受中美关税影响，美线航运市场在经历一轮狂热之后迎来了迅速回落，本应是航运市场传统旺季的9月，相比往年却显得尤为冷清：一方面，美线航运价 大幅跳水，另一方面，出货量也不及预期。 "这波运价跌幅确实有点大，欧美线的航运价格甚至跌破了部分船公司的成本价了。"众包物流总经理甘建军对记者表示。为航运电商提供运价服务的Geek Rate官网显示，根据9月29日最新报价，10月7日从上海至美国洛杉矶15日航程的航线报价为1220美元/40尺货柜，这较两周前的价格跌幅超30%。欧洲线方 面，上海至鹿特丹航线最低报价为1400美元/FEU，也较9月中旬有所下滑。 宁波航运交易所9月27日NCFI指数亦显示，美西航线运价指数报868.22 点，环比下滑 8.11%；美东航线报834.04 点，环比下滑4.99%。此外，欧洲线也呈现 较大跌幅，环比下滑 8.83%。此外，上海集装箱运价指数在9 月15日—19 日创下2016年以来最大的单周跌幅，大跌14%。 欧美航线运价下跌幅度之大，甚至跌破部分船公司的成本价。"9月份欧线价格都已经跌到三位数了，正常情况下绕行好望角的成本要比走苏伊士运河高 30%，现在加起来反而比以前还便宜很多 ...

Industry Investment Rating No information provided regarding the industry investment rating. Core Viewpoints - The container shipping index (European line) is in a volatile market, and attention should be paid to the emotional impact of price increase announcements. The probability of price increases materializing is uncertain, and it is necessary to focus on whether msk will open bookings this week and the potential for other shipping companies to adjust freight rates in late October after the holiday [9][11]. - The supply - side capacity shows different trends in different months. The demand - side lacks a solid foundation for price increases in the spot market, and there are significant differences in the loading performance among shipping companies [11]. Summary by Relevant Catalogs 1. Fundamental Tracking Futures - EC2510 closed at 1,139.0, down 1.86% with a trading volume of 22,035 and an open interest of 32,431, a decrease of 3,095. The trading volume to open interest ratio was 0.68, compared to 1.09 the previous day [1]. - EC2512 closed at 1,777.0, up 1.74% with a trading volume of 19,314 and an open interest of 21,695, a decrease of 1,300. The trading volume to open interest ratio was 0.89, compared to 1.02 the previous day [1]. - EC2602 closed at 1,685.0, up 2.26% with a trading volume of 6,466 and an open interest of 8,768, an increase of 59. The trading volume to open interest ratio was 0.74, compared to 0.63 the previous day [1]. Freight Rates - The SCFIS European route index was 1,254.92 points, down 12.9% week - on - week; the SCFIS US West route index was 1,193.64 points, down 11.6% week - on - week [1]. - The SCFI European route was $971/TEU, down 7.7% bi - weekly; the SCFI US West route was $1,460/FEU, down 10.8% bi - weekly [1]. Spot Freight - The 40 - 41 week list price center dropped to the range of $1380 - 1420/FEU, and the corresponding SCFIS index was about 960 - 1000 points (±30 points). Some shipping companies have announced price increases in late October, with Maersk offering the lowest price of $1800/FEU and COSCO the highest of $3000/FEU [9]. Exchange Rates - The US dollar index was 98.20, and the US dollar to offshore RMB exchange rate was 7.11 [1]. 2. Capacity - In September, the number of blank sailings decreased by 1 to 6, and the weekly average capacity remained at 29.6 million TEU/week. In October, the weekly average capacity was slightly revised down to 26.5 million TEU/week. In November, the weekly average capacity was 30.8 million TEU/week, with the number of blank sailings remaining at 5 and the number of pending sailings increasing by 1. The November weekly average capacity was +9.4% year - on - year and +16.1% month - on - month [11]. 3. Macro News - On September 29, US President Trump was optimistic about reaching a Gaza cease - fire agreement and would meet with Israeli Prime Minister Netanyahu on Monday to finalize the agreement framework [8]. - Starting from October 1, 2025, Trump will impose a 50% tariff on all kitchen cabinets, bathroom vanities and related products, and a 30% tariff on upholstered furniture [8]. 4. Trend Intensity - The trend intensity of the container shipping index (European line) is 0, indicating a neutral trend [13].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The current view on the Container Shipping Index (Europe Line) is a volatile market [1][4] - For the 2510 contract, if the price increase is implemented, the delivery price will likely be within 1160 points; if not, it will likely be within 1100 points (closer to 1000 points) [6] - For the 2512 contract, due to the late Chinese New Year in 2026 and increasing over - capacity pressure, it should not be over - estimated, and it is expected to fluctuate widely between 1550 - 1800 points, with a preference for unilateral waiting and seeing [6] 3. Summary by Relevant Catalogs 3.1 Supply - In September, the number of blank sailings decreased by 1 to 6, and the weekly average capacity remained at 296,000 TEU/week. In October, the weekly