1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The freight rate center continues to decline, and attention should be paid to Maersk's quotes in the second week of September [1]. - The 8 - month contract has seen the top of the freight rate, and the continuous decline in freight rates brings uncertainty to the estimated delivery settlement price. The estimated final delivery settlement price is around 2100 points [4]. - The 10 - month contract is mainly for short - allocation during the off - season, and the freight rate center continues to move down. It is relatively safe to short - allocate, but the key lies in the downward space. In the context of a large discount, it is relatively safe to short the EC2510 contract on rallies, but do not over - short [5][6]. - The 12 - month contract still follows the off - peak and peak season pattern, and the risk lies in whether the Suez Canal will reopen. If it reopens, the seasonal pattern may be challenged [6]. - In 2025, it is still a big year for container ship deliveries. The unilateral strategy is that the main contract fluctuates weakly, and the arbitrage strategy is to short the 10 - month contract on rallies [8]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - Online quotes: Different shipping companies have different quotes for different routes and time periods. For example, Maersk's Shanghai - Rotterdam price in week 36 is 1300/2180, and Maersk's PSS in the Far East - Nordic region has dropped to 50/100 [1]. - Geopolitical situation: Israel's Prime Minister Netanyahu has approved the plan for the Israeli Defense Forces to take over Gaza City and instructed to start cease - fire negotiations, while Hamas senior officials believe he is the main obstacle. Saudi Crown Prince and Egyptian President oppose Israel's military occupation of Gaza [2]. 3.2 Shipping Capacity - Weekly and monthly average shipping capacities from China to European base ports in different months are provided. There are also details about overtime ships in August and planned overtime ships in October. For example, in August, Maersk added two overtime ships, and HPL announced two overtime ships in October [3]. 3.3 Contract Analysis - 8 - month contract: The delivery settlement price is the arithmetic average of SCFIS on 8/11, 8/18, and 8/25. The estimated final price is around 2100 points [4]. - 10 - month contract: It is a quarterly contract, mainly for short - allocation. The freight rate center is moving down, and it is expected that Maersk's week 37 quote will continue to decline, possibly below 2000 US dollars/FEU. The two overtime ships announced by HPL in October may also put pressure on the spot price [5]. - 12 - month contract: In normal years, the price in December is generally more than 10% higher than that in October. The risk is whether the Suez Canal will reopen [6]. 3.4 Futures and Spot Prices - As of August 21, 2025, the total positions of all contracts of the container shipping index European line futures are 79,540.00 lots, and the single - day trading volume is 45,149.00 lots. The closing prices of different contracts are provided. Spot prices such as SCFI and SCFIS for different routes are also given [7]. 3.5 Container Ship Delivery - In 2025 so far, 167 container ships have been delivered, with a total delivery capacity of 1.318 million TEU. As of August 15, 2025, 51 ships with a capacity of 12,000 - 16,999 TEU and 8 ships with a capacity of over 17,000 TEU have been delivered [8]. 3.6 Strategy - Unilateral: The main contract fluctuates weakly. - Arbitrage: Short the 10 - month contract on rallies [8].

