Container Spot Rates (CCFI) Out of China (July 10): Leading Indicator SCFI Declines for First Time in 11 Weeks – Is Seasonal Upcycle Coming to an End?

研报英文原文证据摘录

Container Spot Rates (CCFI) Out of China (July 10): Leading Indicator SCFI Declines for First Time in 11 Weeks – Is Seasonal Upcycle Coming to an End?

representations relating

to the accuracy, completeness, or timeliness of the data they provide and shall not have liability for any damages relating to such data. The Global Industry Classification Standard (GICS) was

developed by and is the exclusive property of MSCI and S&P.

Morgan Stanley Research, or any portion thereof may not be reprinted, sold or redistributed without the written consent of Morgan Stanley.

Indicators and trackers referenced in Morgan Stanley Research may not be used as, or treated as, a benchmark under Regulation EU 2016/1011, or any other similar framework.

The issuers and/or fixed income products recommended or discussed in certain fixed income research reports may not be continuously followed. Accordingly, investors should regard those

fixed income research reports as providing stand-alone analysis and should not expect continuing analysis or additional reports relating to such issuers and/or individual fixed income products.

Morgan Stanley may hold, from time to time, material financial and commercial interests regarding the company subject to the Research report.

Registration granted by SEBI and certification from the National Institute of Securities Markets (NISM) in no way guarantee performance

of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read

all the related documents carefully before investing.

INDUSTRY COVERAGE: Marine Transportation

Company (Ticker) Rating (As Of) Price* (07/10/2026)

Takuya Osaka

Kawasaki Kisen (9107.T) U (10/23/2023) ¥2,527

Mitsui O.S.K. Lines (9104.T) U (01/27/2023) ¥5,324