航运日报-跨太平洋地区进一步疲软迹象，欧洲地区则较为坚挺

USA | Shipping Shipping Daily - Further signs of softness onTranspacific though Europe firm Transpacific freight rates are easing fromtheir recent highs on a mix of a moderationinspot booking activity,following theirsqueezestarting in mid-May,and onhigher capacity availability, as liners havereshuffled ships back to the region. Spotrates overall remain at decent levels, butthe peak seen in early June at around$6,000/feu appears likely to slip between$4,000/feu and $5,000/feu in the near termbased on the latest indicative quotes. Aswe noted previously, liners removed 12% ofcapacity from the Transpacific to offset thesudden drop in China-US volumes duringApril, and it will likely take a minimum ofsix weeks for this capacity to fully return.Accordingto Alphaliner,weekly offeredcapacity on the Transpacific had averaged565,000 teu during 1Q25, dropped to alow of 495,000/teu during the first weekof June but has now climbed to above520,000 teu. We expect a full return totake until late June/early July. Meanwhile,the Asia-Europe routes continue to gainafter lagging for several weeks. Normally,Asia-Europe and Asia-USWC spot rates arearound the same level, but had divergedrecently. The latest quotes point to theroute gaining to above $3,500/feu in thenear-term, up from $3,000/feu currentlyand $2,500/feu last week. Crude Tanker Rates .Source: Baltic Exchange, Jefferies LLC .Source: Baltic Exchange, Jefferies LLC .Source: Baltic Exchange, Jefferies LLC Product Tanker Rates .Source: Baltic Exchange, Jefferies LLC Dry Bulk Rates .Source: Baltic Exchange, Jefferies LLC .Source: Baltic Exchange, Jefferies LLC .Source: Baltic Exchange, Jefferies LLC .Source: Baltic Exchange, Jefferies LLC LNG & LPG Rates .Source: S&P Global Platts, Jefferies LLC .Source: S&P Global Platts, Jefferies LLC .Source: Baltic Exchange, Jefferies LLC Container Freight Rates .Source: Baltic Exchange, Xeneta, Shanghai Shipping Exchange, Drewry, Jefferies LLC .Source: Baltic Exchange, Xeneta, Shanghai Shipping Exchange, Drewry, Jefferies LLC .Source: Baltic Exchange, Xeneta, Shanghai Shipping Exchange, Drewry, Jefferies LLC Analyst Certification: I, Omar Nokta, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Jaeyoung McGarry, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Emily Harkins, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement. Investment Recommendation Record (Article 3(1)e and Article 7 of MAR) Recommendation PublishedJune 11, 2025 7:02 A.M.Recommendation DistributedJune 11, 2025 7:02 A.M. Explanation of Jefferies Ratings Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period. Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20