Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report Under the suppression of high capacity, as demand gradually enters the off - season, freight rates will be under pressure in the future [1]. 3) Summary According to Related Catalogs EC Futures Contracts - EC2508 closed at 2139.0 with a 1.33% increase, volume of 1302, and a decrease of 329 in open interest [1]. - EC2510 closed at 1468.7 with a 0.60% increase, volume of 66330, and an increase of 4148 in open interest [1]. - EC2512 closed at 1738.0 with a 0.17% increase, volume of 5748, and an increase of 374 in open interest [1]. - EC2602 closed at 1532.0 with a 0.70% increase, volume of 1400, and a decrease of 27 in open interest [1]. - EC2604 closed at 1386.1 with a 1.18% increase, volume of 1782, and an increase of 160 in open interest [1]. - EC2606 closed at 1514.2 with a 0.62% increase, volume of 153, and an increase of 14 in open interest [1]. Month - to - Month Spreads - EC2508 - 2510 spread was 670.3, compared to 651.0 the previous day and 680.4 two days ago [1]. - EC2510 - 2512 spread was - 269.3, compared to - 275.0 the previous day and - 235.0 two days ago [1]. - EC2512 - 2602 spread was 206.0, compared to 213.7 the previous day and 196.8 two days ago [1]. Spot and Index Data - SCHIS on 2025/7/28 was 2316.56, with a - 3.50% decrease from the previous period [1]. - SCFI on 2025/7/25 was 2090 dollars/TEU, with a 0.53% increase from the previous period [1]. - CCFI (European Line) on 2025/7/25 was 1787.24, with a - 0.90% decrease from the previous period [1]. - NCFI on 2025/7/25 was 1422.9, with a - 1.20% decrease from the previous period [1]. - TCI on 2025/7/18 was 1054.56, with a - 0.75% decrease from the previous period [1]. European Line Supply and Demand - In August and September (temporarily), the average weekly capacity is 325,000 and 324,000 TEU respectively. The capacity in week32/33/34/35 is 330,000, 305,000, 350,000, and 316,000 TEU respectively, with high capacity pressure, especially in the second half of August [1]. - There is a transfer of capacity from the US line to the European line in the schedule. Supported by the minimum cargo volume of shipping companies, the loading rate of shipping companies in late July was not under great pressure. There is still some support from the minimum cargo volume in the first half of August, with MSK having good cargo intake and OA and PA being relatively average. Overall, the cargo volume is gradually weakening and entering the off - season [1]. Recent European Line Quotation - Downstream is currently booking space for early August (week31 - 32). The price remained stable in July, around 2400 points. In week32 of August, it landed at about 3300 dollars (equivalent to 2300 points). MSK quoted 2800 dollars for week33, and other shipping companies mainly followed the previous quotes [2]. Week33 Changes - On Tuesday, HPL reduced the price by 200 to 3100 dollars. MSK opened at 2800 dollars and then raised it to 2860 dollars [3]. - On Wednesday, MSC reduced the price by 300 to 3340 dollars, and OOCL reduced the price by 200 to 3200 - 3300 dollars [3]. Related News - On 7/31, the Israeli Ministry of Foreign Affairs rejected the Canadian Prime Minister's statement about planning to recognize the State of Palestine, stating that Canada's change of stance at this time is a reward for Hamas [4]. - On 7/31, a US White House official said that Trump believes recognizing the State of Palestine would be a reward for Hamas and he does not think they should be rewarded [4]. - On 7/31, Trump announced a trade agreement with South Korea, including a 15% tariff and a 350 - billion - dollar investment [4].