Report Industry Investment Rating No relevant content provided. Core Views of the Report - The valuation ceiling of the October contract continues to be revised downward, and it is recommended to mainly short - allocate the off - season October contract. The current valuation ceiling of the October contract may be around 1200 points [1][6]. - The pattern of off - peak and peak seasons still exists. In the near future, one can bet on the price increase expectation in November for the December contract. As the bottom of the freight rate becomes clearer, one can gradually go long to trade the price increase announcements by shipping companies for November and December [7]. - For the strategy, the main contract is expected to fluctuate weakly, and it is advisable to short the October contract when the opportunity arises [9]. Summary According to the Table of Contents 1. Futures Price - As of September 9, 2025, the total open interest of all container shipping index European line futures contracts is 78,742.00 lots, and the single - day trading volume is 34,654.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2508, EC2510, and EC2512 contracts are 1527.40, 1256.70, 1434.50, 1608.00, 1268.70, and 1682.90 respectively [8]. 2. Spot Price - Online quotes from different alliances and shipping companies are provided. For example, in the Gemini Cooperation, Maersk's Shanghai - Rotterdam price in the 38th week is 1050/1760; HPL - SPOT's price in the second half of September and the first half of October is 935/1535. In the Ocean Alliance, CMA's Shanghai - Rotterdam price for the second - half - September sailing is 1210/2020 [1][2]. - The SCFI (Shanghai - Europe route) price announced on August 29 is 1315.00 US dollars/TEU, the SCFI (Shanghai - US West route) price is 2189.00 US dollars/FEU, and the SCFI (Shanghai - US East) price is 3073.00 US dollars/FEU. The SCFIS (Shanghai - Europe) on September 1 is 1566.46 points, and the SCFIS (Shanghai - US West) is 980.48 points [8]. 3. Container Ship Capacity Supply - **Static Supply**: As of September 7, 2025, 182 container ships with a total capacity of 1.472 million TEU have been delivered in 2025. From 2025 - 2028, there is still significant supply - side pressure, and the annual delivery volume of ships over 17,000 TEU in 2027, 2028, and 2029 exceeds 35 ships [3]. - **Dynamic Supply**: MSC and the Gemini Alliance announced blank sailings during the Chinese Golden Week. The monthly average capacity in September and October for the China - European base ports is 282,500 TEU and 278,200 TEU respectively. HPL announced two additional ships in October, with a total capacity of about 11,500 TEU [4][5]. 4. Supply Chain - Geopolitical events: An Israeli official said that Israel attacked senior Hamas political leaders in Doha, Qatar, escalating the conflict. Qatar condemned the attack, stating that it violated international law [2]. 5. Demand and European Economy - The US NRF estimates that the container import demand in the US from September - December will decline by about 20% compared to the same period in 2024. During the fourth quarter, Western holidays lead to high shipping volumes, and shipping companies adjust supply to keep freight rates high. However, if US - bound ships are diverted to European routes, it may put pressure on European freight rates [7].

