1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The spot container shipping freight rate remains weak, but concerns about the passage of China - Europe freight trains and the expectation of post - holiday price increases still exist, causing the EC futures market to strengthen slightly. The decline rate of spot freight rates is expected to slow down after the holiday. For dry bulk shipping, the market showed a slight increase last week with different trends among ship types. The oil tanker market is generally improving, with the crude oil and refined oil markets remaining stable [5][19][23]. 3. Summary by Related Catalogs Container Shipping - Container Shipping Index (European Line) Market Analysis and Strategy Recommendation - **Market Performance**: On September 22, 2025, the EC2512 closed at 1653.9 points, up 1.71% from the previous day. The SCFI European Line on September 19 was $1052/TEU, down 8.84% month - on - month. The latest SCFIS European Line released after the market on the 22nd was 1254.92 points, down 12.87% month - on - month [5]. - **Logic Analysis**: Shipping companies continue to lower spot prices. The freight rate center in late September dropped to around $1300 - 1600/FEU. The demand side has seen a decline in peak - season cargo volume, and the loading rate of major shipping companies has decreased. The supply side shows that the average weekly capacity in September, October, and November 2025 is 281,800/249,700/285,900 TEU respectively. The blank - sailing rate in October is about 15.56%. Attention should be paid to the subsequent tariff policy and the reopening of the Polish border [6]. - **Trading Strategy**: For single - side trading, it is recommended to stop losses at low prices for short positions in EC2510 recently, and adopt a long - at - low strategy for the EC2512 contract. For arbitrage, conduct rolling operations at low prices for the 10 - 12 reverse spread and enter the market at low prices for the 2 - 4 positive spread [7][8]. Industry News - The probability of the Fed keeping interest rates unchanged in October is 8.1%, and the probability of a 25 - basis - point rate cut is 91.9%. In December, the probability of unchanged rates is 1%, the probability of a cumulative 25 - basis - point cut is 18.5%, and the probability of a cumulative 50 - basis - point cut is 80.5% [9]. - India's Minister of Commerce and Industry will visit the US to reach a "mutually beneficial" trade agreement, indicating a relaxation of tensions between the two countries [9]. - Shipping companies warn that the IMO's net - zero emission rules may bring huge costs to the industry, with an annual cost of about $20 - 30 billion by 2030 and over $300 billion by 2035 if the target is missed by 10% [10]. - Italian unions plan strikes and protests on September 19 and 22, which will disrupt the country's transportation and logistics [11]. - Israel has deployed a third division to the Gaza Strip, and Australia, Canada, and the UK have recognized the State of Palestine [12]. Dry Bulk Shipping Market Analysis and Outlook - **Freight Index**: The Baltic Dry Index (BDI) fell slightly on Friday but rose 3.6% week - on - week. The Capesize index rose to a new high since July 29, while the Panamax index dropped to a new low since September 5 [16]. - **Spot Freight Rate**: On September 19, the freight rate for the Brazil - Qingdao iron ore route was $24.77/ton, up 1.02% month - on - month, and the West Australia - Qingdao route was $10.94/ton, down 0.14% month - on - month. Weekly data shows that the freight rates of some coal and bauxite routes have increased [17]. - **Shipping Data**: From September 15 - 21, the global iron ore shipping volume decreased by 248,300 tons. Brazil's soybean, soybean meal, and corn exports in September are expected to increase [18]. - **Logic Analysis**: The Capesize market has good transportation demand and rising freight rates, while the Panamax market has reduced cargo volume and falling freight rates. The large - ship market may see a decline in cargo volume from mid - October, and the medium - ship market is under pressure due to weak demand [19][20]. Industry News - The Simandou iron ore project has started the first - batch mining operations [21]. - Brazil is expected to increase its soybean planting area and production in the 2025/26 season [21]. - India and the US are seeking a "mutually beneficial" trade agreement [21]. Oil Tanker Transportation Market Analysis and Outlook - **Freight Rate**: On September 19, the Baltic Dirty Tanker Index (BDTI) was 1143, down 0.35% month - on - month and up 30.48% year - on - year. The Baltic Clean Tanker Index (BCTI) was 618, down 0.48% month - on - month and up 3.34% year - on - year. The oil tanker market is generally stable, with the Suez - type ships popular in the crude oil market and regional differences in the refined oil market [23]. Industry News - Trump pressures European countries to stop buying Russian oil [24]. - Although there are concerns about oversupply and weak demand, geopolitical risks support international oil prices. The domestic refined oil price adjustment may be stranded [24].

