1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The loading rate of the European route fleet departing from China decreased, and the loading difference between Asia and China decreased to the average level of April - May. The supply pressure in October remains high, and the delay of ship schedules has improved, while the decline of the SCFIS index will continue to widen [7][14][18][19] 3. Summary by Relevant Catalogs 3.1. European Route Loading Rate Tracking - W32 European route fleet's average loading rate when departing from China was 89.7%, a 3.0% decrease from the previous period, reaching the lowest point since April. The loading rate of the European route fleet departing from Asia in W31 was 96.8%, a 0.3% decrease from the previous period, and the loading difference between Asia and China decreased to the average level of April - May [7] - Among different alliances, the OA's loading rate when departing from China was 92.2%, with a slight decline; PA and MSC's was 91.3%, continuing to decline; Gemini's was 85.2%, with a large decline, dragging down the comprehensive loading rate [9] 3.2. European Route Ship Schedules and Capacity - The average weekly capacity in August was 326,000 TEU, higher than that in July. The average weekly capacity in September was 308,000 TEU, higher than the average level of June - July. The average weekly capacity in October was 286,000 TEU, higher than that in March and the same period last year, and the supply pressure remains high [14] - The SWAN route's last port was changed from Antwerp to Felixstowe, and the ship schedule delays are expected to improve significantly after October. MSC's ALBATROS route cancelled Shanghai挂靠 from W28, and the BRITANNIA route cancelled Ningbo挂靠 and added new ports from W28 [12][14] 3.3. Ship Schedule Delays and Spot Overview - In W32, 6 ship schedules were delayed to W33, and the delay situation improved compared to last week. The proportion of previously delayed capacity in the actually departed ships last week was over 60%. With relatively calm weather in the northern East China Sea this week, the delay situation is expected to improve further [18] - The SCFIS (European route) index closed at 2235.48 points, a 2.7% decline. Due to the high proportion of previously delayed capacity, the decline of the index was less than expected. As the spot price is adjusted downwards and the ship schedule delays improve, the index decline will continue to widen [19] - The actual departing capacity of the European route from Shanghai Port in W32 was 332,200 TEU, of which 62% were delayed ship schedules from W31. By alliance, the weights of Gemini, OA, and PA + MSC were 18%, 37%, and 45% respectively [19] 3.4. Ship Schedule Delay Observation and Early Warning - Different alliances have different ship schedule delay situations and early - warning routes in different weeks. For example, in W32, OA's AE1 and AE2 routes were delayed, and in W33, there were early - warnings for OA's AE3 and AE5 routes, etc. [21][28][30] 3.5. Related Port Congestion Data - In China, due to the residual impact of previous typhoons, the congestion pressure in Ningbo and Shanghai ports is still high. Yangshan Port's average turnover time is about 2.0 days, Ningbo Port's is about 2.8 days, and Yantian Port's is about 1.2 days. As the shipping volume decreases, the port pressure is expected to ease, but potential weather disturbances need to be monitored [39] - In Southeast Asia, the port congestion pressure has significantly decreased. The average in - port time of ships in Singapore Port is 1.4 days, and in Port Klang is 1.0 days [39] - In Europe, problems such as summer holidays, labor shortages, railway construction in Germany, and low water levels in the Rhine River are still ongoing. The average in - port time of Antwerp Port is about 1.8 days, Rotterdam's is 2.5 days, Hamburg Port's is 2.7 days, and Bremen Port's is 3.1 days [39]

1. Report Core View - W30's average loading rate of the European route fleet departing from China was 90.8%, a 1.9% decrease from the previous period. The loading rate of the European route fleet departing from Asia in W28 was 98.8%, a slight 0.5% increase [7]. - The monthly average weekly capacity in August was 315,000 TEU, higher than the July average of 302,000 TEU. The average capacity in the first half - month was 299,000 TEU, and 331,000 TEU in the second half - month. The monthly average weekly capacity in September was 308,000 TEU, higher than the previous statistical value [11]. - There were 5 late - departing sailings from W30 to W31, including 2 from OA and 3 from MSC. The risk of delays in subsequent weeks remains high, but the delay forecast is expected to improve starting from W34 [18]. - The SCFIS (European route) index closed at 2316.56 points, a 3.5% decline from the previous period. The peak price of this peak season has basically been confirmed [19]. 2. Summary by Directory 2.1 European Route Loading Rate Tracking - W30's average loading rate of the European route fleet departing from China was 90.8%, a 1.9% decrease from the previous period (last period: 92.7%). W28's loading rate of the European route fleet departing from Asia was 98.8%, a slight 0.5% increase from the previous period. The loading difference between Asia and China was about 6.1%, higher than the average level from April to May. The increase in transit demand led to an expansion of the loading rate difference [7]. - OA's loading rate departing from China was 91.5%, with a relatively large decline from the previous period. PA and MSC's loading rate departing from China was 93.7%, showing a decline but still at a high level. Gemini's loading rate departing from China was 87.6%, a slight 0.6% increase [7]. 