Core Insights - The trading atmosphere is showing signs of improvement, with the European shipping routes leading the futures market [1] - Analysts indicate that freight rates are gradually increasing in the latter half of July, with expectations of a peak in the European routes continuing to recover [1] - The market is actively speculating on the seasonal potential of the European routes [1]

Report Industry Investment Rating - No relevant information provided Core View of the Report - The EC of the container shipping European line declined, with the 08 contract closing at 2001.5 points, a decrease of 2.10%. After the China-US economic and trade talks in Geneva in mid-May, the main 08 contract reached a high of over 2400 points, corresponding to a large container freight rate of about $3700. The average price of large containers in the second half of June was $3000, a difference of about $700. From the price increase in June to the end of the month, the monthly increase in large container prices was about $1000. Currently, the 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 capacity in the 23rd week was partially increased to the 24th and 25th weeks, causing a sharp increase in capacity in these two weeks, especially in the 24th week when the deployed capacity exceeded 350,000 TEU. As the shipping date approaches, the capacity deployment rhythm in June also adds pressure to the freight rate increase in July. Shipping companies are not restrained in capacity deployment. The current market valuation is relatively neutral but the expectation is weak. It is expected to continue the volatile pattern, and shorting opportunities on rallies can be considered [1]. Summary by Related Catalogs EC Contract Volume and Price - The latest transaction price of EC2506 was 1926 points, with a decline of 0.79%, a trading volume of 1568 (a decrease of 280 compared to the previous period), and an open interest of 6764 (a decrease of 504 compared to the previous period). The net long position of the top 20 members was 100 [2]. - The latest transaction price of EC2508 was 2001.5 points, with a decline of 2.10%, a trading volume of 55132 (a decrease of 4576 compared to the previous period), and an open interest of 44603 (a decrease of 891 compared to the previous period). The net long position of the top 20 members was -1907 [2]. - The latest transaction price of EC2510 was 1371.1 points, with an increase of 1.38%, a trading volume of 12283 (an increase of 2456 compared to the previous period), and an open interest of 25054 (an increase of 871 compared to the previous period). The net long position of the top 20 members was 0 [2]. - The latest transaction price of EC2512 was 1554.9 points, with an increase of 0.94%, a trading volume of 2014 (an increase of 557 compared to the previous period), and an open interest of 4730 (an increase of 93 compared to the previous period) [2]. - The latest transaction price of EC2602 was 1402.4 points, with an increase of 1.22%, a trading volume of 393 (an increase of 67 compared to the previous period), and an open interest of 2869 (an increase of 49 compared to the previous period) [2]. - The latest transaction price of EC2604 was 1242.9 points, with an increase of 1.34%, a trading volume of 524 (an increase of 113 compared to the previous period), and an open interest of 3384 (a decrease of 21 compared to the previous period) [2]. - The total trading volume was 71914, and the total open interest was 87404. The total long positions of the top 20 members were 28317, the total short positions were 30124, and the net long position was -1807 [2]. Latest Spot Freight Rates - European Routes - The latest SCFIS index was 1622.81 points, with a weekly increase of 29.5%. The SCFI was $1667/TEU, with a weekly increase of 5.0%. The TCI (20GP) was $1849/TEU, with a daily increase of 0.0%. The TCI (40GP) was $2980/FEU, with a daily increase of 0.0% [4]. Basis Spread - The basis of the previous trading day was -378.69 points, and the basis of the day before the previous trading day was -419.29 points, with a change of 40.6 points [6]. Spot Market Data - The deployed capacity on the Asia-Europe route was 511,798 TEU, a decrease of 3002 TEU compared to the previous period. The idle capacity ratio was 1.7%. The average sailing speed of container ships was 13.88 knots, and the average sailing speed of container ships over 17000 TEU was 15.46 knots [7]. - The in-port capacity in Rotterdam was 232,100 TEU, in Hamburg was 108,300 TEU, and in Singapore was 358,600 TEU. The number of ships bypassing the Aden Gulf was 8, the northbound traffic volume through the Suez Canal was 1, and the southbound traffic volume was 2 [7]. - The regular charter rates for 9000 TEU (6 - 12 months) were $104,000 per day, for 6500 TEU were $68,500 per day, and for 2500 TEU were $34,750 per day [7].