Report Industry Investment Rating No information about the report's industry investment rating is provided in the given content. Core Viewpoints - The top of the August contract's freight rate has emerged, and the continuous downward revision of the freight rate brings uncertainty to the estimated delivery settlement price, with the final estimated settlement price around 2100 points [4]. - The October contract should be mainly short - allocated during the off - season, and the focus is on the downward slope of the freight rate. Under normal circumstances, the price in October is 20% - 30% lower than that in August. In the context of a large discount, it is relatively safe to short - allocate the EC2510 contract on rallies, but excessive short - chasing should be avoided [4][5]. - The seasonal pattern of peak and off - seasons still exists for the December contract, and the risk lies in whether the Suez Canal will reopen. In regular years, the price in December is generally more than 10% higher than that in October [6]. - For strategies, the main contract is expected to fluctuate weakly on a single - side basis, and it is advisable to short the October contract on rallies for arbitrage [8]. Summary by Directory 1. Market Analysis - **Online Quotations**: Different shipping companies have different price quotations for different routes and time periods. For example, Gemini Cooperation's Maersk Shanghai - Rotterdam price in week 36 is 1290/2160; HPL's various time - period quotations are relatively stable at 1535/2435. Many other shipping companies' prices are also provided, and the prices of some shipping companies are showing a downward trend [1]. - **Geopolitical Situation**: Hamas condemned Israel's military action "Gideon Chariot 2", stating that Israel is continuing the 22 - month - long genocide war and ignoring the efforts of mediators to promote a cease - fire and the exchange of detainees [2]. - **Shipping Capacity**: The average weekly shipping capacity from China to European base ports in the remaining two weeks of August is 283,100 TEU, with 262,300/304,000 TEU in weeks 34/35 respectively. The average weekly shipping capacity in September is 315,800 TEU, and in October it is 281,300 TEU. There are also information about overtime ships and empty sailings [3]. 2. Futures Contracts Analysis - **August Contract**: The freight rate has reached its peak and is continuously declining. The final estimated delivery settlement price is around 2100 points [4]. - **October Contract**: It is an off - season contract, mainly short - allocated. The normal price in October is 20% - 30% lower than that in August. Currently, the freight rates of many shipping companies are falling, and HPL's two overtime ships in October may put pressure on the spot price. In the context of a large discount, it is relatively safe to short - allocate the EC2510 contract on rallies, but not to chase short excessively [4][5]. - **December Contract**: The seasonal pattern of peak and off - seasons still exists, and the risk is whether the Suez Canal will reopen. In regular years, the price in December is generally more than 10% higher than that in October [6]. 3. Shipping Company Price Trends - Many shipping companies' prices are showing a downward trend. For example, Maersk's week 36 price drops to 2100 US dollars/FEU, HPL's late - August freight rate drops to 2435 US dollars/FEU, and the prices of OA and PA alliances also follow the downward trend [5]. 4. Shipping Capacity and Market Trends - 2025 is a big year for container ship deliveries. As of August 15, 2025, 167 container ships have been delivered, with a total capacity of 1.318 million TEU [8]. - The current shipping market is affected by multiple factors, including geopolitical situations, shipping capacity adjustments, and the off - peak and peak seasons, which jointly affect the freight rate trends [2][3][4][5][6].

Report Industry Investment Rating No information provided. Core Viewpoints - The main contract is expected to fluctuate weakly. It is advisable to short the October contract when the price is high. The 12 - month contract follows the pattern of peak and off - peak seasons, but the risk lies in whether the Suez Canal will reopen. The 10 - month contract should be mainly short - allocated, and attention should be paid to the downward slope of freight rates. The August contract has an uncertain delivery settlement price due to the continuous decline in freight rates [5][6][8]. Summary by Catalog 1. Market Analysis - **Online Quotes**: Different shipping companies have different price trends on the Shanghai - Rotterdam route. For example, Maersk's Week 36 price increased, while some other companies' prices remained stable or decreased. Maersk's PSS in the Far East - Nordic region dropped to $50/100 [1]. - **Geopolitical Situation**: Middle - Eastern media reported that Hamas agreed to a 60 - day cease - fire and release half of the detainees. Israeli media stated that Israel received a new cease - fire proposal from Hamas [2]. - **Shipping Capacity**: The average weekly shipping capacity from China to European base ports varies in different months. There are TBNs and empty sailings in September and October, and there were many additional ships in August. HPL announced two additional ships for October [3]. 