航运衍生品数据日报-20250702

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The current EC08 contract on the trading board is at a discount to the spot price, and attention should be paid to the potential logic of Scenario 2. This year, the European route trading is prone to a cycle of "front - running - logic reinforcement - losses". It is recommended to value the "error - tolerance" space of far - month contracts, formulate far - month positive spread strategies based on historical delivery data, and avoid over - relying on short - term sentiment. [9] - The trading on the board returns to fundamental drivers, with trading centered around the expectation of the peak season transitioning to the off - season. As the end of the tariff suspension period approaches, some airlines expect to raise prices in late July. [9][10] - Hold the 12 - 4 positive spread strategy. [11] 3. Summary by Related Content Shipping Derivatives Data - Freight Rate Index: The Shanghai Export Container Freight Index (SCFI) is currently at 1862, down 0.43% from the previous value; the China Export Container Freight Index (CCFI) is at 1369, up 2.00%. SCFI - US West is at 2578, down 7.00%; SCFIS - US West is at 1619, down 22.28%; SCFI - US East is at 4717, down 11.86%; SCFI - Northwest Europe is at 2030, up 10.63%. SCFIS - Northwest Europe is at 2123, up 9.60%; SCFI - Mediterranean is at 2985, down 2.55%. [4] - Contracts: For contracts such as EC2506, EC2508, etc., the current values and their percentage changes are provided. For example, EC2508 is currently at 1904.9, up 8.15% from the previous value. [4] - Open Interest: The current open interest and its changes for contracts like EC2606, EC2508, etc. are given. For instance, the current open interest of EC2508 is 40476, an increase of 1248 from the previous value. [4] - Monthly Spread: The current monthly spreads (10 - 12, 12 - 2, 12 - 4) and their changes are presented. For example, the 10 - 12 monthly spread is currently 521.1, up 98.7 from the previous value. [4] Market News - After the JOLTS data was released, traders slightly reduced the expected magnitude of the Fed's interest rate cuts, expecting the cuts to start in September, with a 21% probability of a cut in July. [5] - The White House stated that Trump may extend the 90 - day tariff suspension period in July. Trump plans to visit China with dozens of CEOs. Fed Chairman Powell said that a "substantial majority" of Fed members expect to cut interest rates later this year. [6] - According to the Financial Times, Trump's tariff policy and falling river levels have led to the worst supply - chain congestion in European ports since the pandemic, especially in Rotterdam, Antwerp, and Hamburg, and the congestion is expected to last for at least several months. [7] - Iran's ambassador to the UN stated that Tehran "will never stop" uranium - enrichment activities, emphasizing it as an inalienable right and national sovereignty under the NPT. [7] Market Conditions and Strategies for EC Contracts - Market Conditions: The spot freight rates have been rising this week. The quotes for European basic ports in late June are 2,800 - 3,200 US dollars per 40 - foot container, and the upward trend is expected to continue until mid - July. For the 7 - 8 month European route freight rates, there are three scenarios: a collapse - style decline if a large amount of US - bound capacity shifts to the European route; an "arc - top" trend if shipping companies control capacity; and global capacity misallocation due to unexpected factors. [8] - Trading Strategies: Given that the EC08 contract on the board is at a discount to the spot price, attention should be paid to the potential logic of Scenario 2. It is recommended to formulate far - month positive spread strategies based on historical delivery data and hold the 12 - 4 positive spread. [9][11]