Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core View of the Report - The EC of the container shipping European line opened low and fluctuated, with the 08 contract closing at 2065.6 points, a decrease of 2.55%. The latest SCFIS European line on June 9 was 1622.81 points, corresponding to the departure settlement price from 06.02 - 06.08, a 29.5% increase from the previous period, but the increase was less than expected. The current 08 contract basically follows the spot freight rate fluctuations, and whether it can break through the previous high depends on the price increases and implementation in July and August. The market valuation is relatively neutral but the expectation is weak, and it is expected to continue the volatile pattern. Attention can be paid to short - selling opportunities on rallies [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Increase/Decrease (%) | Trading Volume | Open Interest (Unilateral) | Long Positions (Top 20 Members) | Short Positions (Top 20 Members) | Net Long Positions (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2506 | 1948.6 | - 0.31 | 1319 (-1042 compared to the previous period) | 7803 (-335 compared to the previous period) | 6036 | 5812 | 224 | | EC2508 | 2065.6 | - 2.55 | 55701 (-27235 compared to the previous period) | 44127 (-2100 compared to the previous period) | 23014 | 24598 | - 1584 | | EC2510 | 1343.7 | - 0.57 | 7945 (-5732 compared to the previous period) | 24244 (150 compared to the previous period) | 0 | 0 | 0 | | EC2512 | 1520.7 | - 0.18 | 1211 (-721 compared to the previous period) | 4827 (88 compared to the previous period) | | | | | EC2602 | 1376.5 | 0.32 | 379 (-257 compared to the previous period) | 2786 (-5 compared to the previous period) | | | | | EC2604 | 1225.5 | 1.23 | 600 (61 compared to the previous period) | 3356 (-11 compared to the previous period) | | | | | Total | - | - | 67155 | 87143 | 29050 | 30410 | - 1360 | [2] Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | Month - on - Month Increase/Decrease | Previous Period | Month - on - Month Increase/Decrease | Two Periods Ago | Month - on - Month Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1622.81 | 29.5% | 1252.82 | 0.5% | 1247.05 | - 1.4% | | | SCFI - $/TEU | 1667 | 5.0% | 1587 | 20.5% | 1317 | 14.1% | | Spot Freight Rates | TCI(20GP) $/TEU | 1809 | - 2.4% | 1854 | 0.0% | 1854 | 0.0% | | (Daily) | TCI(40GP) $/FEU | 2913 | - 3.0% | 3002 | 0.0% | 3002 | 0.0% | [4] Basis Spread (Points) The previous trading day's basis was 366.89, and the basis two trading days ago was - 442.79, with a month - on - month change of - 809.68. There are also trend charts for the basis of the main contract of the container shipping European line futures and the spreads between different contracts [6]. Spot Market Data - **Capacity**: The capacity of the Asia - Europe route was 511055 TEU, a decrease of 1285 TEU compared to the previous period. The idle capacity ratios of global container ships, 17000TEU+ container ships, 12000 - 16999TEU container ships, and 8000 - 11999TEU container ships were 1.7%, 1.2%, 0.7%, and 1.8% respectively. - **Speed**: The average speed of container ships was 13.88 knots, the speed of 17000TEU+ container ships was 15.46 knots, and the speed of 12000 - 16999TEU container ships was 15.26 knots. - **In - Port Capacity**: The in - port capacity in Rotterdam was 23.21 million TEU, in Hamburg was 10.83 million TEU, and in Singapore was 35.86 million TEU. - **Bypass Situation**: The number of ships bypassing the Aden Gulf was 8, the north - bound traffic volume through the Suez Canal was 1, and the south - bound traffic volume was 2. - **Charter Rates**: The 6 - 12 - month charter rates for 9000TEU, 6500TEU, and 2500TEU container ships were $104000 per day, $68500 per day, and $34750 per day respectively [7].

