Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-08-13 10:18Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The futures prices of the container shipping index (European line) continued their downward trend. As of the close, most monthly contracts declined, with the EC2508 contract showing a slight increase. The continuous reduction of spot cabin quotes on the European line pulled down the futures price valuation, and the far - month contracts declined significantly due to the capital side. The EC2508 contract was supported based on the basis convergence logic. In the future, it is expected that the EC is likely to fluctuate and decline or continue to fluctuate, and in the medium - term, without sudden events, the overall futures price may still decline slightly [1]. 3. Summary by Relevant Content EC Risk Management Strategy - For those with over - booked or under - subscribed container space and worried about falling freight rates, it is recommended to short the container shipping index futures (EC2510) at 1500 - 1600 to lock in profits [1]. - For those aiming to control costs when shipping companies increase blank sailings or approach the peak season, it is recommended to buy the container shipping index futures (EC2510) at 1200 - 1300 to pre - determine booking costs [1]. Market Situation - Futures Market: The EC2510 contract had 3067 more long positions (reaching 32036) and 1911 more short positions (reaching 36027), with trading volume increasing by 35198 to 78498 (bilateral) [1]. - Spot Market: CMA CGM continued to lower spot cabin quotes on the European line, and the SCFIS European line continued to decline with an expanded decline [3]. EC Basis and Price - Basis: On August 13, 2025, the basis of EC2508 was 152.48 points, down 1 point daily and 74.08 points weekly. The basis of EC2510 was 902.38 points, up 84.5 points daily and 24.62 points weekly [4][5]. - Price and Spread: On August 13, 2025, the closing price of EC2508 was 2083.0 points, up 0.05% daily and 0.56% weekly; EC2510 closed at 1333.1 points, down 5.96% daily and 6.13% weekly [5]. Shipping Quotes - Maersk's 20GP total quote from Shanghai to Rotterdam on August 28 was $1385, up $30 from the previous period, and 40GP was $2330, up $60 [7]. - Hapag - Lloyd's 20GP opening quote from Shanghai to Rotterdam this week was $1535, down $200 from the previous period, and 40GP was $2435, down $400 [7]. Global Freight Index - SCFIS European route was at 2235.48 points, down 62.38 points (-2.71%); SCFIS US - West route was at 1082.14 points, down 47.98 points (-4.25%) [8]. Port Waiting Time - On August 12, 2025, Hong Kong Port's waiting time was 0.340 days, down 0.057 days; Shanghai Port's was 1.523 days, down 0.363 days [15]. Ship Speed and Waiting Ships - On August 12, 2025, the speed of 8000 + container ships was 15.968 knots, down 0.22 knots; the number of ships waiting at the Suez Canal port anchorage was 9, down 1 from the previous day [24].