Report Industry Investment Rating - The investment rating for the container shipping index (European routes) is "Oscillating weakly" [1] Core Viewpoints of the Report - The container shipping index (European routes) is expected to show an oscillating and weak trend. The freight rates are under downward pressure, and the supply - side capacity has certain fluctuations. Different contracts have different price trends and outlooks [1][11][13] Summary According to Relevant Catalogs 1. Futures Market Conditions - **Contract Prices and Changes**: EC2510 closed at 1,315.3 with a 0.54% increase, EC2512 at 1,715.6 with a 2.33% increase, and EC2602 at 1,542.0 with a 1.78% increase. The spread between EC2510 - EC2512 is - 400.3, and between EC2512 - EC2604 is 455.8 [1] - **Trading Volume and Open Interest**: For EC2510, the trading volume is 23,721, open interest is 48,765 with a decrease of 1,198; for EC2512, the trading volume is 9,362, open interest is 16,225 with a decrease of 222; for EC2602, the trading volume is 1,401, open interest is 5,640 with a decrease of 13 [1] 2. Freight Rate Index - **SCFIS Index**: The European route of SCFIS is at 1,773.60 points, with a weekly decline of 10.9%; the US - West route is at 1,013.90 points, with a weekly decline of 2.6% [1] - **SCFI Index**: The European route of SCFI is at $1,315/TEU, with a bi - weekly decline of 11.2%; the US - West route is at $2,189/FEU, with a bi - weekly increase of 13.8% [1] 3. Spot Freight Rates - **Expected Freight Rate Trend**: It is expected that the freight rate center in late September will drop to the same level as that in mid - early May. In week 38, it may be around $1,850/FEU, and in week 39, it may be in the range of $1,700 - $1,750/FEU. There is still pressure on freight rates from week 42 - 43 after the National Day holiday [11] - **Freight Rates of Different Alliances**: Gemini Alliance's FAK center in the third week of September is around $1,800/FEU; OA Alliance's is around $1,900/FEU; PA Alliance's is around $1,780/FEU; MSC's is $2,040/FEU from September 6th and will drop to $1,840/FEU in the second half of September [11] 4. Supply - Side Capacity - **September Capacity**: There are 6 blank sailings in September, with no pending voyages. The average weekly capacity reaches 296,000 TEU/week. The decline in September capacity compared to August is about 6%, significantly lower than the 14% decline in the same period in 2024 [12] - **October Capacity**: There are 2 pending voyages, 12 blank sailings, and 1 additional sailing. Excluding pending voyages, the average weekly capacity is currently 277,000 TEU/week, a 6.3% decline month - on - month and a 5% increase year - on - year [12] - **November Capacity**: There are 6 pending voyages, 2 blank sailings, and 1 additional sailing. Excluding pending voyages, the average weekly capacity is currently 296,000 TEU/week, a 7.4% increase month - on - month and a 5.1% increase year - on - year [12] 5. Contract Outlook - **2510 Contract**: The overall cabin - reduction efforts of shipping companies in September are small, leading to great pressure on freight rate decline. The neutral - level suspension of sailings in October helps slow down the decline but is not enough to reverse the trend. The expected freight rate center at the end of September corresponds to the SCFIS index of 1,150 - 1,200 points, and there may be a decline of 50 - 150 points in October. Considering the impact of voyage delays, the delivery settlement price of the 2510 contract is more likely to be in the range of 1,150 - 1,200 points [13] - **2512 Contract**: Due to factors such as the late Spring Festival in 2026 and increasing over - capacity pressure, the contract should not be over - estimated. It is expected to fluctuate widely between 1,550 - 1,800 points [13] - **2602 Contract**: In years when the Spring Festival is late, the 12 - contract of the previous year still has a certain premium over the 10 - contract, but the 02 - contract may not be at a discount to the 12 - contract [13] 6. Investment Strategy - **Short - term Strategy**: In the short - term (this week), consider shorting the 2510 contract with a light position, with a resistance level of 1,350 - 1,400 points [14] - **Medium - to - Long - term Strategy**: Consider entering into positive spreads for 02 - 04 and 12 - 04 in the medium - to - long - term [15]

Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoints - The freight rate center continues to decline, with the HMM price revised down to $1700/FEU. The 10 - month contract is under downward pressure, and short - allocation is relatively safe, but attention should be paid to the price level at which shipping companies try to stabilize prices. The 12 - month contract follows the off - peak and peak season pattern, but the risk lies in the bottom of the current freight rate decline. The main contract shows a weak and fluctuating trend, and it is advisable to short the 10 - month contract at high prices [1][4][5]. - 2025 is a major year for container ship deliveries, with 180 ships delivered so far, totaling 1.452 million TEU of capacity [7]. Summary by Directory 1. Futures Prices - As of September 4, 2025, the total open interest of all container shipping index European route futures contracts is 80,613 lots, and the daily trading volume is 37,244 lots. The closing prices of EC2602, EC2604, EC2606, EC2508, EC2510, and EC2512 contracts are $1518.70, $1247.80, $1443.00, $1607.40, $1300.70, and $1676.00 respectively [6]. 2. Spot Prices - Online quotes from various shipping companies show a general downward trend in freight rates. For example, Maersk's Shanghai - Rotterdam prices in weeks 37 and 38 have decreased, and many shipping companies' prices in September and October have also declined. The current 9 - month freight rate center has dropped to around $1900/FEU [1][4]. 3. Container Ship Capacity Supply - MSC and the Gemini Alliance have announced blank sailings during the Chinese Golden Week. In September, there are 3 blank sailings, and in October, there are 10 blank sailings and 7 TBNs. HPL has announced two additional ships in October, with a total capacity of about 11,500 TEU. As of August 31, 2025, 180 container ships have been delivered in 2025, with a total capacity of 1.452 million TEU [3][7]. 4. Supply Chain - Geopolitical factors, such as the Israeli military's actions in Gaza, may affect the shipping supply chain. The Israeli military is expanding its operations in Gaza, which may lead to potential impacts on shipping routes and trade [2]. 5. Demand and European Economy - The US NRF estimates that the demand for container imports in the US from September to December 2025 will decline by about 20% compared to the same period in 2024. The demand in the US line is weak, and if ships from the US line are transferred to the European line in the fourth quarter, it may put pressure on European line prices [5].