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The European container shipping line (EC) opened low and then fluctuated upwards. The 06 contract closed at 1283 points, down 3.64%. Some shipping companies slightly reduced their freight rates for the second half of May, and the average online price for 40 - foot containers dropped to around $1750, close to the cost price, which may increase the shipping companies' willingness to suspend voyages. Although the expected peak season for the European line has not been completely falsified, the supply - surplus situation in the European line has been exacerbated by the overflow of capacity from the US line. After the previous decline, the market lacks upward drivers, and the peak - season space is also cautiously viewed. It is expected that the overall situation will continue to fluctuate in the short term [1]. 3. Summary by Directory EC Contract Volume and Price - **EC2506**: The latest transaction price was 1283 points, down 3.64%. The trading volume was 45,529, and the open interest on one side was 38,142. The net long position of the top 20 members was - 408 [1]. - **EC2508**: The latest transaction price was 1556.4 points, down 2.45%. The trading volume was 28,090, and the open interest on one side was 36,029. The net long position of the top 20 members was - 910 [1]. - **EC2510**: The latest transaction price was 1273.2 points, down 2.94%. The trading volume was 6765, and the open interest on one side was 16,670. The net long position of the top 20 members was 0 [1]. - **EC2512**: The latest transaction price was 1458.6 points, down 1.54%. The trading volume was 1379, and the open interest on one side was 3986 [1]. - **EC2602**: The latest transaction price was 1286.8 points, down 2.31%. The trading volume was 667, and the open interest on one side was 2736 [1]. - **EC2604**: The latest transaction price was 1173 points, down 1.76%. The trading volume was 360, and the open interest on one side was 1122 [1]. - **Total**: The total trading volume was 82,790, and the total open interest on one side was 98,685. The net long position of the top 20 members was - 1318 [1]. Latest Spot Freight Rates - European Routes - **SCFIS (weekly)**: The latest index was 1379.07 points, down 3.5% from the previous period [1]. - **SCFI ($/TEU)**: The latest price was $1200, down 4.8% from the previous period [1]. - **TCI (20GP) spot freight rate ($/TEU)**: The latest price was $1340, with no change from the previous period [1]. - **TCI (40GP) ($/FEU)**: The latest price was $2112, with no change from the previous period [1]. - **Basis spread**: The basis spread on the previous trading day was 96.07 points, up 5.2 points from the day before [1]. Spot Market Data - **Capacity**: The capacity of the Asia - Europe route was 514,749 TEU, a decrease of 456 TEU. The idle capacity ratio was 1.6% [4]. - **Average speed**: The average speed of container ships was 13.88 knots. The average speed of container ships over 17,000 TEU was 15.55 knots, and that of 12,000 - 16,999 TEU container ships was 15.01 knots [4]. - **In - port capacity**: The in - port capacity in Rotterdam was 219,600 TEU, in Hamburg was 94,600 TEU, and in Singapore was 355,300 TEU [4]. - **Routing situation**: The number of ships passing through the Gulf of Aden was 11, the north - bound traffic volume through the Suez Canal was 1, and the south - bound traffic volume was 2 [4]. - **Time charter rates**: The 6 - 12 - month time charter rate for 9000 TEU ships was $105,000 per day, for 6500 TEU ships was $72,000 per day, and for 2500 TEU ships was $33,750 per day [4].

Report Industry Investment Rating - The report does not provide an industry investment rating. Core View of the Report - The European container shipping line's EC contract showed a decline, with the 06 contract closing at 1288.2 points, down 1.83%. Some shipping companies slightly reduced their May freight rates, and the average online price for large containers in the second half of May dropped to less than $1800, approaching the cost price, which may increase the shipping companies' willingness to suspend voyages. Although the expected traditional peak season for the European line has not been completely disproven, and the tariff policy has not significantly affected the cargo volume, it has added pressure on freight rates on the supply side. After the previous decline, the market lacks upward momentum, and the peak - season potential is also cautiously viewed. It is expected that the overall situation will continue to fluctuate in the short term [1]. Summary by Relevant Catalogs Latest View and Strategy Direction - The EC of the European container shipping line first rose and then fell. The 06 contract closed at 1288.2 points, down 1.83%. MSK kept its freight rate unchanged in the 21st week, quoting $1450 for large containers, while HPL and OOCL slightly reduced their May freight rates to $1700 for large containers. Most shipping companies in the second half of May continued to use the first - half rates, and some slightly reduced them. The average online price for large containers in the second half of May dropped to less than $1800, close to the cost price, which may increase the shipping companies' willingness to suspend voyages. The expected traditional peak season for the European line has not been completely disproven, and the tariff policy has not significantly affected the cargo volume but has added pressure on freight rates on the supply side. After the previous decline, the market lacks upward momentum, and the peak - season potential is also cautiously viewed. It is expected that the overall situation will continue to fluctuate in the short term [1]. EC Contract Volume and Price - EC2506: The latest成交价 is 1288.2 points, down 1.83%, with a trading volume of 53581, a unilateral open interest of 39510, long positions of 22192, short positions of 23424, and a net long position of - 1232 [1]. - EC2508: The latest成交价 is 1559.6 points, up 3.72%, with a trading volume of 39237, a unilateral open interest of 36138, long positions of 23359, short positions of 24483, and a net long position of - 1124 [1]. - EC2510: The latest成交价 is 1287.9 points, up 1.22%, with a trading volume of 11837, a unilateral open interest of 17426, and no long or short positions reported [1]. - EC2512: The latest成交价 is 1460.7 points, up 0.21%, with a trading volume of 1893 and a unilateral open interest of 4091 [1]. - EC2602: The latest成交价 is 1291.4 points, down 0.43%, with a trading volume of 982 and a unilateral open interest of 2735 [1]. - EC2604: The latest成交价 is 1182.6 points, down 0.81%, with a trading volume of 849 and a unilateral open interest of 1144 [1]. - The total trading volume is 108379, the total unilateral open interest is 101044, the total long positions of the top 20 members are 45551, the total short positions of the top 20 members are 47907, and the net long position is - 2356 [1]. Latest Spot Freight Rates - European Routes - Weekly spot index: SCFIS is 1379.07 points, down 3.5%; SCFI is $1200/TEU, down 4.8% [1]. - Daily spot freight rates: TCI(20GP) is $1340/TEU, down 1.6%; TCI(40GP) is $2112/FEU, down 3.3% [1]. - The basis difference was 90.87 points on the previous trading day, up 11.3 points from the day before [1]. Spot Market Data - Capacity: The capacity deployment on the Asia - Europe route is 516078 TEU, a decrease of 1 TEU. The idle capacity ratio is 1.6%, with 1.0% for container ships over 17000 TEU, 0.4% for 12000 - 16999 TEU container ships, and 1.2% for 8000 - 11999 TEU container ships [4]. - Average speed: The average speed of container ships is 13.88 knots, 15.55 knots for container ships over 17000 TEU, and 15.01 knots for 12000 - 16999 TEU container ships [4]. - Capacity in port: Rotterdam has 21.96 million TEU, Hamburg has 9.46 million TEU, and Singapore has 35.53 million TEU [4]. - Bypass situation: The number of ships passing through the Gulf of Aden is 11, the north - bound traffic volume of the Suez Canal is 1, and the south - bound traffic volume is 2 [4]. - Time charter rates for 6 - 12 months: $105000 per day for 9000 TEU, $72000 per day for 6500 TEU, and $33750 per day for 2500 TEU [4].