average capacity was slightly revised down to 265,000 TEU/week. In November, the weekly average capacity was 308,000 TEU/week, with the number of blank sailings remaining at 5, and the number of pending sailings increasing by 1. The weekly average capacity in November increased by 9.4% year - on - year and 16.1% month - on - month [4][57] 3.2 Demand - The basis for the spot market price increase is that there has been a 10 - 20% rolling rate for more than 2 consecutive weeks, but the ships during the National Day holiday generally do not meet this condition, and there are large differences among shipping companies. The loading performance of Gemini and Cosco is better, while that of the PA Alliance is poor [5] 3.3 Valuation - The price center for weeks 40 - 41 dropped to the range of $1380 - 1420/FEU, and the SCFIS index was approximately in the range of 960 - 1000 points (±30 points). Some shipping companies have announced price increases for late October, but the probability of the price increase being implemented is uncertain [5] 3.4 Historical Freight (Monthly) - The document provides historical freight data from 2009 - 2024 for different months, including data for January - December each year, and shows the month - on - month and year - on - year changes [10] 3.5 Price - The document tracks the spot freight rates of major shipping companies and the SCFIS and SCFI indices, showing their changes over time [16][18][19] 3.6 Demand Side - In August 2025, China's US - dollar - denominated export year - on - year growth rate declined from 7.2% in July to 4.4%. Exports to the US further declined, while exports to the EU continued to grow at a high rate, and exports to ASEAN increased significantly [32] - In July, Asia's container exports to Europe, North America, Central and South America, and within Asia all showed different degrees of change in terms of volume and year - on - year and month - on - month growth rates [45][46][47][48] 3.7 Supply Side - The document details the shipping schedules and capacity changes of European lines from September to November 2025, including the number of blank sailings, overtime ships, and pending sailings [57][58] - The speed of container fleets of different sizes has slightly decreased, and the number of idle fleets of different sizes as of September 12 is also provided [71] - The document shows the congestion situation of container ships in ports around the world, including China, the UK, Europe, the Mediterranean, Southeast Asia, North America, etc. [73][74][75]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The freight rates are still suppressed by fundamentals in the short term. With demand not significantly improving, over - capacity remains a huge pressure on the supply side, limiting the recovery space of shipping prosperity. - Whether the price increase announced by leading shipping companies in December can be implemented depends on the cargo volume in the fourth quarter. Although the economic data of the eurozone has improved, the overall situation is not optimistic. - The uncertainty of tariffs is too high. Although it has improved in the short term, the market is generally in a wait - and - see mode before the holiday. Overall, freight and industry profitability are expected to be under pressure, and the traditional peak season this year may show the characteristic of "not a real peak season", with freight rates expected to fluctuate weakly. [7][38] 3. Summary by Directory 3.1. Market Review - This week, the futures prices of the container shipping index (European line) rose collectively. The main contract EC2510 closed up 6.22%, and the far - month contracts rose between 1 - 9%. The latest SCFIS European line settlement freight rate index was 1254.92, down 185.32 points from last week, a 12.9% month - on - month decline. - The trading volume and open interest of the EC2510 contract were generally weak this week, and the market was mainly in a wait - and - see mode. [6][10][15] 3.2. News Review and Analysis | News | Impact | | --- | --- | | The US issued a document officially finalizing a tariff agreement with the EU, confirming a 15% tariff on EU cars and auto parts since August 1st. Since September 1st, EU pharmaceuticals, aircraft and their parts, generic drugs and their raw materials, as well as some metals and ores have been included in the tariff exemption list. | Bullish | | Premier Li Qiang met with European Commission President Ursula von der Leyen in New York, emphasizing the importance of trade and investment