1. Report Industry Investment Rating - No information provided on the industry investment rating in the report. 2. Core Viewpoints of the Report - The short - term weak and volatile pattern of the container shipping market continues, and shipping companies are gradually announcing blank sailings for the Golden Week [2]. - Today, the futures prices of each contract of the container shipping index (European line) continued the weak and volatile trend. The prices of EC contracts showed mixed changes. The EC2510 contract is likely to continue to fluctuate, and it is recommended to wait and see for the time being [2]. 3. Summary by Relevant Catalogs EC Risk Management Strategy Recommendations - For those with purchased shipping space but full capacity or poor booking volume, worried about falling freight rates, it is recommended to short the container shipping index futures (EC2510) at 1350 - 1450 to lock in profits [2]. - For shipping companies with increased blank sailing efforts or approaching the peak season, to prevent rising freight rates and increased transportation costs, it is recommended to buy the container shipping index futures (EC2510) at 1150 - 1250 to determine booking costs in advance [2]. Core Contradictions - The futures prices of each contract of the container shipping index (European line) continued the weak and volatile trend. As of the close, the prices of EC contracts showed mixed changes. The long positions of the EC2510 contract decreased by 780 lots to 27,222 lots, the short positions decreased by 1300 lots to 30,668 lots, and the trading volume increased by 1140 lots to 29,546 lots (bilateral) [2]. - CMA CGM has continuously lowered the European line quotes for September, and the futures price weakened and fluctuated as expected following the decline of the spot cabin quotes on the European line. However, there are still uncertainties, including the uncertainty of US tariffs and the gradually announced blank sailing plans of major shipping companies for the Golden Week, which support the futures price from the supply side [2]. Bullish Interpretations - On August 29th local time, the US Federal Circuit Court of Appeals ruled that most of the global tariff measures implemented by former President Trump were illegal. These additional tariff measures can remain in effect until October 14th to allow the US government to appeal to the Supreme Court [3]. - On September 1st local time, due to the expected slowdown in demand during the Golden Week holiday, MSC plans to adjust the shipping capacity on the Asia - Europe route from Week 39 to Week 41, canceling a total of four voyages [3]. Bearish Interpretations - MSK's new weekly cabin opening quotes continued to decline, with the decline basically remaining the same [4]. - CMA CGM's spot cabin quotes on the European line in early September continued to decline [4]. EC Basis Daily Changes - On September 5, 2025, the basis of EC2510 was 472.90 points, with a daily increase of 22.30 points and a weekly decrease of 232.30 points; the basis of EC2512 was 97.60 points, with a daily increase of 25.20 points and a weekly decrease of 321.60 points; and so on for other contracts [5]. EC Price and Spread - On September 5, 2025, the closing price of EC2510 was 1300.7 points, with a daily decline of 1.69% and a weekly increase of 1.22%; the closing price of EC2512 was 1676.0 points, with a daily decline of 1.48% and a weekly increase of 6.68%; and so on for other contracts. Also shows the price differences between different contracts [5]. Container Shipping Spot Cabin Quotes - On September 15, for Maersk's shipping schedule from Shanghai to Rotterdam, the total quote for 20GP was $1092, an increase of $5 compared to the previous period, and the total quote for 40GP was $1827, an increase of $11. On September 18, the total quote for 20GP was $1040, an increase of $5, and the total quote for 40GP was $1740, an increase of $10 [7]. - For CMA CGM's shipping schedule from Shanghai to Rotterdam in the next two weeks, the total quote for 20GP was $1210, a decrease of $100 compared to the previous period, and the total quote for 40GP was $2020, a decrease of $200 [7]. Global Freight Rate Index - The SCFIS for the European route was 1773.6 points, a decrease of 216.6 points or 10.88% compared to the previous value; the SCFIS for the US - West route was 1013.9 points, a decrease of 27.48 points or 2.64% [7]. - The SCFI for the