Report Industry Investment Rating No relevant information provided. Core Viewpoints - The online quotes of shipping lines such as MSC and Maersk increased in the second half of January, causing the valuation of the 02 contract to rise continuously [1][4][5]. - The Shanghai International Energy Exchange plans to revise the "Shanghai International Energy Exchange Container Shipping Index (European Line) Futures Standard Contract," including adjusting the contract months and the minimum price change [4]. - The far - month contracts are under pressure from the resumption of the Suez Canal, and their valuations may be revised downward, but there is still uncertainty in the adjustment space. Contracts in June and August, which are relatively peak seasons, still face uncertainty [6]. - The 02 contract is expected to fluctuate strongly in the unilateral strategy, and there is no recommendation for the arbitrage strategy [8]. Summary by Directory 1. Futures Price - As of January 4, 2026, the total open interest of all contracts of the container shipping index European line futures was 54,478 lots, and the single - day trading volume was 26,823 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1801.30, 1166.00, 1367.90, 1500.00, 1060.00, and 1297.00 respectively [7]. 2. Spot Price - Shipping lines' online quotes for the Shanghai - Rotterdam route changed in January. For example, Maersk's quote in the second week of January was 1600/2580, and in the third week it was 1625/2610; HPL's quote in the first half of January was 1835/3035, and in the second half it was 2135/3535. MSC's price in the first half of January was 1700/2840, and in the second half it was 1880/3140 [1]. - The SCFI (Shanghai - Europe route) price announced on December 26 was 1690 dollars/TEU, the SCFI (Shanghai - US West route) price was 2188 dollars/FEU, and the SCFI (Shanghai - US East) price was 3033 dollars/FEU. The SCFIS (Shanghai - Europe) on December 29 was 1742.64 points, and the SCFIS (Shanghai - US West) was 1301.41 points [7]. 3. Container Ship Capacity Supply Static Supply - As of December 31, 2025, 268 container ships with a total capacity of 2.155 million TEU were delivered in 2025. Among them, 80 ships with a capacity of 12,000 - 16,999 TEU were delivered, with a total capacity of 1.213 million TEU; 13 ships with a capacity of over 17,000 TEU were delivered, with a total capacity of 277,672 TEU [2]. - For ships with a capacity of 12,000 - 16,999 TEU, the expected delivery in 2026 is 781,200 TEU (53 ships), 944,500 TEU (64 ships) in 2027, 1.212 million TEU (82 ships) in 2028, and 415,400 TEU (29 ships) in 2029. For ships with a capacity of over 17,000 TEU, the expected delivery in 2026 is 210,400 TEU (9 ships), 862,800 TEU (40 ships) in 2027, 1.5734 million TEU (78 ships) in 2028, and 1.3755 million TEU (67 ships) in 2029 [2]. Dynamic Supply - The average weekly capacity in January was 318,600 TEU, with capacities of 355,600, 309,400, 330,700, and 278,700 TEU in Weeks 2, 3, 4, and 5 respectively. In February, the average weekly capacity was 283,500 TEU, and in March it was 272,400 TEU [3]. - There were 3 blank sailings (2 by the OA Alliance and 1 by the PA Alliance) and 1 TBN (1 by the OA Alliance) in January, 7 TBNs (4 by the OA Alliance and 3 by the MSC/PA Alliance) and 4 blank sailings in February, and 3 blank sailings and 7 TBNs in March [3]. 4. Supply Chain - The cease - fire mediation plan in Gaza is progressing, and the probability of the Suez Canal resuming operation in 2026 is relatively high. Currently, CMA's FAL1 route (Europe - Asia) has fully resumed operation since January 2026, and the FAL3 route has started a single - trial operation. Maersk's container ship "Maersk Sebarok" completed its first Red Sea voyage since its withdrawal in January 2024 on December 19, 2025 [6]. 5. Demand and European Economy No relevant detailed analysis content provided in the text.

