集运指数（欧线）期货标准合约（修订草案）解读

1. Report Industry Investment Rating - No information provided in the report. 2. Core Views of the Report - The Shanghai International Energy Exchange has issued a public consultation on the draft revision of the standard contract for the Container Shipping Index (European Line) Futures. The proposed changes include adjusting the contract months and the minimum price change, which are expected to narrow the basis fluctuation and enrich arbitrage trading opportunities [1][2]. - After the contract modification, the basis fluctuation is expected to narrow, reducing the risk of industrial term trading and helping the real economy better manage risks using derivatives. Meanwhile, the arbitrage trading may become more diverse [2][15]. 3. Summary by Related Catalogs 3.1 Container Shipping Index (European Line) Futures Contract Status and Pricing Mechanism - The Container Shipping Index (European Line) is a service - based, cash - settled futures. In the spot market, upstream concentration is high, and liner companies' pricing decisions rely on seasonality. In the futures market, participants usually anchor the spot rate and give a certain premium or discount to the far - month contracts based on historical freight seasonality [5]. - Since its listing in August 2023, the bi - monthly contract model has provided good liquidity. The participants are mainly individuals and private funds, with a relatively low proportion of industries, licensed institutions, and proprietary traders. In 2025, macro - events continuously disturbed the European line, and the market often completed the expected trading of far - month contracts in a short period, with increased concerns about tail risks as the "reality" approached [5]. 3.2 Container Shipping Index (European Line) Futures Standard Contract (Revised Draft) - The contract months will be adjusted from "February, April, June, August, October, December" to "the nearest 1 - 6 consecutive months (excluding February) and the following two quarterly months". The number of listed contracts will increase from 6 to 7 - 8, facilitating industrial customers to match futures and spot expiration times and improve hedging efficiency. February contracts are excluded due to the relatively inactive spot market during the Spring Festival [1][10]. - The minimum price change will be adjusted from "0.1 point" to "0.5 point" [1][10]. 3.3 Potential Impact of Changing to the Consecutive Month Model 3.3.1 Basis Fluctuation Expected to Narrow, Promoting Industrial Hedging Participation - The Container Shipping Index (European Line) Futures is China's first shipping futures product. Since its listing in August 2023, the industrial upstream, midstream, and downstream have paid high attention, especially mid - stream freight forwarders actively participating in the spot - futures trading [14]. - The essence of spot - futures trading is basis change. With the modification of the contract to consecutive months, the basis fluctuation is expected to narrow, reducing the risk of industrial term trading and helping the real economy manage risks using derivatives [15]. 3.3.2 Arbitrage Trading May be More Diverse - In the past two years since the listing of EC, the main source of arbitrage trading income has been based on seasonality. If it changes to consecutive months, in addition to the existing arbitrage opportunities between bi - monthly contracts, potential opportunities such as 8 - 9 long spreads, 9 - 10 long spreads, 1 - 3 long spreads, and 12 - 01 short spreads can be focused on [22].