1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Currently, downstream customers are booking shipping space for late August to early September (week 35 - 36). The final average price in week 35 was $2,550 (equivalent to 1,800 points), and in week 36, the current average quote is $2,250 (1,550 points). Most shipping companies face pressure to secure cargo at the end of the month, while MSK has relatively less pressure due to significant price cuts. [2][3][16][17] - The overall shipping capacity in September has been reduced due to the additional suspension of OA Alliance's FAL8 in week 37. The weekly average shipping capacity in September and October 2025 is 300,000 and 290,000 TEU respectively. The market situation in September is relatively loose, and the subsequent driving force remains weak. However, the valuation in October is approaching the annual low (1,250 - 1,300), with limited downside potential. Investors can consider long - positions in the December contract. [2][16] 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - **Contract Prices and Changes**: EC2508 closed at 2,127.7 with a 0.13% increase; EC2510 at 1,309.0 with a 1.21% decrease; EC2512 at 1,661.2 with a 3.50% decrease; EC2602 at 1,465.0 with a 3.17% decrease; EC2604 at 1,264.5 with a 1.94% decrease; EC2606 at 1,430.0 with a 2.73% decrease. [2][16] - **Open Interest Changes**: The open interest of EC2508 decreased by 92, EC2510 by 38, EC2512 increased by 1,086, EC2602 increased by 52, EC2604 increased by 120, and EC2606 increased by 20. [2][16] - **Month - to - Month Spreads**: The spread between EC2508 - 2510 was 818.7, showing a daily increase of 18.7 and a weekly increase of 103.6; the spread between EC2510 - 2512 was - 352.2, with a daily increase of 44.2 and a weekly increase of 64.4; the spread between EC2512 - 2602 was 196.2, with a daily decrease of 12.2 and a weekly decrease of 55.6. [2][16] 3.2 Index Information - **TTI**: Updated on August 18, 2025, it was 2,180.17 points, down 2.47% from the previous period and 2.71% from two periods ago. [2][16] - **SCH (European Line)**: Updated on August 22, 2025, it was $1,668 per TEU, down 8.31% from the previous period and 7.19% from two periods ago. [2][16] - **CCFI**: Updated on August 22, 2025, it was 1,757.74 points, down 1.85% from the previous period and 0.48% from two periods ago. [2][16] - **NCFI**: Updated on August 22, 2025, it was 1,083.74 points, down 8.85% from the previous period and 5.49% from two periods ago. [2][16] 3.3 Recent European Line Quotations - **Week 35**: The average price was $2,575 (equivalent to 1,770 points). BA Alliance quoted $2,500, MSK started at $2,300 and then rose to $2,490, and OA Alliance quoted between $2,700 - $2,800. [3][17] - **Week 36**: The average price was $2,250 (1,550 points). PA Alliance quoted between $2,200 - $2,300, MSK started at $2,100 and then rose to $2,200, and OA Alliance quoted between $2,300 - $2,400. [3][17] 3.4 Related News - On August 24, a senior Hamas official stated that Israeli Prime Minister Netanyahu was deliberately undermining negotiations and insisting on continuing the offensive to achieve political goals. [4][18] - On August 21, the US and the EU reached an agreement on the "Reciprocal, Fair, and Balanced Trade Agreement Framework." The US will impose a 15% tariff on most EU goods such as cars, pharmaceuticals, semiconductors, and wood, while some products like scarce natural resources, aircraft and parts, and generic drugs are exempt. The EU promised to cancel tariffs on US industrial products, provide preferential market access for US seafood and agricultural products, and planned to purchase $750 billion worth of US liquefied natural gas, oil, and nuclear products by 2028, along with $40 billion worth of US AI chips. EU companies will also invest an additional $600 billion in US strategic industries. [4][18]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Under high - capacity pressure and with demand entering the off - season, freight rates will face downward pressure in the future [2] 3. Summary by Relevant Catalogs EC Futures Contracts - EC2508 closed at 2111.0, down 3.31%; EC2510 closed at 1460.0, down 2.85%; EC2512 closed at 1735.0, down 0.16%; EC2602 closed at 1521.3, down 1.28%; EC2604 closed at 1370.0, unchanged; EC2606 closed at 1504.9, up 0.76% [2] - For the month - to - month spreads, EC2508 - 2510 was 651.0, with a daily decrease of 29.4 and a weekly decrease of 51.7; EC2510 - 2512 was - 275.0, with a daily decrease of 40.0 and a weekly decrease of 110.2; EC2512 - 2602 was 213.7, with a daily increase of 16.9 and a weekly decrease of 10.8 [2] Spot Indices - SCFIS on July 28, 2025, was 2316.56 points, down 3.50% from the previous period [2] - SCFI on July 25, 2025, was 2090 dollars/TEU, up 0.53% from the previous period [2] - CCFI on July 25, 2025, was 1787.24 points, down 0.90% from the previous period [2] - NCFI on July 25, 2025, was 1422.9 points, down 1.20% from the previous period [2] - TCI on July 18, 2025, was 1054.56 points, down 0.75% from the previous period [2] European Line Supply and Demand - In August and September (tentatively), the average weekly capacity is 325,000 and 324,000 TEU respectively. The capacity in