知识图强,求实奉献,客户至上,合作共赢 关注微信公众号 | 集运产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年8月7日 | | | | 叶倩宁 | Z0016628 | | 现货报价 | | | | | | | 上海-欧洲未来6周运价参考 | 8月7日 | 8月6日 | 涨跌 | 涨跌幅 | 单位 | | MAERSK马士基 | 2877 | 2947 | -70 | -2.38% | 美元/FEU | | CMA达飞 | 3374 | 3412 | -38 | -1.11% | | | MSC地中海 | 3040 | 3040 | O | 0.00% | | | ONE海洋网联 | 2943 | 2943 | 0 | 0.00% | | | EMC长荣 | 3298 | 3316 | -18 | -0.54% | | | 集运指数 | | | | | | | 结算价指数 | 8月4日 | 7月28日 | 涨跌 | 涨跌幅 | 单位 | | SCFIS (欧洲航线) | 229 ...

Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core View of the Report - Today, the futures prices of each contract of the Container Shipping Index (European Line) opened lower and then fluctuated upwards. Except for the EC2508 contract which remained relatively stable as it entered the delivery month, the prices of other contracts declined slightly. The US tariff policy affected the macro - sentiment, and the sentiment of the EC contract was also negatively impacted, causing it to open lower. Additionally, the futures price trend was also affected by the spot cabin quotes on the European line, which led to a slight downward movement. For the future, it is expected that the EC will likely maintain a volatile and slightly downward trend, with some contracts possibly experiencing a slight rebound after reaching short - term lows. In the medium term, without sudden events, the overall futures price trend may still be slightly downward [1]. 3. Summary According to Related Catalogs EC Risk Management Strategy - **Position Management**: For those who have already obtained positions but have full capacity or poor booking volume and are worried about falling freight rates, they can short the container shipping index futures (EC2510) in the range of 1700 - 1800 to lock in profits [1]. - **Cost Management**: When shipping companies increase 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 (EC2510) in the range of 1300 - 1400 to lock in booking costs in advance [1]. EC Market Analysis - **Contract Price and Position Changes**: As of the close, the EC2510 contract saw long positions reduce by 4 to 26,442, short positions reduce by 1,190 to 30,717, and trading volume decrease by 5,287 to 38,535 (bilateral) [1]. - **Price and Spread**: On August 4, 2025, the closing prices of EC2508, EC2510, EC2512, EC2602, EC2604, and EC2606 decreased by - 0.20%, - 0.15%, - 0.90%, - 1.33%, - 1.11%, and - 0.81% respectively compared to the previous day. The spreads between different contracts also showed corresponding changes [4]. - **Base Difference**: The base differences of EC2508, EC2510, EC2512, EC2602, EC2604, and EC2606 on August 4, 2025, were 175.56, 876.06, 620.66, 827.66, 982.76, and 844.66 respectively, with daily and weekly changes [4]. Market News and Influencing Factors - **Likely Positive Factor**: Israeli Prime Minister Netanyahu's determination to "eliminate" Hamas may have an impact on the market, but the specific impact on the container shipping market is not detailed [2]. - **Negative Factors**: Some major shipping companies lowered the spot cabin quotes on the European line in mid - August. The US implemented new tariffs, which increased the actual tariff rate to 17%, affecting the macro - trade environment and the container shipping market [1][3]. Shipping Quotes and Indexes - **Container Shipping Spot Quotes**: The total quotes for 20GP and 40GP containers on different shipping lines from Shanghai to Rotterdam showed different trends of increase or decrease in mid - to late August [6]. - **Global Freight Rate Indexes**: The SCFIS, SCFI, XSI, and FBX comprehensive freight rate indexes for European and US - West routes showed different degrees of increase or decrease. For example, the SCFIS for the European route decreased by 0.81% to 2297.86 points, and the FBX comprehensive freight rate index increased by 0.09% to 2302 dollars/FEU [7]. Port and Shipping Data - **Port Waiting Time**: The waiting times at major global ports such as Hong Kong, Shanghai, and Singapore showed different changes on August 3, 2025, compared to the previous day and the same period last year [14]. - **Shipping Speed and Waiting Ships**: The average speeds of 8000 +, 3000 +, and 1000 + container ships and the number of container ships waiting at the Suez Canal port anchorage on August 3, 2025, showed certain changes compared to the previous day and the same period last year [22].

