booking cost in advance. The recommended entry range for buying the EC2510 contract is 1350 - 1450 [1]. 3.2 Market Analysis - **Futures Market**: The EC2510 contract saw an increase of 1029 long positions to 26,261 and an increase of 845 short positions to 31,963. The trading volume decreased by 2955 lots to 79,201 lots (bilateral). The futures price is expected to decline due to the lack of mainstream shipping companies following Maersk's PSS collection and Maersk's lower cabin quotes in the first week of August [2]. - **Spot Market**: Maersk's cabin quotes for the European line in the new week decreased significantly compared to the previous week, while Evergreen's spot cabin quotes for the European line in mid - early August showed a slight increase [3][7]. - **Geopolitical Factor**: The joint statement by 25 countries including the UK and France to promote the end of the Gaza war is beneficial for the decline of geopolitical risks, which also contributes to the decline of the futures price [2][3]. 3.3 Data Monitoring - **EC Basis**: On July 22, 2025, the basis of EC2508 was 108.60 points, with a daily decrease of 26.00 points and a weekly decrease of 286.14 points; the basis of EC2510 was 807.80 points, with a daily increase of 20.30 points and a weekly decrease of 173.44 points [4]. - **EC Price and Spread**: On July 22, 2025, the closing price of EC2508 was 2291.9 points, with a daily increase of 1.15% and a weekly increase of 13.06%; the closing price of EC2510 was 1592.7 points, with a daily decrease of 1.26% and a weekly increase of 10.55% [5]. - **Global Freight Index**: The SCFIS for the European line decreased by 0.89% to 2400.5 points; the SCFIS for the US West line increased by 2.78% to 1301.81 points; the SCFI for the European line decreased by 0.95% to 2079 dollars/TEU; the SCFI for the US West line decreased by 2.37% to 2142 dollars/FEU [8]. - **Container Shipping Spot Quotes**: On July 31, Maersk's 20GP total quote for the Shanghai - Rotterdam route increased by $10 to $1895, and the 40GP total quote increased by $20 to $3190. On August 7, the 20GP opening quote decreased by $105 to $1740, and the 40GP total quote decreased by $170 to $2900. In mid - early August, Evergreen's 20GP total quote for the Shanghai - Rotterdam route increased by $100 to $2455, and the 40GP total quote increased by $200 to $3760 [7]. - **Global Major Port Waiting Time**: On July 21, 2025, the waiting time at Hong Kong Port increased by 0.453 days to 0.743 days; at Shanghai Port, it increased by 0.316 days to 1.754 days; at Yantian Port, it decreased by 0.299 days to 0.351 days; at Singapore Port, it increased by 0.958 days to 1.833 days; at Jakarta Port, it increased by 0.237 days to 1.782 days; at Long Beach Port, it decreased by 0.247 days to 1.709 days; at Savannah Port, it increased by 0.032 days to 1.586 days [15]. - **Ship Speed and Waiting Ships in Suez Canal Port Anchorage**: On July 21, 2025, the average speed of 8000 + container ships was 15.9 knots, an increase of 0.127 knots compared to the previous day; the average speed of 3000 + container ships was 14.856 knots, an increase of 0.09 knots; the average speed of 1000 + container ships was 13.134 knots, an increase of 0.132 knots. The number of ships waiting in the Suez Canal port anchorage increased by 9 to 30 [23][24].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The geopolitical situation in the Middle East may have a limited direct impact on the global container shipping market, but the conflict between Iran and Israel could potentially affect the passage through the Strait of Hormuz, which is crucial for oil transportation [2][3]. - The supply and demand in the US - bound routes have both increased. With the reduction of Sino - US tariffs, the demand on the Sino - US routes has risen rapidly, and carriers are actively restoring capacity. The freight rates on the Shanghai - to - East and West US routes have declined from their high levels [2]. - The freight rates on the Shanghai - to - European routes are undergoing adjustments. The 7 - month upper - half freight rates are being corrected, and the 8 - month contract is in a game over the peak time of the freight rates. It is necessary to pay attention to Maersk's quotes in the second week of July [1][5]. - The container shipping industry is still in a year of high vessel deliveries in 2025, which may put pressure on the market [6]. 