Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core View of the Report - The EC of the container shipping European line opened low and fluctuated, with the 08 contract closing at 2065.6 points, a decrease of 2.55%. The latest SCFIS European line on June 9 was 1622.81 points, corresponding to the departure settlement price from 06.02 - 06.08, a 29.5% increase from the previous period, but the increase was less than expected. The current 08 contract basically follows the spot freight rate fluctuations, and whether it can break through the previous high depends on the price increases and implementation in July and August. The market valuation is relatively neutral but the expectation is weak, and it is expected to continue the volatile pattern. Attention can be paid to short - selling opportunities on rallies [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Increase/Decrease (%) | Trading Volume | Open Interest (Unilateral) | Long Positions (Top 20 Members) | Short Positions (Top 20 Members) | Net Long Positions (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2506 | 1948.6 | - 0.31 | 1319 (-1042 compared to the previous period) | 7803 (-335 compared to the previous period) | 6036 | 5812 | 224 | | EC2508 | 2065.6 | - 2.55 | 55701 (-27235 compared to the previous period) | 44127 (-2100 compared to the previous period) | 23014 | 24598 | - 1584 | | EC2510 | 1343.7 | - 0.57 | 7945 (-5732 compared to the previous period) | 24244 (150 compared to the previous period) | 0 | 0 | 0 | | EC2512 | 1520.7 | - 0.18 | 1211 (-721 compared to the previous period) | 4827 (88 compared to the previous period) | | | | | EC2602 | 1376.5 | 0.32 | 379 (-257 compared to the previous period) | 2786 (-5 compared to the previous period) | | | | | EC2604 | 1225.5 | 1.23 | 600 (61 compared to the previous period) | 3356 (-11 compared to the previous period) | | | | | Total | - | - | 67155 | 87143 | 29050 | 30410 | - 1360 | [2] Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | Month - on - Month Increase/Decrease | Previous Period | Month - on - Month Increase/Decrease | Two Periods Ago | Month - on - Month Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1622.81 | 29.5% | 1252.82 | 0.5% | 1247.05 | - 1.4% | | | SCFI - $/TEU | 1667 | 5.0% | 1587 | 20.5% | 1317 | 14.1% | | Spot Freight Rates | TCI(20GP) $/TEU | 1809 | - 2.4% | 1854 | 0.0% | 1854 | 0.0% | | (Daily) | TCI(40GP) $/FEU | 2913 | - 3.0% | 3002 | 0.0% | 3002 | 0.0% | [4] Basis Spread (Points) The previous trading day's basis was 366.89, and the basis two trading days ago was - 442.79, with a month - on - month change of - 809.68. There are also trend charts for the basis of the main contract of the container shipping European line futures and the spreads between different contracts [6]. Spot Market Data - **Capacity**: The capacity of the Asia - Europe route was 511055 TEU, a decrease of 1285 TEU compared to the previous period. The idle capacity ratios of global container ships, 17000TEU+ container ships, 12000 - 16999TEU container ships, and 8000 - 11999TEU container ships were 1.7%, 1.2%, 0.7%, and 1.8% respectively. - **Speed**: The average speed of container ships was 13.88 knots, the speed of 17000TEU+ container ships was 15.46 knots, and the speed of 12000 - 16999TEU container ships was 15.26 knots. - **In - Port Capacity**: The in - port capacity in Rotterdam was 23.21 million TEU, in Hamburg was 10.83 million TEU, and in Singapore was 35.86 million TEU. - **Bypass Situation**: The number of ships bypassing the Aden Gulf was 8, the north - bound traffic volume through the Suez Canal was 1, and the south - bound traffic volume was 2. - **Charter Rates**: The 6 - 12 - month charter rates for 9000TEU, 6500TEU, and 2500TEU container ships were $104000 per day, $68500 per day, and $34750 per day respectively [7].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Before the festival, the EC of the container shipping European line slightly declined, with the 08 contract closing at 2075.3 points. The SCFI European line announced after the market was $1587/TEU, a week - on - week increase of $270/TEU, reflecting the price increase by shipping companies in early June. After some shipping companies slightly raised prices, the average online price of 40 - foot containers of shipping companies in the second week of June increased to around $2560, corresponding to an SCFIS European line of 1750 points, at a discount of 100 - 200 points to the current 06 contract, including the market's expectation of a slight price increase in the following period of June. Due to the lack of capacity adjustment by shipping companies and the delayed start of the peak season, the upside of the 08 - contract freight rate is under pressure. As the traditional peak season approaches and the capacity put into operation in the second and third weeks of June drops below 250,000 TEU, it is expected that shipping companies will still raise prices. It is recommended to pay attention to the low - level long - allocation opportunities after the market returns to the realistic anchor [1]. 