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The container shipping index (European line) fluctuated at a high level yesterday [11]. - For the 2602 contract, the core issues are freight rate height, inflection point time, and price - decline rate [11]. - For the 2604 contract, short - selling on rallies has a relatively higher win - rate, and its bottom valuation can be anchored to the lowest point of the 2025 SCFIS index, with several potential upward risks in the next 1 - 2 months [13]. - For the 2610 contract, pay attention to the progress of the second - stage peace talks in Gaza and set up short positions on rallies in the medium - to - long term [13]. 3. Summaries According to Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: EC2602 closed at 1,795.1, down 2.08% with a trading volume of 24,777 and an open interest of 27,855 (down 2,582); EC2604 closed at 1,160.2, down 0.38% with a trading volume of 7,238 and an open interest of 21,241 (up 4) [1]. - **Freight Rate Index**: SCFIS European route was 1,742.64 points, up 9.7% week - on - week; SCFIS US - West route was 1,301.41 points, up 35.3% week - on - week. SCFI European route was $1,690/TEU, up 10.2% bi - weekly; SCFI US - West route was $2,188/FEU, up 9.8% bi - weekly [1]. - **Spot Freight Rates**: Different carriers' spot freight rates for the European line from Shanghai to Rotterdam vary, such as Maersk's $2,600/40'GP and $1,620/20'GP, with different voyage days [1]. - **Exchange Rates**: The US dollar index was 98.01, and the US dollar against offshore RMB was 7.00 [1]. 3.2 Capacity - In the past week, the absolute value of January capacity changed little, about 313,000 TEU/week, with a more even distribution of sailings in January. The fifth - week supply increased slightly to 328,000 TEU. February currently has 7 blank sailings and 5 pending sailings, with an average weekly capacity of 278,000 TEU/week (excluding the 5 pending sailings). GEMINI Alliance has released the Spring Festival suspension plan, while other carriers are expected to release theirs in early January [11]. 3.3 Analysis of Contracts - **2602 Contract** - **Freight Rate Height**: Maersk's rates increased by $100 in the third week. OA Alliance's OOCL's online prices are between $3,000 - $3,100/FEU, and Evergreen's offline prices are between $2,800 - $2,900/FEU. PA Alliance adjusted FAK to around $2,800/FEU in the first half of January [12]. - **Inflection Point Time**: With Maersk's price increase in the third week, the spot inflection point may be in the fourth week [12]. - **Price - decline Rate**: The initial decline after the freight rate peaks may be small, and the accelerated decline may start in the fifth week [12]. - **2604 Contract** - Short - selling on rallies has a relatively higher win - rate. Its bottom valuation can be anchored to the lowest point of the 2025 SCFIS index (1,031 points). There are several potential upward risks in the next 1 - 2 months, including contract - changing subsidy risks, margin - increasing and position - reducing risks before the Spring Festival, geopolitical risks during the festival, and carriers' price - increasing risks after the festival [13]. - **2610 Contract** - Pay attention to the progress of the second - stage peace talks in Gaza and set up short positions on rallies in the medium - to - long term [13]. 3.4 Trend Intensity - The trend intensity of the container shipping index (European line) is 0, indicating a neutral trend [14]

Group 1: Market Data - EC2602 closed at 1795.1 points on December 30, down 1.53% from the previous day's closing price. EC2604 closed at 1160.2 points, down 0.83%; EC2606 at 1370.0 points, down 0.29%; EC2608 at 1500.1 points, up 0.16%; EC2610 at 1056.0 points, up 0.12%; EC2612 at 1308.0 points, down 18.49% [4]. - The SCFIS European line reported 1742.64 points on December 26, up 9.66% month - on - month. The SCFI: Shanghai - Europe was 1690 USD/TEU, up 10.24% month - on - month [4][6]. - WTI crude oil near - month was at 57.58 dollars/barrel, up 1.55% month - on - month and down 18.55% year - on - year. Brent crude oil near - month was at 61.26 dollars/barrel, up 1.54% month - on - month and down 17.4% year - on - year [4]. Group 2: Market Analysis and Strategy Recommendation Market Analysis - The market is continuously debating the high point and path of January freight rates. The EC futures market experienced a callback and oscillation today. MSK released a quote of 2700 US dollars for the Shanghai - Rotterdam route in WK3, a small increase of 100 compared to last week. The subsequent market booking