SCFI欧线降幅不减，短期震荡偏弱格局延续

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Today, the prices of each monthly contract of the container shipping index (European route) futures fluctuated slightly downward. As of the close, the prices of all EC monthly contracts declined. From the changes in the positions of the top 20 institutional investors on the exchange, the long positions of the EC2510 contract decreased by 688 lots to 28,238 lots, and the short positions decreased by 619 lots to 30,214 lots. The trading volume increased by 1,269 lots to 28,527 lots (bilateral). ONE continued to lower the spot container quotes for the European route in early September, which was negative for the futures price trend. In the current off - season with weakening demand, the European route freight rates continued to decline. For the future market, it is more likely that EC will continue the trend of fluctuating and falling back, and attention should be paid to the risk of a low - level rebound in some contracts [1]. 3. Summary by Relevant Catalogs EC Risk Management Strategy - Position Management: For those who have already obtained container positions but have full capacity or poor booking volume and are worried about freight rate drops, with a long spot exposure, to prevent losses, they can short the container shipping index futures according to the company's container positions to lock in profits. The recommended hedging tool is EC2510, with a selling suggestion in the range of 1350 - 1450 [1]. - Cost Management: When shipping companies increase the blank sailing rate or are about to enter the peak market season and hope to book containers according to order situations, with a short spot exposure, to prevent freight rate increases and additional transportation costs, they can buy the container shipping index futures at present to determine the container booking cost in advance. The recommended hedging tool is EC2510, with a buying suggestion in the range of 1150 - 1250 [1]. Market Factors - Positive Factors: The Israeli military said it was preparing to expand military operations against Hamas in Gaza City [2]. - Negative Factors: ONE continued to lower the European route quotes in early September, and the SCFI European route accelerated its decline [3]. EC Basis Daily Changes | Contract | Basis (Points) | Daily Change (Points) | Weekly Change (Points) | | --- | --- | --- | --- | | EC2510 | 729.20 | 24.00 | 48.00 | | EC2512 | 427.50 | 8.30 | 98.50 | | EC2602 | 582.10 | - 8.10 | 56.90 | | EC2604 | 785.80 | 11.60 | 60.10 | | EC2606 | 614.1 | - 2.10 | - 136.07 | [4] EC Price and Spread | Contract | Closing Price (Points) | Daily Change Rate | Weekly Change Rate | Spread | Closing Price (Points) | Daily Change | Weekly Change | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2510 | 1261.0 | - 1.87% | - 3.67% | EC2510 - 2602 | - 147.1 | - 32.1 | 8.9 | | EC2512 | 1562.7 | - 0.53% | - 5.93% | EC2602 - 2606 | 32 | 6 | - 3 | | EC2602 | 1408.1 | 0.58% | - 3.88% | EC2606 - 2510 | 115.1 | 26.1 | - 5.9 | | EC2604 | 1204.4 | - 1.77% | - 4.75% | EC2510 - 2512 | - 301.7 | - 15.7 | 50.5 | | EC2606 | 1376.1 | 0.15% | - 3.77% | EC2512 - 2602 | 154.6 | - 16.4 | - 89.3 | | EC2608 | 1561 | - 1.11% | - | EC2602 - 2604 | 203.7 | 19.7 | 3.2 | [5] Container Shipping Spot Container Quotes - On September 11, for Maersk's shipping schedule from Shanghai to Rotterdam, the total quote for 20GP was $1,160, a $5 increase from the previous value in the same period, and the total quote for 40GP was $1,940, a $10 increase from the previous value in the same period. - In early September, for ONE's shipping schedule from Shanghai to Rotterdam, the total quote for 20GP was $1,674/1,374, a $130 decrease from the previous value in the same period, and the total quote for 40GP was $2,143, a $200 decrease from the previous value in the same period [7]. Global Freight Rate Index | Index | Latest Value | Previous Value | Change | Change Rate | | --- | --- | --- | --- | --- | | SCFIS: European Route (Points) | 1990.2 | 2180.17 | - 189.97 | - 8.71% | | SCFIS: US West Route (Points) | 1041.38 | 1106.29 | - 64.91 | - 5.87% | | SCFI: European Route ($/TEU) | 1481 | 1668 | - 187 | - 11.21% | | SCFI: US West Route ($/FEU) | 1923 | 1644 | 279 | 16.97% | | FBX Comprehensive Freight Rate Index ($/FEU) | 1916 | 1887 | 29 | 1.54% | [8] Global Major Port Waiting Times | Port | 2025 - 08 - 28 | 2025 - 08 - 27 | Daily Change | Last Year's Same Period | | --- | --- | --- | --- | --- | | Hong Kong Port | 0.370 | 0.542 | - 0.172 | 0.855 | | Shanghai Port | 1.469 | 1.646 | - 0.177 | 1.185 | | Yantian Port | 0.774 | 1.008 | - 0.234 | 0.719 | | Singapore Port | 0.786 | 0.669 | 0.117 | 0.545 | | Jakarta Port | 0.782 | 0.601 | 0.181 | 0.969 | | Long Beach Port | 2.185 | 2.403 | - 0.218 | 1.805 | | Savannah Port | 1.216 | 1.417 | - 0.201 | 1.858 | [13] Ship Speed and Number of Container Ships Waiting at Suez Canal Port Anchorage | Ship Type | 2025 - 08 - 28 | 2025 - 08 - 27 | Daily Change | Last Year's Same Period | | --- | --- | --- | --- | --- | | 8000+ | 15.896 | 15.911 | - 0.015 | 15.681 | | 3000+ | 14.882 | 14.905 | - 0.023 | 14.96 | | 1000+ | 13.264 | 13.236 | 0.028 | 13.299 | | Ships Waiting at Suez Canal Port Anchorage | 2 | 0 | 2 | 11 | [23]