weeks 32, 33, 34, and 35 is 330,000, 305,000, 350,000, and 316,000 TEU respectively, with high capacity pressure especially in the second half of August [2] - Supported by the base cargo of shipping companies, the loading rate of shipping companies in late July was not under great pressure. In early August, the base cargo still provided some support, but the cargo volume declined marginally and gradually entered the off - season [2] Recent European Line Quotations - In July, the quotations remained stable at around 2400 points. In August, the PA Alliance dropped 200 - 300 to 3100 dollars; MSK's initial quotation decreased slightly (2900 - 3000 dollars) and then increased slightly; OA continued to use 3400 - 3500 dollars. The quotation in week 31 was about 3300 dollars (equivalent to 2300 points on the futures market). On Tuesday, HPL cut the price by 200 to 3100 dollars [3] News - On July 29, China and the US reached a consensus in the Stockholm talks to extend the previously suspended 24% reciprocal tariffs and China's counter - measures for 90 days. The final agreement needs to be approved by President Trump [4] - On July 29, Israel was considering a full - scale military occupation of the Gaza Strip [4] - On July 29, the US State Department refused to hold a "two - state solution" meeting on the Gaza issue [4] - On July 29, German government sources said that the German government would approve the 2026 budget draft on Wednesday, including a record 126.7 billion euro investment [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The container shipping market is in a state of continuous game with mainstream shipping companies having differentiated quotes, and the EC disk generally maintains a volatile trend. Attention should be paid to the progress of tariff negotiations and the cease - fire negotiation in the Middle East [4][5]. - For the dry bulk shipping market, the Baltic Dry Bulk Freight Index rose on Tuesday driven by the increase in Capesize ship freight rates. The market demand for large - sized ships is expected to improve in the short - term, while the medium - sized ship market lacks the impetus for continuous rise in the short - term but has a good peak - season shipping expectation later [17][20]. 3. Summary by Relevant Catalogs Container Shipping - Container Shipping Index (European Line) Futures Disk - Different futures contracts show different price changes. For example, EC2510 closed at 1537 points on July 23, down 0.71% from the previous day's closing price. The trading volume and open interest of most contracts also changed, with some increasing and some decreasing [2]. Monthly Difference Structure - The spreads between different contracts also changed. For example, the spread of EC08 - EC10 was 703, up 1 [2]. Container Freight Rates - Container freight rates vary by route. The SCFIS European Line was 2400.50 points, down 0.89% week - on - week and 62.01% year - on - year. Some routes' freight rates increased week - on - week, while others decreased [2]. Fuel Costs - WTI crude oil near - month price was $64.58 per barrel, down 1.84% week - on - week and 16.40% year - on - year. Brent crude oil near - month price was $67.89 per barrel, down 0.56% week - on - week and 16.5% year - on - year [2]. Market Analysis and Strategy Recommendation - The market is in a game state with mainstream shipping companies' quotes being differentiated. Attention should be paid to tariff negotiations and cease - fire negotiations in the Middle East. The trading strategies include holding or rolling short positions in the EC2510 off - season contract and conducting rolling operations for the 10 - 12 reverse spread [4][5][8]. Dry Bulk Shipping Dry Bulk Freight Index - On July 22, the Baltic Dry Bulk Freight Index rose 19 points, or 0.94%, to 2035 points. The Capesize ship freight index rose 80 points or 2.7% to 3061 points, while the Panamax ship freight index fell 6 points, or 0.3%, to 1909 points [16][17]. Spot Freight Rates - On July 22, the freight rate of the Capesize ship iron ore route from Tubarao, Brazil to Qingdao was $23.12 per ton, up 0.81% week - on - week. As of July 18, the freight rates of some coal and bauxite routes also changed [18]. Shipment Data - From July 14 to July 20, 2025, the global iron ore shipment volume was 3109.1 million tons, up 122.0 million tons week - on - week. In July 2025, Brazil shipped 743.68 million tons of soybeans in the third week [19]. Market Analysis and Outlook - The Capesize ship market has a general cargo volume with increasing market wait - and - see sentiment, but shipowners' quotes are relatively firm, and freight rates rose slightly. The Panamax ship market's demand for grain and coal transportation decreased, and the market sentiment was stable with slightly fluctuating freight rates. The market transportation demand is expected to improve in the short - term, and attention should be paid to the iron ore shipment demand in mid - and early August [20].