Report Summary 1. Report Industry Investment Rating The provided text does not mention the report industry investment rating. 2. Core View of the Report - The container shipping index (European Line) showed a volatile and slightly stronger trend yesterday. For the 2510 contract, there are potential upside risks, and it is advisable to consider shorting opportunities at 1200 - 1250 points. For the 2512 contract, it should not be over - estimated, and it is recommended to wait for further guidance from the November sailing suspension intensity. For the 2602 contract, the relative valuation between the 12 and 02 contracts is unclear. In the long - term, pay attention to the opportunities of 02 - 04 and 12 - 04 positive spreads [9][12][13]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: The EC2510 contract closed at 1114.4 points, up 2.67%; the EC2512 contract closed at 1696.5 points, up 4.56%; the EC2602 contract closed at 1588.1 points, up 3.33%. The trading volume to open interest ratios of EC2510, EC2512, and EC2604 were 1.14, 1.16, and 0.57 respectively [1]. - **Freight Index**: The SCFIS European route index was 1254.92 points, down 12.9% week - on - week; the SCFIS US West route index was 1193.64 points, down 11.6% week - on - week. The SCFI European route index was $1052/TEU, down 8.8% bi - weekly; the SCFI US West route index was $1636/FEU, down 31.0% bi - weekly [1]. - **Spot Freight Rates**: The central price of the 40 - 41 week list price dropped to around $1450/FEU, equivalent to about 1015 points on the SCFIS index. Different alliances have different price adjustments, such as the Gemini Alliance's Maersk raising the price in the 42nd week, while some other companies' prices are stable or decreasing [10]. - **Exchange Rates**: The US dollar index was 97.23, and the US dollar against the offshore RMB was 7.11 [1]. 3.2 Capacity Situation - **October**: The AEU3 route of COSCO will be changed from normal operation to a blank voyage in October, and HPL cancelled its additional ship at the beginning of October. The average weekly capacity in October was revised down to 265,000 TEU/week, with a year - on - year growth rate of 0.5%, a significant decline compared with July - September. The blank voyages are mainly concentrated in the second week of October [11]. - **November**: The HMM Alliance announced a blank voyage plan for the PA Alliance, and MSC will launch 3 new ships. The number of undetermined voyages in November (weeks 44 - 48) has been reduced to 2, with 5 blank voyages and 1 additional ship. Excluding undetermined voyages, the average weekly capacity is currently 310,000 TEU/week, a year - on - year increase of 10% and a month - on - month increase of 16% [11]. 3.3 Contract Analysis - **2510 Contract**: The delivery settlement price sample of the 2510 contract comes from the containers departing in weeks 41 - 43. If Maersk's price increase is implemented and other shipping companies follow suit, the SCFIS average in weeks 41 - 43 may be around 1215 points (±30 points), but considering ship delays, it is likely to be within 1200 points. If the price increase is not implemented, the delivery price of the 2510 contract is likely to be within 1100 points [12]. - **2512 Contract**: There are two negative factors in December this year compared with last year. The 2512 contract may rise in the short - term due to price - increase sentiment, and it is recommended to wait for further guidance from the November sailing suspension intensity [13]. - **2602 Contract**: Since the Spring Festival in 2026 is half a month later than in 2025, it is difficult to determine the relative valuation between the 12 and 02 contracts [13]. 3.4 Strategy Suggestion - Short - term: Pay attention to the opportunity of shorting the 2510 contract at 1200 - 1250 points. - Long - term: Pay attention to the opportunities of widening the 02 - 04 and 12 - 04 positive spreads at low levels [13].