1. Report Industry Investment Rating - The investment view of the report is "oscillating", and the trading strategy involves a unilateral "oscillating" approach with a 12 - 4 positive spread arbitrage position held [3] 2. Core View of the Report - The freight rate of the container shipping index shows signs of peaking, and the overall market is weak. Spot prices have peaked, with quotes in early August starting to decline, which will lead to a synchronous decline in late August. The main focus of the 10 - contract lies in the decline slope of the freight rate from August to October [3] 3. Summary According to Relevant Catalogs 3.1 Main Views and Strategy Overview - **Spot Freight Rates**: Spot prices have peaked, with quotes in early August starting to weaken, pulling down those in late August. For example, GEMINI's Maersk wk33 opening price rose from 2800 to 2900, while HPL dropped to 3150 in early August. OA's early - August average quote was 3300, and PA continued to cut prices to 3100 with a downward trend [3] - **Political and Economic Factors**: These factors are considered neutral. There are various political events such as the potential extension of reciprocal tariffs between China and the US, new US tariffs on copper products, and changes in the US - Gaza policy [3] - **Capacity Supply**: It is neutral. Weekly average capacity deployment is 290,000 in July, 300,000 in August, and 320,000 in September. New ships were delivered in early July, and some shipping companies adjusted their routes, redirecting capacity to the European line. European port congestion persists due to labor shortages, strikes, low river water levels, and increased Red Sea route risks. MSK added an extra 15,780 - TEU vessel in wk32 and plans to send another about 13,000 - TEU vessel in wk34. Six blank sailings have been announced in August by the Ocean Alliance [3] - **Demand**: It is neutral. Demand and loading rates were good at the end of July, but the high capacity deployment at the beginning of August weakened the effect of the inventory - building rolling pool [3] - **Market**: Spot prices show signs of peaking. It is expected that spot prices will peak at the end of July and beginning of August, decline slowly until late August, and then the decline slope will intensify. The 10 - contract's main focus is on the decline slope of the freight rate from August to October [3] - **Investment View and Trading Strategy**: The investment view is "oscillating". The trading strategy includes a unilateral "oscillating" approach and holding a 12 - 4 positive spread arbitrage position. Attention should be paid to geopolitical disturbances and domestic and foreign macro - policy disturbances [3] 3.2 Price - The spot market has slow demand recovery, high supply, the establishment of new alliances, and price drops during the off - season [5] 3.3 Static Capacity - **Order Volume**: Data on container ship order volumes are presented in multiple graphs, showing order volumes by different container ship loading capacities over different time periods [12] - **Delivery Volume**: Graphs display delivery volumes of container ships by different loading capacities from 2000 to 2025 [15] - **Demolition Volume**: Information on the demolition volumes of container ships by different loading capacities is provided, covering the period from 2022 to 2025 [17] - **Future Delivery**: Future delivery volumes of container ships are shown, including breakdowns by loading capacity and quarterly and seasonal data from 2023 to 2029 [21] - **Ship - Breaking and New - Building Prices**: There are graphs showing ship - breaking prices by different loading capacities, new - building price indices, and new - building prices by different loading capacities from 2015 to 2025 [28][30] - **Second - Hand Ship Prices**: Second - hand ship price indices and prices of second - hand ships with different loading capacities and ages are presented from 2015 to 2025 [34][39] - **Existing Container Ship Capacity**: Information on the existing capacity of container ships, including total capacity, capacity