Report Industry Investment Rating There is no information provided in the report about the industry investment rating. Core Viewpoints of the Report - The spot prices in the container shipping market continue to decline, and the EC futures market shows a volatile downward trend. It is expected that the decline rate will slow down in mid - to late October. The overall freight rate center in the second half of the year is expected to move down compared to the first half due to tariff pressure [5][6]. - In the dry bulk shipping market, the Baltic Dry Bulk Freight Index rose for the fourth consecutive day due to the increase in cape - size ship freight rates. The short - term freight rates of large vessels are expected to be supported, but there is a risk of a callback. The medium - sized vessel market is expected to show a volatile trend in the short term [16][20]. - In the tanker shipping market, the crude oil transportation market continues to rise, while the product oil market shows a downward trend due to reduced market inquiries. Long - term attention should be paid to the impact of environmental protection elimination and supply - demand reshaping on freight rates [24]. Summary by Relevant Catalogs Container Shipping - Container Shipping Index (European Line) Market Analysis and Strategy Recommendation - Spot prices continue to fall, with some shipping companies' quotes dropping to around $1300. The EC futures market is in a volatile downward trend. The SCFI European Line index has decreased, and it is expected that the decline will slow down in mid - to late October. The impact of Poland's border closure on China - Europe freight trains continues [5]. - Shipping companies are lowering spot prices, and the price difference among mainstream shipping companies is narrowing. The demand in the peak season has declined, and some shipping companies have announced sailings suspension. The US - China tariff negotiation has made progress, and the freight rate center in the second half of the year is expected to move down [6]. - Trading strategies include a volatile outlook for the single - side market. There may be a small downward adjustment space for the valuation of the 10 - contract, and short positions can be gradually reduced and profited before the National Day. For arbitrage, conduct reverse arbitrage on the 10 - 12 spread at low levels and conduct forward arbitrage on the 2 - 4 spread at low levels [9][10]. Industry News - The Fed cut interest rates by 25BP in September. The global proportion of empty container transportation is rising. Some shipping companies have stated their attitudes towards the port fee collection by the USTR on October 14th [11][12]. - The situation in the Red Sea involves military actions by the Israeli army and potential progress in Syria - Israel security talks [13][14]. Dry Bulk Shipping Market Analysis and Outlook - The Baltic Dry Bulk Freight Index rose for the fourth consecutive day due to the increase in cape - size ship freight rates. The cape - size ship freight rate index reached a new high since August 14th, while the panamax ship freight rate index dropped to the lowest since September 8th [16]. - The spot freight rates of cape - size ships on iron ore routes increased, and the weekly freight rates of some coal and grain routes also showed different trends. The shipping volume of iron ore and grain increased [17][19]. - The freight rates of cape - size ships in the Pacific market rose due to good cargo demand, while the panamax ship market saw a slight decline in freight rates due to reduced South American grain cargo. The short - term freight rates of large vessels are expected to be supported, but there is a risk of a callback. The medium - sized vessel market is expected to show a volatile trend [20]. Industry News - The Fed cut interest rates by 25BP. Brazil's grain export volume is expected to increase. Japan's coal imports increased in August [22][23]. Tanker Shipping Market Analysis and Outlook - The Baltic Crude Oil Transportation Index (BDTI) rose, while the Baltic Product Oil Transportation Index (BCTI) remained flat. The crude oil transportation market continues to rise, and the product oil market shows a downward trend. Long - term attention should be paid to the impact of environmental protection elimination and supply - demand reshaping on freight rates [24]. Industry News - The European situation is unstable, and the domestic refined oil retail price may be raised on September 23rd. The demand for gasoline and diesel is expected to be boosted. Russia's oil transportation company issued a production cut warning, and the international crude oil price rebounded [25][28]. Relevant Attachments The report provides multiple charts, including the SCFIS European Line Index, SCFI Comprehensive Index, BDI Index, BCTI Index, etc., to visually display the market trends of different shipping sectors [29][42][46].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The container shipping market is in a weak state, with spot prices in a downward channel and the overall freight rate center expected to decline in the second half of the year due to tariff pressure. The dry bulk shipping market shows mixed performance among different ship - types, with large - ship market lacking upward momentum and medium - ship market expected to be range - bound. The oil tanker transportation market remains stable overall, with different performances among different ship - types and potential price increases in some segments [5][6][18][23]. Summary According to Related Catalogs Container Shipping - Container Shipping Index (European Line) Market Analysis and Strategy Recommendation - **Market Performance**: On September 3, 2025, EC2510 closed at 1323 points, down 1.32% from the previous day. The SCFI European Line reported $1481/TEU on August 29, down 11.21% month - on - month, and the latest SCFIS European Line reported 1773.6 points on Monday after the market, down 10.9% month - on - month. The spot market is in a rapid decline, and the loading rate continues to fall [5]. - **Fundamental Factors**: In the second half of the year, export pressure is greater than in the first half due to tariffs. The loading rate of shipping companies in September continues to decline, and the freight rate