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: September 24, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core View - The SCFIS has fallen below 1300 points for ten consecutive weeks, and the freight rates in October have been further reduced. The spot freight rates show a smooth downward trend in the off - season with an expanding decline. Attention should be paid to whether the freight rate reduction rate can slow down and whether the bottom can be formed. The tense situation in the Middle East may support the far - month contracts. There may be a low - buying opportunity for the December contract, and the October contract is recommended to be short - allocated on rallies [8] Summary by Directory 1. Market Review and Operation Suggestions - The SCFIS has dropped below 1300 points for ten consecutive weeks. In October, the freight rates are further reduced. For example, in the Shanghai - Rotterdam route, Maersk's quotes for the first and second weeks of October are about $200 lower than those in late September, and other airlines have followed suit. The spot freight rates show a smooth downward trend in the off - season with an expanding decline. There may be a low - buying opportunity for the December contract, and the October contract is recommended to be short - allocated on rallies [8] 2. Industry News - From September 15th to 19th, the demand for China's export container transportation was weak, and the freight rates in the ocean - going routes continued to adjust with an expanding decline in the composite index. The national industrial added value increased by 5.2% year - on - year, with high - tech manufacturing leading the growth. On September 19th, the Shanghai Export Containerized Freight Index dropped by 14.3%. In the European route, the German economic situation is still低迷, and the freight rate from Shanghai Port to European basic ports dropped by 8.8%. In the Mediterranean route, the freight rate dropped by 5.8%. In the North American route, the US consumer confidence index hit a new low since May, and the freight rates to the US West and East basic ports dropped by 31.0% and 22.7% respectively. There are also updates on the Middle - East situation including actions of the Israeli military and Hamas in Gaza [9][10] 3. Data Overview 3.1 Container Shipping Spot Prices - From September 15th to 22nd, the SCFIS for the European route dropped from 1440.24 to 1254.92, a decrease of 12.9%. The SCFIS for the US West route dropped from 1349.84 to 1193.64, a decrease of 11.6% [12] 3.2 Container Shipping Index (European Line) Futures Market - Transaction data for various contracts on September 23rd are provided, including EC2510, EC2512, etc. For example, the EC2510 contract had a closing price of 1,100.0, a settlement price of 1,085.4, a decline of 2.0, and a decline rate of 0.18%. The trading volume was 28,527, and the open interest was 41,508 with a change of - 4,522 [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Shipping companies are trying to raise prices in the second half of October, and attention should be paid to the actual transaction prices during this period [1]. - The valuation of the October contract is becoming clearer, and attention should be paid to Maersk's first - week quotation in the second half of October. The settlement price of the October contract is the arithmetic average of SCFIS on October 13th, 20th, and 27th. The freight rate center in the first half of October has dropped to around $1400/FEU. HPL and CMA have attempted to raise prices in the second half of October. If the price increase in the last week is successful, the final three - phase settlement price will correspond to a spot price of approximately $1450/1450/1950/FEU, equivalent to about 1130 points in SCFIS; if the price increase fails, the final settlement price may be below 1000 points [4]. - The December contract is far from delivery, and trading mainly focuses on the rhythm. Ship companies may adjust supply to keep freight rates high during the fourth - quarter holiday season. However, there are risks such as the bottom of the current freight rate decline and weak demand on the US route. If US - bound ships are redirected to the European route in the fourth quarter, it may put pressure on European route prices. The trading rhythm of the December contract is expected to involve first trading the price - increase expectation, then the actual implementation of the price - increase notice, and repeating this cycle until delivery. Given the frequent rhythm changes, investors can try with a light position [5][6]. - The strategy suggests that the main contract will fluctuate weakly, and for arbitrage, it is advisable to short the October contract [8]. 3. Summary by Directory 3.1 Market Analysis - **Online Quotes**: Different shipping companies have different price trends. For example, Maersk's Shanghai - Rotterdam quotes decreased from Week 40 to Week 41; HPL - SPOT's price increased in the second half of October and the first half of November. Some companies' prices remained stable in the first half of October, while CMA attempted to raise the price for the Shanghai - Antwerp route in the second half of October [1][2]. - **Geopolitical Situation**: Hamas has drafted a letter to US President Trump, requesting a 60 - day cease - fire in exchange for the immediate release of half of the hostages in Gaza. The letter is expected to be delivered this week [2]. 3.2 Container Ship Capacity Supply - **Weekly and Monthly Average Capacity**: The monthly average weekly capacity from China to European base ports was 272,600 TEU in October and 285,200 TEU in November. There were 15 blank sailings in October and 4 blank sailings and 3 TBNs in November [3]. - **Ship Deliveries**: 2025 is a major year for container ship deliveries. As of September 21, 2025, 196 container ships with a total capacity of 1.562 million TEU have been delivered. Among them, 62 ships in the 12,000 - 16,999 TEU range with a total capacity of 935,000 TEU and 8 ships over 17,000 TEU with a total capacity of 176,880 TEU have been delivered [7]. 3.3 Futures and Spot Prices - **Futures Prices**: As of September 22, 2025, the total open interest of all container shipping index European route futures contracts was 85,743 lots, and the single - day trading volume was 65,644 lots. The closing prices of different contracts such as EC2602, EC2604, etc., are provided [7]. - **Spot Prices**: On September 19, 2025, the SCFI (Shanghai - Europe route) price was $1052/TEU, the SCFI (Shanghai - US West route) price was $1636/FEU, and the SCFI (Shanghai - US East) price was $2557/FEU. On September 15, the SCFIS (Shanghai - Europe) was 1254.92 points, and the SCFIS (Shanghai - US West) was 1193.64 points [7]. 3.4 Strategy - **Unilateral Trading**: The main contract is expected to fluctuate weakly. - **Arbitrage**: It is advisable to short the October contract [8].