2.2 European Route Sailing Schedule and Capacity - The monthly average weekly capacity in August was 315,000 TEU, higher than the July average of 302,000 TEU. The average capacity in the first half - month was 299,000 TEU, and 331,000 TEU in the second half - month. The capacities in W32 and W34 were as high as 329,000 and 358,000 TEU respectively. The monthly average weekly capacity in September was 308,000 TEU, higher than the previous statistical value [11]. - The FAL7 route added 4 sailings in September, all with a ship type of about 13,000 - 14,000 TEU. For the LION route from September to early October, 4 sailings of the originally planned 12,000 - 17,000 TEU ship type were replaced with over - 17,000 TEU ultra - large ships transferred from other routes [11]. - MSC's ALBATROS route cancelled its Shanghai call starting from W28, and the BRITANNIA route cancelled its Ningbo call and added a call at the last port of the SWAN route, Antwerp. The sailing delay is expected to improve significantly after October [11]. 2.3 Sailing Delay and Spot Market Overview - There were 5 late - departing sailings from W30 to W31, including 2 from OA and 3 from MSC. The risk of delays in subsequent weeks remains high, but the delay forecast is expected to improve starting from W34 [18]. - The SCFIS (European route) index closed at 2316.56 points, a 3.5% decline from the previous period. The peak price of this peak season has basically been confirmed [19]. - The actual departing capacity of the European route from Shanghai Port in W30 was 263,000 TEU, of which 41% were delayed sailings from W29. By alliance, the weights of Gemini, OA, and PA + MSC were 16%, 44%, and 40% respectively. Gemini's proportion remained low, while the weights of PA and MSC increased [19]. 2.4 Sailing Delay Observation and Early Warning - In W30, OA had 2 late - departing ships, and MSC had 3. The risk of late - departing ships from W31 - W33 remains high, and the delay forecast is expected to improve starting from W34 [18]. - Warnings are issued for specific routes of different alliances in different weeks, such as OA's AE1 and AE3, Gemini's FAL3, CES, and NE3, and MSC&PA's FE4, FE6, and BRITANNIA [26][28]. 2.5 Related Port Congestion Data - In China, the average turnover time of Yangshan Port is about 1.8 days, Ningbo Port about 1.7 days, and Yantian Port about 1.6 days. Due to the overlap of the typhoon season and the export peak season, domestic port operations are under continuous pressure [34]. - In Southeast Asia, the congestion at Port Klang has improved compared to the previous period but remains at a high level. With the increase in transit demand, port congestion in Southeast Asia may continue. The average time of ships in port at Singapore Port is 1.4 days, and at Port Klang is 1.6 days [34]. - In Europe, problems such as summer vacations, labor shortages at ports, German railway construction, and low water levels in the Rhine are expected to gradually emerge in the next two months. European ports will continue to face the pressure of increasing congestion. Currently, the overall congestion level is lower than the same period last year. Attention should be paid to the development trends of congestion at German ports and Rotterdam Port [34].

1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report focuses on the high - frequency data tracking of the European Line, including loading rates, ship schedules, capacities, port congestion, and ship - schedule delays. It shows that the European Line's loading rates are at a relatively high level with minor fluctuations, ship schedules are affected by various factors leading to delays, port congestion is a significant issue in Asia and Europe, and future capacity has some planned and potential changes [7][10][16]. 3. Summary by Relevant Directory 3.1 European Line Loading Rate - W28 European Line fleet's average loading rate from Chinese ports was 91.7%, a slight increase of 0.4% from the previous period. Due to ship - schedule delays, the sample collection volume was lower than average [7]. - W27 European Line fleet's loading rate from Asian ports was 97.2%, a slight decrease of 0.4% from the previous period. The loading difference between Asian and Chinese ports was about 5.9%, higher than the average from April to May [7]. - OA's Chinese - port loading rate was 94.3%, remaining unchanged; PA and MSC's was 90.6%, also unchanged; Gemini's was 87.9%, increasing by 1 point [7]. 3.2 European Line Ship Schedule and Capacity - W30 - W31 weekly capacities were 277,000 TEU and 325,000 TEU respectively. The average weekly capacity in August was 305,000 TEU, slightly higher than July's 291,000 TEU. The average capacity in the first half of August (W33 - 34) was 299,000 TEU, and in the second half was 318,000 TEU. The average weekly capacity in September was 289,000 TEU [12]. - There were 6 ship - schedule delays from W28 to W29, including 1 from Gemini, 2 from OA, and 3 from MSC. There were also 2 voyages with potential issues [12]. - Due to the continuous pressure on Asian and European port operations, the risk of ship - schedule delays in subsequent weeks is still high, especially from W29 - W32 [10]. 3.3 European Line - Related Port Congestion Data - In China, the superposition of the typhoon season and the export peak will continue to put pressure on domestic ports. The average in - port duration of ships in Qingdao, Yangshan, Ningbo, and Yantian ports has increased [16]. - In Southeast Asia, the port - congestion pressure has rebounded after a brief easing, especially in Port Klang. The average in - port time of ships in Singapore is 1.3 days, and in Port Klang is 2.3 days [16]. - In Europe, problems such as summer vacations, labor shortages, railway shutdowns in Germany, and low water levels in the Rhine will gradually appear in the next two months, and European ports will face increasing congestion pressure. Currently, the overall congestion level is lower than the same period last year [16]. 3.4 European Line Ship - Schedule Delays and Warnings - There are multiple ship - schedule delays in W28 - W32 for different alliances such as OA, Gemini, and MSC&PA. For example, in W29, many ships in different routes of these alliances were late - departing, and the departure times were postponed [18][20]. - Warnings are issued for different routes of each alliance in W29 - W34, such as AE1, AE3 for OA; FAL3, CES, NE3 for Gemini; and FE4, FE6 for MSC&PA [20][23][25].