center further drops. The US imposed reciprocal tariffs on August 1, increasing trade pressure [6]. - **Trading Strategies**: Unilateral trading is expected to be weakly volatile. There is an expectation of downward revision of the valuation center in October, but attention should be paid to the situation of empty sailings in October. For arbitrage, conduct rolling operations on the 10 - 12 reverse spread at low prices [7][8]. Industry News - Trump will hold an emergency meeting on tariff rulings on Wednesday, and may appeal to the Supreme Court. If the tariff appeal is rejected, tariffs may be withdrawn [10]. - The US ISM Manufacturing PMI in August was 48.7, lower than the expected 49 [11]. - The EU is considering postponing the schedule for imposing a unified tax on aviation and shipping fuel by 10 years [11]. - There are military actions in the Red Sea area, and the Houthi armed forces launched attacks on Israeli - related ships [12][13]. Dry Bulk Shipping Market Analysis and Outlook - **Market Performance**: The Baltic Dry Bulk Freight Index (BDI) fell to a more than one - week low on September 2, down 1.88% to 1986 points. Freight rates for all ship - types declined. The freight rates of Cape - size and Panamax ships decreased [15]. - **Spot Freight Rates**: On September 2, the freight rate of the Cape - size ship iron ore route from Tubarao, Brazil to Qingdao was $24.27/ton, down 0.82% month - on - month, and from Western Australia to Qingdao was $10.11/ton, down 1.51% month - on - month [16]. - **Shipping Data**: From August 25 to 31, 2025, the global iron ore shipping volume was 3556.8 million tons, an increase of 241.0 million tons month - on - month. The expected soybean export volume from Brazil from August 24 to 30 was 163.07 million tons, a decrease from the previous week [17]. - **Logic Analysis**: The activity of the two major markets for Cape - size ships was low, and the freight rates declined slightly. The Panamax ship market performed averagely, with an increase in available capacity and a slight decline in freight rates. The freight rates of large - ships are expected to be range - bound in the near term, and may be supported by the improvement of iron ore shipping volume in late September. The medium - ship market is expected to be range - bound in the short term, with relatively stable demand for South American grain transportation and weak coal demand [18]. Industry News - From August 25 to 31, the total iron ore inventory at seven major ports in Australia and Brazil was 1248.7 million tons, an increase of 48.2 million tons month - on - month, but still at a relatively low level [19]. - India's power generation increased by 4% year - on - year in August, and coal - fired power generation increased year - on - year for the first time in the past five months [19]. - The price of Supramax bulk carriers is rising due to market recovery and purchases by Chinese shipowners [19]. - From January to July, European fertilizer imports increased by 12% year - on - year, and Chinese suppliers have become the largest alternative suppliers in the EU [20]. Oil Tanker Transportation Market Analysis and Outlook - **Market Performance**: On September 2, the Baltic Dirty Tanker Index (BDTI) was 1041, up 0.19% month - on - month and 20.21% year - on - year. The Baltic Clean Tanker Index (BCTI) was 629, up 0.32% month - on - month and 8.26% year - on - year [23]. - **Market Situation**: The oil tanker transportation market remains stable overall. The crude oil market has declined after the previous rise, and the demand for some routes has slowed down, but the medium - sized oil tanker market performs strongly. The performance of different ship - types in the refined oil market is differentiated, and the freight rates of some ship - types may further increase [23]. Industry News - As of the week ending September 3, the total refined oil inventory at the Port of Fujairah in the UAE decreased by 150.3 million barrels to 1450.6 million barrels [24]. - Due to factors such as the European situation and US tariff policies, the domestic refined oil retail price limit is likely to increase on September 9, which will boost the domestic market sentiment. Diesel demand is expected to improve, while gasoline demand support is insufficient [25].

Group 1: Market Analysis and Strategy Recommendations for Container Shipping - The shipping companies have released the freight rates for the first half of September, and the spot prices in the off - season continue to decline. On August 21, EC2510 closed at 1325 points, down 2.21% from the previous day. The SCFI European line reported on August 15 was $1820/TEU, down 7.2% month - on - month. The second - phase settlement index of EC2508 released after the market on Monday was 2180.17 points, down 2.5% month - on - month, slightly exceeding market expectations due to some ship delays. It is expected that the decline of SCFIS will widen in the future. Under the pressure of tariffs in the second half of the year, the support for off - season freight rates is expected to weaken, and competition among shipping companies is expected to intensify compared with the first half of the year [4]. - In terms of spot freight rates, the current decline in cargo volume and sufficient shipping capacity supply have accelerated the decline of spot freight rates, and the end - of - month center is approaching below 2500. The demand side has seen a decline in peak - season cargo volume, and the impact of tariff policies on the shipping rhythm needs to be noted this year. The supply side shows that the monthly average weekly shipping capacity from Shanghai to Northern Europe in August, September, and October 2025 is 303,100/295,900/272,800 TEU respectively. The overall shipping capacity has slightly decreased compared with the previous week's schedule. The 08 contract's valuation has been slightly revised upwards due to ship delays and skipped containers, and the impact of ship delays and skipped containers on the third - phase index will be reduced [5]. - Trading strategies: Unilateral trading should be weak and volatile; for arbitrage, conduct rolling operations on the 10 - 12 reverse spread at low levels [6][7]. Group 2: Industry News for Container Shipping - Eurozone's July CPI annual rate final value