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Report's Core View - The container shipping market shows that the spot freight rate is gradually reaching its peak, with some shipping companies slightly reducing the freight rate in late July. The EC market generally maintains a volatile trend. Attention should be paid to the opening price of MSK in the first week of August. The dry - bulk shipping market has ended its three - week decline, with the freight rates of large - sized ships expected to stop falling and recover, and medium - sized ships' freight rates expected to be volatile and slightly stronger. The oil tanker transportation market's freight rate increase is mainly driven by geopolitical conflict premiums, and the impact of market sentiment changes on freight rates needs further attention [4][24][28]. 3. Summary by Relevant Catalogs Container Shipping Market Analysis and Strategy Recommendation - The spot freight rate is reaching its peak, and some shipping companies have slightly reduced the freight rate in late July. The EC market is volatile. On July 14, EC2508 closed at 2027.2 points, down 0.17% from the previous day. The latest SCFIS European line reported 2421.94 points, up 7.3% week - on - week. The SCFI European line on July 11 was 2099 dollars/TEU, down 0.1% week - on - week. Trump announced additional tariffs on imports from Canada, the EU, and Mexico starting from August 1 [4]. - In June, China's exports to the US were 381.7 billion dollars, down 16.1% year - on - year but with a significant month - on - month improvement. Exports to ASEAN were 581.9 billion dollars, up 16.8% year - on - year, and exports to the EU were 492.2 billion dollars, up 7.6% year - on - year [5]. Logic Analysis - Spot freight rates vary among shipping companies. The OA alliance's freight rates remain high. The demand side is in the traditional peak season from July to August, but tariff policies may affect the shipping rhythm. The supply side shows that the weekly average capacity in July, August, and September 2025 is 27.77, 28.83, and 30.04 million TEU respectively. July is a period of increasing supply and demand, approaching the peak of the peak season. Trump extended the tariff exemption period to August 1, and additional tariffs may impact China's exports and re - export trade [6]. Trading Strategy - Unilateral trading: Volatile, pay attention to tariff and geopolitical dynamics [9]. - Arbitrage: Roll - over operation of the 10 - 12 spread [10]. Industry News - The White House economic advisor said Trump received trade agreement proposals and may impose additional tariffs if not improved. The EU extended the suspension of counter - measures against US tariffs to early August. Trump announced additional tariffs on Mexico, the EU, etc. The US and India are negotiating a trade agreement to reduce India's tariffs to below 20%. There are developments in the Israel - Palestine cease - fire negotiations [11][13][14]. Dry - bulk Shipping Market Analysis and Outlook - The Baltic Dry Bulk Freight Index rose 198 points to 1663 points, a 13.5% increase, reaching the highest level since June 25. The Capesize ship freight index rose 440 points or about 26.4% to 2104 points, with the daily average profit increasing by 3654 dollars to 17453 dollars. The Panamax ship freight index rose 137 points or 8% to 1860 points, with the daily average profit rising by 1236 dollars to 16743 dollars. The Supramax ship freight index rose 37 points or 3.1% to 1219 points [20]. - The spot freight rates of Capesize ships' iron ore routes increased. The weekly freight rates of coal and bauxite routes of Capesize ships and coal and grain routes of Panamax ships also increased. From July 7 - 13, the global iron ore shipment volume was 2987.1 million tons, with Australian and Brazilian shipments increasing [22][23]. Logic Analysis - The international dry - bulk shipping market ended its three - week decline. The Capesize ship market's freight rates stopped falling and recovered due to increased shipping inquiries and improved demand expectations. The Panamax ship market's freight rates continued to rise due to strong coal and grain transportation demand and tight shipping capacity. The freight rates of large - sized ships are expected to stop falling and recover, and medium - sized ships' freight rates are expected to be volatile and slightly stronger [24]. Industry News - Trump announced additional tariffs on imports from Mexico, Brazil, and the EU starting from August 1. Guinea requires 50% of bauxite exports to be transported by its own ships. The coal export volume of Newcastle Port in June increased year - on - year and month - on - month. The inventory of imported iron ore in 45 Chinese ports decreased [25][26]. Oil Tanker Transportation Market Analysis and Outlook - On July 11, the Baltic Dirty Tanker Index (BDTI) was 929, down 0.21% week - on - week and 11.86% year - on - year. The Baltic Clean Tanker Index (BCTI) was 546, up 0.74% week - on - week and down 33.50% year - on - year. The freight rate increase is mainly driven by geopolitical conflict premiums, and the impact of market sentiment changes on freight rates needs attention [28]. Industry News - Trump's dissatisfaction with Putin may lead to more sanctions on Russia, affecting oil prices. The domestic refined oil retail price may be reduced. OPEC and its allies are increasing oil production, and the demand in the third quarter is expected to be strong [30].