集运早报-20250912

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The overall driver remains downward as shipping companies' loading rates are low during the spot price decline period. The 10 - contract on the futures market dropped significantly as the spot price broke through the previous low of the year, showing signs of shipping companies' price competition. The valuation space below the 10 - contract has significantly decreased, and investors can consider reducing their positions. The 12 - contract followed the decline, and the 10 - 12 spread changed little and is relatively reasonable. Currently, the spot price has little change [1][8]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - Yesterday's Closing Price and Changes: EC2510 closed at 1203.8, down 5.02%; EC2512 at 1609.1, down 3.88%; EC2602 at 1497.4, down 1.75%; EC2604 at 1242.0, down 0.32%; EC2606 at 1430.6, down 0.92% [1]. - Basis: EC2510's basis is 362.7; EC2512's is - 42.6; EC2602's is 69.1; EC2604's is 324.5; EC2606's is 135.9 [1]. - Yesterday's Trading Volume and Open Interest: EC2510's trading volume is 32766, and open interest is 49507; EC2512's trading volume is 10045, open interest is 19025 with a change of 1417; EC2602's trading volume is 1268, open interest is 6001 with a change of 59; EC2604's trading volume is 919, open interest is 7791 with a change of 279; EC2606's trading volume is 67, open interest change is 6 [1]. - Monthly Spread: EC2510 - 2512 spread is - 405.3, with a daily increase of 1.3 and a weekly decrease of 5.0; EC2512 - 2602 spread is 111.7, with a daily decrease of 38.3 and a weekly decrease of 61.9 [1]. 3.2 Spot Index Information - SCFIS (European Line): On September 8, 2025, it was 1566.46 points, down 11.68% from the previous period; on September 5, 2025, it was 1773.60 points, down 10.88% from the previous period [1]. - CCFI: On September 5, 2025, it was 1638.77 points, down 2.79% from the previous period [1]. - NCFI: On September 5, 2025, it was 855.93 points, down 7.92% from the previous period [1]. 3.3 Recent European Line Quotation Situation - Week 37: The average quotation was 2100 US dollars (equivalent to 1450 points on the disk), among which MSK was 1900 US dollars (later rose to 1950), PA was 2100 - 2150, and OA was 2100 - 2300 [2]. - Week 38: The average quotation was 1800 US dollars (equivalent to 1260 points on the disk), among which MSK was 1700 US dollars (later rose to 1760), PA&MSC was 1800 - 1950, and OA was 1650 - 2020 [2]. - Week 39: The average quotation was 1660 US dollars (equivalent to 1150 points on the disk), among which MSK opened at 1550 US dollars, PA dropped to 1600 - 1700 US dollars, and OA quoted 1650 - 1700 US dollars [2].