is 2%, in line with expectations; the core CPI annual rate final value is 2.4%, in line with expectations; the CPI monthly rate final value is 0%, in line with expectations [9]. - The US Treasury Secretary said that the US and China had a "very good dialogue" on economic and trade issues, and he expects another meeting before November [9]. - The Israeli military's plan to attack Gaza City has been approved by the defense minister, and about 60,000 reserve call - up orders have been issued. The Israeli military officials expect to finalize the attack plan in the next few days. The Iranian Defense Minister said that if the enemy continues malicious acts, Iran's response will be destructive and unexpected. The Iranian Foreign Minister said that Iran has not reached the mature stage for "effective" nuclear negotiations with the US [9][10]. Group 3: Market Analysis and Outlook for Dry Bulk Shipping - On August 20, the Baltic Dry Bulk Freight Index (BDI) fell for the third consecutive day to 1927 points, down 1.88% from the previous day, the lowest level since August 5. The Capesize ship freight index fell 156 points, or 5.2%, to 2867 points, and the daily average profit of Capesize ships fell $1294 to $23,778. The Panamax ship freight index rose 28 points, or 1.7%, to 1665 points, and the daily average profit of Panamax ships rose $248 to $14,985. The Supramax bulk carrier freight index rose 19 points, or 1.4%, to 1388 points [10]. - On August 20, the freight rate of the Capesize ship iron ore route from Tubarao, Brazil to Qingdao was $23.48/ton, down 2.19% month - on - month; the freight rate from Western Australia to Qingdao was $9.04/ton, down 1.69% month - on - month. As of August 15, the freight rate of the Capesize ship coal route from Hay Point, Australia to Qingdao was $11.90/ton, down 4.80% from the previous week; the freight rate from Hay Point, Australia to Rotterdam was $19.90/ton, down 1.49% from the previous week. The freight rate of the Capesize ship bauxite route from Guinea to Yantai was $25.50/ton, up 2.82% from the previous week [12]. - From August 11 to August 17, 2025, the global iron ore shipping volume was 34.066 million tons, an increase of 3.599 million tons month - on - month. The total shipping volume of iron ore from Australia and Brazil was 27.56 million tons, an increase of 2.257 million tons month - on - month. In August 2025, Brazil's soybean export volume is expected to reach 8.9 million tons, and the corn export volume is expected to reach 8.05 million tons [14]. - Yesterday, there were not many cargoes in the two major markets of Capesize ships, the available shipping capacity in the market increased, the bearish sentiment rose, and the freight rates continued to decline. In the Panamax ship market, there were not many coal and grain cargoes, and the shipowners' quotes were relatively firm, with a slight increase in freight rates. In the large - ship market, it is expected that the cargo volume in mid - to - late September will decline compared with late August, and the short - term freight rates will be under pressure. In the medium - ship market, the short - term grain transportation demand lacks obvious growth. Although the coal demand from power plants provides some support for the medium - ship freight rates, it is expected that the support will gradually weaken after the end of August [15]. Group 4: Industry News for Dry Bulk Shipping - In July 2025, Japan imported 15.73 million tons of coal, a year - on - year increase of 6%, and the coal import value was 294.911 billion yen ($1.995 billion), a year - on - year decrease of 28.5% [16]. - The US Soybean Association strongly urged the Trump administration to reach an agreement to reopen the Chinese market for US soybeans [16]. Group 5: Market Analysis and Outlook for Tanker Shipping - On August 20, the Baltic Dirty Tanker Index (BDTI) was 1010, up 1.1% month - on - month and 9.78% year - on - year. The Baltic Clean Tanker Index (BCTI) was 616, up 0.65% month - on - month and down 5.52% year - on - year. Recently, the crude oil market and the refined oil market have shown different trends. The crude oil market is generally stable and improving, with the VLCC market maintaining stable freight rates due to shipowners' price support and tight shipping capacity supply. In the refined oil market, the BCTI has continued to decline, and the imbalance between supply and demand still exists. In the short term, attention should be paid to the impact of the concentrated booking of Middle - East routes in September on subsequent freight rates, and in the long term, attention should be paid to the impact of environmental protection elimination and supply - demand reshaping on freight rates [19]. Group 6: Industry News for Tanker Shipping - As of the week ending August 20, Singapore's fuel oil inventory decreased by 1.61 million barrels to 23.035 million barrels, the lowest level in 8 weeks [20]. - India will continue to buy Russian oil despite US pressure, and the foreign ministers of Russia and India will discuss strengthening strategic partnership in Moscow [20].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The spot market for container shipping is in a downward trend, and the EC futures market is expected to remain weakly volatile. The dry bulk shipping market has seen a decline in the Baltic Dry Index due to falling freight rates for Capesize vessels, while the tanker market shows a divergence between the crude oil and refined oil sectors [6][14][22]. Summary by Directory Part I: Container Shipping - Container Freight Index (Europe Line) Market Analysis and Strategy Recommendation - **Market Performance**: On August 20, the EC2510 contract closed at 2123 points, down 0.2% from the previous day. The SCFI Europe Line reported on August 15 was $1820/TEU, down 7.2% month-on-month. The second-phase settlement index of EC2508 reported on Monday was 2180.17 points, down 2.5% month-on-month, slightly exceeding market expectations [6]. - **Logic Analysis**: With the decline in cargo volume and sufficient capacity supply, spot freight rates are accelerating their decline. The tariff policy has put pressure on the market, and geopolitical factors such as the Israel-Palestine ceasefire negotiations may affect the far - month contracts [7]. - **Trading Strategy**: Unilateral trading should expect a weak and volatile market. For arbitrage, consider rolling operations on the 10 - 12 reverse spread at low levels [8][9]. Industry News - Trump believes there is a good chance to stop the Russia-Ukraine conflict. The US added 407 product categories to the steel and aluminum tariff list. Korea's KMTC ordered 4 container ships and returned to the Trans - Pacific route [11]. Part II: Dry Bulk Shipping Market Analysis and Outlook - **Market Performance**: The Baltic Dry Index fell to a two - week low on Tuesday due to falling Capesize vessel freight rates. The Capesize vessel freight index and daily earnings decreased, while the Panamax vessel freight index and daily earnings increased slightly [14]. - **Spot Rates**: On August 19, the Capesize vessel iron ore route rates from Tubarao, Brazil to Qingdao and from Western Australia to Qingdao decreased. Weekly data showed mixed trends for different routes [15]. - **Shipping Data**: From August 11 - 17, the global iron ore shipment volume increased, and Brazilian soybean and corn shipments showed certain growth compared to the same period last year [17]. - **Logic Analysis**: The Capesize vessel market has few cargoes and weak market sentiment, while the Panamax vessel market has limited coal and grain cargoes. The short - term freight rates of large - sized vessels are under pressure, and the support for medium - sized vessel freight rates from coal transportation demand is expected to weaken [18]. Industry News - The iron ore inventory at seven major ports in Australia and Brazil decreased slightly. The US added product categories to the steel and aluminum tariff list. A coal - laden bulk carrier explosion closed the main channel of the Baltimore Port [19]. Part III: Tanker Transportation Market Analysis and Outlook - **Market Performance**: On August 19, the BDTI was 999, down 1.58% month - on - month and up 8.0% year - on - year. On August 18, the BCTI was 612, up 1.16% month - on - month and down 4.38% year - on - year [22]. - **Logic Analysis**: The crude oil market is stable, with VLCC and Aframax vessel freight rates supported by tight capacity. The refined oil market has an imbalance between supply and demand, and short - term and long - term factors need to be monitored [22]. Industry News - The refined oil inventory at the Fujairah Port in the UAE decreased. India's imports of Russian crude oil decreased in July, and state - owned refineries will seek alternative sources in August and September [23][24]. Part IV: Related Attachments - The report provides multiple charts showing the trends of container shipping, dry bulk shipping, and tanker transportation indices and freight rates over different time periods [26][37][43].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints The report analyzes the container shipping, dry bulk shipping, and oil tanker transportation markets. It suggests that the container shipping market (EC) will experience weak and volatile trends, and recommends a 10 - 12 reverse arbitrage strategy with low - level rolling operations. The dry bulk shipping market is expected to see short - term pressure on large - vessel freight rates and a gradual weakening of medium - vessel freight rate support. The oil tanker transportation market shows a divergence between the crude oil and refined oil markets, with the crude oil market remaining stable and the refined oil market facing supply - demand imbalances [6][19][23]. 3. Summary by Directory Container Shipping - Container Freight Index (Europe Line) - **Market Analysis and Strategy Recommendation**: On August 19, EC2510 closed at 1370.3 points, down 0.2% from the previous day. The SCFI Europe Line on August 15 was $1820/TEU, down 7.2% month - on - month. The second - phase settlement index of EC2508 released after Monday's trading was 2180.17 points, down 2.5% month - on - month, expected to decline further. Spot freight rates are falling due to reduced cargo volume and sufficient capacity. The market is expected to be weak and volatile, and a 10 - 12 reverse arbitrage strategy can be used for low - level rolling operations [6][7][8]. - **Industry News**: There are various geopolitical news such as statements from Zelensky and Trump regarding the Russia - Ukraine war, and news about the Israel - Hamas cease - fire negotiation [11][12][13]. Dry Bulk Shipping - **Market Analysis and Outlook**: The Baltic Dry Bulk Freight Index declined on Monday. The Capesize vessel freight index decreased, while the Panamax vessel freight index increased slightly. The spot freight rates of Capesize vessels for iron ore routes decreased on August 18, and the weekly freight rates of some coal and bauxite routes also changed. The iron ore and grain shipment data showed different trends. The large - vessel market may see relatively good but declining transportation demand in early - mid September, and the medium - vessel market's freight rate support from coal and grain transportation is expected to weaken [16][17][19]. - **Industry News**: The iron ore inventory at seven major ports in Australia and Brazil decreased slightly, and the iron ore inventory at Chinese ports increased [20]. Oil Tanker Transportation - **Market Analysis and Outlook**: On August 18, the Baltic Crude Oil Transportation Index BDTI was 1015, down 0.1% month - on - month and up 8.09% year - on - year. The Baltic Product Oil Transportation Index BCTI was 605, unchanged month - on - month and down 2.89% year - on - year. The crude oil market is stable, while the refined oil market has supply - demand imbalances. Short - term attention should be paid to the impact of concentrated bookings on Middle - East routes in September, and long - term attention to factors like environmental elimination and supply - demand reshaping [23]. - **Industry News**: The US may impose additional tariffs on Indian goods due to its import of Russian oil, and there was a statement from Trump about not currently planning to impose tariffs on Chinese goods for buying Russian oil [24]. Related Attachments The report includes various charts related to container shipping, dry bulk shipping, and oil tanker transportation, such as SCFIS and SCFI indices, freight rate indices, and vessel earnings charts [27][29][32].

