FICC日报：MSC修正6月份欧线线上报价，关注马士基6月第一周开价情况-20250520

Report Industry Investment Rating No relevant content provided. Core Viewpoints - European routes have high capacity in June, and the price of the 06 contract has risen to around $2600/FEU. As MSC has started to revise the European route prices for June, other shipping companies will likely follow suit. Attention should be paid to the final actual prices in June. The 08 contract, being in the traditional peak season, still has price increase expectations, leading to a strong game between expectations and reality. Recently, arbitrage operations are more recommended [3]. Summary by Directory 1. Futures Prices - As of May 20, 2025, the total open interest of all container shipping index European route futures contracts was 118,206 lots, and the single - day trading volume was 166,866 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1451.20, 1249.00, 1772.20, 2387.90, 1482.10, and 1625.20 respectively [4]. 2. Spot Prices - On May 16, the SCFI (Shanghai - Europe route) price was $1154/TEU, the SCFI (Shanghai - US West route) price was $3091/FEU, and the SCFI (Shanghai - US East) price was $4069/FEU. On May 19, the SCFIS (Shanghai - Europe) was 1265.30 points, and the SCFIS (Shanghai - US West) was 1446.36 points [4]. 3. Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of May 16, 2025, 98 container ships had been delivered, with a total capacity of 762,700 TEU. Among them, 31 ships with a capacity of 12,000 - 16,999 TEU were delivered, with a total capacity of 467,300 TEU, and 3 ships with a capacity of over 17,000 TEU were delivered, with a total capacity of 70,872 TEU [5]. - The monthly average weekly capacity in June was about 280,000 TEU. The weekly capacities in WEEK23/24/25/26/27 were 296,200/302,800/282,300/226,000/268,200 TEU, with an average of 277,000 TEU, a year - on - year increase of over 20%. The monthly average weekly capacity in July was 259,000 TEU. The average weekly capacity on the Shanghai - US East and West routes in June was 320,500 TEU, while in May it was 243,400 TEU, showing a rapid recovery [2]. 4. Supply Chain - Geopolitically, Israeli Prime Minister Netanyahu stated that Israel would fully control the Gaza Strip, and the Israeli Air Force attacked over 160 targets in the Gaza Strip in the past day [2]. 5. Demand and European Economy - In May, more than 10 ships on the US routes were transferred to European routes, increasing the supply - side pressure on European routes in May. Most shipping companies continuously revised down their prices in May. The price of the OA Alliance in May dropped to around $1700/FEU, the price of YML in the PA Alliance in May was $1500/FEU, and the price of Maersk in WEEK22 was over $1600/FEU [3].