European route was $1481 per TEU, a decrease of $187 or 11.21%; the SCFI for the US - West route was $1923 per FEU, an increase of $279 or 16.97% [7]. - The XSI for the European line was $2421 per FEU, a decrease of $31 or 1.26%; the XSI for the US - West line was $2034 per FEU, an increase of $96 or 5.0% [7]. - The FBX comprehensive freight rate index was $1997 per FEU, an increase of $16 or 0.81% [7]. Global Major Port Waiting Times - On September 4, 2025, the waiting time at Hong Kong Port was 0.360 days, a decrease of 0.098 days compared to the previous day; the waiting time at Shanghai Port was 1.420 days, a decrease of 0.378 days; and so on for other ports [14]. Ship Speed and Number of Container Ships Waiting at Suez Canal Port Anchorage - On September 4, 2025, the average speed of container ships over 8000 TEU was 15.769 knots, a decrease of 0.055 knots compared to the previous day; the average speed of container ships over 3000 TEU was 14.765 knots, an increase of 0.013 knots; the average speed of container ships over 1000 TEU was 13.323 knots, an increase of 0.183 knots [22]. - The number of ships waiting at the Suez Canal port anchorage was 15, the same as the previous day [22].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The 10 - month contract is mainly for short - allocation in the off - season, and the freight rate center continues to decline. In a normal year, the freight rate in October is 20% - 30% lower than that in August. Currently, the freight rate center in September has dropped to around $2000/FEU, and the short - allocation of the 10 - month contract is relatively safe, but the key lies in the downward space. In the context of a large discount, it is relatively safe to short the EC2510 contract on rallies, but do not over - short [4]. - The off - season and peak - season pattern of the 12 - month contract still exists, and the risk lies in the bottom of this round of freight rate decline. In a normal year, the Far East - Europe price in December is generally more than 10% higher than that in October. As the freight rate bottom becomes clearer, long - allocation can be gradually carried out later to trade the expected freight rate increase by shipping companies in November and December [5]. - The main contract fluctuates weakly, and it is advisable to short the 10 - month contract on rallies [7]. Summary by Directory 1. Market Analysis - **Online Quotations**: Different alliances and shipping companies have different price quotations for different routes and time periods. For example, the price of Maersk's Shanghai - Rotterdam route in week 37 is $1175/1970, and in week 38 is $1035/1730. HPL's SPOT price for the first half of September, the second half of September, and the first half of October is $1085/1735 [1]. - **Geopolitical Situation**: On September 2, local time, the Israeli military chief of staff said that the Israeli army had entered new areas in Gaza City and would increase its operations and strike intensity [2]. - **Empty Voyages**: MSC and the Gemini Alliance have announced empty voyages during the Chinese Golden Week. The initial capacity involved in the four voyages of MSC is approximately 59,000 TEU, and the AE1 route of the Gemini Alliance in week 41 is also empty. The monthly average weekly capacity from China to European base ports in September is 290,700 TEU, and in October is 268,000 TEU [3]. - **Overtime Ships**: HPL has announced information on two overtime ships in October, with a total capacity of about 11,500 TEU [3]. 2. Futures Prices As of September 3, 2025, the total contract positions of the container shipping index for European routes are 82,665.00 lots, and the single - day trading volume is 40,534.00 lots. The closing prices of different contracts are as follows: EC2602 is 1534.00, EC2604 is 1255.10, EC2606 is 1441.10, EC2508 is 1609.50, EC2510 is 1323.00, and EC2512 is 1701.20 [6]. 3. Spot Prices On August 29, the SCFI (Shanghai - Europe route) price was $1481.00/TEU, the SCFI (Shanghai - US West route) price was $1923.00/FEU, and the SCFI (Shanghai - US East) price was $2866.00/FEU. On September 1, the SCFIS (Shanghai - Europe) was 1773.60 points, and the SCFIS (Shanghai - US West) was 1013.90 points [6]. 4. Container Ship Capacity Supply In 2025, it is still a big year for container ship deliveries. As of August 31, 2025, 180 container ships have been delivered, with a total capacity of 1.452 million TEU. Among them, 58 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 873,000 TEU, and 8 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 176,880 TEU [7]. 5. Strategy - **Unilateral**: The main contract fluctuates weakly. - **Arbitrage**: Short the 10 - month contract on rallies.