market openness and avoiding politicizing and securitizing economic and trade issues. | Neutral | | The Ministry of Commerce responded to China - US soy trade and Boeing aircraft purchase negotiations, stating that the US should cancel unreasonable tariffs and that the biggest obstacle to normal China - US economic and trade cooperation is US unilateral restrictions. | Neutral | | The OECD released a mid - term outlook report, raising the forecast of global economic growth in 2025 to 3.2% (up 0.3 percentage points from the June forecast) and keeping the 2026 forecast at 2.9%. The economic growth forecasts of the US, eurozone, Japan, and the UK for this year were slightly raised. | Slightly Bullish | [18] 3.3. Weekly Market Data - This week, the basis and spread of the container shipping index (European line) futures contracts converged. - The export container freight rate index declined this week. - Container ship capacity continued to grow. The BDI and BPI rebounded this week due to geopolitical factors. - The charter price of Panamax ships fluctuated this week, and the spread between the offshore and on - shore RMB against the US dollar mainly oscillated. [25][27][30][32] 3.4. Market Outlook and Strategy - The same as the core view, the freight rates are expected to fluctuate weakly in the short term. Attention should be paid to factors such as the actual follow - up increase of shipping companies' opening prices in December, the frequency of Houthi attacks, and trade war - related information. [7][38]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - Shipping companies are trying to raise prices in the second half of October, and the actual implementation needs to be monitored. - The valuation of the October contract is becoming clearer, with the settlement price depending on the actual price increase in the second half of October. - The December contract trading focuses on the rhythm, and the driving force is relatively strong before the continuous price - increase expectations are falsified. - The strategy suggests going short on the October contract and expecting the December contract to be oscillating upwards [1][4][6]. 3. Summary by Directory 3.1 Market Analysis - **Online Quotations**: Different shipping alliances and companies have various price trends. For example, Maersk's Shanghai - Rotterdam quotes increased in Week 42; HPL announced price hikes in the second half of October and November. Some companies like CMA also attempted to raise prices in the second half of October [1][2]. - **Geopolitical Situation**: Israel attacked Sana'a, Yemen, which may impact the shipping market [3]. - **Capacity**: The average weekly capacity from China to European base ports in October was 272,600 TEU, and in November it was 285,200 TEU. There were 15 blank sailings in October and 4 blank sailings and 3 TBNs in November [3]. - **October Contracts**: 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 continued to decline, and the final settlement price depends on the actual price increase in the second half of October [4]. - **December Contracts**: The trading of the December contract focuses on the rhythm. With Western holidays in the fourth quarter and shipping companies' preparations for long - term agreements, the freight rate is expected to be at a high level. However, the weak demand in the US line and potential ship transfers may put pressure on European line prices [5]. 3.2 Strategy - **Unilateral**: Go short on the October contract and expect the December contract to be oscillating upwards. - **Arbitrage**: No arbitrage strategy is recommended [8]. 3.3 Data on Contracts and Freight Rates - As of September 25, 2025, the total position of all container shipping index European line futures contracts was 77,695 lots, and the daily trading volume was 70,242 lots. The closing prices of different contracts varied, such as EC2602 at 1,696.20, EC2604 at 1,285.10, etc. - On September 19th, the SCFI (Shanghai - Europe route) was 1,052 US dollars/TEU, SCFI (Shanghai - US West) was 1,636 US dollars/FEU, and SCFI (Shanghai - US East) was 2,557 US dollars/FEU. On September 15th, the SCFIS (Shanghai - Europe) was 1,254.92 points, and SCFIS (Shanghai - US West) was 1,193.64 points [6]. 3.4 Container Ship Delivery In 2025, it is still a big 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 with a capacity of 12,000 - 16,999 TEU and a total capacity of 935,000 TEU, and 8 ships with a capacity of over 17,000 TEU and a total capacity of 176,880 TEU have been delivered [7].