Group 1: Market Analysis of Container Shipping - The peak of the peak - season freight rate has passed. Mainstream shipping companies have successively lowered their spot quotes for August, causing the EC futures market to fluctuate weakly. On July 29, EC2510 closed at 1460 points, down 2.85% from the previous day's close. The latest SCFIS European Line index released after Monday's trading was 2316.56 points, down 3.5% month - on - month, indicating a decline in spot freight rates [4]. - Spot freight rates show a divergence in quotes among mainstream shipping companies. Most shipping companies except MSC have either maintained or lowered their freight rates for the first half of August. The demand side is affected by tariff policies during the traditional peak season from July to August. The supply side shows that the average weekly capacity in July, August, and September 2025 is 264,200, 289,900, and 296,600 TEU respectively, with a slight decline in July and September compared to the previous week's schedule. The ship schedule in September is still abundant [5]. - Regarding tariffs, Trump extended the tariff exemption period to August 1st. The US has finalized tariffs of about 19 - 20% on Vietnam, Indonesia, and the Philippines, and 15% on the EU and Japan. The Sino - US negotiation has been extended for 90 days, and the cease - fire negotiation in the Israel - Palestine conflict is in progress [5]. Group 2: Trading Strategies for Container Shipping - Unilateral trading: It is expected that the futures market will remain weak. This week, the market is expected to be disturbed by macro - events such as tariff negotiations. For EC2510, some short positions can be closed for profit and some can be rolled over. The overall strategy is to short on rallies [6]. - Arbitrage: Conduct rolling operations on the 10 - 12 reverse spread [7]. Group 3: Industry News for Container Shipping - The US Secretary of Commerce said that the EU will pay a 15% tariff, with a few small commodities excluded. Trump will consider several agreements this week and then determine the tax rates [8]. - Trump said that the US will announce tariffs on drugs in the near future, and global tariffs will be around 15 - 20% [10]. - Trump expressed disappointment with Putin and is considering giving Russia less than two weeks to reach a cease - fire agreement [11]. - The Canadian Prime Minister claimed that the trade negotiation with the US is in a tense stage [12]. - A Dutch bank analyst said that it is unrealistic for the EU to purchase $750 billion worth of US energy products in three years without a significant increase in energy prices [12]. - Netanyahu said that Israel will continue to fight until the hostages are released and Hamas is defeated, and will cooperate with international institutions and the US and European countries to ensure the entry of a large amount of aid supplies into the Gaza Strip [13]. - The Iranian Foreign Minister said that if the aggression occurs again, Iran will respond more resolutely [13]. - Two senior assistants of Netanyahu went to the US on Sunday and will hold talks with White House officials on Iran and Gaza issues this week [13]. Group 4: Market Analysis of Dry Bulk Shipping - The Baltic Dry Index (BDI) fell on Monday due to the decline in freight rates of all ship types. The BDI dropped 31 points, or 1.37%, to 2226 points. The Capesize Index fell 55 points or 1.4% to 3774 points, and the Panamax Index dropped 40 points, or 2.2%, to 1798 points, the lowest since July 10th [16]. - On July 28, the freight rate of the Capesize iron ore route from Tubarao, Brazil to Qingdao was $24.59/ton, down 0.65% month - on - month, and the rate from Western Australia to Qingdao was $10.25/ton, down 0.34% month - on - month. As of July 25, the weekly freight rates of some Capesize coal and bauxite routes increased, while some Panamax coal routes decreased [17]. - From July 21st to July 27th, 2025, the total global iron ore shipments were 32.009 million tons, a month - on - month increase of 918,000 tons. In the fourth week of July 2025, a total of 10.4472 million tons of soybeans were loaded, with an average daily loading volume of 549,900 tons/day, a 12.41% increase compared to July last year [18]. - The Capesize ship market had few inquiries on the previous day, and the overall market was calm at the beginning of the week, with freight rates falling slightly. The demand for grain transportation in the Panamax ship market weakened, and although there were some coal cargoes released, the market capacity increased, resulting in a slight decline in freight rates [19]. Group 5: Industry News for Dry Bulk Shipping - Typhoon "Bamboo Grass" is expected to move northwest at a speed of 10 - 15 km/h, gradually intensify, and make landfall on the coast from Sanmen, Zhejiang to Qidong, Jiangsu between noon and evening on the 30th [20]. - China - US economic and trade teams held talks in Stockholm on July 28th. Trump said that the US is very close to reaching an agreement with China [21]. - The total inventory of imported iron ore at 47 ports in China was 142.8173 million tons, a week - on - week decrease of 1.0683 million tons. The total inventory of iron ore at seven major ports in Australia and Brazil was 13.549 million tons, a week - on - week decrease of 696,000 tons [21]. Group 6: Related Attachments - The report provides multiple graphs, including those related to container shipping such as SCFIS European and US - West lines, SCFI comprehensive index, and container freight rates of different routes; and those related to dry bulk shipping such as BDI, BPI, BCI, and BSI indices, as well as BDTI and BCTI [22][26][35][38][39].