1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - For container shipping, the spot freight rate is gradually recovering, with the first round of price increases exceeding expectations and the second round still under observation. The spot freight rate center is expected to continue rising, and there is still an expectation of price increases in July. In the short term, the market is volatile, and it is advisable to wait and see. For the 08 contract, with the peak - season expectation still in place, the general idea is to go long on dips, and 10 - 12 and 6 - 8 reverse arbitrages should be held [5][6][7]. - For dry - bulk shipping, the Baltic Dry Index reached a near - seven - month high on June 9. Recently, the transport demand of large - vessel markets has increased, supporting the freight rate, but it may peak and decline in the short term. The medium - vessel market is expected to be slightly stronger with fluctuations, and attention should be paid to the coal transport demand [15][18]. - For oil tanker transportation, the BDTI is maintaining a volatile trend. OPEC+ has gradually increased production since May, which may increase the global seaborne demand for crude oil. The impact of the cargo source release rhythm on the freight rate should be further observed [23]. 3. Summary by Relevant Catalogs Container Shipping Market Analysis and Strategy Recommendation - **Market Performance**: On June 10, the EC2508 contract closed at 2042.1 points, down 1.14% from the previous day. The latest SCFIS European Line reported 1622.81 points on June 6, up 29.5% month - on - month, and the SCFI European Line reported $1667/TEU on June 6, up 5.04% month - on - month [2][5]. - **Logic Analysis**: The spot freight rate in June is gradually rising, with the second - week price center between $2800 - 2900. Mainstream shipping companies have launched the second round of GRI window price increases in June. The first round of price increases exceeded expectations, and the second round is still under observation. The demand side has the continued rush of shipments on the Sino - US route, alleviating the pressure of vessel spill - over from the US route to the European route. The supply side shows that the monthly average weekly capacity from May to August 2025 is 27.36/27.58/30.53/31.94 million TEU respectively [6]. - **Trading Strategy**: For unilateral trading, it is recommended to wait and see due to high short - term uncertainty. For the 08 contract, the general idea is to go long on dips. For arbitrage, hold the 10 - 12 and 6 - 8 reverse arbitrages [7][8]. Industry News - On June 6, Hudong - Zhonghua Shipbuilding delivered the world's largest 24000TEU LNG dual - fuel ultra - large container ship "CMA CGM Saint - Germain" for CMA CGM, 6 months ahead of schedule. The US Trade Representative's Office adjusted the port charging structure for Chinese - built ships, postponed the implementation time for using US - built LNG carriers for US LNG exports, and further targeted car carriers [10]. - Regarding the Red Sea situation, on June 10, Iran's Supreme National Security Council stated that if Iran is attacked by Israel, Israel's secret nuclear facilities will become Iran's targets. Iran's Foreign Ministry said it will take retaliatory measures if the IAEA passes a resolution against Iran [11][12]. Dry - bulk Shipping Market Analysis and Outlook - **Freight Index**: On June 9, the Baltic Dry Index rose 3.6% to 1691 points, reaching a near - seven - month high. The Capesize vessel freight index rose 5.9% to 3010 points, and the Panamax vessel freight index rose 1.5% to 1264 points, while the Supramax vessel freight index fell to 926 points [14][15]. - **Export Data**: In May, Brazil exported 35.077 million tons of iron ore, up 7.4% year - on - year and 16.2% month - on - month. From January to May, the export volume was 150 million tons, up 2.5% year - on - year. The export volume to China in May was 23.43 million tons, up 14% year - on - year [15]. - **Spot Freight Rate**: On June 9, the freight rate of the Brazil Tubarao - Qingdao (BCI - C3) route was $24.13/ton, down 1.45% month - on - month, and the West Australia - Qingdao (BCI - C5) route was $10.09/ton, down 3.39% month - on - month [16]. - **Logic Analysis**: The transport demand of the Capesize vessel market has weakened recently, and the freight rate may peak and decline in the short term. The Panamax vessel market is relatively positive, and it is expected to be slightly stronger with fluctuations in the short term, and attention should be paid to the coal transport demand [18]. Industry News - From June 2 to June 8, the global iron ore shipment volume was 35.104 million tons, up 794,000 tons month - on - month. The shipment volume from Australia and Brazil was 29.194 million tons, up 506,000 tons month - on - month [19]. - In May, China exported 10.578 million tons of steel, up 1.1% month - on - month, and imported 481,000 tons of steel, down 7.9% month - on - month. The import volume of iron ore and concentrates was 98.131 million tons, down 4.9% month - on - month, and the import volume of coal and lignite was 36.04 million tons, down 4.7% month - on - month [20]. Oil Tanker Transportation Market Analysis and Outlook - **Freight Rate Index**: On June 9, the Baltic Dirty Tanker Index (BDTI) was 941, down 1.05% month - on - month and 25.73% year - on - year. The Baltic Clean Tanker Index (BCTI) was 616, down 1.60% month - on - month and 25.42% year - on - year [23][24]. - **Logic Analysis**: OPEC+ has gradually increased production since May, which may increase the global seaborne demand for crude oil. The impact of the cargo source release rhythm on the freight rate should be further observed [23]. Industry News - The price of refinery naphtha has been declining in the past three months, but the profit of the refinery reforming unit has improved, and the demand for naphtha is expected to improve [25]. - The oil production of five OPEC+ member countries participating in the production increase in May increased by 180,000 barrels per day, lower than the promised increase of 310,000 barrels per day [25]. - Iran's Supreme National Security Council stated that if Iran is attacked by Israel, Israel's secret nuclear facilities will become Iran's targets [26].