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 ...

集装箱运输市场日报 —— MSC终下调8月报价，商品情绪影响 2025/7/31 投资咨询业务资格：证监许可【2011】1290号 俞俊臣 投资咨询证号：Z0021065 EC风险管理策略建议 | 行为导向 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 建议入场区间 | | | --- | --- | --- | --- | --- | --- | | 舱位管理 已入手舱位，但运力偏饱满，或订舱货量不佳，旺季不 旺，担心运价下跌 | 多 | 为防止损失，可根据企业舱位，做空集运指数期货来 锁定利润 | EC2510 | 卖出 | 1700~1800 | | 成本管理 船司空班力度加大，或即将进入市场旺季，希望根据订单 情况进行订舱 | 空 | 为防止运价上涨而增加运输成本，可以在当前买入集 运指数期货，以提前确定订舱成本 | EC2510 | 买入 | 1300~1400 | source： 南华期货 EC基差日度变化 | 2025-08-01 | 基差（点） | 日涨跌（点） | 周涨跌（点） | | --- | --- | --- | --- | | EC2508 | 194.96 | ...

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]

1. Report Industry Investment Rating - The investment view is bearish, with a cautious and slightly negative stance [3] 2. Core View of the Report - The signal of the peak in freight rates has emerged, and attention should be paid to the China-US talks next week. The spot price is expected to peak at the end of July or early August, then decline slowly until late August, after which the decline rate will intensify. The main focus of the 10 - contract lies in the decline rate of freight rates from August to October [3] 3. Summary by Relevant Catalogs PART ONE: Main Views and Strategy Overview - **Influencing Factors and Their Impact** - **Spot Freight Rates**: Bearish. The spot price is expected to peak at the end of July. Different shipping alliances have different price trends, with some adjusting prices downwards [3] - **Political and Economic Factors**: Bearish. Tensions in international relations, such as the situation in the Middle East and the China - EU relationship, may have a negative impact on the market [3] - **Capacity Supply**: Neutral. There is an increase in capacity deployment in the future, new ship deliveries, and the port congestion situation in Europe has not been alleviated [3] - **Demand**: Neutral. The demand and loading rate at the end of July were good, but the effect of building a stockpiling rolling pool is weakening due to the high capacity deployment in early August [3] - **Investment and Trading Strategies** - **Investment View**: Bearish, with a cautious and slightly negative stance - **Trading Strategy**: Unilateral: Cautiously bearish; Arbitrage: Hold the 12 - 4 positive spread [3] PART TWO: Price - The spot market has slow demand recovery, high supply, the establishment of new alliances, and price declines in the off - season [5] PART TWO: Static Capacity - **Order - related Data**: Include order volume, new - order volume, and their breakdown by loading capacity, showing the development trend of container ship orders over the years [17][19] - **Delivery - related Data**: Include delivery volume, demolition volume, and future delivery volume, as well as their breakdown by loading capacity, reflecting the supply and demand situation of container ships in the future [24][27][30] - **Price - related Data**: Include ship - breaking prices, new - building prices, and second - hand ship prices, and their changes over time and by loading capacity, which are important factors affecting the cost and value of container ships [38][39][47] - **Existing Capacity Data**: Include the existing capacity of container ships, the proportion of idle and retrofitted ships, average age, and ship - breaking average age, which reflect the overall status of the container ship fleet [53][55][59] PART THREE: Dynamic Capacity - **Shipping Schedule and Capacity Deployment**: The total capacity deployment from Shanghai to European basic ports and the capacity deployment of different shipping alliances (PA + MSC, MSC, GEMINI, OCEAN) are presented, showing the dynamic changes in shipping capacity [67][69][71] - **Desulfurization Tower - related Data**: Include the number and proportion of container ships with installed desulfurization towers, those being installed, and the average age and duration of desulfurization tower installation, which are related to environmental protection requirements and ship operation [78][79][84] - **Average Speed and Idle Capacity**: The average speed of container ships and their breakdown by loading capacity, as well as the idle capacity, its proportion, and breakdown by loading capacity, are presented, reflecting the operation efficiency and utilization rate of container ships [84][89]