3. Summary by Relevant Catalogs I. Futures Prices - As of June 23, 2025, the total open interest of all container shipping index European line futures contracts was 95,679 lots, and the single - day trading volume was 90,549 lots. The closing prices of different contracts were as follows: EC2602 at 1372.10, EC2604 at 1209.80, EC2506 at 1883.00, EC2508 at 1875.00, EC2510 at 1370.00, and EC2512 at 1530.10 [6]. II. Spot Prices - Online quotes for different alliances on the Shanghai - to - Rotterdam route vary. For example, Maersk's price in the 26th week was 1710/2880, and in the first week of July, it was 1885/3150. Different carriers' quotes for different time periods also show differences [1]. - The SCFI and SCFIS prices for different routes are provided. On June 20, 2025, the SCFI (Shanghai - to - Europe) was 1835.00 US dollars/TEU, SCFI (Shanghai - to - West US) was 2772.00 US dollars/FEU, and SCFI (Shanghai - to - East US) was 5352.00 US dollars/FEU. On June 23, the SCFIS (Shanghai - to - Europe) was 1937.14 points, and SCFIS (Shanghai - to - West US) was 2083.46 points [6]. III. Container Ship Capacity Supply - In 2025, 128 container ships have been delivered, with a total capacity of 1.018 million TEU. As of June 20, 2025, 38 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 570,100 TEU, and 6 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 142,400 TEU [6]. - The weekly average capacity of the Shanghai - to - European base port in July was 279,500 TEU, and in August, it was 271,300 TEU. There were 8 blank sailings in July, including 5 by the OA Alliance and 3 by the PA Alliance [3]. IV. Supply Chain - The conflict between Iran and Israel may affect the passage through the Strait of Hormuz. Although the direct impact on container transportation is relatively small, it is a key node for global oil trade [2][3]. - The carriers on the Sino - US routes are actively restoring capacity. The remaining capacity in the last week of June on the Shanghai - to - East and West US routes was 372,000 TEU, the average weekly capacity in May was 243,400 TEU, and the average weekly capacity in July was 350,000 TEU [2]. V. Demand and European Economy - The demand on the Sino - US routes has increased due to the reduction of Sino - US tariffs, and the freight rates have first risen and then declined [2]. - The peak time of the Shanghai - to - European route freight rates in 2025 is unclear. Historically, in most years after 2017, the freight rates on the Shanghai - to - European base port route peaked around Week 34 [5].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The freight rates on the US - West route show signs of peaking, while the freight rates on the US - East and West routes increased significantly in June due to supply - demand mismatch, but carriers are actively restoring capacity [3]. - Some shipping companies announced price increase letters for the second half of June, and the average price in the second half of June is over 3000 US dollars/FEU, which supports the valuation of the 06 contract [1][2][5]. - There is an expected price increase in August as it is a traditional peak season and the currently - counted capacity in July is relatively low. Attention should be paid to the peak time of European route freight rates in 2025 and the subsequent downward slope of freight rates [6]. - The recommended trading strategies are that the main contract fluctuates, and for arbitrage, go long on the 08 contract and short on the 10 contract, and go long on the 06 contract and short on the 10 contract [8]. 3. Summary According to Relevant Catalogs I. Market Analysis - Online quotes: Different shipping companies have different quotes for the Shanghai - Rotterdam route in June, and some companies' quotes for the second half of June are higher than those for the first half. For example, HPL's quote for the second - half - of - June shipments is 1835/2935, higher than 1635/2535 for the first - half - of - June shipments [1]. - Price increase letters: Some shipping companies, like MSC, announced price increase letters for the second half of June. MSC's price in the second - half - of - June price increase letter is 2340/3900, up from 1920/3200 in the first - half - of - June price increase letter [2]. II. Geopolitical and Supply - Demand Factors - Geopolitical factor: Israel's defense minister warned the Yemeni Houthi rebels that they would face maritime and air blockades if they did not stop attacking Israel [3]. - Supply - demand mismatch: In April and May, carriers withdrew capacity from the Trans - Pacific east - bound routes faster than during the pandemic due to expected decline in demand caused by Sino - US trade tariffs. Recently, with the reduction of Sino - US tariffs and the end of tariff exemptions on Chinese goods on August 11, demand on the Sino - US routes increased rapidly, leading to a significant increase in freight rates. Currently, carriers are actively restoring capacity [3]. III. Freight Rate and Capacity Analysis - Freight rates: The freight rates on the US - East and West routes increased significantly in June. The latest SCFI (Shanghai - US West) freight rate is 5606 US dollars/FEU (the lowest this year was 1965 US dollars/FEU), and the SCFI Shanghai - US East freight rate is 6939 US dollars/FEU (the lowest this year was 2866 US