3. Summary According to Relevant Catalogs EC Contract Volume and Price - The latest trading price of EC2506 is 1834.8 points, with a latest increase of 1.01%. The trading volume is 7355, and the unilateral open interest is 11037. The long - position open interest of the top 20 members is 7599, the short - position open interest is 8121, and the net long position is - 522 [2]. - The latest trading price of EC2508 is 2075.3 points, with a latest decrease of 0.25%. The trading volume is 102747, and the unilateral open interest is 41824. The long - position open interest of the top 20 members is 22228, the short - position open interest is 23430, and the net long position is - 1202 [2]. - The latest trading price of EC2510 is 1346.4 points, with a latest decrease of 3.65%. The trading volume is 14781, and the unilateral open interest is 23127 [2]. - The latest trading price of EC2512 is 1527.6 points, with a latest decrease of 2.73%. The trading volume is 1709, and the unilateral open interest is 4410 [2]. - The latest trading price of EC2602 is 1368 points, with a latest decrease of 2.76%. The trading volume is 917, and the unilateral open interest is 2783 [2]. - The latest trading price of EC2604 is 1200 points, with a latest decrease of 2.91%. The trading volume is 738, and the unilateral open interest is 3283 [2]. - The total trading volume is 128247, and the total unilateral open interest is 86464. The total long - position open interest of the top 20 members is 29827, the total short - position open interest is 31551, and the total net long position is - 1724 [2]. Latest Spot Freight Rate - European Route - The latest SCFIS index is 1252.82 points, with a week - on - week increase of 0.5%. The latest SCFI is $1587/TEU, with a week - on - week increase of 20.5% [2]. - The latest TCI(20GP) is $1493/TEU, with a day - on - day decrease of 2.4%. The latest TCI(40GP) is $2404/FEU, with a day - on - day decrease of 2.9% [2]. - The previous day's basis was - 828.25 points, and the day before that was - 883.95 points, with a week - on - week increase of 55.7 points [2]. Spot Market Data - Shipping Capacity - The capacity put into operation on the Asia - Europe route is 512501 TEU, with no week - on - week increase. The idle capacity ratios of global container ships, 17000TEU + container ships, 12000 - 16999TEU container ships, and 8000 - 11999TEU container ships are 1.9%, 1.3%, 0.9%, and 1.4% respectively [5]. - The average speed of container ships is 13.88 knots. The average speed of 17000TEU + container ships is 15.65 knots, and that of 12000 - 16999TEU container ships is 15.37 knots [5]. - The in - port capacity in Rotterdam is 187,700 TEU, in Hamburg Port is 79,200 TEU, and in Singapore is 350,200 TEU [5]. - The number of ships passing through the Gulf of Aden is 16, the north - bound traffic volume of the Suez Canal is 2, and the south - bound traffic volume is 2 [5]. - The 6 - 12 - month time - charter rates for 9000TEU, 6500TEU, and 2500TEU container ships are $103,000/day, $68,000/day, and $34,500/day respectively [5].

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The European container shipping line (EC) opened low and then fluctuated upwards. The 06 contract closed at 1283 points, down 3.64%. Some shipping companies slightly reduced their freight rates for the second half of May, and the average online price for 40 - foot containers dropped to around $1750, close to the cost price, which may increase the shipping companies' willingness to suspend voyages. Although the expected peak season for the European line has not been completely falsified, the supply - surplus situation in the European line has been exacerbated by the overflow of capacity from the US line. After the previous decline, the market lacks upward drivers, and the peak - season space is also cautiously viewed. It is expected that the overall situation will continue to fluctuate in the short term [1]. 3. Summary by Directory EC Contract Volume and Price - **EC2506**: The latest transaction price was 1283 points, down 3.64%. The trading volume was 45,529, and the open interest on one side was 38,142. The net long position of the top 20 members was - 408 [1]. - **EC2508**: The latest transaction price was 1556.4 points, down 2.45%. The trading volume was 28,090, and the open interest on one side was 36,029. The net long position of the top 20 members was - 910 [1]. - **EC2510**: The latest transaction price was 1273.2 points, down 2.94%. The trading volume was 6765, and the open interest on one side was 16,670. The net long position of the top 20 members was 0 [1]. - **EC2512**: The latest transaction price was 1458.6 points, down 1.54%. The trading volume was 1379, and the open interest on one side was 3986 [1]. - **EC2602**: The latest transaction price was 1286.8 points, down 2.31%. The trading volume was 667, and the open interest on one side was 2736 [1]. - **EC2604**: The latest transaction price was 1173 points, down 1.76%. The trading volume was 360, and the open interest on one side was 1122 [1]. - **Total**: The total trading volume was 82,790, and the total open interest on one side was 98,685. The net long position of the top 20 members was - 1318 [1]. Latest Spot Freight Rates - European Routes - **SCFIS (weekly)**: The latest index was 1379.07 points, down 3.5% from the previous period [1]. - **SCFI ($/TEU)**: The latest price was $1200, down 4.8% from the previous period [1]. - **TCI (20GP) spot freight rate ($/TEU)**: The latest price was $1340, with no change from the previous period [1]. - **TCI (40GP) ($/FEU)**: The latest price was $2112, with no change from the previous period [1]. - **Basis spread**: The basis spread on the previous trading day was 96.07 points, up 5.2 points from the day before [1]. Spot Market Data - **Capacity**: The capacity of the Asia - Europe route was 514,749 TEU, a decrease of 456 TEU. The idle capacity ratio was 1.6% [4]. - **Average speed**: The average speed of container ships was 13.88 knots. The average speed of container ships over 17,000 TEU was 15.55 knots, and that of 12,000 - 16,999 TEU container ships was 15.01 knots [4]. - **In - port capacity**: The in - port capacity in Rotterdam was 219,600 TEU, in Hamburg was 94,600 TEU, and in Singapore was 355,300 TEU [4]. - **Routing situation**: The number of ships passing through the Gulf of Aden was 11, the north - bound traffic volume through the Suez Canal was 1, and the south - bound traffic volume was 2 [4]. - **Time charter rates**: The 6 - 12 - month time charter rate for 9000 TEU ships was $105,000 per day, for 6500 TEU ships was $72,000 per day, and for 2500 TEU ships was $33,750 per day [4].