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The EC of container shipping to Europe rebounded during the session, with the 08 contract closing at 2100.2 points, a slight increase of 0.76%. CMA CGM took the lead in announcing an increase in the peak - season surcharge (PSS) for the Asia - Europe route, indicating the shipping companies' intention to raise and support prices during the traditional peak season, so there is no need to be overly pessimistic about the peak season [1]. - MSC has announced a price increase notice for the second half of June, with the 40 - foot container quoted at $3900, higher than the current average price of about $1400 in the first half of the month. Although the full implementation probability is low, it is expected to further push up freight rates under the relatively low capacity deployment in the second and third weeks of June [1]. - The 06 contract has basically entered the delivery logic, with limited expected actual fluctuations. The 08 contract will continue to be anchored to the actual progress of the peak season on the European route, and it also prices in the freight rate decline after the peak season in August. The current market valuation is relatively neutral, and it is recommended to continue to pay attention to the low - level long - allocation opportunities after the market returns to the actual anchor [1]. Summary by Related Catalogs EC Contract Volume and Price - EC2506: The latest成交价 is 1894.1 points, with a daily increase of 3.02%. The trading volume is 5349 (a decrease of 2006 compared to the previous period), and the unilateral open interest is 10553 (a decrease of 484 compared to the previous period). The net long position of the top 20 members is - 516 [2]. - EC2508: The latest成交价 is 2100.2 points, with a daily increase of 0.76%. The trading volume is 86405 (a decrease of 16342 compared to the previous period), and the unilateral open interest is 45769 (an increase of 3945 compared to the previous period). The net long position of the top 20 members is - 489 [2]. - EC2510: The latest成交价 is 1339 points, with a daily decrease of 2.31%. The trading volume is 14689 (a decrease of 92 compared to the previous period), and the unilateral open interest is 23789 (an increase of 662 compared to the previous period). The net long position of the top 20 members is 0 [2]. - EC2512: The latest成交价 is 1539.3 points, with a daily decrease of 0.18%. The trading volume is 1729 (an increase of 20 compared to the previous period), and the unilateral open interest is 4587 (an increase of 177 compared to the previous period) [2]. - EC2602: The latest成交价 is 1358.8 points, with a daily decrease of 1.56%. The trading volume is 632 (a decrease of 285 compared to the previous period), and the unilateral open interest is 2736 (a decrease of 47 compared to the previous period) [2]. - EC2604: The latest成交价 is 1181.9 points, with a daily decrease of 2.62%. The trading volume is 884 (an increase of 146 compared to the previous period), and the unilateral open interest is 3405 (an increase of 122 compared to the previous period) [2]. Latest Spot Freight Rates - European Routes - Weekly spot index: The SCFIS is 1252.82 points, with a week - on - week increase of 0.5%. The SCFI is $1587/TEU, with a week - on - week increase of 20.5% [4]. - Daily spot freight rates: The TCI (20GP) is $1712/TEU, with a day - on - day increase of 14.6%. The TCI (40GP) is $2727/FEU, with a day - on - day increase of 13.4% [4]. Basis Spread - The basis of the previous trading day was - 847.38 points, and the basis of the day before the previous trading day was - 828.25 points, with a change of - 19.13 points [6]. Spot Market Data - Capacity: The capacity deployment on the Asia - Europe route is 511336 TEU, a decrease of 1405 TEU compared to the previous period. The idle capacity ratio is 1.9%. The idle capacity ratios of container