Report's Investment Rating for the Industry No information provided regarding the report's investment rating for the industry. Core Viewpoints of the Report - The prices of each monthly contract of the container shipping index (European route) futures opened with a significant decline and then continued to fluctuate downward. By the close, the prices of EC monthly contracts showed mixed trends. The reduction in the spot cabin quotes of Maersk and ONE lowered the valuation of the current near - month contract futures prices, leading to a decline in futures prices. However, the potential for relatively low tariffs between the US and Europe and the expected recovery of trade have a certain positive impact on the far - month futures prices. The futures prices still have bottom support, and the SCFI European route has slightly rebounded. Near - month contracts are more likely to experience a short - term correction, but the overall trend may still be slightly downward with fluctuations [1]. Summary by Relevant Catalogs EC Risk Management Strategy Recommendations - **Cabin Management**: For those who have already obtained cabins but have full capacity or poor booking volume and are worried about falling freight rates (long spot exposure), they can short the container shipping index futures (EC2510) to lock in profits, with a recommended selling range of 1800 - 1900 [1]. - **Cost Management**: When shipping companies increase blank sailings or the market is about to enter the peak season, and one wants to book cabins according to order situations (short spot exposure), they can buy the container shipping index futures (EC2510) at present to determine the cabin - booking cost in advance, with a recommended buying range of 1350 - 1450 [1]. Market Data Analysis Position and Trading Volume Changes - For the EC2510 contract, long positions decreased by 559 lots to 25,266 lots, short positions decreased by 236 lots to 31,305 lots, and trading volume decreased by 19,270 lots to 50,437 lots (bilateral) [1]. Basis Changes | Contract | Basis (Points) | Daily Change (Points) | Weekly Change (Points) | | --- | --- | --- | --- | | EC2508 | 187.90 | 32.30 | 53.30 | | EC2510 | 873.00 | 56.40 | 85.50 | | EC2512 | 680.30 | 59.70 | 70.80 | | EC2602 | 881.70 | 43.50 | - 23.70 | | EC2604 | 1038.80 | 20.30 | - 32.30 | | EC2606 | 882.5 | - 11.10 | - 96.14 | [4][5] Futures Price and Spread Changes | Contract | Closing Price (Points) | Daily Change Rate | Weekly Change Rate | Spread Contract | Closing Price (Points) | Daily Change | Weekly Change | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2508 | 2212.6 | - 1.44% | - 2.35% | EC2508 - 2512 | 492.4 | 27.4 | 17.5 | | EC2510 | 1527.5 | - 3.56% | - 5.30% | EC2512 - 2604 | 358.5 | - 39.4 | - 119.7 | | EC2512 | 1720.2 | - 3.35% | - 3.95% | EC2604 - 2508 | - 850.9 | 12.0 | 21.3 | | EC2602 | 1518.8 | - 2.78% | 1.59% | EC2508 - 2510 | 685.1 | 27.4 | 32.2 | | EC2604 | 1361.7 | 0.15% | 2.43% | EC2510 - 2512 | - 192.7 | 3.3 | - 14.7 | | EC2606 | 1518.0 | 0.74% | 5.18% | EC2512 - 2602 | 201.4 | - 16.2 | - 94.2 | [5] Market News and Quotes Spot Cabin Quotes - On August 7, for Maersk's ships departing from Shanghai to Rotterdam, the total quote for 20GP increased by $7 to $1822, and the total quote for 40GP increased by $14 to $3064 compared to the previous period. For ONE's ships departing from Shanghai to Rotterdam in mid - to - early August, the total quote for 20GP decreased by $493 to $2321, and the total quote for 40GP decreased by $500 to $3143 compared to the previous period [7]. Global Freight Rate Indexes | Index | Latest Value | Previous Value | Change | Change Rate | | --- | --- | --- | --- | --- | | SCFIS: European Route (Points) | 2400.5 | 2421.94 | - 21.44 | - 0.89% | | SCFIS: US West Route (Points) | 1301.81 | 1266.59 | 35.22 | 2.78% | | SCFI: European Route ($/TEU) | 2090 | 2079 | 11 | 0.53% | | SCFI: US West Route ($/FEU) | 2067 | 2142 | - 75 | - 3.50% | | XSI: European Route ($/FEU) | 3406 | 3407 | - 1 | - 0.03% | | XSI: US West Route ($/FEU) | 2216 | 2248 | - 32 | - 1.4% | | FBX Comprehensive Freight Rate Index ($/FEU) | 2366 | 2348 | 18 | 0.77% | [8] Port - Related Data Global Main Port Waiting Times | Port | July 24, 2025 | July 23, 2025 | Daily Change | Last Year's Same Period | | --- | --- | --- | --- | --- | | Hong Kong Port | 1.080 | 1.312 | - 0.232 | 0.455 | | Shanghai Port | 1.169 | 1.212 | - 0.043 | 1.423 | | Yantian Port | 1.253 | 0.868 | 0.385 | 0.565 | | Singapore Port | 0.556 | 0.513 | 0.043 | 0.554 | | Jakarta Port | 10.642 | 2.050 | 8.592 | 1.759 | | Long Beach Port | 1.909 | 1.927 | - 0.018 | 2.572 | | Savannah Port | 1.535 | 1.431 | 0.104 | 1.449 | [15] Ship Speed and Waiting Ship Quantity in Suez Canal | Ship Type | July 24, 2025 | July 23, 2025 | Daily Change | Last Year's Same Period | | --- | --- | --- | --- | --- | | 8000+ | 15.794 | 15.843 | - 0.049 | 15.904 | | 3000+ | 14.861 | 15.037 | - 0.176 | 14.73 | | 1000+ | 13.134 | 13.269 | - 0.135 | 13.232 | | Ships Waiting at Suez Canal Port Anchorage | 13 | 18 | - 5 | 11 | [23]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The futures prices of the container shipping index (European routes) are expected to briefly return to a volatile state. Attention should be paid to the actions of other shipping companies and changes in the spot cabin quotes on European routes [2]. 