Report Overview - The report is a shipping derivatives data daily report provided by the Energy and Chemical Research Center of Guomao Futures Research Institute [4][5] Industry Investment Rating - Not provided Core Viewpoints - The shipping derivatives market shows an overall trend of weak oscillation, with the 10 - contract experiencing a significant decline [8] - In the European - route shipping market, based on EPMI data, the cargo volume is expected to bottom out in October and turn around in November. From late September to late October, shipping companies will compete for cargoes, but the "ROLLINGPOOL" strategy in the off - season may intensify the decline in freight rates. It is expected that the offline freight rates will drop to the lowest point in May this year by late October, and shipping companies will start to support prices through contracts after the cargo volume recovers in November [9] Summary by Relevant Catalogs Freight Index - The Shanghai Export Container Freight Index (SCFI) is currently 1198, down 14.31% from the previous value; the China Export Container Freight Index (CCFI) is 1120, down 0.45% [6] - For different routes, SCFI - US West is down 30.97%, SCFIS - US West is up 37.65%, SCFI - US East is down 22.68%, SCFI - Northwest Europe is down 8.84%, SCFIS - Northwest Europe is down 8.05%, and SCFI - Mediterranean is down 5.75% [6] Contracts - For different EC contracts, the prices of all contracts show a downward trend, with the 10 - contract (EC2510) having a relatively large decline of 5.01% [6] Positions - The positions of different contracts are increasing, such as the EC2606 position increasing by 52, the EC2608 position increasing by 28, the EC2410 position increasing by 542, the EC2412 position increasing by 1510, and the EC2604 position increasing by 307 [6] Monthly Spreads - The 10 - 12 monthly spread is currently - 579.5, down 40.1 from the previous value; the 12 - 2 monthly spread is 67.5, down 11.7; the 12 - 4 monthly spread is 380.0, down 10.1 [6] Spot Prices - This week, the GEMINI price in early October dropped to 1500, QA dropped to 1550, PA dropped to 1400, and NSC dropped to 1600. The FM freight rate center in the market in late September was 1500 [9] Strategies - A positive spread strategy is recommended for the 10 - 12 contracts [10]

1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core Viewpoints of the Report - The freight rate center continued to decline in the first half of October, and HPL attempted to raise the price in the second half of the month. For the October contract, it is relatively safe to allocate short positions, but the key lies in the downward space. The uncertainty lies in the quotes for the second half of October. If HPL's price increase is successful, the estimated ceiling of the final delivery settlement price of the October contract is likely to be around 1100 points; otherwise, it may be close to 1000 points [4]. - For the December contract, the pattern of peak and off - peak seasons still exists. As the freight rate bottom becomes clearer, long positions can be gradually allocated to trade the expected price increases by shipping companies in November and December. However, due to the current large premium of the December contract futures price over the spot price, investors should take long positions in the December contract with a light position [6]. - The main contract is expected to fluctuate weakly. For arbitrage, short the October contract when the price is high [8]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - **Online Quotes**: Different shipping alliances and companies have different price trends. For example, in the Gemini Cooperation, Maersk's Shanghai - Rotterdam quotes decreased from WEEK39 to WEEK41; HPL - SPOT tried to raise the price in the second half of October. In the MSC + Premier Alliance, MSC and ONE's prices remained stable in the first half of October compared to the second half of September, and YML's price decreased [1]. - **Geopolitical Situation**: Israel launched a large - scale ground offensive in the Gaza Strip, and Israeli Prime Minister Netanyahu called for the evacuation of Palestinians from Gaza City, with nearly 400,000 people having left so far [2]. - **Capacity and Empty Sailing**: In October, the monthly average weekly capacity to European base ports from China was 272,600 TEU, with 15 empty sailings and 1 TBN. In November, the monthly average weekly capacity was 283,000 TEU, with 4 empty sailings and 6 TBN. HMM announced a winter suspension plan for the PA alliance on the Asia - Europe route [3]. 