Report Industry Investment Rating - The report does not provide an industry investment rating. Core View of the Report - The European container shipping line's EC contract showed a decline, with the 06 contract closing at 1288.2 points, down 1.83%. Some shipping companies slightly reduced their May freight rates, and the average online price for large containers in the second half of May dropped to less than $1800, approaching the cost price, which may increase the shipping companies' willingness to suspend voyages. Although the expected traditional peak season for the European line has not been completely disproven, and the tariff policy has not significantly affected the cargo volume, it has added pressure on freight rates on the supply side. After the previous decline, the market lacks upward momentum, and the peak - season potential is also cautiously viewed. It is expected that the overall situation will continue to fluctuate in the short term [1]. Summary by Relevant Catalogs Latest View and Strategy Direction - The EC of the European container shipping line first rose and then fell. The 06 contract closed at 1288.2 points, down 1.83%. MSK kept its freight rate unchanged in the 21st week, quoting $1450 for large containers, while HPL and OOCL slightly reduced their May freight rates to $1700 for large containers. Most shipping companies in the second half of May continued to use the first - half rates, and some slightly reduced them. The average online price for large containers in the second half of May dropped to less than $1800, close to the cost price, which may increase the shipping companies' willingness to suspend voyages. The expected traditional peak season for the European line has not been completely disproven, and the tariff policy has not significantly affected the cargo volume but has added pressure on freight rates on the supply side. After the previous decline, the market lacks upward momentum, and the peak - season potential is also cautiously viewed. It is expected that the overall situation will continue to fluctuate in the short term [1]. EC Contract Volume and Price - EC2506: The latest成交价 is 1288.2 points, down 1.83%, with a trading volume of 53581, a unilateral open interest of 39510, long positions of 22192, short positions of 23424, and a net long position of - 1232 [1]. - EC2508: The latest成交价 is 1559.6 points, up 3.72%, with a trading volume of 39237, a unilateral open interest of 36138, long positions of 23359, short positions of 24483, and a net long position of - 1124 [1]. - EC2510: The latest成交价 is 1287.9 points, up 1.22%, with a trading volume of 11837, a unilateral open interest of 17426, and no long or short positions reported [1]. - EC2512: The latest成交价 is 1460.7 points, up 0.21%, with a trading volume of 1893 and a unilateral open interest of 4091 [1]. - EC2602: The latest成交价 is 1291.4 points, down 0.43%, with a trading volume of 982 and a unilateral open interest of 2735 [1]. - EC2604: The latest成交价 is 1182.6 points, down 0.81%, with a trading volume of 849 and a unilateral open interest of 1144 [1]. - The total trading volume is 108379, the total unilateral open interest is 101044, the total long positions of the top 20 members are 45551, the total short positions of the top 20 members are 47907, and the net long position is - 2356 [1]. Latest Spot Freight Rates - European Routes - Weekly spot index: SCFIS is 1379.07 points, down 3.5%; SCFI is $1200/TEU, down 4.8% [1]. - Daily spot freight rates: TCI(20GP) is $1340/TEU, down 1.6%; TCI(40GP) is $2112/FEU, down 3.3% [1]. - The basis difference was 90.87 points on the previous trading day, up 11.3 points from the day before [1]. Spot Market Data - Capacity: The capacity deployment on the Asia - Europe route is 516078 TEU, a decrease of 1 TEU. The idle capacity ratio is 1.6%, with 1.0% for container ships over 17000 TEU, 0.4% for 12000 - 16999 TEU container ships, and 1.2% for 8000 - 11999 TEU container ships [4]. - Average speed: The average speed of container ships is 13.88 knots, 15.55 knots for container ships over 17000 TEU, and 15.01 knots for 12000 - 16999 TEU container ships [4]. - Capacity in port: Rotterdam has 21.96 million TEU, Hamburg has 9.46 million TEU, and Singapore has 35.53 million TEU [4]. - Bypass situation: The number of ships passing through the Gulf of Aden is 11, the north - bound traffic volume of the Suez Canal is 1, and the south - bound traffic volume is 2 [4]. - Time charter rates for 6 - 12 months: $105000 per day for 9000 TEU, $72000 per day for 6500 TEU, and $33750 per day for 2500 TEU [4].