Report Industry Investment Rating - The short - term trend of the Container Shipping Index (European Line) is relatively strong [1]. Core View of the Report - The Container Shipping Index (European Line) showed a relatively strong performance yesterday. Attention should be paid to the impact of shipping company price adjustment plans, capacity changes, and seasonal factors on different contracts. For the 2510 contract, there are potential upward risks; for the 2512 contract, it should not be over - estimated; and for the 2602 contract, the relative valuation is difficult to determine [1][12][13]. Summary by Relevant Catalogs 1. Futures Market Conditions - EC2510 closed at 1,173.0 with a daily increase of 3.99%, trading volume of 38,888 and open interest of 35,526 with a decrease of 5,414. EC2512 closed at 1,783.1 with a daily increase of 6.21%, trading volume of 23,493 and open interest of 22,995 with an increase of 389. EC2602 closed at 1,696.2 with a daily increase of 7.85%, trading volume of 5,485 and open interest of 8,709 with an increase of 666 [1]. 2. Freight Index - The SCFIS European route index was 1,254.92, down 12.9% week - on - week; the SCFIS US West route index was 1,193.64, down 11.6% week - on - week. The SCFI European route index was $1,052/TEU, down 8.8% bi - weekly; the SCFI US West route index was $1,636/FEU, down 31.0% bi - weekly [1]. 3. Spot Freight Rates - Different shipping companies have different price adjustment plans. For example, Maersk's 42 - week Shanghai - Rotterdam opening price is reported at $1,800/FEU, and HPL plans to increase prices in the second half of October and early November. Some shipping companies have announced price increases in mid - to late October, but the probability of the price increase actually happening is considered low [10]. 4. Capacity Situation - In October, the weekly average capacity was revised down to 265,000 TEU/week, with a year - on - year growth rate of 0.5%. In November, the HMM Alliance announced an empty - sailing plan for the PA Alliance, and MSC will have 3 new ships launched. Excluding undetermined voyages, the weekly average capacity in November is currently 310,000 TEU/week, a year - on - year increase of 10% and a month - on - month increase of 16% [11]. 5. Contract Analysis - For the 2510 contract, if Maersk's price increase is implemented and other shipping companies follow suit, the 41 - 43 - week SCFIS average may be around 1,200 points, but considering shipping delays, it will likely be within 1,200 points. For the 2512 contract, due to factors such as the late Spring Festival in 2026 and increasing capacity surplus, it should not be over - estimated. For the 2602 contract, the relative valuation between it and the 12 - contract is difficult to determine [12][13].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Industrials** sector, particularly the impact of changing US tariffs on trade flows with China, covering shipping, shipbuilding, ports, international freight flights, and land transportation [2][3]. Core Insights and Arguments 1. **Trade Flow Data**: Container throughput at key ports in China showed a **flattish** week-over-week (WoW) performance, with a **+13% year-over-year (YoY)** increase compared to **+10% YoY** in the previous week [3][10]. 2. **Import Volume Trends**: The Port of Los Angeles reported a **-24% WoW** and **-5% YoY** decline in import volume for week 40, following a stable YoY performance in week 39 [3][8]. 3. **Freight Rate Decline**: The Shanghai Containerized Freight Index (SCFI) dropped **14% WoW** to **1,198 points**, marking the lowest level since December 2023. The SCFI rates for Shanghai to the US West Coast and East Coast decreased by **31%** and **23% WoW**, respectively [4][12]. 4. **Shipping Carrier Adjustments**: Major shipping companies, including MSC, Maersk, CMA CGM, and COSCO Shipping, have reduced their fleets on the Asia-US corridor by **0%**, **14%**, **19%**, and **52% YoY** respectively, opting to redeploy ships to avoid upcoming US port fees [5][25]. 