银河期货航运日报-20260210

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The EC near - month contract's price declined due to the unchanged MSK WK10 Shanghai - Rotterdam quote and the loosening of the March price increase expectation. The market is expected to be volatile before the Spring Festival, and it is recommended to wait and see. The 6 - 10 positive spread should be rolled for arbitrage [5][7][8] Group 3: Summary by Directory 1. Futures Market - Futures Contracts: On February 10, 2026, the closing prices of EC2604, EC2605, EC2606, EC2608, EC2610, and EC2612 were 1,179.0, 1,273.0, 1,499.8, 1,576.3, 1,110.9, and 1,380.0 respectively. The price changes were - 59.0, 0, - 53.2, - 38.5, - 15.2, and - 45.5, with price change rates of - 4.77%, N/A, - 3.43%, - 2.38%, - 1.35%, and - 3.19%. The trading volumes were 29,560.0, 271.0, 4,155.0, 340.0, 1,093, and 38, with volume change rates of 105.51%, N/A, 88.35%, 26.39%, 77.72%, and 442.86%. The open interests were 33,899.0, 228.0, 14,740.0, 1,416.0, 8,071, and 127, with change rates of 8.89%, N/A, 0.10%, 0.14%, 2.26%, and - 7.97% [3] - Month - spread Structure: The spreads and their changes between different contracts are presented, such as EC04 - EC06 with a spread of - 321 and a change of - 5.8 [3] 2. Container Freight Rates - Weekly Container Freight Rates: SCFIS European line index was 1657.94, with a week - on - week change of - 7.49% and a year - on - year change of - 29.54%. SCFIS US West line index was 1155.66, with a week - on - week change of 4.93% and a year - on - year change of - 48.57%. Other routes' freight rates and their changes are also provided [3] 3. Fuel Costs - Crude Oil Prices: The price of WTI crude oil near - month contract was $64.38 per barrel, with a week - on - week change of 1.74% and a year - on - year change of - 9.84%. The price of Brent crude oil near - month contract was $68.5 per barrel, with a week - on - week change of 1.57% and a year - on - year change of - 8.7% [3] 4. Market Analysis and Strategy Recommendations - Analysis: MSK's WK10 Shanghai - Rotterdam quote remained unchanged, and the March price increase expectation was loose. The demand is entering a downward phase after reaching the peak, and the supply capacity deployment has little change compared with the previous period. The traditional off - season for freight rates is from February to April, and the expected rush of shipments is less than expected. The geopolitical situation is unstable, and it is difficult for large - scale resumption of European routes in the first half of the year [5][6] - Trading Strategies: For single - side trading, it is recommended to wait and see before the Spring Festival. For arbitrage, a rolling operation of 6 - 10 positive spread is recommended [7][8] 5. Industry News - The US Maritime Administration advised US ships to stay away from Iranian waters. White House officials stated that US President Trump did not support Israel's annexation of the West Bank [10] 6. Related Attachments - There are multiple figures, including the SCFIS European line index and US West line index, SCFI comprehensive index, and container freight rates of different routes [11][16][24]