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The container shipping market shows significant price fluctuations in futures contracts, with some contracts rising sharply. The spot freight rate peak appears later than expected, and the 08 contract's basis is gradually being repaired. Attention should be paid to tariff negotiations and market booking conditions [2][4]. - The dry - bulk shipping market has seen an overall increase in freight rates. The large - ship market is expected to stop falling and recover, while the medium - ship market is expected to have a slightly stronger and volatile freight rate [16][22]. - In the oil tanker transportation market, the BDTI has declined recently. Considering the refinery maintenance period in the second quarter and weak demand, the impact of market sentiment changes on freight rates needs to be monitored [26]. Summary by Directory Container Shipping Market Analysis and Strategy Recommendation - Futures contracts: On July 15, EC2510 had a significant increase of 14.92%, with a large increase in trading volume. The 08 contract is approaching delivery, and the basis is gradually being repaired [2]. - Spot freight rates: The latest SCFIS European line reported 2421.94 points, a week - on - week increase of 7.3%. MSK's WK31 Shanghai - Rotterdam opening price remained flat compared to the previous period [2][4]. - Tariffs: Trump proposed to impose 100% secondary tariffs on Russia if the Russia - Ukraine conflict is not resolved within 50 days, and may impose secondary sanctions on countries buying Russian oil. The US is also considering increasing tariffs on other countries, which may affect the shipping market [4][5]. Trading Strategy - Unilateral: Short EC2510 at high prices [8]. - Arbitrage: Conduct rolling operations on the 10 - 12 reverse spread [8]. Industry News - Multiple countries are involved in tariff negotiations and counter - measures, and the cease - fire negotiation in the Gaza Strip is ongoing, which may impact the shipping market [9][11]. Dry - bulk Shipping Market Analysis and Outlook - Freight rate index: The Baltic Dry Index rose to a four - week high, with all ship - type freight rates increasing. The Capesize ship freight rate index rose by 12.5%, and the Panamax ship freight rate index reached its highest level since June 18 last year [16]. - Spot freight rates: On July 14, the freight rate of the Brazil - Qingdao iron ore route for Capesize ships increased by 2.08% week - on - week. The weekly freight rates of some coal and grain routes also showed varying degrees of increase [17]. - Shipping data: From July 7 - 13, 2025, the global iron ore shipping volume decreased slightly, while the shipping volume from Australia and Brazil increased. The grain shipping volume in July 2025 was lower than that of the same period last year [19]. - Import and export data: In June 2025, China's steel exports decreased month - on - month, while imports also decreased. Iron ore imports increased month - on - month, and coal imports decreased. Soybean imports decreased month - on - month but increased year - on - year [20]. Industry News - Indonesia plans to shorten the mining quota validity period from three years to one year starting in 2026. The iron ore inventory at major ports in Australia and Brazil has increased [23]. Oil Tanker Transportation Market Analysis and Outlook - Freight rates: On July 14, the BDTI reported 927, a week - on - week decrease of 0.22%, and the BCTI reported 548, a week - on - week increase of 0.37%. Due to the refinery maintenance period in the second quarter, demand is relatively weak [26]. Industry News - Trump's new tariffs may exempt energy products. An explosion occurred at a production facility in an oil field in Canada, and there have been multiple engine shutdown incidents on Indian flights [27][28]. Related Attachments - The report provides multiple charts, including those related to container shipping, dry - bulk shipping, and oil tanker transportation freight rates and indices, to visually display market trends [31][32][41]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The container shipping market is in a state of high - low price game. The spot freight rate center is gradually rising, and the 7 - 8 month is expected to reach the peak of the peak season. However, due to the impact of the tariff trade war, the height of the freight rate should not be overestimated. The dry bulk shipping market is expected to be weak in the large - ship market in the short term and the medium - ship market is expected to be volatile and strong. The oil tanker transportation market is affected by geopolitical conflicts, and the short - term freight rate increase is mainly due to the geopolitical conflict premium [5][17][21]. 3. Summary by Directory Container Shipping Market Analysis - On July 2, the EC contract on the futures market generally showed a downward trend, with a significant decline in trading volume. The spot container freight rates of different routes showed different trends, with the SCFIS European line increasing and the SCFIS US - West line decreasing. The spot freight rate center has gradually increased, but the freight rate should not be overestimated due to the tariff trade war. The 7 - 8 month is in the stage of increasing supply and demand, and the freight rate is expected to reach the peak of the peak season [2][5]. Trading Strategies - Unilateral: The market is in a volatile state. The subsequent EC2512 can be considered to adopt the idea of buying on dips. - Arbitrage: Conduct rolling operations on the 10 - 12 reverse spread [5][6]. Dry Bulk Shipping Market Analysis - On July 1, the Baltic Dry Bulk Freight Index continued to decline for the fifth consecutive trading day to near a one - month low, mainly due to the decline in demand for cape - size ships. The spot freight rates of different routes showed different trends, and the short - term large - ship market is expected to be weak, while the medium - ship market is expected to be volatile and strong [13][17]. Data Support - From June 23 to June 29, 2025, the global iron ore shipping volume decreased, and the expected export volume of Brazilian grains in June also changed. The inventory of major ports in Australia and Brazil decreased, and the inventory of imported iron ore in 47 ports in China also decreased [16][18]. Oil Tanker Transportation Market Analysis - On July 1, the Baltic crude oil transportation index BDTI and the refined oil transportation index BCTI both declined. Recently, the escalation of geopolitical conflicts has boosted the sentiment of the oil transportation market, and the VLCC freight rate has jumped significantly. In the short term, the increase in freight rates is mainly due to the geopolitical conflict premium, and the impact of market sentiment changes on freight rates needs to be further observed [20][21]. Industry Information - As of the week of June 30, the refined oil inventory in the Port of Fujairah in the UAE increased. The domestic refined oil retail price limit has experienced "three consecutive increases", but the new cycle starts with a negative change rate of crude oil, and the market sentiment is wait - and - see [22].