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint The prices of all monthly contracts of the Container Shipping Index (European Line) futures opened lower and fluctuated. By the close, the prices of all EC contracts declined. The futures prices dropped as expected following the decline in the spot cabin quotes on the European line, especially Maersk's new weekly cabin opening quotes. For the future, it is more likely that EC will continue to fluctuate or decline slightly [1]. 3. Summary by Relevant Content EC Risk Management Strategy - For those with available cabin space but full shipping capacity or poor booking volume, worried about falling freight rates, it is recommended to short the container shipping index futures to lock in profits. The recommended entry range for selling EC2510 is 1350 - 1450 [1]. - For those hoping to book cabins based on order situations due to increased blank sailings by shipping companies or approaching peak season, it is recommended to buy the container shipping index futures to lock in booking costs. The recommended entry range for buying EC2510 is 1150 - 1250 [1]. Market Information - **Likely Positive Factors**: The US Federal Circuit Court of Appeals ruled that most of the global tariff measures implemented by former President Trump were illegal. MSC plans to adjust the shipping capacity on the Asia - Europe route from the 39th to the 41st week, canceling a total of four voyages. Maersk increased the quotes for some newly added cabins in early September [2]. - **Likely Negative Factors**: MSK's new weekly cabin opening quotes continued to decline, and the quotes of MSC and Hapag - Lloyd for spot cabins on the European line in early September continued to fall [3]. Data Analysis - **EC Basis and Price Spread**: The basis, daily and weekly changes of different EC contracts on September 4, 2025, are provided, along with the closing prices, daily and weekly price changes, and price spreads between different contracts [4]. - **Shipping Quotes**: Maersk's shipping quotes from Shanghai to Rotterdam for different container types and departure dates in September are given, showing some increases and decreases. MSC's quotes for the next two weeks decreased, and Hapag - Lloyd's average quotes for the past three weeks also declined [6]. - **Global Freight Index**: The latest values, previous values, changes, and change rates of multiple global freight indexes, including SCFIS, SCFI, XSI, and FBX, are presented [7]. - **Port Waiting Time**: The waiting times at major global ports on September 3, 2025, compared with the previous day and the same period last year, are provided, including Hong Kong, Shanghai, Yantian, Singapore, Jakarta, Long Beach, and Savannah ports [14]. - **Ship Speed and Waiting Vessels**: The average speeds of different types of container ships on September 3, 2025, compared with the previous day and the same period last year, and the number of container ships waiting at the Suez Canal port anchorage are given [22].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - MSC announced the National Day suspension plan, and the market rebounded significantly yesterday, in line with the daily report's expectation. Due to large recent fluctuations, it's not recommended to increase positions, and stop - loss should be set [2] - Considering geopolitical conflicts and tariff uncertainties, the game is difficult, so it's recommended to participate with a light position or stay on the sidelines [4] - Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [4] Group 3: Summary by Related Catalog Freight Index - On September 1, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1773.60 points, down 10.9% from the previous period; the NCFI (European route) was 929.56 points, down 14.23% from the previous period; the SCFIS (US West route) was 1013.90 points, down 2.6% from the previous period; the NCFI (US West route) was 1396.85 points, up 44.97% from the previous period [2] - On August 29, the Shanghai Export Container Freight Index (SCFI) was 1445.06 points, up 29.70 points from the previous period; the SCFI European line price was 1481 USD/TEU, down 11.21% from