Report Investment Rating No investment rating for the industry is provided in the report. Core Viewpoints - The prices of various monthly contracts of the Container Shipping Index (European Line) futures opened lower and fluctuated widely today. Except for EC2512 and 2602, the prices of the remaining monthly contracts declined slightly. The overall commodity sentiment was bearish, driving down the EC price. CMA CGM continued to lower the spot cabin quotes for the European Line in August, further reducing the futures price valuation. The new trade agreement between the US and the EU, which imposes a 15% tariff on EU goods exported to the US, has a slightly bearish impact. Although there is support at the bottom of the futures price, it is expected to oscillate with a slight downward trend due to the influence of the spot market. Attention should be paid to the actions of other shipping companies, changes in the spot cabin quotes for the European Line, and the cease - fire negotiations in Gaza [1]. Summary by Relevant Catalogs EC Risk Management Strategy Recommendations - **Position Management**: For those who have obtained cabin positions but face full capacity or poor booking volume and are worried about the decline in freight rates, to prevent losses, they can short the container shipping index futures according to the company's cabin positions to lock in profits. The recommended hedging tool is EC2510, with a selling advice in the range of 1800 - 1900 [1]. - **Cost Management**: When shipping companies increase the frequency of blank sailings or the market is about to enter the peak season, and they want to book cabins according to order situations, they can buy the container shipping index futures at present to prevent the increase in transportation costs caused by the rise in freight rates and determine the cabin - booking cost in advance. The recommended hedging tool is EC2510, with a buying advice in the range of 1350 - 1450 [1]. EC Basis Daily Changes | Contract | Basis (Points) | Daily Change (Points) | Weekly Change (Points) | | --- | --- | --- | --- | | EC2508 | 133.36 | 29.40 | 24.76 | | EC2510 | 813.76 | 24.70 | 5.96 | | EC2512 | 578.76 | - 17.60 | - 79.54 | | EC2602 | 775.56 | - 22.20 | - 138.54 | | EC2604 | 946.56 | - 8.30 | - 116.94 | | EC2606 | 822.96 | - 59.54 | - 133.54 | [3][5] EC Price and Spread | Contract | Closing Price (Points) | Daily Change Rate | Weekly Change Rate | Spread Contract | Closing Price (Points) | Daily Change | Weekly Change | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2508 | 2183.2 | - 1.33% | - 4.74% | EC2508 - 2512 | 445.4 | - 47.0 | - 104.3 | | EC2510 | 1502.8 | - 1.62% | - 5.64% | EC2512 - 2604 | 367.8 | 9.3 | - 79.5 | | EC2512 | 1737.8 | 1.02% | - 0.25% | EC2604 - 2508 | - 813.2 | 37.7 | 42.3 | | EC2602 | 1541.0 | 1.46% | 3.67% | EC2508 - 2510 | 680.4 | - 47.0 | - 18.8 | | EC2604 | 1370.0 | - 0.50% | 2.47% | EC2510 - 2512 | - 235.0 | - 42.3 | - 85.5 | | EC2606 | 1493.6 | - 1.61% | 3.43% | EC2512 - 2602 | 196.8 | - 4.6 | - 73.8 | [5] Container Shipping Spot Cabin Quotes - On August 7, for Maersk's ships departing from Shanghai to Rotterdam, the total quote for 20GP was $1836, an increase of $14 compared to the previous period, and the total quote for 40GP was $3092, an increase of $28 compared to the previous period. - In early August, for some of CMA CGM's ships departing from Shanghai to Rotterdam, the total quote for 20GP was $1985, a decrease of $100/200 compared to the previous period, and the total quote for 40GP was $3543, a decrease of $200/300 compared to the previous period [7]. Global Freight Rate Indexes | Index | Latest Value | Previous Value | Change | Change Rate | | --- | --- | --- | --- | --- | | SCFIS: European Line (Points) | 2316.56 | 2400.5 | - 83.94 | - 3.50% | | SCFIS: US West Line (Points) | 1301.81 | 1266.59 | 35.22 | 2.78% | | SCFI: European Line ($/TEU) | 2090 | 2079 | 11 | 0.53% | | SCFI: US West Line ($/FEU) | 2067 | 2142 | - 75 | - 3.50% | | XSI: European Line ($/FEU) | 3410 | 3406 | 4 | 0.12% | | XSI: US West Line ($/FEU) | 2206 | 2216 | - 10 | - 0.5% | | FBX Comprehensive Freight Rate Index ($/FEU) | 2377 | 2366 | 11 | 0.46% | [8] Global Major Port Waiting Times | Port | 2025 - 07 - 27 | 2025 - 07 - 26 | Daily Change | Last Year's Same Period | | --- | --- | --- | --- | --- | | Hong Kong Port | 2.364 | 1.425 | 0.939 | 0.738 | | Shanghai Port | 0.893 | 0.715 | 0.178 | 0.985 | | Yantian Port | 0.748 | 0.771 | - 0.023 | 0.773 | | Singapore Port | 0.815 | 0.600 | 0.215 | 0.474 | | Jakarta Port | 1.125 | 1.562 | - 0.437 | 0.451 | | Long Beach Port | 1.786 | 1.338 | 0.448 | 1.978 | | Savannah Port | 0.602 | 1.026 | - 0.424 | 0.619 | [13] Ship Speeds and Number of Container Ships Waiting at Suez Canal Port Anchorage | Ship Type | 2025 - 07 - 27 | 2025 - 07 - 26 | Daily Change | Last Year's Same Period | | --- | --- | --- | --- | --- | | 8000+ | 15.793 | 16.043 | - 0.25 | 15.803 | | 3000+ | 14.685 | 14.878 | - 0.193 | 15.14 | | 1000+ | 13.258 | 13.263 | - 0.005 | 13.395 | | Ships Waiting at Suez Canal Port Anchorage | 11 | 12 | - 1 | 10 | [22]