by loading capacity, proportion of idle/laid - up/retrofitted ships, average age, and average age of scrapped ships, is provided from 2015 to 2025 [42][50] 3.4 Dynamic Capacity - **Ship Schedule**: Data on the total capacity deployment from Shanghai to European base ports, as well as the capacity deployments of PA + MSC, MSC, GEMINI, and OCEAN from week 13 to week 28, are presented [56][64] - **Desulfurization Tower Installation**: Graphs show the capacity and number of container ships with installed and under - installation desulfurization towers, as well as the average age and duration of desulfurization tower installation and the average speed of container ships from 2018 to 2025 [

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On August 1, 2025, the prices of various monthly contracts of the container shipping index (European route) futures showed a slight fluctuation. Except for the relatively stable EC2508 contract entering the delivery month, the prices of other monthly contracts declined slightly. The overall futures price trend was still affected by the spot cabin quotes on the European route and trended slightly downward. The bearish sentiment in the commodity market also had a certain negative impact on the EC. For the future, it is expected that the EC is more likely to return to a volatile state, and some contracts may slightly rebound after reaching short - term lows. In the medium term, without sudden event factors, the overall futures price trend may still slightly decline [1]. 3. Summary by Relevant Catalogs EC Risk Management Strategy Suggestions - For those with positions in cabin management but with full capacity or poor booking volume and worried about falling freight rates, they can short the container shipping index futures (EC2510) to lock in profits at the entry range of 1700 - 1800 [1]. - For those in cost management who expect to book cabins according to order situations due to increased blank sailings by shipping companies or approaching the peak season, they can buy the container shipping index futures (EC2510) at the entry range of 1300 - 1400 to determine the cabin - booking cost in advance [1]. Market Information 利多解读 - The Israeli side responded to Hamas' counter - proposal on Tuesday evening, but it is expected that Hamas will not accept the terms. The Doha talks have been in a stagnant state since Israeli Prime Minister Netanyahu recalled the negotiation team earlier this month [2]. 利空解读 - ONE lowered the spot cabin quotes on the European route in mid - August. The daily changes in the EC basis showed different trends for different contracts [3]. EC Price and Spread - On August 1, 2025, the closing prices of different EC contracts had different daily and weekly changes. For example, the EC2508 contract had a closing price of 2126.5, a daily increase of 0.23%, and a weekly decrease of 3.89%. The spreads between different contracts also changed accordingly [5]. Shipping Quotes - On August 14, for the Maersk shipping schedule from Shanghai to Rotterdam, the total quote for 20GP increased by $5 to $1735, and for 40GP it increased by $10 to $2910. For the ONE shipping schedule, the total quote for 20GP decreased by $130 to $2194, and for 40GP it decreased by $200 to $2943 [7]. - The latest values of global freight rate indices showed different changes. For example, the SCFIS European route index was 2316.56, a decrease of 3.50% compared to the previous value; the SCFI European route was $2090 per TEU, an increase of 0.53% [8]. Port Waiting Time - The waiting times at major global ports on July 31, 2025, showed different changes compared to the previous day and the same period last year. For example, the waiting time at Hong Kong Port decreased by 0.859 days to 0.880 days compared to July 30, 2025 [13]. Ship Speed and Waiting Ships - On July 31, 2025, the speeds of different types of container ships showed different changes compared to the previous day and the same period last year. The number of ships waiting at the Suez Canal port anchor remained unchanged at 9 compared to the previous day [23].

