Group 1: EC Futures Contract Information - EC2506 had a closing price of 1885.3 with a change of -0.15, a trading volume of 1178, an open interest change of -285, and a percentage change of 51.8 [2] - EC2508 had a closing price of 1740.2 with a change of 196.9, a trading volume of 50789, an open interest change of -1263, and a percentage change of -1.79 [2] - EC2510 had a closing price of 1292.8 with a change of -0.90, a trading volume of 644.3, an open interest change of 31546, and a percentage change of -75 [2] - EC2512 had a closing price of 1435.7 with a change of -1.50, a trading volume of 3222, an open interest change of 300, and a percentage change of 501.4 [2] - EC2602 had a closing price of 1275.7 with a change of -2.36, a trading volume of 661.4, and an open interest change of 3916 [2] - EC2604 had a closing price of 2276 with a change of 449, a trading volume of 1132.0, an open interest change of 2550, and a percentage change of -1.65 [2] Group 2: Month - to - Month Spread Information - The spread between EC2506 - 2508 was 145.1, with previous spreads of 29.0 and 275.8, and a weekly opening of 116.1 [2] - The spread between EC2508 - 2510 was -20.0, with previous spreads of -168.7 and 447.4, and a weekly opening of 467.4 [2] - The spread between EC2506 - 2510 was 592.5, with previous spreads of 583.5 and 513.0 [2] - The spread between EC2510 - 2512 was -142.9, with previous spreads of -152.9 and 10.0 [2] - The spread between EC2512 - 2602 was 160.0, with previous spreads of 150.9 and 158.0 [2] Group 3: Shipping Index Information - SCEIS was 1937.14 with a previous value of 1697.63, a percentage change of 14.11%, and was updated on 2025/6/23 [2] - SCFI was 1835 $/TEU with a previous value of 1844, a percentage change of -10.62%, and was updated on 2025/6/20 [2] - CCFI was 1578.6 with previous values of 1488.87 and 1397.02, percentage changes of 6.03% and 6.57%, and was updated on 2025/6/20 [2] - NCFI was 1299.58 with a previous value of 1307.92, a percentage change of -0.64%, and was updated on 2025/6/20 [2] - TCI was 937.12 with a previous value of 962.14, a percentage change of -1.40%, and was updated on 2025/6/25 [2] Group 4: Capacity Arrangement - In July and August 2025, the average weekly capacity was 29.3 and 30.4 million TEU respectively. The OA Alliance's FAL7 route added a new service in week 28. The supply pressure was neutral in the first week of July, low in the third week, and high in the second and fourth weeks [2] Group 5: Recent European Line Quotation - For July, MSK initially opened at 3400 USD, then dropped to 3100 USD. Other carriers were mostly between 3500 - 4000 USD and then around 3500 USD. The average in the first week was 3400 USD, equivalent to 2400 points on the futures [3] - In the second week, MSK opened at 2900 USD, and the average among carriers was 3400 USD, equivalent to 2400 points on the futures. On 6/25, HPL lowered its rate from 3400 to 3200 USD [3] Group 6: News - On 6/26, the US Defense Intelligence Agency stated that its assessment of the Iranian nuclear facilities being attacked by the US military was preliminary and of low credibility. It was collaborating with other agencies to investigate the leak of the assessment [3] - On 6/26, Trump said that the US would talk with Iran next week. He believed the war between Iran and Israel was over, but would not lift sanctions on Iran. He also thought the conflict might break out again [3] - The UK Central Intelligence Agency claimed that several key Iranian nuclear facilities had been destroyed [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the container shipping market, some shipping companies followed MSK to lower spot quotes, and the EC disk remained volatile and weak under pessimistic expectations. The latest SCFIS European line quote was in line with expectations. The spot freight rate has gradually recovered, but Maersk's price cut has led to concerns about a market inflection point. In the short term, the market sentiment is expected to be weak. The extension of the 90 - day tariff exemption period in Sino - US negotiations may reduce the pressure of ship overflow from the US line to the European line, but the height of freight rates in the long - term is not optimistic. Supply and demand are expected to increase in July. The volatile Middle - East geopolitical situation may cause large fluctuations in the disk [4][5]. - In the dry bulk shipping market, the Baltic Dry Bulk Freight Index ended a five - day losing streak, driven by the rise in Panamax ship freight rates. The Capesize ship freight index declined, while the Supramax bulk carrier freight index increased. The market is expected to enter a short - term correction phase, and the medium - sized ship market's freight rates are expected to be volatile and slightly stronger [11][14]. Summary by Relevant Catalogs Container Shipping - Container Shipping Index (European Line) Futures Disk - Contract EC2506 closed at 1,885.3, down 0.15% with a trading volume of 783.0 hands (down 33.53%) and an open interest of 2,491.0 hands (down 10.27%) [2]. - Contract EC2508 closed at 1,740.2, down 1.79% with a trading volume of 50,789.0 hands (down 