2. Contract Analysis - **August Contract**: The freight rate has reached its peak and is continuously declining, which brings uncertainty to the delivery settlement price. The estimated final delivery settlement price is around 2100 points [4]. - **October Contract**: It is a quarterly contract, mainly short - allocated. Normally, the price in October is 20% - 30% lower than that in August. After Maersk's Week 36 price dropped, attention should be paid to whether other shipping companies will follow suit. HPL's additional ships in October may put pressure on the spot price. In the context of a large discount, it is relatively safe to short the EC2510 contract when the price is high, but excessive short - chasing should be avoided [5][6]. - **December Contract**: In the fourth quarter, due to Western holidays and shipping companies' preparations for long - term contract negotiations, freight rates are usually high. However, the risk is whether the Suez Canal will reopen [6]. 3. Market Data - **Futures Data**: As of August 19, 2025, the total open interest of all container shipping index European line futures contracts was 77,773 lots, and the single - day trading volume was 34,375 lots. Different contracts had different closing prices [7]. - **Spot Data**: On August 15, 2025, the SCFI for different routes was announced. On August 18, the SCFIS for the Shanghai - Europe route was 2180.17 points [7]. - **Container Ship Delivery**: In 2025, it is still a big year for container ship deliveries. As of August 15, 2025, 167 container ships with a total capacity of 1.318 million TEU have been delivered [8]. 4. Strategy - **Unilateral Strategy**: The main contract is expected to fluctuate weakly [8]. - **Arbitrage Strategy**: Short the October contract when the price is high [8].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The shipping rate center is continuously declining, and attention should be paid to Maersk's quotes in the first week of September [1][5]. - The 8 - month contract has seen the top of the shipping rate, and the continuous downward revision of the shipping rate brings uncertainty to the estimated delivery settlement price. The estimated final delivery settlement price is around 2100 points [4]. - The 10 - month contract is mainly for short allocation, and the focus is on the downward slope of the shipping rate. It is relatively safe to short - allocate, but the key lies in the downward space. In the context of a large discount, it is relatively safe to short the EC2510 contract on rallies, but do not over - short [5][6]. - The seasonal pattern of peak and off - peak seasons still exists for the 12 - month contract, and the risk lies in whether the Suez Canal will reopen. If it reopens, the seasonal pattern may be challenged [6]. - The main contract oscillates weakly, and it is advisable to short the 10 - month contract on rallies [8]. Summary by Directory 1. Futures Prices - As of August 18, 2025, the total open interest of all container shipping index European line futures contracts is 78,292.00 lots, and the daily trading volume is 37,185.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2508, EC2510, and EC2512 contracts are 1537.90, 1331.00, 1494.90, 2088.20, 1373.10, and 1789.70 respectively [7]. 2. Spot Prices - On August 15, 2025, the SCFI (Shanghai - Europe route) price was 1820.00 US dollars/TEU, the SCFI (Shanghai - West Coast of the United States) price was 1759.00 US dollars/FEU, and the SCFI (Shanghai - East Coast of the United States) price was 2719.00 US dollars/FEU. On August 18, the SCFIS (Shanghai - Europe) was 2180.17 points, and the SCFIS (Shanghai - West Coast of the United States) was 1106.29 points [7]. 3. Container Ship Capacity Supply - In August 2025, there were many additional ships. Maersk added two additional ships in WEEK32 and WEEK35, and the OA alliance also added two additional ships. HPL announced two additional ships for October. The weekly average capacity from China to European base ports in August was 283,100 TEU, in September it was 315,800 TEU, and in October it was 281,300 TEU. There were 3 TBNs and 2 blank sailings in September (both blank sailings were from the PA alliance), and 10 TBNs and 1 blank sailing in October [3]. - As of August 15, 2025, 167 container ships with a total capacity of 1.318 million TEU have been delivered in 2025. Among them, 51 ships with a capacity of 12,000 - 16,999 TEU and a total capacity of 768,000 TEU, and 8 ships with a capacity of over 17,000 TEU and a total capacity of 176,880 TEU have been delivered [8]. 