1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The European line shipping market has certain support, with a good loading rate but a marginal weakening of cargo volume. The weekly average capacity in August is as high as 320,000 TEU, a month - on - month increase of 8%. The cargo volumes in weeks 32, 33, 34, and 35 are 343,000, 305,000, 320,000, and 305,000 TEU respectively [2]. 3. Summary by Relevant Catalogs 3.1 Futures - **Futures Contracts Price and Changes**: The closing prices, price changes (%), basis, trading volumes, open interests, and open interest changes of different EC futures contracts (EC2508, EC2510, EC2512, EC2602, EC2604, EC2606) are presented. For example, EC2508 closed at 2244.9 with a 0.23% increase, and its open interest decreased by 1355 [2]. - **Futures Month - to - Month Spreads**: The spreads between different contract months (EC2508 - 2510, EC2510 - 2512, EC2512 - 2602) are given, along with their changes compared to the previous days and week - on - week changes. For instance, the spread of EC2508 - 2510 was 661.0, a decrease of 41.7 from the previous day and an increase of 8.1 week - on - week [2]. 3.2 Spot - **Spot Price Indexes**: The values, update frequencies, release dates, and changes of several spot price indexes (SCEIS, SCFI, CCFI, NCFI, TCI) are provided. For example, SCEIS on July 21, 2025, was 2400.5 points, a 0.89% decrease from the previous period but a 7.26% increase from two periods ago [2]. - **European Line Supply - Demand and Quotes**: In August, the weekly average capacity of the European line is 320,000 TEU, a month - on - month increase of 8%. Cargo volumes in weeks 32 - 35 are 343,000, 305,000, 320,000, and 305,000 TEU respectively. In July, the quotes remained stable at around 2400 points. In August, some shipping companies announced price increases, while MSK had price adjustments. Currently, the actual quotes of PA Alliance decreased by 200 - 300 to 3100 US dollars, and some of MSK's routes had price increases [2]. 3.3 News - **International News**: On July 24, Israeli Prime Minister Netanyahu stated that Israel would not yield to Hamas in the cease - fire negotiations. On July 25, French President Macron announced that France would recognize the State of Palestine in September [2]. 3.4 Shipping Company Quotes - **Online Quotes Structure**: The online quotes structures (40GP and converted to the underlying) of shipping companies (EMC, HMM, HPL, MSK, MSC, ONE, OOCL) from July 4 to July 24 are presented [3][4]. 3.5 Seasonal Trends - **European Line Spot Freight Rate Indexes**: The seasonal trends of SCFIS, SCFI, TCI, NCFI, XSI - C (European line) and other shipping routes' TCI (including Mediterranean East, Mediterranean West, East Africa, Persian Gulf, South Africa, West Africa, etc.) are shown [7].

Report Overview - The report mainly focuses on the shipping industry, providing data on EC futures contracts, spot freight rate indices, and other related information, as well as analyzing the impact of the Israel - Iran conflict on the shipping market [2][3] 1. EC Futures Contracts 1.1 Contract Price and Trading Volume - EC2506 had a closing price of 1901.8, a decline of 1.68% with a trading volume of 256 and a position change of -536 [2] - EC2508 had a closing price of 2038.0, an increase of 0.39% with a trading volume of 56247 and a position change of 843 [2] - EC2510 had a closing price of 206.7, an increase of 0.10% with a trading volume of 28998 and a position change of -240 [2] - EC2512 had a closing price of 1611.0, a decline of 0.01% with a trading volume of 6225 and a position change of -107 [2] - EC2602 had a closing price of 1431.5, a decline of 1.52% with a trading volume of 2901 and a position change of -230 [2] - EC2604 had a closing price of 1240.4, a decline of 2.61% with a trading volume of 382.4 and a position change of 823 [2] 1.2 Month - to - Month Spread - The spread between EC2506 - 2508 was -136.2, with previous spreads of -95.7, -130.1, and -40.5 for the previous day, two days ago, and three days ago respectively, and a week - on - week change of -60.7 [2] - The spread between EC2508 - 2510 was 6.6, with previous spreads of 621.9, 615.3, and 622.4, and a week - on - week change of -8.5 [2] - The spread between EC2506 - 2510 was 485.7, with previous spreads of 5196, -33.9, and -69.2, and a week - on - week change of 492.3 [2] - The spread between EC2510 - 2512 was 1.6, with previous spreads of -11.1, -194.9, and -196.5, and a week - on - week change of -188.3 [2] - The spread between EC2512 - 2602 was 21.9, with previous spreads of 27.0, 179.5, and 157.6, and a week - on - week change of 161.1 [2] 2. Spot Freight Rate Indices 2.1 European Line Spot Freight Rate Indices - SCEIS was 1247.05 on June 9, 2025, with a change of 29.53% compared to the previous period, and the previous value was 1622.81 with a change of 0.46% [2] - SCFI was 1587 on June 13, 2025, with an increase of 10.62% compared to the previous period, and the previous value was 1667 with an increase of 5.04% [2] - CCFI was 1488.87 on June 13, 2025, with an increase of 1.56% compared to the previous period, and the previous value was 1397.02 [2] - NCFI was 1307.92 on June 13, 2025, with an increase of 16.40% compared to the previous period, and the previous value was 1123.64 with an increase of 5.25% [2] - TCI was 852.18 on June 17, 2025, with no change compared to the previous period, and the previous value was 869.91 with an increase of 2.08% [2] 2.2 Other Routes' Spot Freight Rate Indices - The report also provides seasonal trend charts for various routes' TCI indices, including the Mediterranean West, Mediterranean East, US East, US West, South America West, Southeast Asia Ho Chi Minh, Persian Gulf, East Africa, India - Pakistan, South Africa, and West Africa [17][19] 3. Shipping Market News - On June 18, Iran launched hypersonic missiles at Israel, and the number of ships passing through the Strait of Hormuz was decreasing due to the Israel - Iran conflict [3] - The Baltic and International Maritime Council stated that the large - scale conflict between Israel and Iran made the entire shipping industry uneasy, and some ships were avoiding the Strait of Hormuz [3] - S&P Global Market Intelligence also indicated that the threat of the conflict was "sufficient to disrupt the shipping industry", and it was expected that shipping costs through the Strait of Hormuz would rise [3] 4. Shipping Capacity Arrangement - In June and July 2025, the average weekly shipping capacity was 297,000 TEU and 293,000 TEU respectively [2] - Shipping capacity was neutral from the second half of June to the first half of July, and was relatively high in the second half of July [2] 5. Recent European Line Quotations - Currently, downstream customers are booking spaces for the second half of June (week 24 - 25), with the lowest price of MSK at $2700 - 2800, and other companies' prices mostly reduced to $2900 - 3150, with an average of $2950, equivalent to about 2000 points on the futures market [3] - CMA announced a price increase to $4100 for the European line in July, while ONE and HPL quoted $4043 and $4335 respectively, and MSK opened bookings at $3400 [3]