the previous period; the CCFI (composite index) was 1156.32 points, down 1.6% from the previous period; the CCFI (European route) was 1685.80 points, down 4.1% from the previous period; the SCFI US West route was 1923 USD/FEU, up 16.97% from the previous period; the CCFI (US West route) was 774.39 points, down 3.1% from the previous period [2] Economic Data - The preliminary value of the Eurozone's August manufacturing PMI was 50.5 (estimated 49.5, previous value 49.8); the preliminary value of the service PMI was 50.7 (estimated 50.8, previous value 51); the preliminary value of the composite PMI rose to 51.1, higher than July's 50.9, improving for three consecutive months and reaching the highest since May 2024, higher than the expected value of 50.7; the August Sentix investor confidence index was - 3.7 (expected 8, previous value 4.5) [2] - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity [2] - The preliminary value of the US August S&P Global manufacturing PMI was 53.3, reaching a 39 - month high (estimated 49.5, previous value 49.8); the preliminary value of the service PMI was 55.4 (estimated 54.2, previous value 55.7); the preliminary value of the Markit manufacturing PMI was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [3] Market Conditions - The Sino - US tariff extension continued, with no substantial progress in negotiations. The tariff war has evolved into a trade negotiation issue between the US and other countries, and the spot price has slightly declined [4] - On September 2, the main contract 2510 closed at 1340.7, up 3.62%, with a trading volume of 77,900 lots and an open interest of 54,100 lots, an increase of 1886 lots from the previous day [4] Strategies - Short - term strategy: The main contract is weak, and the far - month contract is strong. Risk - takers are advised to try going long lightly around 1300 for the 2510 contract and add long positions around 1600 for the 2512 contract. Pay attention to subsequent market trends, don't hold losing positions, and set stop - losses [5] - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows seasonal logic with large fluctuations. It's recommended to wait and see or try lightly [5] - Long - term strategy: It's recommended to take profits when each contract rallies, wait for the callback to stabilize, and then judge the subsequent direction [5] Other Information - The daily limit for contracts from 2508 to 2606 is adjusted to 18% [5] - The company's margin for contracts from 2508 to 2606 is adjusted to 28% [5] - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [5] - Geopolitical conflicts include the Houthi rebels' attack on an Israeli oil tanker in the Red Sea and explosions in multiple places in Syria [6]

Report Industry Investment Rating No investment rating information provided in the report. Core Viewpoints - Maersk has lowered its freight rate to $1700/FEU, and the freight rates of other shipping companies are also following suit. The overall freight rate center in September has dropped to around $2000/FEU, and the cargo collection pressure is relatively high. [1][4] - The October contract is mainly for short - allocation as the freight rate center continues to decline. With the release of HPL's two additional vessels in October, it is expected to put pressure on the spot price in October. [4] - The December contract still follows the pattern of peak and off - peak seasons. However, the risk lies in the bottom of this round of freight rate decline. If ships from the US line are diverted to the European line in the fourth quarter, it may put pressure on European line prices. [5] - The main contract of container shipping index futures is oscillating weakly, and it is advisable to short the October contract when the price is high. [7] Summary by Directory 1. Market Analysis - **Online Quotes**: Different shipping alliances and companies have different freight rate quotes for the Shanghai - Rotterdam route. For example, Maersk's 37 - week price for Shanghai - Rotterdam is $1175/1970, and the 38 - week price is $1025/1710. [1] - **Geopolitical Situation**: On September 2, local time, the Israeli military stated that it would intensify its military operations in the Gaza Strip. [2] - **Blank Sailings and Additional Vessels**: MSC has announced blank sailings during the Chinese Golden Week, with a total of about 59,000 TEU of capacity affected. HPL has announced two additional vessels in