2025年6月，重庆通道集装箱运输市场稳中向好，运输需求持续提振，推动通道价格指数进一步上涨。经测算，6月重庆通道价格 指数为1121.1点、环比上涨1.7%，西部陆海新通道、长江黄金水道、中欧班列三条通道价格指数均实现上涨。 中欧班列通道价格指数为1164.9、环比上涨0.3%，涨幅较上月有所缩小，指数走势保持平稳。其中，俄区市场需求较为稳定，指 数为1124.4、环比上涨0.5%。欧区价格指数为1205.5、环比上涨0.1%，运输需求整体稳定。 图1：2024.04-2025.05重庆通道价格指数变动趋势 同期，西部陆海新通道价格指数为1022.1、环比上涨0.1%，与上月基本持平。铁海联运运价指数为1097.2、环比上涨0.2%，不同 区域运价走势有所分化。其中，东盟和日韩方向运力供应相对充足，运价出现小幅下降；印巴、非洲方向运输需求增长，舱位和 箱源紧张，运价出现上涨；国际铁路班列和跨境公路班车运价保持稳定。 图2：2024.01-2025.06西部陆海新通道价格指数变动趋势 长江黄金水道价格指数为1162.6、环比上涨3.9%，延续增长态势。其中，美国方向运力供给持续增加，但同期市场需求未出现大 幅 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Today, the futures prices of each contract of the Container Shipping Index (European Line) opened lower and fluctuated. As of the close, the prices of all EC contracts declined. Looking at the changes in the positions of the top 20 institutional holders on the exchange, the long positions of the EC2510 contract decreased by 1,040 lots to 26,610 lots, the short positions decreased by 1,158 lots to 32,329 lots, and the trading volume decreased by 25,427 lots to 57,250 lots (bilateral). MSC will start to lower prices in mid - August, leading the futures prices to decline from the current price perspective. Additionally, the Politburo meeting's change in the description of "anti - involution" from "governing the low - price and disorderly competition of enterprises in accordance with laws and regulations" to "governing the disorderly competition of enterprises in accordance with laws and regulations" has dampened the high - rising sentiment of related commodity futures. Indirectly, this has affected the futures prices opening lower today. For the future market, it is expected that the overall EC will likely fluctuate with a slight downward trend, but the impact of commodity sentiment and capital flows still needs to be monitored [1]. 3. Summary by Relevant Catalogs 3.1 EC Risk Management Strategy Suggestions - **Position Management**: For those who have already obtained positions but have full capacity or poor booking volumes, and are worried about falling freight rates (long position), to prevent losses, they can short the container shipping index futures according to the company's positions to lock in profits. The recommended hedging tool is EC2510, with a selling direction and an entry range of 1,700 - 1,800 [1]. - **Cost Management**: For shipowners increasing blank sailings or about to enter the peak season and wishing to book according to orders (short position), to prevent rising freight rates from increasing transportation costs, they can buy the container shipping index futures at present to determine the booking cost in advance. The recommended hedging tool is EC2510, with a buying direction and an entry range of 1,300 - 1,400 [1]. 3.2 Market Influencing Factors - **Positive Factor**: From July 28th to 29th, local time, Chinese and US economic and trade leaders held talks in Stockholm. According to the consensus, both sides will continue to extend the suspension of 24% of the US reciprocal tariffs and China's counter - measures for 90 days [2]. - **Negative Factor**: MSC has lowered the spot - cabin quotes for the European Line in mid - August [2]. 3.3 EC Base - Point and Price Information - **Base - Point Changes**: On August 1st, 2025, the base points of EC contracts such as EC2508, EC2510, etc. all showed daily and weekly changes. For example, the base point of EC2508 was 194.96, with a daily increase of 17.40 and a weekly increase of 39.36 [2]. - **Price and Spread**: On August 1st, 2025, the closing prices of EC contracts generally declined, with different daily and weekly decline rates. For example, the closing price of EC2508 was 2,121.6, with a daily decline of 0.81% and a weekly decline of 5.49%. The spreads between different contracts also showed various changes [3]. 3.4 Spot - Cabin Quotes - On August 14th, for Maersk's Shanghai - Rotterdam shipping schedule, the total quote for 20GP was $1,730, an increase of $15 compared to the previous period, and the total quote for 40GP was $2,900, an increase of $30 compared to the previous period. - In mid - August, for MSC's Shanghai - Rotterdam shipping schedule, the total quote for 20GP was $2,000, a decrease of $163 compared to the previous period, and the total quote for 40GP was $3,340, a decrease of $306 compared to the previous period [5]. 3.5 Global Freight Rate Index - As of the latest data, the SCFIS European Line index was 2,316.56, down 3.50% from the previous value; the SCFIS US West Line index was 1,284.01, down 1.37% from the previous value. Different freight rate indices showed different changes [6]. 3.6 Global Major Port Waiting Times - On July 31st, 2025, the waiting times of major ports such as Hong Kong Port, Shanghai Port, etc. changed compared to the previous day and the same period last year. For example, the waiting time at Hong Kong Port was 1.739 days, a decrease of 0.069 days from the previous day [13]. 3.7 Ship Speed and Number of Waiting Ships - On July 31st, 2025, the average speeds of container ships of different types such as 8000 +, 3000 +, and 1000 + changed compared to the previous day and the same period last year. The number of container ships waiting at the Suez Canal port anchorages was 9, a decrease of 8 from the previous day [22].