3. Summary by Section EC Risk Management Strategy - For companies 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 hoping to book cabins according to orders and prevent rising freight rates, they can buy the container shipping index futures (EC2510) at 1350 - 1450 to set the booking cost in advance [1]. Market Performance - The futures prices of the container shipping index (European routes) opened with a volatile downward trend and then rebounded slightly. At the close, the prices of EC contracts showed mixed results [2]. - For the EC2510 contract, long - positions increased by 1029 lots to 26261 lots, short - positions increased by 845 lots to 31963 lots, and trading volume decreased by 2955 lots to 79201 lots (bilateral) [2]. Factors Affecting the Market Positive Factors - The spot cabin quotes on European routes of MSC and COSCO Shipping in mid - early August have increased [3]. - Israeli Defense Minister Katz said that Israel may attack Iran again, which has a slight positive impact on market sentiment [5]. Negative Factors - Maersk's new weekly opening quotes on European routes have significantly decreased compared to the previous week [4]. EC Basis Changes - On July 23, 2025, the basis of EC2508 was 160.80 points, with a daily increase of 10.00 points and a weekly decrease of 108.14 points; EC2510 was 863.50 points, with a daily increase of 11.00 points and a weekly increase of 39.66 points; EC2512 was 698.70 points, with a daily increase of 6.90 points and a weekly increase of 35.76 points [4]. Spot Cabin Quotes - Maersk's 20GP and 40GP total quotes for Shanghai - Rotterdam routes in late July and early August increased compared to the previous period. MSC and COSCO Shipping's 20GP and 40GP total quotes for Shanghai - Rotterdam routes in mid - early August also increased compared to the previous week [8]. Global Freight Rate Index - The SCFIS European route index decreased by 0.89% to 2400.5 points, the SCFIS US - West route index increased by 2.78% to 1301.81 points. Other indexes also showed different degrees of increase or decrease [9]. Port Waiting Time - The waiting times of Hong Kong, Shanghai, and other ports on July 22, 2025, showed different changes compared to the previous day and the same period last year [16]. Ship Speed and Waiting Ships - The speeds of 8000 +, 3000 +, and 1000 + container ships on July 22, 2025, increased slightly compared to the previous day. The number of ships waiting at the Suez Canal port anchor remained unchanged at 30, less than 7 in the same period last year [24][25].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - Tuesday's sharp rise in the main European line futures was mainly influenced by spot quotes. The high opening of quotes in late August indicates that the peak season may last until late August or later, breaking the previous market expectation that July would be the peak for airline quotes. The market has adjusted the price difference between the 10 and 08 contracts, and the 12 - contract has also risen significantly due to the traditional peak - season factor [3]. - The current futures price trend is mainly affected by spot quotes. If other airlines follow the high - opening quotes, the main contract will continue to rise; if the quotes in August are conservative, the market may turn into a volatile trend. It is recommended that investors considering long positions prioritize the 12 - contract [11]. 3) Summary by Relevant Sections Market Overview - On Tuesday, the EC2510 main contract opened higher at 1454 points, showed a volatile upward trend. Although the intraday gain narrowed, it further rose in the late session, with a nearly 18% intraday increase and a closing price of 1655.6 points, up 15.38% [2]. Trading Logic - The significant rise in the main European line futures on Tuesday, with the 10 - contract rising by over 15%, was mainly due to spot quotes. The CMA's online quotes for large containers in late August increased by nearly $1000 compared to the first half of August, indicating a potential delay in the peak - season rhythm this year compared to last year. The price difference between the 10 and 08 contracts was adjusted, and the 12 - contract also rose significantly [3]. Fundamental Analysis - **Quotes**: As of July 16, Maersk's quotes were $1780 - 1982/TEU and $2960 - 3262/TEU, slightly up from before; CMA's quotes were $2035 - 3135/TEU and $3645 - 5345/TEU. The quotes of other airlines were relatively stable [5][7]. - **Supply and Demand**: As of July 15, the global container total capacity was 32.7 million TEU, an 8.2% increase year - on - year. In June, the eurozone's composite PMI was 50.2, manufacturing PMI was 49.4, and service PMI was 50.0; the US manufacturing PMI was 49, and the new order index was 46.4. The OECD leading index for the G7 group in June was 100.40 [7]. Outlook - The current futures price is mainly affected by spot quotes. Since the 10 - contract has become the main contract and the quotes are still in the July - August peak - season range, the futures will be affected by the upward sentiment of quotes. If other airlines follow the high - opening quotes, the main contract will continue to rise; if the quotes in August are conservative, the market may turn volatile. Due to the 12 - contract being a peak - season contract, investors considering long positions can prioritize it [11].