October, with a total capacity of about 11,500 TEU. [3] 2. Contract Analysis - **October Contract**: The delivery and settlement price of the October contract is the arithmetic average of SCFIS on October 13th, 20th, and 27th. In normal years, the price in October is 20% - 30% lower than that in August. Currently, the freight rate center has dropped, and short - allocation is relatively safe. [4] - **December Contract**: In the fourth quarter, due to Western holidays and shipping companies' preparations for long - term contract negotiations, the freight rate is usually higher. However, the risk is the bottom of the current freight rate decline. [5] 3. Futures and Spot Prices - **Futures Prices**: As of September 2, 2025, the closing prices of different contracts vary. For example, the EC2602 contract closed at 1550.10, and the EC2510 contract closed at 1340.70. [6] - **Spot Prices**: On August 29, the SCFI (Shanghai - Europe route) price was $1481.00/TEU, and on September 1, the SCFIS (Shanghai - Europe) was 1773.60 points. [6] 4. Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of August 31, 2025, 180 container ships have been delivered, with a total capacity of 1.452 million TEU. [7] 5. Strategy - **Unilateral Strategy**: The main contract is oscillating weakly. [7] - **Arbitrage Strategy**: Short the October contract when the price is high. [7]

1. Report Industry Investment Rating - No information provided in the given text 2. Core View of the Report - The container shipping index (European Line) is expected to experience wide - amplitude fluctuations. The market supply - demand imbalance will continue until the end of September, and the freight rate trend in October is uncertain, with a small decline or stability being possible. The report suggests considering rolling into 02 - 04 and 12 - 04 calendar spreads on dips [10][12][14] 3. Summary by Relevant Catalogs 3.1 Market Performance - Yesterday, the container shipping index (European Line) rose and then fell. The main 2510 contract closed at 1340.7 points, up 3.62%, with an increase of 1886 lots in positions. The second - main 2512 contract closed at 1733.5 points, up 6.88%, with an increase of 178 lots in positions [10] 3.2 Freight Rate - The SCFIS European route index was 1,773.60 points, down 10.9% week - on - week; the SCFIS US West route index was 1,013.90 points, down 2.6% week - on - week. The SCFI European route index was $1,481/TEU, down 11.2% bi - weekly; the SCFI US West route index was $1,923/FEU, up 17.0% bi - weekly [1] - In the second week of September, the European basic port freight rate was maintained in the range of $1900 - 2200/FEU, with the FAK average around $2050/FEU. Shipping companies have successively lowered their freight rates [11] 3.3 Capacity - In September, the number of blank sailings remained unchanged at 6, and there were no pending voyages, with the weekly average capacity reaching 296,000 TEU/week, a decline of about 6% compared to August, significantly lower than the same period in 2024. In October, there are 2 pending voyages and 11 blank sailings. Without considering the pending voyages, the current weekly average capacity is 282,000 TEU/week, a 4.6% decline month - on - month and a 7% increase year - on - year [12] 3.4 Supply - Demand Pattern - In late August, the overall market loading rate was around 95%. Shipping companies have relaxed restrictions on low - price contract bookings and large - volume special offers, which helps short - term shipments but intensifies price competition. The supply - demand imbalance in the market will continue until at least the end of September, and the freight rate trend in October is uncertain [12] 3.5 Historical Market Review - In 2024, the weighted European Line index stopped falling on September 10. In late September, there was a short - term speculation on the US West port strike, but the strike was resolved during the National Day holiday. After the holiday, the market first gave back the "strike" premium and then traded on the shipping company's price increase announcements [13] 3.6 Strategy - Consider rolling into 02 - 04 and 12 - 04 calendar spreads on dips [14]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Today, the futures prices of each contract of the Container Shipping Index (European Line) opened with a significant upward movement, then fluctuated, and declined near the close. All contracts' prices ended the day higher. The significant increase in today's futures prices was due to the US Federal Circuit Court of Appeals ruling that most of the global tariff measures implemented by former President Trump were illegal, bringing positive macro - sentiment, and the upward trend of US - line freight rates also had a spill - over effect on the market. Additionally, MSC announced a blank - sailing plan for the Asia - Europe route, which was favorable for the futures price from a supply perspective. Looking ahead, Maersk's new weekly opening quotes continued to decline, and the likelihood of EC futures prices oscillating or oscillating downward was relatively high [1]. 