4. Supply Chain - There is information about the global container ship capacity congestion ratio, congestion capacity, ship speeds of different sizes, and the number of container ships passing through the Suez Canal, Cape of Good Hope, and Panama Canal, but no specific data is summarized in the text [56][60][71]. 5. Demand and European Economy - There is information about port container throughput, EU 27 industrial production index, EU 27 imports from China, euro - zone consumer confidence index, EU 27 retail sales year - on - year, China's export volume to the EU, and Asia - North America and Asia - Europe trade volumes, but no specific data is summarized in the text [75][76][80].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The freight rate is in a downward cycle, and attention should be paid to the recent PSS adjustment of Maersk. The 8 - month contract freight rate has reached its peak and is continuously declining, and the final delivery settlement price is estimated to be around 2100 points. The 10 - month contract is mainly for short - allocation, and the focus is on the downward slope of the freight rate. The 12 - month contract still follows the off - peak and peak season pattern, but the risk lies in whether the Suez Canal will reopen. The main contract is expected to fluctuate weakly, and it is advisable to go short on the 10 - month contract when the price is high [1][2][3][4]. Summary by Directory 1. Market Analysis - Online quotes: Different shipping companies have different price quotes for Shanghai - Rotterdam and Shanghai - London routes. For example, Maersk's Shanghai - Rotterdam price in week 35 has risen from 1320/2200 to 1390/2340, and Shanghai - London has risen from 1380/2300 to 1415/2370. HPL's quotes for different periods in August and September are stable at 1535/2435 [1]. - Geopolitical factor: China's Deputy Permanent Representative to the United Nations emphasized the need to maintain the safety of the Red Sea shipping route and promote the political settlement of the Yemen issue [1]. 2. Shipping Capacity - Weekly and monthly average shipping capacity: In August, the remaining 4 - week average weekly capacity to European base ports from China is 308,700 TEU. In September, the monthly average weekly capacity is 302,800 TEU, and in October, it is 286,800 TEU. There are empty sailings and TBNs in August and September, and there are many additional ships in August [2]. 3. Contract Analysis - 8 - month contract: The freight rate has reached its peak and is continuously declining. The delivery settlement price is the arithmetic average of SCFIS on August 11, 18, and 25. The final delivery settlement price is estimated to be around 2100 points [2]. - 10 - month contract: It is mainly for short - allocation. Normal years see a 20% - 30% lower price in October compared to August. Attention should be paid to the price - following situation of other shipping companies after Maersk's week 35 freight rate drops to $2200/FEU. The two additional ships announced by HPL in October may put pressure on the spot price. In the context of a large discount, it is relatively safe to go short on the EC2510 contract when the price is high, but do not chase short excessively [3][4]. - 12 - month contract: In the fourth quarter, due to Western holidays and the need for shipping companies to prepare for the next - year long - term contract negotiation, the freight rate is usually at a high level. The risk lies in whether the Suez Canal will reopen. If it reopens, the seasonal pattern of off - peak and peak seasons may be challenged [4]. 4. Futures and Spot Prices - Futures: As of August 13, 2025, the total open interest of all container shipping index European line futures contracts is 85,722 lots, and the single - day trading volume is 78,305 lots. The closing prices of different contracts are provided [5]. - Spot: On August 8, the SCFI (Shanghai - Europe route) price is $1961/TEU, SCFI (Shanghai - US West route) is $1823/FEU, and SCFI (Shanghai - US East) is $2792/FEU. On August 11, the SCFIS (Shanghai - Europe) is 2235.48 points, and SCFIS (Shanghai - US West) is 1082.14 points [5]. 5. Container Ship Delivery - In 2025, it is still a big year for container ship delivery. As of now, 157 container ships have been delivered, with a total capacity of 1.2513 million TEU. As of July 27, 2025, 49 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 737,300 TEU, and 7 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 159,880 TEU [5]. 