ships of 17000TEU +, 12000 - 16999TEU, and 8000 - 11999TEU are 1.3%, 0.9%, and 1.4% respectively [7]. - Speed: The average speed of container ships is 13.88 knots. The average speed of 17000TEU + container ships is 15.65 knots, and that of 12000 - 16999TEU container ships is 15.37 knots [7]. - In - port capacity: The in - port capacity in Rotterdam is 18.77 million TEU, in Hamburg is 7.92 million TEU, and in Singapore is 35.02 million TEU [7]. - Bypass situation: The number of ships bypassing the Aden Gulf is 16. The north - bound traffic volume through the Suez Canal is 2, and the south - bound traffic volume is 2 [7]. - Time charter rates: For 6 - 12 months, the time charter rate for 9000TEU is $103000 per day, for 6500TEU is $68000 per day, and for 2500TEU is $34500 per day [7].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - The European container shipping line (EC) is operating weakly, with the 06 contract closing at 1358.4 points, a decline of 9.40%. Spot freight rates continue to be weak, and shipping companies' price cuts have intensified market pessimism about May and June freight rates. The 06 contract has basically followed the decline of spot freight rates and is now at a discount to the 04 contract [1]. - Under the influence of factors such as the regular recovery of cargo volume, the overflow of capacity from the US line, limited capacity control by shipping companies, and tariff policies, the central freight rate for large containers in early May has dropped below $2000. The market is pessimistic about May and June freight rates, but there are still expectations for the peak seasons in July and August. In the current weak reality, there is a lack of upward driving force, and caution is also exercised in terms of space [1]. - The current point of contention lies in the performance of the peak season. The market has become insensitive to shipping companies' price increases, and it is necessary to see the arrival of the inflection point of peak - season cargo volume. It is expected to continue the weak and volatile trend in the short term. Before the post - ponement of the peak - season point is falsified, the 06 - 08 reverse spread can continue to be monitored [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Increase/Decrease (%) | Trading Volume | Open Interest (Unilateral) | Long Positions (Top 20 Members) | Short Positions (Top 20 Members) | Net Long Positions (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2504 | 1439 | - 0.42 | 87 | 909 | 743 | 824 | - 81 | | EC2506 | 1358.4 | - 9.40 | 86705 | 44468 | 24379 | 25911 | - 1532 | | EC2508 | 1577 | - 6.93 | 34562 | 33302 | 21679 | 22592 | - 913 | | EC2510 | 1299.6 | - 3.88 | 10589 | 16862 | - | - | - | | EC2512 | 1465 | - 4.06 | 2667 | 4248 | - | - | - | | EC2602 | 1304 | - 3.43 | 1116 | 2806 | - | - | - | | Total | - | - | 135726 | 102595 | 46801 | 49327 | - 2526 | [1] Latest Spot Freight Rates - European Routes | Indicator | Latest Period | Month - on - Month Increase/Decrease | Previous Period | Month - on - Month Increase/Decrease | Two Periods Ago | Month - on - Month Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | | Spot Index (Weekly) - SCFIS (Points) | 1508.44 | 7.6% | 1402.35 | - 1.4% | 1422.42 | - 3.5% | | SCFI ($/TEU) | 1316 | - 2.9% | 1356 | 1.5% | 1336 | 1.4% | | Spot Freight Rate (Daily) - TCI(20GP) ($/TEU) | 1441 | 0.0% | 1441 | - 1.1% | 1457 | - 1.3% | | Spot Freight Rate (Daily) - TCI(40GP) ($/FEU) | 2281 | - 1.4% | 2315 | - 1.9% | 2359 | - 1.3% | [1] Spot Market Data - Shipping Capacity and Related Information | Category | Details | Value | | --- | --- | --- | | Capacity - Asia - Europe Route Capacity Deployment (TEU) | - | 500628 | | Capacity - Increase in Asia - Europe Route Capacity Deployment (TEU) | - | 0 | | Capacity - Idle Capacity Ratio (%) | Global | 1.8 | | Capacity - Idle Capacity Ratio (%) | 17000TEU+ Container Ships | 0.9 | | Capacity - Idle Capacity Ratio (%) | 12000 - 16999TEU Container Ships | 0.6 | | Capacity - Idle Capacity Ratio (%) | 8000 - 11999TEU Container Ships | 1.5 | | Speed - Average Speed of Container Ships (Knots) | - | 13.98 | | Speed - Average Speed of 17000TEU+ Container Ships (Knots) | - | 15.4 | | Speed - Average Speed of 12000 - 16999TEU Container Ships (Knots) | - | 15.11 | | In - Port Capacity (10,000 TEU) | Rotterdam | 27.75 | | In - Port Capacity (10,000 