5. **Freight Flight Increase**: The number of international freight flights increased by **16% YoY**, indicating a recovery in air freight demand [3][30]. Additional Important Insights 1. **Peak Season Trends**: The traditional peak season for container shipping in September is showing signs of weakness, with the Asia feeder ship availability index increasing by **13% WoW** while the chartering index decreased by **3% WoW** [4][33]. 2. **Global Port Congestion**: European port congestion has significantly eased, with the average waiting time for container ships over 8,000 TEU decreasing by **21% WoW** [5][34]. 3. **Vietnam's Export Growth**: Vietnam's exports rose by **12% YoY** in the second half of August, reflecting a positive trend in regional trade [20]. 4. **Direct Shipping Volumes**: Direct shipping volumes from China to ASEAN and the US increased by **23%** and decreased by **5% WoW**, respectively, indicating mixed results in trade dynamics [22]. Risks and Considerations - The report highlights potential risks for the industrial sector in China, including macroeconomic downturns that could reduce demand for industrial goods and impact import/export volumes. Additionally, the cancellation of preferential policies for high-tech companies and intense competition could further affect market dynamics [41].

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 Summary 1. Investment Rating The report does not provide an industry investment rating. 2. Core Viewpoints - Ship operators are trying to raise prices in the second half of October. Attention should be paid to the quotes of MSC and Maersk in the second half of the month [1][4]. - The valuation of October contracts is becoming clearer. Normally, April and October are the two months with the lowest freight rates in a year. The settlement price of October contracts is the arithmetic average of SCFIS on October 13, 20, and 27 [4]. - The trading rhythm of December contracts is expected to first trade on the price increase expectation, then on the actual implementation of the price increase letter, and so on until the delivery. Due to frequent rhythm changes, investors can try with a light position [5]. - The strategy suggests that the main contract will fluctuate weakly on a single - side basis, and for arbitrage, short the October contract [7]. 3. Summary by Directory a. Market Analysis - **Online Quotes**: Different alliances and shipping companies have different price trends. For example, Maersk's Shanghai - Rotterdam quotes decreased from week 40 to week 41, while HPL - SPOT's quotes increased from October to November. CMA tried to raise prices in the second half of October for the Shanghai - Antwerp route [1][2]. - **Geopolitical and Capacity**: The Poland - Belarus border port will reopen. The average weekly capacity from China to European base ports in October was 272,600 TEU, and in November it was 285,200 TEU. There were 15 blank sailings in October and 4 blank sailings and 3 TBNs in November [3]. b. Contract Analysis - **October Contracts**: The settlement price of October contracts is based on the arithmetic average of SCFIS on specific dates. Currently, the freight rate center in the first half of October has dropped to around $1400/FEU. The uncertainty lies in the quotes in the second half of October [4]. - **December Contracts**: The trading rhythm of December contracts is affected by Western holidays and long - term contract negotiations. The demand in the US line is weak, and if ships are transferred to the European line, it may put pressure on European line prices [5]. c. Futures and Spot Prices - **Futures Prices**: As of September 23, 2025, the total open interest of all container shipping index European line futures contracts was 81,543 lots, and the single - day trading volume was 45,629 lots. Different contracts had different closing prices [6]. - **Spot Prices**: On September 19, 2025, the SCFI (Shanghai - Europe) price was $1052/TEU, and other routes also had corresponding prices. On September 15, 2025, the SCFIS (Shanghai - Europe) was 1254.92 points [6]. d. Container Ship Capacity Supply - 2025 is a big year for container ship deliveries. As of September 21, 2025, 196 container ships with a total capacity of 1.562 million TEU had been