Core Viewpoint - The European shipping index futures have shown a significant rebound, with the main contract rising by 7.8% to 1904.9 points, contrasting with previous downward trends, indicating ongoing market speculation about the timing of peak freight rates in July and August and subsequent declines [2] Group 1: Market Trends - The European shipping market typically experiences a peak season in July and August due to strong demand from exporters preparing for Christmas, which usually drives freight rates up [3] - Despite the expected peak season, the European shipping index's August contract has been in a downward trend since June, influenced by macroeconomic factors and supply-demand dynamics [3] - Analysts suggest that the recent decline in the August contract may be overly pessimistic, as European export demand remains resilient and supply is stable [3] Group 2: Freight Rate Adjustments - Major shipping companies have begun to lower their freight rates for July, with specific reductions noted from companies like CMA CGM and Hapag-Lloyd, indicating a potential peak in current rates [4] - The market is currently assessing the top position of freight rates, with expectations that clearer signals from the spot market will guide future price movements [4] Group 3: Long-term Outlook - The overall freight rate center in the shipping market is expected to decline in the second half of the year due to increased supply and the delivery of new vessels [5][6] - The shipping market is projected to see a 6% growth in capacity in the latter half of 2023, which may exacerbate supply-demand imbalances and put downward pressure on rates [6] - The anticipated delivery of new vessels, estimated at 1.7 million TEU in the second half of the year, is expected to further intensify supply pressures [6] Group 4: Uncertainties - Potential uncertainties remain, including the expiration of tariff suspensions and geopolitical risks in the Middle East, which could impact shipping volumes and freight rates [7]

Core Insights - The European shipping index futures have the highest trading volume globally among shipping index derivatives, with a total transaction amount of RMB 4.7 trillion as of April 30, 2025, and an average daily transaction amount of RMB 11.5 billion [1][2]. Group 1: Market Performance - The European shipping index futures have experienced significant price volatility due to the impact of the Red Sea shipping crisis, but the price difference between the futures and spot contracts has been controlled within 1% for the seven contracts that have been delivered [2]. - The index futures have demonstrated their price discovery and hedging functions, becoming essential tools for foreign trade logistics companies to manage price fluctuations and for shipping companies to reference for forward pricing [2]. Group 2: Industry Context - The shipping industry plays a crucial role in international trade, ensuring the smooth operation of goods trade and international logistics supply chains, which highlights the urgent need for risk management tools like shipping index futures to help companies navigate market uncertainties [2]. - The Shanghai Futures Exchange has enhanced China's pricing capabilities in the global commodity and service markets through product innovation, service optimization, and risk management initiatives, contributing to the high-quality development of the real economy [1].