Group 1: Investment Rating - No investment rating is provided in the report. Group 2: Core View - The European container shipping line (EC) weakened during intraday trading, with the 06 contract closing at 1600.1 points, a decline of 7.72%. After the fermentation of the global trade demand recession expectation under the influence of Trump's tariff policy, the expected node of the traditional seasonal peak season for the European line has been postponed, and the upside space is limited. Maersk's cabin opening in the first week of May continued with a quote of $1800 per 40 - foot container, the same as the end - of - April quote, and it is less likely to see a peak - season inflection point in early May. The market is skeptical about whether there will be a peak season in June. After an emotional recovery, the 06 contract has weakened continuously. Currently, the export of goods on the US line has dropped sharply, and some shipping capacity may be redeployed to the European line, exacerbating the oversupply situation on the European line. Since the festival stocking season on the European line has not started yet, the EC may continue to fluctuate at a low level in the short term. Attention should be paid to the shipping companies' regulation of shipping capacity and the progress of price increases by shipping companies in May. [1] Group 3: Summary by Relevant Catalogs EC Contract Volume and Price - **EC2504**: The latest成交价 is 1439.3 points, with a decline of 2.94%. The trading volume is 251, and the open interest on a single - side basis is 1216. The net long position of the top 20 members is - 129. [1] - **EC2506**: The latest成交价 is 1600.1 points, with a decline of 7.72%. The trading volume is 55474, and the open interest on a single - side basis is 35437. The net long position of the top 20 members is - 1239. [1] - **EC2508**: The latest成交价 is 1695 points, with a decline of 2.69%. The trading volume is 19883, and the open interest on a single - side basis is 30439. The net long position of the top 20 members is - 656. [1] - **EC2510**: The latest成交价 is 1305.8 points, with a decline of 0.14%. The trading volume is 10037, and the open interest on a single - side basis is 16064. [1] - **EC2512**: The latest成交价 is 1488 points, with a decline of 1.05%. The trading volume is 1462, and the open interest on a single - side basis is 3829. [1] - **EC2602**: The latest成交价 is 1314.4 points, with a decline of 1.08%. The trading volume is 712, and the open interest on a single - side basis is 2667. [1] - **Total**: The total trading volume is 87819, and the total open interest on a single - side basis is 89652. The net long position of the top 20 members is - 2024. [1] Latest Spot Freight Rates - European Routes - **Weekly Spot Index**: The SCFIS is 1402.35 points, a decline of 1.4%; the SCFI is $1356 per TEU, an increase of 1.5%. [1] - **Daily Spot Freight Rates**: The TCI (20GP) is $1591 per TEU, a decline of 3.2%; the TCI (40GP) is $2649 per FEU, a decline of 2.1%. [1] - **Basis Spread**: The previous trading day's basis spread was - 197.75 points, with a change of 96.9 points compared to the day before. [1] Spot Market Data - Shipping Capacity and Related Information - **Shipping Capacity**: The shipping capacity on the Asia - Europe route is 491601 TEU, with no change. The idle shipping capacity ratio for global container ships is 2.0%, 1.3% for ships over 17000 TEU, 0.2% for ships between 12000 - 16999 TEU, and 2.4% for ships between 8000 - 11999 TEU. [4] - **Average Speed**: The average speed of container ships is 14.01 knots, 15.65 knots for ships over 17000 TEU, and 15.41 knots for ships between 12000 - 16999 TEU. [4] - **Shipping Capacity at Ports**: The shipping capacity at Rotterdam Port is 24.59 million TEU, at Hamburg Port is 9.87 million TEU, and at Singapore Port is 34.75 million TEU. [4] - **Route - Bypassing Situation**: The number of ships passing through the Gulf of Aden is 7, the north - bound traffic volume through the Suez Canal is 4, and the south - bound traffic volume through the Suez Canal is 3. [4] - **Time - Charter Rates**: The 6 - 12 - month time - charter rate is $106000 per day for 9000 - TEU ships, $73500 per day for 6500 - TEU ships, and $33750 per day for 2500 - TEU ships. [4]