dollars/FEU). However, the US - West freight rates show signs of peaking [3]. - Capacity: The average weekly capacity of the Shanghai - US East and West routes in the remaining three weeks of June is 361,000 TEU, up from 243,400 TEU in May and 326,400 TEU in July. The capacity of the Shanghai - European route in June decreased, with an average weekly capacity of about 280,600 TEU in the remaining three weeks of June [3][4]. IV. Contract and Trading Analysis - Contract valuation: If calculated based on the spot prices corresponding to the last three periods of SCFIS at 2500 US dollars/FEU, 3000 US dollars/FEU, and 3000 US dollars/FEU, the expected delivery and settlement price of the 06 contract is around 1990 points, which supports the valuation of the 06 contract [5]. - Trading strategy: The main contract fluctuates. For arbitrage, go long on the 08 contract and short on the 10 contract, and go long on the 06 contract and short on the 10 contract [8]. V. Future Outlook - Price increase expectation: It is expected that shipping companies will announce price increases for July and August in early June and early July. CMA's quote for July shipments on the Shanghai - Rotterdam route is 2385/4345, about 1000 US dollars/FEU higher than that in the second half of June [6]. - Peak time: Historically, the Shanghai - European base port freight rates generally peaked around Week 34 in most years after 2017 (Week 34 in 2025 is from August 11 - 17). The peak time of the Shanghai - European route freight rates in 2025 is not clear [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market has strong short - term price increase expectations as MSC announced a price increase for the second half of June [1][2][3] - The supply - demand mismatch has led to a significant increase in freight rates on the US routes in June. As carriers withdrew capacity from the trans - Pacific eastbound routes earlier and demand has now rapidly increased, prices have soared [2] - The capacity on European routes decreased in June, and many shipping companies announced price increases for the second half of June. The 06 contract will gradually return to "real - world" trading as the delivery deadline approaches [3] - There is still an expectation of price increases in August as it is a traditional peak season and the currently - counted capacity in July is relatively low. It is advisable to conduct arbitrage operations for the August contract [4] - In 2025, it is still a big year for container ship deliveries [7] 3. Summary by Directory 3.1 Futures Prices - As of June 4, 2025, the total open interest of all contracts of the container shipping index for European routes was 90,839.00 lots, and the single - day trading volume was 109,688.00 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1358.80, 1181.90, 1894.10, 2100.20, 1339.00, and 1539.30 respectively [5][6] 3.2 Spot Prices - On May 30, the SCFI (Shanghai - Europe route) price was 1587.00 US dollars/TEU, the SCFI (Shanghai - US West route) price was 5172.00 US dollars/FEU, and the SCFI (Shanghai - US East) price was 6243.00 US dollars/FEU. On June 2, the SCFIS (Shanghai - Europe) was 1252.82 points, and the SCFIS (Shanghai - US West) was 1718.11 points [6] 3.3 Container Ship Capacity Supply - As of May 30, 2025, 34 ships of 12,000 - 16,999 TEU were delivered, with a total of 513,200 TEU, and 4 ships of over 17,000 TEU were delivered, with a total of 94,864 TEU. From January to May, a total of 115 container ships were delivered, with a total of 903,900 TEU [7] 3.4 Supply Chain No specific analysis content provided in the text, only figure descriptions. 3.5 Demand and European Economy No specific analysis content provided in the text, only figure descriptions.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The main shipping companies have announced price increases in June, and it is necessary to pay attention to the final implementation of the price increases for the 06 contract and the game of the expected price increase for the 08 contract [2][4] - The 06 contract will gradually return to the "real" end trading as the delivery deadline approaches, and the prices of major shipping companies are gradually adjusting. Subsequently, other shipping companies will gradually revise their freight rates downwards to reduce the gap with Maersk's prices [4] - In August, which is the traditional peak season, there is still an expectation of price increases, and the game between expectation and reality for the 08 contract is intense. Recently, it is more recommended to conduct arbitrage operations [4] - In 2025, it is still a big year for the delivery of container ships. As of May 25, 2025, a total of 109 container ships have been delivered, with a total delivery capacity of 873,100 TEU [6] - The strategy suggests that the main contract fluctuates, and the arbitrage strategy is to go long on