3.2 Contract Analysis - **October Contract**: It is mainly short - allocated during the off - season. The freight rate center in the first half of October continued to decline to around $1400/FEU (equivalent to about 1000 points on the SCFIS). The delivery settlement price is the arithmetic average of the SCFIS on October 13th, 20th, and 27th. The uncertainty lies in HPL's attempt to raise the price in the second half of October [4]. - **December Contract**: The pattern of peak and off - peak seasons still exists. With the approach of Western holidays in the fourth quarter, shipping companies will adjust supply to keep freight rates high. However, the risk lies in the bottom of the current freight rate decline and the potential impact of transferring US - bound ships to European routes. The current futures price of the December contract has a large premium over the spot price, so long positions should be taken lightly [6]. 3.3 Futures and Spot Market - **Futures Market**: As of September 18, 2025, the total open interest of all container shipping index European line futures contracts was 84,867.00 lots, and the daily trading volume was 31,831.00 lots. The closing prices of different contracts such as EC2602, EC2604, etc., were provided [7]. - **Spot Market**: The SCFI prices for different routes (Shanghai - Europe, Shanghai - US West, Shanghai - US East) and the SCFIS prices for European and US West routes were given as of relevant dates. The current spot price center is around $1400/FEU [4][6][7]. 3.4 Strategy and Risk - **Strategy**: The main contract is expected to fluctuate weakly. For arbitrage, short the October contract when the price is high [8]. - **Risk**: Downward risks include an unexpected decline in the European and US economies, a sharp drop in oil prices, unexpected vessel deliveries, insufficient vessel idling, and a good resolution of the Red Sea crisis. Upward risks include an economic recovery in Europe and the US, supply chain disruptions, significant capacity reduction by liner companies, and the continuous fermentation of the Red Sea crisis leading to route detours [8].

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - The 10 - contract of EC is relatively weak due to the resumption of China - Europe freight trains on Wednesday, while it was strong following the overall commodity sentiment on Tuesday. The 12 - contract was supported by factors such as the suspension of China - Europe freight trains, National Day sailing suspension expectations, and price - holding, and showed strength on Monday [9]. - In the European shipping market, based on IPMI data, the cargo volume will bottom out in October and turn around in November. From late September to late October, shipping companies will "compete for cargo", but the "ROLLINGPOOL" strategy in the off - season may intensify the decline in freight rates. It is expected that the offline freight rates will fall back to the low point in May this year in late October, and shipping companies will start signing contracts to support prices after the cargo volume recovers in November. Although some shipping capacity will not resume after the National Day holiday, the impact of reducing ships in the off - season on the market is limited [10]. 3. Summary by Relevant Content 3.1 Shipping Freight Index - **Shanghai Export Container Freight Index (SCFI)**: The current value is 1398, with a previous value of 1444 and a decline of 3.21% [6]. - **China Export Container Freight Index (CCFI)**: The current value is 1125, with a previous value of 1149 and a decline of 2.07% [6]. - **SCFI - West America**: The current value is 2370, with a previous value of 2189 and an increase of 8.27% [6]. - **SCFIS - West America**: The current value is 1349, with a previous value of 980 and an increase of 37.65% [6]. - **SCFI - East America**: The current value is 3307, with a previous value of 3073 and an increase of 7.61% [6]. - **SCFI - Northwest Europe**: The current value is 1154, with a previous value of 1315 and a decline of 12.24% [6]. - **SCFIS - Northwest Europe**: The current value is 1440, with a previous value of 1566 and a decline of 8.05% [6]. - **SCFI - Mediterranean**: The current value is 1738, with a previous value of 1971 and a decline of 11.82% [6]. 3.2 Shipping Derivative Contracts - **Contract Prices**: For contracts EC2506, EC2608, EC2510, EC2512, EC2602, and EC2604, the current values are 1468.7, 1616.7, 1109.7, 1672.0, 1578.8, and 1285.0 respectively, with corresponding changes of - 0.20%, - 0.57%, - 5.13%, - 0.11%, 0.43%, and 0.10% [7]. - **Contract Positions**: For positions EC2606, EC2608, EC2410, EC2412, EC2602, and EC2604, the current values are 924, 439, 49609, 20437, 7105, and 8334 respectively, with changes of (33), (5), 2092, 678, 386, and 101 [7]. - **Monthly Spreads**: For spreads 10 - 12, 12 - 2, and 12 - 4, the current values are - 562.3, 93.2, and 387.0 respectively, with changes of (58.2), (8.5), and (3.1) [7]. 3.3 Spot Prices - **GEMINI**: The overall average in September is 1600, with Maersk's wk38 opening at 1700, HPL - QQ at 1750 in late September, and HPL - SPOT at 1550 [10]. - **OA**: The overall average is 1800, with CMA at 2000, OOCL at 1650, and EMC at 1900 [10]. - **PA**: The overall average is 1700, with ONE at 1800 and HMM at 1600 [10]. - **MSC**: The price in late September is reported at 1750 [10].