situation should be monitored [6]. - There are still differences in the high point and path of January freight rates in the spot market. The supply and demand situation has changed, with 12 - 1 month shipments expected to gradually improve. The shipping capacity from Shanghai to the five Nordic ports in December was 260,000 TEU, and the average weekly shipping capacity in January and February 2026 is expected to be 316,100 and 279,200 TEU respectively. The shipping capacity in December decreased by 5% compared to last week, while that in January increased by 5.5% [7]. - The second - stage of the Israel - Palestine peace talks is still tortuous. After Maersk's trial voyage on the India - East Coast of the United States route through the Red Sea, CMA CGM's Jacques Saadé and Adonis passed through the Suez Canal, strengthening the expectation of a phased resumption of navigation, which may suppress the far - month contracts [7]. Strategy Recommendation - Unilateral: Most of the long positions in the EC2602 contract should be taken profit at high levels, and the remaining light positions can be held at the discretion of the investor. Pay attention to the rhythm of shipping companies' price increases and cargo volume improvement. The far - month contracts are expected to be suppressed due to the resumption of navigation expectations [8]. - Arbitrage: Wait and see [9]. Group 3: Industry News - The "Listing and Operation of Shipping Index Futures" project of the Shanghai Futures Exchange won the Special Prize of the Financial Innovation Achievement Award in the 2023 - 2024 Shanghai Financial Innovation Award [10]. - US President Trump met with Israeli Prime Minister Netanyahu and expressed concerns about Iran's nuclear and missile programs, threatening to strike Iran again. He also mentioned that Hamas should be disarmed and would face consequences if it fails to do so [10][11].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The freight rates in the first half of January were relatively strong, and attention should be paid to Maersk's quotes in the first week of the second half of January [1] - The Shanghai International Energy Exchange plans to revise the "Standard Contract for Container Freight Index (European Line) Futures", including adjusting the contract months and the minimum price change [2] - The EC2602 contract follows Maersk's freight rates in the second week of January, and the 02 contract will follow the real - time quotes. The current focus is whether the first half of January is the end of this round of freight rate increases [4] - Far - month contracts face the pressure of the Suez Canal's resumption of navigation, and their valuations may be revised downwards [5][6] - The strategy suggests a sideways trend for the 12 - month contract and a moderately strong sideways trend for the February contract, with no arbitrage strategy currently [8] 3. Summary by Relevant Catalogs I. Futures Price - As of December 29, 2025, the closing prices of different contracts are as follows: EC2602 at 1822.90, EC2604 at 1169.90, EC2606 at 1374.00, EC2608 at 1497.70, EC2610 at 1054.70, and EC2512 at 1604.80. The total open interest of all container freight index (European line) futures contracts is 62,906.00 lots, with a single - day trading volume of 33,246.00 lots [7] II. Spot Price - On December 26, 2025, the SCFI (Shanghai - Europe route) price was 1690 US dollars/TEU, the SCFI (Shanghai - US West route) was 2188 US dollars/FEU, and the SCFI (Shanghai - US East) was 3033 US dollars/FEU. On December 29, 2025, the SCFIS (Shanghai - Europe) was 1742.64 points, and the SCFIS (Shanghai - US West) was 1301.41 points [7] III. Container Ship Capacity Supply - In January, the average weekly capacity was 306,200 TEU, and in February, it was 274,500 TEU. In January, there were 3 blank sailings and 1 TBN, and in February, there were 7 TBNs and 4 blank sailings [3] - In 2025, 260 container ships were delivered, with a total capacity of 2.103 million TEU. As of December 28, 2025, 78 ships with a capacity of 12,000 - 16,999 TEU were delivered, with a total capacity of 1.175 million TEU, and 13 ships with a capacity of over 17,000 TEU were delivered, with a total capacity of 277,672 TEU [7] IV. Supply Chain - The cease - fire mediation plan in Gaza is advancing, and the Suez Canal is likely to resume navigation in 2026, which may increase the effective supply of capacity and put downward pressure on freight rates [5][6] - Maersk's container ship "Maersk Sebarok" completed its first Red Sea voyage since January 2024 on December 19, 2025, marking its tentative resumption of the Red Sea route [6] V. Demand and European Economy - The freight volume in December and January is at a relatively high level within the year [4] - The progress of long - term contract signing by OA and PA alliances has accelerated, with the central price of long - term contracts around 1800 US dollars/FEU [4]