6. Strategy - Unilateral: The main contract is expected to fluctuate weakly. - Arbitrage: Go short on the 10 - month contract when the price is high [6].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The freight rate is in a downward cycle, and HPL has announced two additional ships in October [1][2][3] - The 10 - month contract is mainly for short - allocation, and attention should be paid to the downward slope of the freight rate. The 12 - month contract follows the seasonal pattern of peak and off - peak seasons, with the risk of whether the Suez Canal will reopen [3][4] - The strategy suggests that the main contract fluctuates weakly on a single - side basis, and it is advisable to short the 10 - month contract on an arbitrage basis [6] 3. Summary by Relevant Catalogs 3.1 Futures Prices - As of August 12, 2025, the total open interest of all container shipping index European line futures contracts was 79,656.00 lots, and the single - day trading volume was 45,620.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2508, EC2510, and EC2512 contracts were 1528.00, 1350.00, 1482.10, 2082.00, 1417.60, and 1742.00 respectively [5] 3.2 Spot Prices - On August 8, the SCFI (Shanghai - Europe route) price was 1961.00 US dollars/TEU, the SCFI (Shanghai - US West route) price was 1823.00 US dollars/FEU, and the SCFI (Shanghai - US East) price was 2792.00 US dollars/FEU. On August 11, the SCFIS (Shanghai - Europe) was 2235.48 points, and the SCFIS (Shanghai - US West) was 1082.14 points [5] 3.3 Container Ship Capacity Supply - In 2025, it is still a major year for container ship deliveries. As of now, 157 container ships have been delivered, with a total capacity of 1.2513 million TEU. As of July 27, 2025, 49 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 737,300 TEU; 7 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 159,880 TEU [5] - From August to October 2025, the weekly average capacity on the China - European base port route showed certain fluctuations, and there were empty sailings and additional ships in August and September [2] 3.4 Supply Chain - Geopolitically, a Hamas delegation arrived in Cairo for talks on a Gaza cease - fire framework, but Israeli Prime Minister Netanyahu said the possibility of a partial cease - fire and hostage release agreement with Hamas no longer exists [1] - The speed of container ships of different capacities and the number of container ships passing through major canals such as the Suez Canal, Cape of Good Hope, and Panama Canal are important factors affecting the supply chain [52][64][70] 3.5 Demand and European Economy - Western holidays are concentrated in the fourth quarter, and merchants usually stock up in advance, which leads to a relatively high level of shipping volume. The freight rate is usually adjusted to a high level by shipping companies through supply - side measures [4] - The industrial production index, import amount from China, consumer confidence index, and retail sales year - on - year in the EU 27 countries, as well as China's export volume to the EU, are important indicators to measure demand and the European economy [73][80][83]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The price of Maersk in Week 35 was revised higher than expected, and attention should be paid to whether Maersk's PSS will be adjusted recently [1]. - In August, the top of the freight rate appeared, and the continuous downward revision of the freight rate brought uncertainty to the forecast of the delivery settlement price. The first - phase delivery settlement price index was announced. The freight rates of shipping companies entered a downward cycle, and the prices of various shipping alliances followed suit [5]. - The October contract is mainly for short - allocation, and the subsequent focus is on the downward slope of the freight rate. The December contract still follows the off - peak and peak season pattern, and the risk lies in whether the Suez Canal will resume navigation [6][7]. - The strategy suggests that the main contract fluctuates weakly. For arbitrage, go long on the December contract and short on the October contract, and short the October contract on rallies [9]. Summary by Directory 1. Market Analysis - Online quotes: Maersk's Shanghai - Rotterdam quotes in Week 34 were 1600/2700, and in Week 35, they opened at 1320/2200 and then rose to 1345/2250. Quotes of other shipping companies for different routes and time periods were also provided [2]. 2. Geopolitical Aspect - Israeli Prime Minister Netanyahu said he hadn't talked to Trump since making decisions regarding Gaza and planned to talk to him soon [3]. 3. Container Ship Capacity Supply - From August to October, the weekly average capacity in China - European basic ports showed different trends. There were empty sailings and TBNs in August and September, and there were also many additional ships in August [4]. - 2025 is still a big year for container ship deliveries. As of July 27, 2025, 157 container ships with a total capacity of 1.2513 million TEU had been delivered [8]. 