3. Summary by Relevant Content 3.1 EC Risk Management Strategy Recommendations - **Position Management**: For those who have already obtained shipping positions but face full capacity or poor booking volumes during the off - peak peak season and are worried about falling freight rates, with a long spot exposure, they can short the container shipping index futures (EC2510) to lock in profits, with a recommended selling entry range of 1350 - 1450 [1]. - **Cost Management**: When shipping companies increase blank - sailing efforts or the market is about to enter the peak season, and they want to book cabins according to orders, with a short spot exposure, they can buy the container shipping index futures (EC2510) at present to determine the booking cost in advance, with a recommended buying entry range of 1150 - 1250 [1]. 3.2 Market Sentiment Factors 3.2.1 Bullish Factors - On August 29th local time, the US Federal Circuit Court of Appeals ruled that most of the global tariff measures implemented by former President Trump were illegal. These measures could remain in effect until October 14th to allow the US government to appeal to the Supreme Court. This ruling did not affect tariffs imposed under other regulations [2]. - On September 1st local time, due to expected slowdown in demand during the Golden Week holiday, MSC planned to adjust the shipping capacity on the Asia - Europe route from Week 39 to Week 41, canceling a total of four voyages [2]. 3.2.2 Bearish Factors - Maersk's new weekly opening quotes continued to decline, and the decline remained basically the same [3]. - The SCFIS European Line index accelerated its decline [3]. 3.3 EC Data 3.3.1 EC Basis Daily Changes - On September 3, 2025, the basis of EC2510 was 432.90 points, with a daily decrease of 49.30 points and a weekly decrease of 238.40 points. Other contracts also showed varying degrees of decline [4]. 3.3.2 EC Prices and Spreads - On September 3, 2025, the closing price of EC2510 was 1340.7 points, with a daily increase of 3.82% and a weekly increase of 1.65%. Different contracts had different price changes and spreads [4]. 3.3.3 EC Main Contract Speculation and Closing Price - Relevant data and trends are presented graphically, but specific numerical summaries are not provided in the text [5]. 3.3.4 EC Main Contract Basis - Relevant data and trends are presented graphically, but specific numerical summaries are not provided in the text [5]. 3.4 Container Shipping Spot Quotes - On September 11, Maersk's 20GP total quote for Shanghai - Rotterdam was $1175, up $10 from the previous period, and the 40GP total quote was $1970, up $20. On September 18, the 20GP opening quote was $1020, up $120 from the previous week, and the 40GP opening quote was $1700, up $200 [6]. - In the second week of September, Evergreen's 20GP total quote for Shanghai - Rotterdam was $1455, down $150 from the previous period, and the 40GP total quote was $2210, down $200 [6]. 3.5 Global Freight Rate Indexes - The latest value of SCFIS for the European route was 1773.6 points, down 216.6 points (-10.88%) from the previous value. Different global freight rate indexes showed different changes [7]. - The FBX comprehensive freight rate index was $1997 per FEU, down $11 (-0.55%) from the previous value [7]. 3.6 Global Major Port Waiting Times - On September 2, 2025, the waiting time at Hong Kong Port was 0.760 days, an increase of 0.321 days from the previous day. Different ports had different waiting time changes [14]. 3.7 Ship Speed and Number of Container Ships Waiting at Suez Canal Ports - On September 2, 2025, the speed of 8000 + container ships was 15.804 knots, a decrease of 0.022 knots from the previous day. The number of ships waiting at the Suez Canal port anchorages remained at 17 [22].