航运衍生品数据日报-20250529

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The overall EC market showed a volatile downward trend [9]. - Spot prices in May averaged between 1700 - 1800 $/FEU, with a slight decline compared to early May. Affected by Sino - US tariff negotiations and demand recovery on the US route, airlines attempted to raise June freight rates on the European route. Market sentiment was influenced by shipping companies' price adjustments [10]. - The strategy is to gradually take profit on long positions and arbitrage [11]. 3. Summary by Relevant Catalogs Shipping Derivatives Data - Freight Rate Index: The Shanghai Export Container Freight Index (SCFI) was at 1586, up 7.21% from the previous value; the China Export Container Freight Index (CCFI) was at 1107, up 0.23%. Rates on different routes had varying changes, such as a 5.95% increase on the SCFI - US West route and a - 1.44% decrease on the SCFIS - Northwest Europe route [5]. - Contracts: For contracts like EC2506, EC2508, etc., most showed a decline. For example, EC2506 was at 1773.0, down - 0.51% from the previous value [5]. - Positions: Positions of different contracts also changed. For instance, EC2506's position decreased by 1440 to 15946 [5]. - Monthly Spreads: The 10 - 12 monthly spread was 600.1, down 65.0 from the previous value [5]. Spot Market - May Spot: The average price in May was between 1700 - 1800 $/FEU, with a slight decline compared to early May [10]. - June Price Adjustments: Affected by Sino - US tariff negotiations and demand recovery on the US route, airlines tried to raise June freight rates on the European route. Some shipping companies made price adjustments, such as CMA reducing prices in early and mid - June, and Maersk adjusting prices on different routes [10]. Market Conditions - Overall Trend: The market was in a volatile downward trend. After the Sino - US negotiation results exceeded expectations, contracts first rose rapidly and then returned to fundamental games, with overall volatility this week [9][10]. - Contract Focus Shift: As the June pricing became clearer, the market started to focus on the more certain 06 contract, and the spread between the 6 - 8 contracts began to shrink [10]. Trade News - China will reduce tariffs on US goods from 125% to 10% for 90 days, and the US will reduce tariffs on Chinese goods from 145% to 30% for 90 days [6]. - US President Trump said the US may unilaterally set new tariff rates for many trading partners in the next two to three weeks [7]. - The fourth round of Japan - US tariff negotiations is scheduled for the 30th [8]. - Trump threatened to impose a 50% tariff on the EU starting from June 1st [8].