Report Overview - The report is a shipping research report by the Commodity Research Institute, covering container shipping, dry bulk shipping, and tanker transportation [1][10][28] Group 1: Container Shipping Market Analysis and Strategy Recommendation - The 08 main contract of the container shipping index (European line) continued to strengthen significantly on May 13, with EC2508 closing at 1896 points, up 5.69% from the previous day's close [5] - The SCFIS European line reported 1302.62 points on May 13, down 5.54% month-on-month, and the SCFI European line reported $1161/TEU on May 9, down 3.25% month-on-month [5] - The spot freight rate bottom is gradually emerging. After the tariff reduction, the US line rush shipment starts to raise prices first. The European line disk anticipates first, and then the follow-up focus returns to the spot. The short-term near-month disk is expected to fluctuate at a high level [7] - Hold the 8-10 positive spread, 6-10 positive spread, and 10-12 negative spread [8] Industry News - The EU welcomes the substantial progress and important consensus reached in the China-US economic and trade high-level talks, hoping to reduce trade barriers and support the stability and predictability of global trade and investment [9][10][11] - US tariff revenue in April reached $16 billion, a surge of $9 billion or 130% from the same period last year [11] Group 2: Dry Bulk Shipping Market Analysis and Outlook - On May 12, the Baltic Dry Bulk Composite Freight Index ended its four consecutive trading days of decline. The BDI rose 0.38% to 1304 points, the BCI rose 1.29% to 1731 points, the BPI fell 0.81% to 1342 points, and the BSI rose 0.10% to 970 points [15] - On May 12, the freight rates of the Cape-sized ship iron ore routes, Brazil Tubarao - Qingdao (BCI-C3) and Western Australia - Qingdao (BCI-C5), were reported at $18.36/ton and $7.56/ton, up 0.80% and 0.93% month-on-month respectively [16] - The dry bulk shipping market lacks obvious incremental transportation demand, with more supply of shipping capacity, and the freight rates are under pressure. The international dry bulk freight market is expected to fluctuate weakly in the short term [17] Industry News - From May 5 to May 11, the total iron ore shipments from Australia and Brazil were 24.225 million tons, a decrease of 1.179 million tons month-on-month. The global iron ore shipments were 30.29 million tons, a decrease of 0.215 million tons month-on-month [18] - The analysis institution APK - Inform lowered the forecast of Ukraine's 2025 grain harvest by 3.8% to 55.3 million tons and the grain export forecast for the 2025/26 season by 4% to 40.9 million tons [18] - Indonesia's coal exports from January to April decreased by more than 10% year-on-year, hitting a new low for the same period in three years [19] Group 3: Tanker Transportation Market Analysis and Outlook - On May 12, the Baltic Dirty Tanker Index (BDTI) was reported at 991, down 0.40% month-on-month and 14.50% year-on-year. The Baltic Clean Tanker Index (BCTI) was reported at 574, up 0.17% month-on-month and down 45.54% year-on-year [22] - OPEC+ started to gradually increase production by 411,000 barrels per day in May, which may increase the global seaborne demand for crude oil. The concentrated outflow of cargoes in late April and early May supported the VLCC ship market, and the impact of the cargo release rhythm on freight rates needs further attention [22] Industry News - As of May 12, the domestic refined oil social unit diesel storage capacity utilization rate was 30.35%, up 0.02% from the end of last month [23] - US President Trump hopes to obtain a $1 trillion investment commitment from Saudi Arabia, but this goal may face huge obstacles [23][24] - After the China-US trade negotiation, the market showed an unexpectedly positive trend, but the oil price subsequently fell back, and the market atmosphere remained cautious [24]