Financial Data and Key Metrics Changes - Net income from operations for Q2 2025 was just under $30 million, primarily from the company's 15 vessels, which include 12 LNG carriers and 3 container vessels [5] - The company maintained a fixed distribution of $0.15 per share, marking the 73rd consecutive quarter of cash dividends since its listing in March 2007 [6][9] - The ongoing capital investment program amounts to over $2.3 billion, with a focus on expanding the asset base with new LNG and gas vessels starting delivery in 2026 [8] Business Line Data and Key Metrics Changes - The company reported a negative quarter in terms of earnings generation due to the absence of container vessels, which were not part of the fleet this quarter [8] - Financing was secured for two LCO2 carriers, with an approximate financing amount of $51 million per vessel, indicating a strategic move towards expanding the fleet [10] Market Data and Key Metrics Changes - The LNG market has seen a significant increase in new LNG Sales and Purchase Agreements (SPAs), with approximately 47 million tons sold since January 2025, including 25 million tons in Q2 alone [12] - A record pace of vessel removals from the fleet and a record low number of newbuilding orders were noted, indicating a potential market rebalancing [13][16] Company Strategy and Industry Competition - The company is pivoting towards becoming an LNG and gas transportation-focused entity, with plans to expand its charter book and secure long-term contracts [7][11] - The order book to fleet ratio for large LNG carriers is just below 44%, reflecting a slowdown in new energy orders, which is favorable for the company [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the LNG market, anticipating a strengthening market by 2026 and 2027 due to strong energy supply growth and the absence of new energy sea orders [18] - The company is well-positioned to benefit from the expected market dynamics, with a considerable contract coverage of over 70 years already in place [20] Other Important Information - The company introduced a Dividend Reinvestment Program (DRIP) for the first time in Q2, offering shareholders more options for their investments [6] - The company is actively involved in discussions regarding the employment of its new vessels, particularly in the emerging LCO2 market [23] Q&A Session Summary Question: Impact of increased merchant volumes on the carrier market - Management indicated that contracted volumes and SPAs do not have secure shipping, leading to a demand for approximately 300 ships, highlighting a potential supply-demand imbalance [21][22] Question: Near-term employment prospects for multi gas carriers and LCO2 carriers - Management noted that the fixing window for LCO2 carriers is shorter compared to LNG, with expectations for more concrete commercial discussions in the next three to four months [23][24] Question: Sentiment in the LNG sector following the U.S.-EU deal - Management confirmed that the deal has positively affected shipping sentiment, with multiple term requirements surfacing and active involvement in those discussions [32][35] Question: Anticipation of growth in the order book for liquid CO2 carriers - Management expects to see more orders in the next six to twelve months as projects mature, but noted that shipyard capacity for specialized vessels is limited [38][39] Question: Financing of new builds - Management stated that financing for new builds has been favorable, with lenders showing interest due to the vessels' flexibility in trading [41][42]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The prices of each monthly contract of the Container Shipping Index (European Line) futures first fluctuated upward, then dropped to a short - term low and rebounded again. Except for EC2510, the prices of other monthly contracts slightly recovered. From the perspective of the positions of the top 20 institutions in the exchange, the long positions