the 08 contract and short on the 10 contract [6] 3. Summary According to Relevant Catalogs 3.1 Futures Prices - As of May 26, 2025, the total open interest of all contracts of the container shipping index for European routes futures was 99,663 lots, and the single - day trading volume was 122,594 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1405.00, 1243.00, 1841.50, 2085.00, 1379.00, and 1568.00 respectively [5] 3.2 Spot Prices - On May 23, the SCFI (Shanghai - Europe route) price was 1317.00 US dollars/TEU, the SCFI (Shanghai - West Coast of the United States) price was 3275.00 US dollars/FEU, and the SCFI (Shanghai - East Coast of the United States) price was 4284.00 US dollars/FEU [5] - On May 26, the SCFIS (Shanghai - Europe) was 1247.05 points, and the SCFIS (Shanghai - West Coast of the United States) was 1719.79 points [5] 3.3 Container Ship Capacity Supply - In 2025, it is a big year for the delivery of container ships. As of May 25, 2025, 109 container ships have been delivered, with a total delivery capacity of 873,100 TEU. Among them, 34 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 513,200 TEU; 4 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 94,864 TEU [6] - In June, the shipping capacity on the European route remains at a relatively high level, and the shipping capacity on the Shanghai - East and West Coasts of the United States route has increased significantly month - on - month. The average weekly shipping capacity on the Shanghai - European route in June is about 280,000 TEU, and the shipping capacity in weeks 23/24/25/26/27 is 285,700/275,000/319,000/243,000 TEU respectively, an increase of more than 20% compared with the same period last year. The average weekly shipping capacity in July is 261,000 TEU [2] - The average weekly shipping capacity on the Shanghai - East and West Coasts of the United States route in June is 328,000 TEU, 243,400 TEU in May, and 295,000 TEU in July. The shipping capacity on the Shanghai - East and West Coasts of the United States route has recovered rapidly in June [2] 3.4 Supply Chain No specific analysis content is provided in the given text, only the catalog of supply - chain - related figures is listed. 3.5 Demand and European Economy No specific analysis content is provided in the given text, only the catalog of demand and European - economy - related figures is listed.

Report Industry Investment Rating No relevant content provided. Core Views - The shipping companies have issued price increase letters for June. The focus is on the final price implementation under the high - capacity background in June and whether the shipping companies will raise prices again in the second half of June. The 08 contract is facing a strong game between expectations and reality due to the traditional peak season in August and relatively low capacity in July. It is recommended to conduct arbitrage operations recently [3]. - The supply of shipping capacity in European routes in June is relatively high, and the shipping capacity of Shanghai - East and West US routes has increased significantly month - on - month in June. The US and China have adjusted tariffs, suspending part of the additional tariffs [2]. Summary by Relevant Catalogs 1. Futures Price - As of May 23, 2025, the total open interest of all contracts of the container shipping index European line futures was 107,007.00 lots, and the single - day trading volume was 133,162.00 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1450.20, 1266.00, 1768.00, 2206.00, 1451.90, and 1617.30 respectively [4]. 2. Spot Price - On May 16, the SCFI (Shanghai - Europe route) price was 1154.00 US dollars/TEU, the SCFI (Shanghai - West US route) price was 3091.00 US dollars/FEU, and the SCFI (Shanghai - East US) price was 4069.00 US dollars/FEU. On May 19, the SCFIS (Shanghai - Europe) was 1265.30 points, and the SCFIS (Shanghai - West US) was 1446.36 points [4]. 3. Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of May 16, 2025, 98 container ships have been delivered, with a total delivery capacity of 762,700 TEU. Among them, 31 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 467,300 TEU, and 3 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 70,872 TEU [4]. - The average weekly shipping capacity in June was about 280,000 TEU. The shipping capacities in weeks 23/24/25/26/27 were 296,200/302,800/282,300/226,000/268,200 TEU respectively, with an average of 277,000 TEU, a year - on - year increase of more than 20%. The average weekly shipping capacity in July was 259,000 TEU. The average weekly shipping capacity of the Shanghai - East and West US routes in June was 320,500 TEU, while that in May was 243,400 TEU [2]. 4. Supply Chain No specific analysis content provided, only figure references. 5. Demand and European Economy No specific analysis content provided, only figure references.