Summary of Conference Call Records Industry Overview - The records primarily discuss the freight forwarding industry, particularly focusing on shipping routes to the United States and global supply chain dynamics [1][2][3]. Key Points and Arguments - **Shipping Demand and Trends**: - In early May, there was a surge in bookings for U.S. shipping routes due to positive news and speculation among primary agents, leading to a concentration of shipments for traditional bulk goods like furniture and textiles to address inventory buildup before tariff adjustments [1][2]. - The current booking prices are around $3,000, with Maersk offering discounted rates as low as $2,800, albeit without guaranteed space [4][5]. - June is expected to see a peak in supply as companies rush to replenish inventory, particularly for home appliances and furniture, although some businesses remain cautious due to tariff uncertainties [1][17]. - **Freight Forwarding Pricing Dynamics**: - Significant price discrepancies among freight forwarders are attributed to speculative warehousing, differences in customer bases, and the interplay between contract and market prices [4][5]. - The freight forwarding industry is experiencing lower profitability in Q2 compared to the previous year, with full-service logistics providers faring better than traditional FOB order service providers [3][26][27]. - **Market Conditions and Capacity**: - The current capacity for bookings in early June is relatively relaxed, with major shipping companies allowing for excess orders to gauge market demand [7][8]. - The proportion of FOB (Free on Board) shipping remains dominant at 70%-80%, with a notable shift from pre-paid contracts during the pandemic [19]. - **Impact of U.S.-China Relations**: - The easing of U.S.-China relations has made transshipment trade easier, with Southeast Asian factories operating at scale and complying with regulations [20]. - The potential for new shipping capacity entering U.S. routes is limited due to regulatory restrictions, with only a 50%-60% chance of new vessels being deployed [13]. - **Future Projections**: - A supply peak is anticipated around mid-June, driven by urgent inventory replenishment needs, although the overall market dynamics remain uncertain due to tariff sharing issues [17][18]. - The European shipping market is expected to see price increases, with projections for July rates reaching around $3,000 [31][32]. Other Important Insights - **Operational Challenges**: - The logistics of moving goods from factories to ports can take 1-2 weeks, with additional delays possible depending on transportation methods [11]. - The risk associated with origin certification and third-country transshipment services is high, leading traditional freight forwarders to avoid these high-risk areas [21][22]. - **Market Sentiment**: - There is a cautious optimism regarding the recovery of shipping demand, but many companies are still in a wait-and-see mode due to ongoing uncertainties in tariffs and market conditions [17][18]. - **Technological Adoption**: - The freight forwarding industry is still transitioning towards more digital solutions, with varying preferences for online versus offline booking depending on the shipping company [23][24]. This summary encapsulates the key discussions and insights from the conference call, highlighting the current state and future outlook of the freight forwarding industry.

Core Viewpoint - The shipping industry is experiencing a significant surge, driven by improved trade relations between China and the U.S., leading to increased shipping demand and rising freight rates [1][2]. Group 1: Market Performance - As of May 14, the shipping and port sector saw a substantial increase of 4.58%, with a cumulative rise of 8.44% over May 13 and 14 [1]. - The shipping prices had been under downward pressure from February to April, with the China export container freight index dropping by 13.0%, 13.2%, and 4.5% month-on-month [2]. - Following May 12, there was a notable change in shipping prices, with a "rush to ship" observed on U.S. routes and a 38.10% increase in European shipping indices from May 12 to 14 [2]. Group 2: Demand and Supply Dynamics - Increased shipping volumes and prices on U.S. routes have been reported, indicating a recovery in demand [3]. - Major shipping companies have signaled price increases for June, creating a forward pricing effect [3]. - The upcoming summer retail season in Europe is expected to drive demand, with companies preparing for inventory replenishment [3]. Group 3: Future Outlook - The current surge in shipping orders is expected to continue, with freight rates likely to rise as U.S. shipping volumes increase [4]. - The "rush to ship" phenomenon is anticipated to last for about a month, with a busy period expected for ports and shipping routes [4]. - While the short-term outlook appears positive, long-term shipping price trends remain uncertain due to potential supply increases from new container ships and geopolitical factors [5].