Report Industry Investment Rating There is no information provided in the text regarding the report's industry investment rating. Core Viewpoints - The October contract is mainly short - allocated during the off - season, with its valuation continuing to be revised downward. The HPL has announced the price for the second half of October. The price center in the first half of October has dropped to around $1500/FEU (equivalent to about 1050 points on SCFIS). The SCFIS on October 13 is expected to be between 1050 - 1100 points. If other shipping companies follow HPL's lead and keep the prices unchanged, the final delivery settlement price of the October contract will likely be below 1100 points [4]. - The pattern of off - peak and peak seasons still exists in the December contract. There is an opportunity to bet on the price increase expectation in November. However, the current risks include the bottom of the current freight rate decline and the weak demand on the US route. If ships on the US route are transferred to the European route in the fourth quarter, it may put pressure on European route prices [5]. - The strategy suggests that the main contract will fluctuate weakly on a single - side basis, and it is advisable to short the October contract in an arbitrage strategy [7]. Summary by Directory 1. Futures Price - As of September 17, 2025, the total open interest of all container shipping index European route futures contracts was 86,848.00 lots, and the single - day trading volume was 65,208.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2510, and EC2512 contracts were 1578.80, 1285.00, 1468.70, 1616.70, 1109.70, and 1672.00 respectively [6]. 2. Spot Price - On September 12, 2025, the SCFI (Shanghai - Europe route) price was $1154/TEU, the SCFI (Shanghai - US West route) price was $2370/FEU, and the SCFI (Shanghai - US East) price was $3307/FEU. On September 15, the SCFIS (Shanghai - Europe) was 1440.24 points, and the SCFIS (Shanghai - US West) was 1349.84 points [6]. 3. Container Ship Capacity Supply - In October 2025, the monthly average weekly capacity on the China - European base port route was 272,600 TEU, and in November, it was 283,000 TEU. There were 15 blank sailings and 1 TBN in October and 4 blank sailings and 6 TBN in November. HMM has announced the PA alliance's winter suspension plan for the Asia - Europe route [3]. - As of September 14, 2025, 186 container ships with a total capacity of 1.495 million TEU had been delivered in 2025. Among them, 59 ships with a capacity of 12,000 - 16,999 TEU (total 886,000 TEU) and 8 ships with a capacity of over 17,000 TEU (total 176,880 TEU) had been delivered [6]. 4. Supply Chain - There is geopolitical instability as Israel has launched a large - scale ground offensive in the Gaza Strip, which may impact the shipping supply chain [2]. 5. Demand and European Economy - The demand on the US route is weak, with the US NRF estimating that the container import demand from September to December 2025 will be about 20% lower than the same period in 2024. The transfer of US - bound ships to the European route in the fourth quarter may affect European route prices [5].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The European shipping market is expected to see the cargo volume reach the bottom in October and turn around in November based on EPMI data. From late September to late October, shipping companies will compete for cargo, but the "ROLLINGPOOL" strategy during the off - season may intensify the decline in freight rates. It is predicted that the offline freight rates will drop to the May low in late October, and shipping companies will start to support prices through contracts after the cargo volume recovers in November. The suspension of some shipping capacities during the National Day holiday, which will not resume after the holiday, has limited impact on the market due to the low cargo volume [8]. 3. Summary by Relevant Catalogs 3.1 Shipping Freight Index - **Spot Freight Index**: The current value of the Shanghai Export Container Freight Index (SCFI) is 1398, down 3.21% from the previous value; the China Export Container Freight Index (CCFI) is 1125, down 2.07%. Among different routes, SCFI - US West increased by 8.27%, SCFIS - US West decreased by 3.26%, SCFI - US East increased by 7.61%, SCFI - Northwest Europe decreased by 12.24%, SCFIS - Northwest Europe decreased by 11.68%, and SCFI - Mediterranean decreased by 11.82% [6]. - **Derivative Contracts**: For shipping derivative contracts such as EC2506, EC2608, etc., most showed a downward trend. For example, EC2506 decreased by 0.92%, EC2608 decreased by 0.31%, EC2510 decreased by 5.02%, etc. [6]. - **Contract Positions**: The positions of some contracts increased. For example, the position of EC2606 increased by 6, EC2410 increased by 2187, etc. [6]. - **Monthly Spread**: The 10 - 12 monthly spread increased by 1.3, the 12 - 2 monthly spread decreased by 38.3, and the 12 - 4 monthly spread decreased by 60.9 [6]. 