集运早报-20250916

1. Report Industry Investment Rating No relevant content provided in the given documents. 2. Core View of the Report - Spot prices are still falling, but the decline is expected to slow down and gradually bottom out in October. The shipping company's Week 39 quote is 1550 - 1650 US dollars (equivalent to 1150 points on the disk). The far - month futures prices have risen significantly, reflecting the expectation of a slower decline and multiple rounds of price increases in the future. The 10 - 12 spread is - 493.1, and the valuation of the December contract is relatively neutral to high. There are multiple upward drivers in the future, so the December contract is cautiously bullish. The Spring Festival in 2026 is relatively late (February 17, 2026), so the settlement price of the February 2026 contract may be higher, and its current valuation is low, with a higher cost - performance ratio for long positions compared to the December contract. To avoid the potential price - cutting risk of shipping companies in October, a long - February 2026/short - April 2026 spread trade can be considered. [1] 3. Summary by Relevant Catalogs 3.1 Futures Market Data - Contract Prices and Changes: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are 1163.1, 1656.2, 1516.9, 1253.9, and 1431.9 respectively, with daily changes of 0.48%, 2.86%, 1.07%, 1.91%, and 1.52%. [1] - Trading Volume and Open Interest: The trading volumes of EC2510, EC2512, and EC2602 contracts are 17803, 10786, and 1953 respectively, and the open interests are 47772, 19598, and 6330 respectively, with open interest changes of 161, 39, and 0. [1] - Month - to - Month Spreads: The spreads of EC2510 - 2512 and EC2512 - 2602 are - 493.1 and 139.3 respectively, with daily changes of - 40.5 and 29.9, and weekly changes of - 78.9 and - 16.2. [1] 3.2 Spot Market Data - Spot Price Indexes: The current spot price index is 1440.24, down 8.06% from the previous period. The SCFI (European Line) is 1154 US dollars/TEU, down 12.24% from the previous period. The CCFI (European Line) is 1537.28 points, down 6.19% from the previous period. The NCFI (European Line) is 729.42 points, down 14.78% from the previous period. [1] 3.3 Recent European Line Quotations - Week 37: The average quote is 2100 US dollars (equivalent to 1450 points on the disk). MSK's quote is 1900 US dollars (later increased to 1950), PA's is 2100 - 2150, and OA's is 2100 - 2300. [2] - Week 38: The average quote is 1800 US dollars (equivalent to 1260 points on the disk). MSK's quote is 1700 US dollars (later increased to 1760), PA and MSC's are 1800 - 1950, and OA's is 1650 - 2020. [2] - Week 39: The average quote is 1550 - 1650 US dollars (equivalent to 1150 points on the disk). MSK's quote is 1500 US dollars (later increased to 1560), PA Alliance's is 1550 - 1600 US dollars, and O4 Alliance's is 1600 - 1720 US dollars. [2]