OOIL(HK:00316) Hua Tai Qi Huo·2025-11-12 07:05Report Industry Investment Rating No relevant content provided. Core Viewpoints - The 12 - month contract trading focuses on rhythm, with the overall valuation support rising. Shipping companies will adjust supply to keep freight rates high for next - year's long - term agreement negotiations. The 12 - month contract trading rhythm involves alternating between trading price increase expectations and actual implementation of price increase letters. The initial estimated valuation range for the 12 - month contract is between 1700 - 1850 points, and the valuation bottom is rising. [5] - The 2026 February contract may have a large expectation gap but is currently suppressed by the resumption of shipping expectations. Attention should be paid to how the exchange defines the delivery and settlement price of the February contract. If the price - holding period is extended and high prices are achieved in January 2026, the February contract may be at parity with the 12 - month contract. [6] - The strategy is that the 12 - month contract will fluctuate, and the February contract will fluctuate with an upward bias. There is no arbitrage strategy currently. [8] Summary by Directory 1. Market Analysis - Online Quotes: Different shipping alliances and companies have various price quotes for Shanghai - Rotterdam routes. For example, Gemini Cooperation's Maersk has different prices in the 47th and 48th weeks, and HPL has different quotes for different shipping periods in November and December. Maersk has issued a price increase letter for December. [1] - Geopolitical Situation: The US military is researching the establishment of a temporary base for 10,000 people near the Gaza Strip to support a stable force for the cease - fire between Israel and Hamas. This is an early planning step and does not involve US troops. [3] - Dynamic Supply: The average weekly capacity in the remaining 4 weeks of November is 246,500 TEU, and in December, it is 338,800 TEU. There are 10 blank sailings and 1 TBN in November and 3 TBNs in December. [4] 2. Futures Prices - As of November 11, 2025, the total open interest of all container shipping index European line futures contracts is 73,528.00 lots, and the daily trading volume is 70,447.00 lots. The closing prices of different contracts such as EC2602, EC2604, etc., are provided. [7] 3. Spot Prices - On November 7, 2025, the SCFI prices for Shanghai - Europe, Shanghai - US West, and Shanghai - US East routes are 1323 US dollars/TEU, 2212 US dollars/FEU, and 2848 US dollars/FEU respectively. On November 10, the SCFIS for Shanghai - Europe is 1504.80 points, and for Shanghai - US West is 1329.71 points. [7] 4. Container Ship Capacity Supply - In 2025, it is a big year for container ship deliveries. As of November 9, 2025, 226 container ships have been delivered, with a total capacity of 1.879 million TEU. Among them, 71 ships of 12,000 - 16,999 TEU and 12 ships of over 17,000 TEU have been delivered, with capacities of 1.072 million TEU and 253,800 TEU respectively. [7] 5. Supply Chain - No specific summarized content in this part other than the figures mentioned in the document. 6. Demand and European Economy - No specific summarized content in this part other than the figures mentioned in the document.