Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The shipping capacity in August is relatively high, with an average weekly capacity of 320,000 TEU, a month - on - month increase of 8%. However, there is still support from base cargo at the beginning of August. In the next half - month, the market may remain stable or see a slight decline in quotes from some shipping companies [1]. - The downstream is currently booking shipping space for early August (week 30 - 31). The quotes were stable throughout July, around 2400 points. In the fifth week of July (week 31), the quote was $3400, equivalent to around 2400 points on the futures market [2]. 3. Summary by Relevant Catalogs EC Futures Contracts - EC2508 had a closing price of 2367.3, a change of 33.2, a trading volume of 11341, and an open interest of 13245 [1]. - For different EC futures contracts, there were various price changes, trading volumes, and open interest. For example, EC2510 had a closing price of 1644.7, a change of 755.8, a trading volume of 72757, and an open interest of 52717 [1]. - The month - to - month spreads also showed different trends. For instance, the spread between EC2508 - 2510 was 722.6, with a day - on - day increase of 69.7 [1]. Spot Freight Rate Index - SCHI2 on July 21, 2025, was 2400.5 points, a decrease of 0.89% compared to the previous period [1]. - SCFI on July 18, 2025, was $2079 per TEU, a decrease of 0.95% compared to the previous period [1]. - CCFI on July 18, 2025, was 1803.42 points, an increase of 4.46% compared to the previous period [1]. - NCFI on July 18, 2025, was 1440.25 points, an increase of 0.35% compared to the previous period [1]. - TCI on July 18, 2025, was 1054.56 points, a decrease of 0.75% compared to the previous period [1]. Recent European Line Quotes - The downstream is booking space for early August. Quotes were stable in July, around 2400 points. In week 31 of July, the quote was $3400, equivalent to around 2400 points on the futures market [2]. - On July 21, CMA lowered its quotes. The quote at the end of July decreased from $3645 to $3445, from $4145 to $3745 in early August, and from $5245 to $4145 in late August [2]. Related News - On July 19, Hamas reached a comprehensive cease - fire agreement, but Israel rejected it. Hamas was ready for a long - term battle and was willing to release all hostages in Gaza as part of the cease - fire agreement [3]. - On July 21, the Israeli Defense Forces started a ground operation in southern Deir al - Balah in the central Gaza Strip [3]. - On July 22, US President Trump hoped to end the conflict in Gaza through negotiation, achieve a cease - fire, and secure the release of all hostages [3].

Report Overview - The report is from the Energy and Chemicals Team of the Research Center on June 25, 2025, focusing on the European shipping line's freight market, including EC futures contracts, freight rate indices, and shipping capacity arrangements [2]. EC Futures Contracts Contract Prices - EC2506 closed at 1888.1 with a 0.27% change, trading volume of 491, and an open interest of 2776 with a decrease of 585. Other contracts like EC2508 (1772.0, -5.49%), EC2510 (1304.6, -4.77%) also showed price changes and trading volumes [2]. Month - to - Month Spreads - For example, the spread between EC2506 - 2508 was 116.1, compared to previous values (8.0, 1.0). Different contract spreads also had various changes [2]. Freight Rate Indices European Line Indices - The TEDA index on June 23, 2025, was 1937.14, up 14.11% from the previous period. SCFI (weekly on Fridays) on June 20 was 1835, down 0.49%. CCFI (daily) was 1578.6, up 6.03%. NCFI was 1299.58, down 0.64%. TCI (daily) remained unchanged at 930.54 [2]. Seasonal Trends - Multiple freight rate indices such as SCFIS, SCFI, NCFI, etc., showed different seasonal trends in the European line and other routes from 2014 - 2025 [9][10][11]. Shipping Capacity Arrangements - In July and August 2025, the average weekly shipping capacities are 293,000 and 304,000 TEU respectively. The OA Alliance's FAL7 route week 28 has a new sailing cancellation. Supply pressure varies in different weeks of July [2]. Recent European Line Quotations - For July, MSK initially opened at $3400, then dropped to $3100. Other carriers started at $3500 - $4000 and then some dropped to around $3500. The average for the first week was $3400, equivalent to 2400 points on the futures [2][3]. News - News includes the organization's statement on military operations against Israel, the International Atomic Energy Agency's report on Iran, and the Iranian President's announcement of the end of the war and the start of reconstruction [3].