of the EC2510 contract increased by 1960 lots to 28074 lots, the short positions increased by 2913 lots to 34037 lots, and the trading volume increased by 28898 lots to 83222 lots (bilateral). The Sino - US economic and trade talks basically continued the previously agreed tariff levels, having a neutral - slightly - positive impact on market sentiment. Commodity sentiment also drove up the EC price. However, some major shipping companies still lowered the spot freight rates, which set an upper limit on the increase of EC and brought certain negative factors to the market, causing the futures price to fall after rising to a certain level. For the future market, it is expected that the EC will likely fluctuate slightly downward, but the impact of commodity sentiment and the capital side needs to be vigilant [1]. 3. Summary by Relevant Catalogs Supply and Demand and Market Sentiment - **Positive Factors**: From July 28th to 29th, local time, the Sino - US economic and trade talks in Stockholm, Sweden reached a consensus to extend the suspension of 24% of the US reciprocal tariffs and China's counter - measures for 90 days, which had a neutral - slightly - positive impact on market sentiment [1][2]. - **Negative Factors**: CMA CGM lowered the spot freight quotes for the European line in the past three weeks [2]. Futures Market - **Contract Price Performance**: On July 30, 2025, except for EC2510, the prices of other monthly contracts of the Container Shipping Index (European Line) futures slightly recovered. For example, EC2508 closed at 2139.0 points, with a daily increase of 1.33% and a weekly decrease of 4.50%; EC2510 closed at 1468.7 points, with a daily increase of 0.60% and a weekly decrease of 4.44% [1][3]. - **Position and Trading Volume Changes**: For the EC2510 contract, the long positions increased by 1960 lots to 28074 lots, the short positions increased by 2913 lots to 34037 lots, and the trading volume increased by 28898 lots to 83222 lots (bilateral) [1]. Spot Market - **Container Shipping Quotes**: On August 7th, for Maersk's ships departing from Shanghai to Rotterdam, the total quote for 20GP was $1846, up $10 from the previous period, and the total quote for 40GP was $3102, up $10. On August 14th, the 20GP total quote was $1715, up $10, and the 40GP total quote was $2870, up $10. In the past three weeks, for Hapag - Lloyd's ships departing from Shanghai to Rotterdam, the 20GP total quote was $1935, down $100, and the 40GP total quote was $3135, down $200 [5]. - **Global Freight Rate Index**: SCFIS for the European route was 2316.56 points, down 3.50%; for the US - West route, it was 1284.01 points, down 1.37%. SCFI for the European route was $2090/TEU, up 0.53%; for the US - West route, it was $2067/FEU, down 3.50%. XSI for the European line was $3399/FEU, down 0.03%; for the US - West line, it was $2179/FEU, down 2.2%. The FBX composite freight rate index was $2377/FEU, up 0.46% [6][7]. Port and Shipping Conditions - **Port Waiting Time**: On July 29th, the waiting time at Hong Kong Port was 1.808 days, down 0.179 days from the previous day; at Shanghai Port, it was 1.023 days, down 0.026 days; at Yantian Port, it was 1.097 days, down 0.044 days; at Singapore Port, it was 0.660 days, up 0.136 days; at Jakarta Port, it was 1.132 days, down 0.505 days; at Long Beach Port, it was 2.339 days, up 0.267 days; at Savannah Port, it was 1.222 days, up 0.084 days [11]. - **Ship Speed and Waiting Ships**: On July 29th, the average speed of 8000 + container ships was 15.867 knots, down 0.045 knots from the previous day; for 3000 + container ships, it was 14.700 knots, down 0.082 knots; for 1000 + container ships, it was 13.124 knots, up 0.055 knots. The number of ships waiting at the Suez Canal port anchorage was 17, down 2 from the previous day [21]. Risk Management Strategies - **Space Management**: If a company has obtained shipping space but has full capacity or poor booking volume during the peak season