建信期货集运指数日报-20260305

Group 1: Report Overview - Report Title: "Container Shipping Index Daily Report" [1] - Date: March 5, 2026 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - The escalation of the Middle - East situation has strengthened market sentiment, and shipping companies have postponed their resumption of Red Sea routes. The container shipping index futures continued to be strong. Although the actual impact of geopolitical conflicts on container shipping supply and demand is limited, it has a greater impact on the far - month sentiment and futures market, potentially causing the index to strengthen periodically. Attention should be paid to the convergence of spot and futures prices near the delivery period in mid - to late March. There are opportunities to short - allocate off - season contracts 04 and 06 on rallies [7] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Market situation: The escalation of the Middle - East situation has strengthened market sentiment, and shipping companies have postponed Red Sea resumption. The container shipping index futures continued to be strong. After the Spring Festival, it is still the off - season for transportation. The short - term tariff issue is unlikely to trigger exporters' rush to ship, and the demand for photovoltaic exports is limited. The shipping capacity in March and April remains at a high level in the same period of history, but the Red Sea resumption plan has slowed down, which can continue to ease the shipping capacity pressure. The price increase of leading shipping companies in March may be more for price stability and difficult to implement. Geopolitical conflicts have a greater impact on far - month sentiment and the futures market [7] - Operation suggestions: Pay attention to the convergence of spot and futures prices near the delivery period in mid - to late March, and look for opportunities to short - allocate off - season contracts 04 and 06 on rallies [7] 2. Industry News - Overall situation: After the "Spring Festival" holiday, the Chinese export container shipping market was generally stable, and the freight rates on ocean routes showed an upward trend, driving the comprehensive index up. On February 27, the Shanghai Export Containerized Freight Index was 1333.11 points, up 6.5% from the previous period [8] - European routes: The eurozone's February composite PMI rose to 51.9, with the manufacturing PMI rising from 49.5 to 50.8, hitting a 44 - month high and standing above the boom - bust line for the first time since August last year. The transportation demand remained stable compared with the pre - holiday level, and the spot market booking price increased. On February 27, the freight rate from Shanghai Port to basic European ports was $1420/TEU, up 4.3% from the previous period [8] - Mediterranean routes: The market situation was in line with that of European routes, and the market freight rates increased. On February 27, the freight rate from Shanghai Port to basic Mediterranean ports was $2305/TEU, up 5.9% from the previous period [9] - North American routes: The preliminary value of the US February composite PMI dropped to 52.3, with the preliminary values of both manufacturing and service PMIs slightly falling. Although it remained in the expansion range, the expansion speed showed signs of slowing down. The US Supreme Court ruled that the large - scale tariff measures implemented by the Trump administration were unconstitutional, leading to great uncertainty in global trade. The transportation market was relatively stable, and the spot market booking price continued to rise. On February 27, the freight rates from Shanghai Port to basic ports in the US West and East were $1857/FEU and $2691/FEU respectively, up 3.9% and 6.6% from the previous period [9] - Persian Gulf routes: The geopolitical tension in the region has been escalating, and the approaching "Ramadan" has pushed the spot market freight rates up significantly. On February 27, the freight rate from Shanghai Port to basic Persian Gulf ports was $1327/TEU, up 35.4% from the previous period [9] - Other news: Trump made statements on Iran, the US continued military operations in Iran, and there were statements about the closure of the Strait of Hormuz. High - profile institutions made assessments on the impact of the Iran situation on energy prices. The US Supreme Court ruled that certain tariffs were illegal, and relevant responses were made by different parties [9] 3. Data Overview 3.1 Container Shipping Spot Prices - The Shanghai Export Container Settlement Freight Index for European routes (basic ports) on March 2, 2026, was 1463.4, down 110.11 (-7.0%) from February 23, 2026. The index for US West routes (basic ports) was 1045.08, down 66.93 (-6.0%) from February 23, 2026 [11] 3.2 Container Shipping Index (European Line) Futures Market - The report provides the trading data of container shipping European line futures on March 4, including contract information such as EC2604 - EC2612, with details on the previous settlement price, opening price, closing price, settlement price, price change, price change rate, trading volume, open interest, and change in open interest [6] 3.3 Shipping - Related Data Charts - The report includes multiple shipping - related data charts, such as the container ship capacity in Europe, the global container ship order backlog, the Shanghai - European basic port freight rate, and the Shanghai - Rotterdam spot freight rate [16][18]