29.08%) and an open interest of 43,528.0 hands (down 2.82%) [2]. - Other contracts also showed different price, volume, and open - interest changes [2]. Month - to - Month Structure - The spread between EC06 - EC08 was 145, up 29; the spread between EC06 - EC10 was 593, up 9, etc. [2]. Container Freight Rates - SCFIS European line (weekly) was 1937.14 points, up 14.11% week - on - week and down 59.35% year - on - year. SCFIS US West line was 2083.46 points, down 28.37% week - on - week and down 48.74% year - on - year [2]. Fuel Costs - WTI crude oil near - month was $63.81 per barrel, down 3.39% week - on - week and down 21.16% year - on - year; Brent crude oil near - month was $66.84 per barrel, down 4.14% week - on - week and down 21.5% year - on - year [2]. Dry Bulk Shipping Dry Bulk Freight Index (Daily) - BDI was 1681.00, up 0.42% day - on - day and down 15.82% year - on - year; BHSI was 628, unchanged day - on - day and down 16.60% year - on - year [11]. - Other indices also had corresponding changes [11]. Dry Bulk Freight Rates (Daily) - The freight rate of the Capesize iron ore route from Tubarao, Brazil to Qingdao (BCI - C3) was $23.18 per ton, up 3.14% day - on - day; the freight rate from Western Australia to Qingdao (BCI - C5) was $8.92 per ton, down 2.75% day - on - day [11]. Dry Bulk Freight Rates (Weekly) - The freight rate of the Capesize bauxite route from Guinea to Yantai was $22.95 per ton, down 16.09% week - on - week; the freight rate of the Panamax coal route from Samarinda, Indonesia to Ennore, India was $10.50 per ton, up 5.00% week - on - week [11]. Fuel Costs - WTI crude oil near - month was $63.81 per barrel, down 3.39% week - on - week and down 21.16% year - on - year; Brent crude oil near - month was $66.84 per barrel, down 4.14% week - on - week and down 21.5% year - on - year [11]. Shipment Data - From June 16th to June 22nd, 2025, the global iron ore shipment volume was 3506.7 million tons, up 154.0 million tons week - on - week. The shipment volume from Australia and Brazil was 3060.9 million tons, up 218.8 million tons week - on - week [13]. - It is expected that Brazil's soybean exports in June will reach 1437 million tons. In May, China imported 1211 million tons of soybeans from Brazil, a year - on - year increase of 37.5%, and 163 million tons from the US, a year - on - year increase of 28.3% [13]. Market Analysis and Strategy Recommendations Container Shipping - **Logic Analysis**: Spot freight rates have gradually recovered, but Maersk's price cut has affected market sentiment. The extension of the tariff exemption period in Sino - US negotiations may reduce the pressure of ship overflow from the US line to the European line. Supply and demand are expected to increase in July, and the volatile Middle - East geopolitical situation may cause large fluctuations in the disk [4][5]. - **Trading Strategy**: Unilateral trading should be cautious and wait and see, paying attention to trade negotiations and geopolitical changes. For arbitrage, the 6 - 8 reverse spread should be exited when it is high as EC06 approaches delivery, and the 10 - 12 reverse spread should be rolled [6]. Dry Bulk Shipping - **Logic Analysis**: The Capesize ship market in Australia was quiet with slightly lower freight rates, while the Atlantic market had more cargo and slightly higher freight rates. The Panamax ship market had more coal cargoes in July, and freight rates increased slightly. The market is expected to enter a short - term correction phase, and the medium - sized ship market's freight rates are expected to be volatile and slightly stronger [14]. Industry News - The EU is preparing more tariff counter - measures to pressure the US [6]. - Powell said the current policy is in a favorable position and can wait and see before considering interest rate adjustments [7]. - Before the negotiation deadline, an EU official warned that the EU must issue a "credible threat" to retaliate in the trade war initiated by Trump [7]. - Trump said both Israel and Iran violated the cease - fire agreement but would not face consequences, and he no longer hoped for a regime change in Iran [8]. - Qatar's Prime Minister said that indirect talks between Hamas and Israel will be held in the next two days to reach a cease - fire agreement [8]. - The Israeli military chief of staff said the focus will return to Gaza to retrieve hostages and destroy Hamas' rule [8]. - Netanyahu refused Trump's request to completely cancel the strike on Iran [9]. - Netanyahu said Israel will take action with the same force if someone tries to resume the nuclear project [9]. - On June 24th, the Israeli Air Force destroyed a radar facility near Tehran, and then suspended further military strikes after a call between Trump and Netanyahu [9][16]. - From June 16th to June 22nd, 2024, the total iron ore inventory at seven major ports in Australia and Brazil was 1257.2 million tons, up 31.0 million tons week - on - week [15]. - In May 2025, China imported 1247.7 million tons of coal from Indonesia, a month - on - month decrease of 12.7% and a year - on - year decrease of 26.5% [15].

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]