4. Contract Analysis - **August Contract**: The freight rate reached its peak and started to decline, affecting the delivery settlement price. The delivery settlement price is the arithmetic average of SCFIS on August 11, 18, and 25. The freight rates of shipping companies such as Maersk and HPL decreased [5]. - **October Contract**: It is mainly for short - allocation, and the focus is on the downward slope of the freight rate. Normally, the price in October is 20% - 30% lower than that in August [6]. - **December Contract**: The off - peak and peak season pattern still exists. The risk is whether the Suez Canal will resume navigation. In normal years, the Far East - Europe price in December is generally more than 10% higher than that in October [7]. 5. Futures and Spot Prices - As of August 11, 2025, the total open interest of all contracts of the container shipping index for European routes was 80,523 lots, and the single - day trading volume was 53,406 lots. The closing prices of different contracts were provided. SCFI and SCFIS prices for different routes were also announced [8]. 6. Strategy - **Unilateral**: The main contract fluctuates weakly. - **Arbitrage**: Go long on the December contract and short on the October contract, and short the October contract on rallies [9].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The top of the August contract freight rate has emerged, with the current estimated SCFIS between 2300 - 2400 points on August 4th and 11th, and the delivery settlement price of the August contract is the arithmetic average of SCFIS on 8/11, 8/18, and 8/25. The freight rate decline slope in August is greater than previously expected, and the delivery settlement price of the August contract has been revised down to between 2100 - 2200 points [3]. - The October contract is mainly for short - allocation during the off - season, and subsequent focus is on the freight rate decline slope, with large expected fluctuations. Normally, the price in October is 20% - 30% lower than that in August [4]. - The peak - off - peak season pattern still exists in the December contract, and the risk lies in whether the Suez Canal will resume navigation. In normal years, the Far East - Europe price in December is generally more than 10% higher than that in October [5]. - The strategy includes a volatile main contract for the unilateral approach, and for the arbitrage, it is to go long on the December contract and short on the October contract, and short the October contract on rallies [7]. 3. Summary by Directory 3.1 Futures Prices - As of July 31, 2025, the total open interest of all contracts of the container shipping index for the European route futures is 75,266.00 lots, and the single - day trading volume is 56,182.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2508, EC2510, and EC2512 contracts are 1484.70, 1324.10, 1462.50, 2121.60, 1425.10, and 1692.30 respectively [6]. 3.2 Spot Prices - On July 25, 2025, the SCFI (Shanghai - Europe route) price is 2090.00 dollars/TEU, the SCFI (Shanghai - West Coast of the United States) price is 2067.00 dollars/FEU, and the SCFI (Shanghai - East Coast of the United States) price is 3378.00 dollars/FEU. On July 28, the SCFIS (Shanghai - Europe) is 2316.56 points, and the SCFIS (Shanghai - West Coast of the United States) is 1284.01 points [6]. 3.3 Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of July 27, 2025, 157 container ships have been delivered, with a total capacity of 1.2513 million TEU. Among them, 49 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 737,300 TEU; 7 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 159,880 TEU [6]. - The average weekly capacity on the China - European base port route in August is 303,200 TEU, and in September it is 289,800 TEU. There are 4 blank sailings in August, all from the OA alliance, and there are currently 5 TBNs in August; there are currently 3 TBNs in September [2]. - Maersk added an extra - sailing ship Beijing Maersk (15,780 TEU) in Week 32 and Maersk Emden (13,092 TEU) in Week 35, and the schedule of Maersk Emden has been released, with a call at Shanghai Port on August 26 [2]. 3.4 Supply Chain - The US Middle East envoy Witkoff visited Israel on the 31st local time and met with Israeli Prime Minister Netanyahu to discuss issues such as the Gaza cease - fire agreement, the current humanitarian situation in Gaza, and the Iranian nuclear issue. Witkoff also plans to go to Gaza [2]. 3.5 Demand and European Economy No specific content directly related to demand and European economy analysis is provided other than some data graphs mentioned in the report.