3.2 Market News - All eyes are on the meeting between Beisente and Chinese Vice - Premier He Lifeng in Madrid on Monday, but expectations should be moderate, with the best - case scenario being no escalation of the current situation. Mediterranean Shipping Company (MSC) has adjusted its US route network to deal with the port fees that the US is about to impose on Chinese - built or - operated ships and stated that it will absorb the costs without passing them on to customers. US President Donald Trump plans to urge G7 countries to impose a 50% - 100% high - tariff on India and China's purchase of Russian oil. The US is experiencing a stagflation - like situation for the first time in forty years [7]. 3.3 EC Market - **Market Conditions**: The market is in a downward trend. The spot prices in September, such as GEMINI, QA, PA, and MSC, have all declined. The freight rate center of PAK in the market in late September is 1750 [8]. - **Strategy**: The recommended strategy is to short in October and conduct a 10 - 12 reverse spread [9].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The container shipping index (European Line) showed a weak performance in the past week. The main 2510 contract closed at 1157.6 points on Friday, down 157 points week-on-week, and the secondary main 2512 contract closed at 1610.2 points, down 105 points week-on-week. The 2510 contract is expected to see reduced volatility, while the 2512 contract is expected to fluctuate widely between 1550 - 1800 points, and the 2602 contract may not necessarily be at a discount to the 12 contract in years with a late Spring Festival [12][15]. - In terms of freight rates, the SCFI announced on September 12 was the same as that on May 16, at $1154/TEU. The freight rate center in the 38th week dropped further to around $1650/FEU, and it is conservatively estimated that the cumulative decline in the 39th and 40th weeks will be $100/FEU, with the center possibly falling to around $1550/FEU. The freight rate trend in the 42nd - 43rd weeks after the National Day holiday is uncertain [13]. - On the supply side, the average weekly capacity in October is 265,000 TEU/week, with a year-on-year growth rate of 1.1%, which has significantly declined compared to the capacity growth rate from July - September. The average weekly capacity in November (weeks 44 - 48) is currently 307,000 TEU/week, with a year-on-year increase of 9% and a month-on-month increase of 16%, but this still needs to be observed due to a large number of undetermined voyages [14]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Contract Data**: EC2510 closed at 1,157.6 points, down 5.27% daily, with a trading volume of 27,358 and an open interest of 47,611, a decrease of 1,896. EC2512 closed at 1,610.2 points, down 1.41% daily, with a trading volume of 9,853 and an open interest of 19,637, an increase of 612. EC2602 closed at 1,500.8 points, down 0.56% daily, with a trading volume of 1,680 and an open interest of 6,327, an increase of 326 [1]. - **Shipping Company Freight Rates**: Different shipping companies have different freight rate adjustments. For example, Maersk's opening price for the Shanghai - Rotterdam route in the 39th week was reported at $1550/FEU, a decrease of $150/FEU compared to the previous period; MSC decreased from $1740 to $1590/FEU on September 17 [13]. 3.2 Macro News - Israeli - Palestinian conflict: Israeli officials notified the US only a few minutes before attacking Qatar. The Israeli military issued three evacuation warnings in one day and attacked high - rise buildings in Gaza City again. The Qatari Prime Minister stated that Israel's attacks would not lead to any results and would only "abort" efforts to ease tensions, and Qatar will continue to mediate the Gaza conflict [11]. - China - US economic and trade talks: Chinese Vice Premier He Lifeng will lead a delegation to Spain to hold talks with the US from September 14 - 17 to discuss issues such as US unilateral tariff measures, abuse of export controls, and TikTok [11]. 3.3 Strategy - For the 2510 contract, it was recommended to take profits on dips in last week's report. If there is a rebound due to shipping companies "calling for price increases" or pre - holiday position reduction, consider lightly shorting again, with an upper resistance level of 1300 points. For the 02 - 04 and 12 - 04 positive spreads, enter the market on dips [16].