and is worried about falling freight rates, it can short the container shipping index futures (EC2510) to lock in profits, with a recommended entry range of 1700 - 1800 [1]. - **Cost Management**: If a shipping company increases blank sailings or the market is about to enter the peak season, and it wants to book space according to orders, it can buy the container shipping index futures (EC2510) at present to determine the booking cost in advance, with a recommended entry range of 1350 - 1450 [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the given documents 2. Core View of the Report - The current prices of EC contracts on the container shipping index (European line) futures show a mixed trend. The opening price of the futures was low today mainly because Maersk's new - week opening quotes continued to decline, dragging down the valuation of near - month contracts. The market is relatively cautious about far - month contracts due to uncertainties such as Sino - US tariffs and the Middle East situation. Looking ahead, the overall EC may still show a slightly downward oscillating trend, and the results of the new round of Sino - US negotiations can be monitored [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 1800 - 1900 to lock in profits [1]. - For those who want to book cabins according to orders and are worried about rising freight rates, they can buy the container shipping index futures (EC2510) at 1350 - 1450 to determine booking costs in advance [1]. Market Situation of EC Contracts - As of the close, the prices of EC contracts showed mixed trends. For the EC2510 contract, long positions decreased by 308 to 26,146, short positions decreased by 16 to 31,521, and trading volume decreased by 11,589 to 54,713 (bilateral) [1]. Factors Affecting the Market - **Likely Positive Factor**: Netanyahu stated that Israel will continue to fight until hostages are released and Hamas is defeated, and will cooperate with international organizations and Western countries to ensure aid to Gaza [2]. - **Negative Factor**: Maersk's new - week European line opening quotes were lower than the previous week [2]. EC Basis and Price Changes - **Basis Changes**: On July 30, 2025, the basis of EC2508 was 205.56 points, with a daily increase of 72.20 points and a weekly increase of 54.76 points; for EC2510, the basis was 856.56 points, with a daily increase of 42.80 points and a weekly increase of 4.06 points [2]. - **Price Changes**: On July 30, 2025, the closing price of EC2508 was 2111.0 points, with a daily decline of 3.31% and a weekly decline of 6.17%; the closing price of EC2510 was 1460.0 points, with a daily decline of 2.85% and a weekly decline of 5.68% [4]. Container Shipping Spot Quotes - On August 14, Maersk's 20GP opening quote from Shanghai to Rotterdam decreased by $60 compared to the previous week, and 40GP decreased by $100. Currently, they have rebounded to $1705/TEU and $2850/FEU respectively. In mid - August, Evergreen's 20GP total quote from Shanghai to Rotterdam decreased by $100 compared to the same period, and 40GP decreased by $200 [6]. Global Freight Rate Index - The latest value of SCFIS for the European route was 2316.56 points, a decrease of 83.94 points (-3.50%) from the previous value; the latest value of SCFIS for the US - West route was 1284.01 points, a decrease of 17.8 points (-1.37%) [7]. Global Major Port Waiting Times - On July 29, 2025, the waiting time at Hong Kong Port was 1.987 days, a decrease of 0.377 days from the previous day; the waiting time at Shanghai Port was 1.049 days, an increase of 0.156 days from the previous day [12]. Ship Speed and Number of Waiting Ships - On July 29, 2025, the average speed of 8000 + container ships was 15.912 knots, an increase of 0.119 knots from the previous day; the number of container ships waiting at the Suez Canal port anchor increased by 8 to 19 compared to the previous day [21].

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]