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The downward adjustment of freight rates by MSC and OOCL in August has a bearish impact on the market [1]. - The 8 - month contract shows high - level volatility, and the top of the freight rate has emerged. The final delivery settlement price of the 08 contract may be around 2200 points, but there is still uncertainty [4]. - The 10 - month contract is mainly for short - allocation in the off - season, and the focus is on the downward slope of the freight rate, with large expected fluctuations [5]. - The 12 - month contract still follows the peak - off - peak pattern, but the risk lies in whether the Suez Canal will resume navigation. If it resumes, the seasonal pattern may be challenged [6][7]. - In 2025, it is still a big year for container ship deliveries. As of July 27, 2025, 157 container ships have been delivered, with a total capacity of 1.2513 million TEU [8]. - The strategy suggests that the main contract will fluctuate, and for arbitrage, it is recommended to go long on the 12 - month contract and short on the 10 - month contract, and short the 10 - month contract on rallies [9]. Summary by Directory 1. Futures Price - As of July 30, 2025, the positions of all contracts of the container shipping index for the European route futures are 79,320.00 lots, and the single - day trading volume is 76,715.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2508, EC2510, and EC2512 contracts are 1532.00, 1386.10, 1514.20, 2139.00, 1468.70, and 1738.00 respectively [7]. 2. Spot Price - On July 25, 2025, the SCFI (Shanghai - Europe route) price was 2090.00 US dollars/TEU, the SCFI (Shanghai - US West route) price was 2067.00 US dollars/FEU, and the SCFI (Shanghai - US East) price was 3378.00 US dollars/FEU. On July 28, the SCFIS (Shanghai - Europe) was 2316.56 points, and the SCFIS (Shanghai - US West) was 1284.01 points [7]. 3. Container Ship Capacity Supply - The monthly average weekly capacity on the China - European base port route in August 2025 is 303,200 TEU, and in September it is 289,800 TEU. There were 4 blank sailings in August, all from the OA alliance, and there are currently 5 TBNs in August and 3 in September. Maersk added an extra - sailing ship in Week 32 and is expected to add one in Week 34 [3]. - As of July 27, 2025, 49 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 737,300 TEU, and 7 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 159,880 TEU [8]. 4. Supply Chain - There is geopolitical uncertainty, such as the ongoing cease - fire negotiations between Israel and Hamas, which may affect the shipping supply chain [2]. 5. Demand and European Economy - No specific analysis of demand and European economy is provided in the text. However, the freight rate trends of different contracts are related to market demand and economic conditions. For example, the 12 - month contract is affected by the peak - season demand before Western holidays [6][7].

Report Industry Investment Rating No relevant information provided. Core View The freight rates have entered a downward cycle. The August contract is experiencing high-level fluctuations and a game around delivery, with the freight rate peak likely having emerged. The October contract is mainly for short allocation during the off-season, with a focus on the downward slope of freight rates. The December contract follows the off-peak and peak season pattern, but the risk lies in whether the Suez Canal will reopen. The main contract is expected to fluctuate, and the recommended strategies are to go long on the December contract and short on the October contract, and to short the October contract on rallies [1][3][4]. Summary by Directory 1. Futures Price As of July 29, 2025, the total open interest of all contracts for the container shipping index on the European route was 74,980 lots, with a single-day trading volume of 50,661 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1,521.30, 1,370.00, 1,504.90, 2,111.00, 1,460.00, and 1,735.00 respectively [5]. 2. Spot Price On July 18, 2025, the SCFI (Shanghai - Europe route) price was 2,079.00 USD/TEU, the SCFI (Shanghai - West Coast of the United States) price was 2,142.00 USD/FEU, and the SCFI (Shanghai - East Coast of the United States) price was 3,612.00 USD/FEU. On July 21, 2025, the SCFIS (Shanghai - Europe) was 2,316.56 points, and the SCFIS (Shanghai - West Coast of the United States) was 1,284.01 points [5]. 3. Container Ship Capacity Supply In August 2025, the monthly average weekly capacity to European base ports was 303,200 TEU, and in September, it was 289,800 TEU. In August, there were 4 blank sailings, all from the OA Alliance, and 5 TBNs; in September, there were 3 TBNs. Maersk added a chartered vessel, Beijing Maersk (15,780 TEU), in Week 32 and is expected to add Maersk Emden (13,092 TEU) in Week 34. As of July 27, 2025, 157 container ships had been delivered in 2025, with a total capacity of 1.2513 million TEU [2][5]. 4. Supply Chain Geopolitical events include Houthi hypersonic missile attacks on Israeli airports and the departure of a Hamas delegation for Gaza ceasefire negotiations from Qatar. The report also mentions the daily passage of container ships through the Suez Canal, the Cape of Good Hope, and the Panama Canal [1]. 5. Demand and European Economy No specific information on demand and European economy is provided in the text other than the general analysis of contract trends related to demand and seasonality.