delivered [6]. e. Strategy - **Single - side**: The main contract is expected to fluctuate weakly. - **Arbitrage**: Short the October contract. f. Risks - **Downside Risks**: Unexpected decline in the European and American economies, significant drop in crude oil prices, more - than - expected ship deliveries, less - than - expected ship idling, and better - than - expected handling of the Red Sea crisis [7]. - **Upside Risks**: Recovery of the European and American economies, new problems in the supply chain, significant reduction of capacity by liner companies, and continuous fermentation of the Red Sea crisis leading to detours [7].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The price of the Container Shipping Index (European Line) futures (EC) first declined and then slightly increased in a volatile manner. As of the close, the prices of all EC contracts declined to varying degrees. Near the National Day holiday, some investors gradually closed their positions, and the trading sentiment was relatively calm. The spot cabin quotes of major shipping companies on the European line continued to decline, and the futures price valuation decreased slightly. In the short term, the futures price is likely to continue the volatile trend, and low - long opportunities for the 12 - contract can be continuously monitored, with an overall approach of waiting and watching or quick in - and - out trading [3]. 3. Summary by Relevant Catalogs EC Risk Management Strategy Recommendations - For those with positions but full capacity or poor booking volume and worried about freight rate decline, they can short the container shipping index futures (EC2510) to lock in profits at the entry range of 1100 - 1200 [2]. - For those with empty positions and hoping to prevent freight rate increase and fix booking costs, they can buy the container shipping index futures (EC2510) at the entry range of 900 - 1000 [2]. Core Contradiction - The EC2510 contract saw a reduction of 2531 long positions to 23345 and a reduction of 2882 short positions to 24440. The trading volume decreased by 16714 to 34452 (bilateral). The spot cabin quotes of major shipping companies on the European line continued to decline, and the futures price valuation decreased slightly. The futures price is likely to continue to fluctuate in the short term, and low - long opportunities for the 12 - contract can be monitored [3]. 利多解读 - Israel will prevent the "Global Resilience Fleet" from reaching the Gaza Strip, which may have an impact on shipping in the region [4]. 利空解读 - MSC and CMA CGM continued to lower the recent spot cabin quotes on the European line, and the market cargo volume was relatively insufficient. The daily changes in the EC basis showed different trends for different contracts [5]. EC Price and Spread - The closing prices, daily and weekly changes, and spreads of different EC contracts (EC2510, EC2512, etc.) are presented, showing different price trends and spread changes [7]. Container Shipping Spot Cabin Quotes - On October 2, Maersk's 20GP total quote for the Shanghai - Rotterdam route was $875, up $10 from the previous period, and the 40GP total quote was $1470, up $20. MSC's 20GP total quote decreased by $60 to $890, and the 40GP total quote decreased by $100 to $1490. Hapag - Lloyd's 20GP total quote was adjusted down by $50 to $935, and the 40GP total quote was adjusted down by $100 to $1435 [9]. Global Freight Rate Index - The SCFIS, SCFI, XSI, and FBX comprehensive freight rate indices for European and US - West routes all showed declines, with the SCFIS European route down 12.87%, the SCFIS US - West route down 11.57%, etc. [10]. Global Major Port Waiting Times - The waiting times of ports such as Hong Kong, Shanghai, and Yantian decreased on September 23 compared with September 22, while the waiting times of Long Beach and Savannah increased [16]. Ship Speed and Number of Container Ships Waiting at Suez Canal Ports - The speeds of 8000 +, 3000 +, and 1000 + container ships all decreased on September 23 compared with September 22, and the number of ships waiting at the Suez Canal port anchorages decreased from 25 to 15 [24].