TEU) | Hamburg Port | 11.73 | | In - Port Capacity (10,000 TEU) | Singapore | 35.78 | | Bypass Situation - Number of Ships Passing Through the Gulf of Aden (Vessels) | - | 7 | | Bypass Situation - North - bound Traffic Volume of the Suez Canal (Vessels) | - | 4 | | Bypass Situation - South - bound Traffic Volume of the Suez Canal (Vessels) | - | 2 | | Time - Charter Rates (6 - 12 months) - 9000TEU ($/day) | - | 106000 | | Time - Charter Rates (6 - 12 months) - 6500TEU ($/day) | - | 73500 | | Time - Charter Rates (6 - 12 months) - 2500TEU ($/day) | - | 33750 | [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The European container shipping line (EC) opened low and fluctuated, with the 06 contract closing at 1704.7 points, down 6.57%. Most shipping companies' freight rates in the first half of April continued the quotes at the end of March, with a slight increase in the second half. The freight rates in April tend to stabilize, and the average price of a 40 - foot container in the 16th week was around $2300. Some shipping companies have announced their online quotes for May, with the quotes for 40 - foot containers ranging from $2337 to $4545. The weekly average capacity put into service by shipping companies in May exceeds 300,000 TEU, and the rate - increase efforts of each shipping company vary. The market had expectations for the upcoming traditional peak season in the second quarter, but under the uncertainty of high tariffs, shipping companies may start a price - cut game to preserve more profits rather than betting on the peak - season demand, and the expected peak - season node may be postponed or the expected difference may drop to zero. Trump's latest tariff policy "U - turn" announced a 90 - day delay in equivalent tariffs for most countries, which may lead to short - term emotional repair. Attention should be paid to the shipping companies' subsequent capacity regulation and the progress of rate increases in May [1] 3. Summary by Relevant Catalogs 3.1 EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Increase/Decrease (%) | Trading Volume | Open Interest (Unilateral) | Long - Position Holdings (Top 20 Members) | Short - Position Holdings (Top 20 Members) | Net Long Position (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2504 | 1491 | - 1.37 | 556 | 1509 | 1123 | 1264 | - 141 | | EC2506 | 1704.7 | - 6.57 | 86722 | 34705 | 20734 | 19291 | 1443 | | EC2508 | 1703.2 | - 8.18 | 34648 | 28839 | 0 | 0 | 0 | | EC2510 | 1275.8 | - 3.44 | 18080 | 16196 | - | - | - | | EC2512 | 1455.2 | - 4.13 | 3509 | 3554 | - | - | - | | EC2602 | 1295.8 | - 4.05 | 2938 | 2752 | - | - | - | | Total | - | - | 146453 | 87555 | 21857 | 20555 | 1302 | [1] 3.2 Latest Spot Freight Rates - European Routes | Index | Latest Period | Month - on - Month Increase/Decrease | Previous Period | Month - on - Month Increase/Decrease | Two Periods Ago | Month - on - Month Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | | Spot Index (Weekly) - SCFIS (Points) | 1422.42 | - 3.5% | 1473.56 | - 2.2% | 1506.17 | - 6.5% | | SCFI ($/TEU) | 1336 | 1.4% | 1318 | 0.9% | 1306 | - 2.7% | | Spot Freight Rates (Daily) - TCI (20GP) ($/TEU) | 1660 | 0.0% | 1660 | 0.0% | 1660 | 3.7% | | Spot Freight Rates (Daily) - TCI (40GP) ($/FEU) | 2737 | 0.0% | 2737 | 0.0% | 2737 | 8.7% | | Basis Spread (Points) | - | - | - | - | - | 62.3 | [1] 3.3 Spot Market Data - **Capacity and Utilization**: The capacity put into service on the Asia - Europe route is 489,797 TEU, a decrease of 1153 TEU. The idle capacity ratio is 2.4%. For different types of container ships (17000TEU +, 12000 - 16999TEU, 8000 - 11999TEU), the idle capacity ratios are 3.2%, 0.6%, and 2.7% respectively [4] - **Average Speed**: The average speed of container ships is 13.95 knots. The speeds of 17000TEU + and 12000 - 16999TEU container ships are 15.7 and 15.3 knots respectively [4] - **Capacity at Port**: The capacity at Rotterdam Port is 229,100 TEU, at Hamburg Port is 98,200 TEU, and at Singapore Port is 335,300 TEU [4] - **Route - Bypass Situation**: The number of ships passing through the Gulf of Aden is 8, the north - bound traffic volume through the Suez Canal is 2, and the south - bound traffic volume is 1 [4] - **Charter Rates**: The 6 - 12 - month time - charter rates for 9000TEU, 6500TEU, and 2500TEU container ships are $106,000, $73,500, and $33,750 per day respectively [4]