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Main shipping companies have issued price increase notices for June, and the 06 contract should focus on the final implementation of price increases, while the 08 contract faces a game between weak reality and price increase expectations. Given the high capacity in June, it is recommended to conduct arbitrage operations recently [3][4] - The US tariff policy adjustment has led to significant changes in the US routes. Some shipping capacity has overflowed to European routes, but the US routes' capacity has rebounded in June, which may ease the pressure on European routes [3][4] 3. Summary by Relevant Catalogs Futures Prices - As of May 15, 2025, the total open interest of all contracts of the container shipping index European route futures was 123,385 lots, and the single - day trading volume was 248,496 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1449.00, 1273.20, 1787.30, 2359.30, 1464.70, and 1611.20 respectively [4][5] Spot Prices - On May 9, the SCFI (Shanghai - Europe route) price was 1161.00 US dollars/TEU, the SCFI (Shanghai - US West route) price was 2347.00 US dollars/FEU, and the SCFI (Shanghai - US East) price was 3335.00 US dollars/FEU. On May 12, the SCFIS (Shanghai - Europe) was 1302.62 points, and the SCFIS (Shanghai - US West) was 1455.31 points [5] Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of May 1, 2025, 93 container ships have been delivered, with a total capacity of 724,600 TEU. Among them, 30 ships of 12,000 - 16,999 TEU have been delivered, with a total of 451,300 TEU, and 3 ships of over 17,000 TEU have been delivered, with a total of 70,872 TEU [5] - In June, the capacity on the European routes is relatively high, and the monthly average weekly capacity of the Shanghai - US East and West routes has increased significantly compared to May. The average weekly capacity in June is about 280,000 TEU, and the average weekly capacity of the Shanghai - US East and West routes in June is 294,000 TEU, compared with 243,400 TEU in May [2] Supply Chain - Geopolitically, Hamas is in direct talks with the US to reach an agreement to end the Gaza conflict. If a permanent cease - fire is achieved, Hamas can hand over control of the Gaza Strip [1] Demand and European Economy - Not elaborated in detail in the content, but factors such as the US tariff policy adjustment and the situation of the Gaza conflict may have an impact on demand and the European economy [1][3][4]

Report Industry Investment Rating No information provided. Core Viewpoints - The US tariff - adding policy has significantly changed the US - bound shipping routes. Some shipping capacity from the US - bound routes has overflowed to the European and Mediterranean routes. If more ships from the US - bound routes are diverted to the European routes, the freight rates of the European routes will face pressure. Attention should be paid to the shipping companies' capacity adjustment. [4] - It is necessary to closely monitor the possibility of Sino - US negotiations. If the two sides negotiate and reduce some export tariffs on Chinese goods, there may be an opportunity for supply - demand mismatch on the US routes, which will have a positive impact on the European routes. Due to the frequent adjustment of tariff policies and high uncertainty, arbitrage is recommended for recent operations. [4] - The 06 contract still faces a weak reality, while the 08 contract faces a game between weak reality and price - increase expectations. If the US - bound cargo volume remains low, more ships may be diverted from the US - bound routes to the European routes in June. [3] Summary by Directory 1. Futures Price - As of May 7, 2025, the total open interest of all contracts of the European container shipping index futures was 101,044.00 lots, and the single - day trading volume was 108,379.00 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1291.40, 1182.60, 1288.20, 1559.60, 1287.90, and 1460.70 respectively. [5] 2. Spot Price - Online quotes: Different shipping companies have different price quotes for different weeks and months. For example, Maersk's Week 20 price is 974/1647, Week 21 is 885/1480; HPL's May shipment price is 1100/1700, and June is 1800/3000. [1] - The SCFI (Shanghai - Europe route) price announced on April 30 was 1200.00 US dollars/TEU, SCFI (Shanghai - US West route) was 2272.00 US dollars/FEU, and SCFI (Shanghai - US East) was 3283.00 US dollars/FEU. The SCFIS (Shanghai - Europe) on May 5 was 1379.07 points, and SCFIS (Shanghai - US West) was 1320.69 points. [5] 3. Container Ship Capacity Supply - In May, the shipping capacity was gradually revised upwards. The weekly capacities in Week 20/21/22 were 251,600/262,000/296,000 TEU respectively. The average weekly capacity in May was about 280,000 - 290,000 TEU, a year - on - year increase of more than 20% in 2024. The average weekly capacity in June was about 280,000 TEU. [2] - A total of 11 ships on the US - bound routes were diverted to the European routes, with a total capacity of 128,000 TEU, mostly in May. If the US - bound cargo volume remains low, more ships may be diverted in June. [2] - 2025 is still a big year for container ship deliveries. As of May 1, 2025, 93 container ships had been delivered, with a total capacity of 724,600 TEU. Among them, 30 ships with a capacity of 12,000 - 16,999 TEU were delivered, with a total of 451,300 TEU; 3 ships with a capacity of over 17,000 TEU were delivered, with a total of 70,872 TEU. [5] 4. Supply Chain - Geopolitical aspect: Yemeni Houthi officials stated that the cease - fire agreement did not include any direct talks with US officials. The US - Houthi cease - fire agreement mediated by Oman aimed to stop attacks on US ships. [2] 5. Demand and European Economy - The US tariff - adding policy has affected the shipping market. If Sino - US negotiations reduce some export tariffs on Chinese goods, there may be an opportunity for supply - demand mismatch on the US routes, which will have an impact on the European routes. [4]