Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-09-01 10:49Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - Today, the futures prices of each contract of the Container Shipping Index (European Line) opened higher, moved up, and then fluctuated. By the close, the prices of all EC contracts had rebounded. The ruling by the US Federal Circuit Court of Appeals that most of the global tariff measures implemented by former President Trump were illegal brought positive macro - sentiment, leading to a recovery in futures prices. However, the current container shipping market is in the off - season, with relatively insufficient demand support, and the spot cabin quotes on the European line are still on a downward trend. For the future, it is more likely that EC will continue to fluctuate, and attention should be paid to the risk of some contracts falling from high levels [1]. 3) Summary by Relevant Contents EC Risk Management Strategy Advice - For those with existing cabin positions but full capacity or poor booking volume and worried about falling freight rates, they can short the container shipping index futures (EC2510) at 1350 - 1450 to lock in profits [1]. - For those who want to book cabins according to order situations due to increased blank sailings by shipping companies or the approaching peak season, they can buy the container shipping index futures (EC2510) at 1150 - 1250 to determine booking costs in advance [1]. Market Data - EC Contract Positions and Trading Volume: In the EC2510 contract, long positions decreased by 433 to 27,805, short positions increased by 583 to 30,516, and trading volume increased by 4,936 to 32,358 (bilateral) [1]. - EC Basis Changes: On September 1, 2025, the basis of EC2510 was 482.20, down 30.40 from the previous day and 150.00 from the previous week; other contracts also showed different degrees of decline [4]. - EC Prices and Spreads: On September 1, 2025, the closing price of EC2510 was 1291.4, up 2.41% from the previous day and down 4.90% from the previous week; different contract spreads also changed [4]. - Global Freight Rate Index: The SCFIS European route decreased by 10.88% to 1773.6; the SCFIS US - West route decreased by 5.87% to 1041.38; the SCFI European route decreased by 11.21% to 1481; the SCFI US - West route increased by 16.97% to 1923; other indices also had corresponding changes [8]. Shipping Company Quotes - Maersk: On September 11, the total quote for 20GP from Shanghai to Rotterdam was $1165, up $5 from the previous period; the total quote for 40GP was $1950, up $10 from the previous period [6]. - MSC: In early September, the total quote for 20GP from Shanghai to Rotterdam was $1280, down $126 from the previous period; the total quote for 40GP was $2140, down $212 from the previous period [6]. - Herbert: In early September, the average total quote for 20GP from Shanghai to Rotterdam was $1185, down $75 from the previous period; the average total quote for 40GP was $1935, down $150 from the previous period [7]. - ONE: In early September, the total quote for 20GP from Shanghai to Rotterdam was $2004, up $330 from the previous week; the total quote for 40GP was $2643, up $500 from the previous week [7]. Port and Ship - related Data - Global Major Port Waiting Times: On August 31, 2025, the waiting time at Hong Kong Port was 0.439 days, down 0.012 from the previous day; Shanghai Port was 1.340 days, down 0.341; other ports also had corresponding changes [15]. - Ship Speeds and Waiting Ships in Suez Canal: On August 31, 2025, the speed of 8000 + container ships was 15.826 knots, down 0.044 from the previous day; the number of ships waiting at the Suez Canal port anchor was 17, down 2 from the previous day [23]. Market News - Positive News: The US Federal Circuit Court of Appeals ruled that most of the global tariff measures implemented by former President Trump were illegal, which brought positive macro - sentiment [1][2]. - Negative News: Some shipping schedules of Mediterranean Shipping and Herbert on the European line in early September continued to lower their quotes, and the SCFIS European route accelerated its decline [3].