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoints - The container shipping index (European line) futures continued to fluctuate downward. As of the close, all contract prices declined to varying degrees. The EC2510 contract saw a reduction in long positions by 948 lots to 26,451 lots and a reduction in short positions by 1,167 lots to 27,579 lots, with trading volume decreasing by 5,185 lots to 30,843 lots (bilateral). The mainstream shipping companies continued to lower freight rates during the current off - season, and the short - term futures prices are likely to maintain a relatively downward trend. It is recommended to adopt a quick - in - quick - out strategy, while also being cautious of potential rebounds after the futures prices reach short - term lows [3]. 3. Summary by Relevant Catalogs EC Risk Management Strategy Recommendations - For position management, if one has already obtained positions but the shipping capacity is full or the booked cargo volume is poor, and there are concerns about freight rate drops, with a long spot exposure, to prevent losses, one can short the container shipping index futures based on the company's positions to lock in profits. The recommended hedging tool is EC2510, with a selling range of 1300 - 1400 [2]. - For cost management, if shipping companies increase the frequency of blank sailings or the peak season is approaching, and one hopes to book cabins according to order situations, with a short spot exposure, to prevent freight rate increases and rising transportation costs, one can buy the container shipping index futures at present to determine the cabin - booking cost in advance. The recommended hedging tool is EC2510, with a buying range of 1000 - 1100 [2]. Core Contradictions - The container shipping index (European line) futures continued to decline. The reduction in long and short positions in the EC2510 contract and the decrease in trading volume, along with the continuous reduction of freight rate quotes by shipping companies, indicate that short - term futures prices are likely to remain in a downward trend. A quick - in - quick - out trading strategy is recommended, and attention should be paid to potential rebounds [3]. Bullish Interpretations - MSC, Maersk, and HMM have successively announced their Golden Week blank sailing plans [4]. Bearish Interpretations - ONE followed up by lowering the European line quotes for late September in the online cabin - booking quotes of shipping companies. - The attack on Qatar by Israel has led to a tense situation in the region, which may have an impact on the container shipping market [5]. EC Basis and Price Information - The basis of EC contracts shows different degrees of daily and weekly changes. For example, the basis of EC2510 was 408.86 points, with a daily increase of 46.20 points and a weekly increase of 157.70 points [5]. - The closing prices of EC contracts also declined to varying degrees. For example, the closing price of EC2510 was 1157.6 points, with a daily decline of 5.02% and a weekly decline of 7.45% [6]. Container Shipping Spot Cabin Quotes - On September 22, Maersk's 20GP total quote for the Shanghai - Rotterdam route increased by $5 to $997, and the 40GP total quote increased by $10 to $1669 compared to the previous period. - In mid - to - late September, ONE's 20GP total quote for the Shanghai - Rotterdam route decreased by $190 to $1354, and the 40GP total quote decreased by $300 to $1643 compared to the previous period [8]. Global Freight Rate Indexes - SCFIS European route dropped by 11.68% to 1566.46 points; SCFIS US - West route dropped by 3.30% to 980.48 points. - SCFI European route decreased by 12.24% to $1154 per TEU; SCFI US - West route increased by 8.27% to $2370 per FEU [9]. Global Port Waiting Times - The waiting times at ports such as Hong Kong, Shanghai, and Yantian increased on September 11 compared to the previous day, while the waiting times at ports such as Jakarta, Long Beach, and Savannah decreased [16]. Ship Speed and Waiting Ship Numbers in Suez Canal - The average speeds of 8000 + and 3000 + container ships increased slightly on September 11 compared to the previous day, while the average speed of 1000 + container ships decreased slightly. The number of container ships waiting at the Suez Canal port anchorage increased from 8 to 21 [25].