키s 集运量版 | | | | | | | 研究中心能化团队 | | | 2025/12/26 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ਵਨੀ EC2512 | | 昨日收盘价 1608.0 | 涨跌 0.1 3% | 意 -18.8 | 昨日成交量 112 | | 昨日持仓昼 1714 | 持仓变动 -76 | | | EC2602 EC2604 | | 1799.7 1164.5 | 0.22% -0.04% | -210.5 424.7 | 28762 6267 | | 34250 21254 | -66 264 | | | EC2606 | | 1320.0 | 0.08% | 269.2 | 258 | | 2126 | -19 | | 期货 | EC2608 | | 1496.7 | 1.06% | 92.5 | 112 | | 1181 | -12 | | | EC2610 | | 1059.0 | 0.715% | 530.2 | 811 | | 5941 | 2777 | | | 月差 | | 前 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The 12 - month contract is expected to fluctuate, while the February contract is expected to fluctuate strongly. The far - month contracts are under pressure from the potential resumption of the Suez Canal, which may suppress their valuations. The 02 contract's delivery is becoming clearer and will follow real - world quotes more closely. The focus now is on whether the first half of January marks the end of this round of freight rate increases [8][9][11]. Summary by Relevant Catalogs I. Market Analysis - **Online Quotes**: Multiple shipping companies have different quotes for the Shanghai - Rotterdam route. For example, Gemini Cooperation's Maersk quotes for the first and second weeks of January are 1585/2550 and 1570/2520 respectively; HPL's quotes for the second half of December and the first half of January are 1535/2535 and 1835/3035 respectively. Other companies like MSC, ONE, HMM, YML, CMA, EMC, and OOCL also have their respective quotes [1][2][3]. - **Geopolitical Situation**: Israeli Defense Minister Katz stated that Israel will never fully withdraw from the Gaza Strip and will set up a security zone in the Gaza Strip to protect Israeli communities, even after the cease - fire and Hamas disarmament [3]. - **Policy Changes**: The Shanghai International Energy Trading Center plans to revise the "Shanghai International Energy Trading Center Container Shipping Index (European Line) Futures Standard Contract". It will adjust the contract months and the minimum price change [4]. II. Supply and Demand - **Dynamic Supply**: The average weekly container shipping capacity in December, January, and February is 31.45, 30.46, and 28.47 million TEU respectively. There are empty sailings and TBNs in January and February, mainly from the OA and PA alliances [5]. - **Demand**: Information from various surveys shows that the cargo volume is gradually recovering [6]. III. Contract Analysis - **12 - Month Contract**: The delivery and settlement price of the 12 - month contract is gradually becoming clear, estimated to be between 1600 - 1700 points. The large - scale cargo collection and container dumping from December 8 - 15 may drag down the index on December 22 and 29 [6][7]. - **EC2602 Contract**: The delivery of the 02 contract is becoming clearer, and it will follow real - world quotes more closely. The current focus is on whether the first half of January is the end of this round of freight rate increases. The Maersk quote of 2500 US dollars/FEU is equivalent to about 1750 - 1800 points on the SCFIS [8]. - **Far - Month Contracts**: Due to the high probability of the Suez Canal resuming operation in 2026, the far - month contracts are under pressure, and their valuations may be revised downward. The normal SCFI Shanghai - Europe route freight rate from 2017 - 2019 was between 600 - 1200 US dollars/FEU, corresponding to about 600 - 1400 points on the SCFIS [9]. IV. Market Data - **Futures Market**: As of December 25, 2025, the total open interest of all container shipping index European line futures contracts is 66,466.00 lots, and the daily trading volume is 36,322.00 lots. The closing prices of different contracts are provided [10]. - **Spot Market**: On December 19, the SCFI Shanghai - Europe route price was 1533 US dollars/TEU, the Shanghai - US West route price was 1992 US dollars/FEU, and the Shanghai - US East route price was 2846 US dollars/FEU. On December 22, the SCFIS Shanghai - Europe was 1589.20 points, and the Shanghai - US West was 962.10 points [10]. - **Container Ship Delivery**: In 2025, 250 container ships have been delivered, with a total capacity of 2.018 million TEU. As of December 21, 2025, 75 ships with a capacity of 12000 - 16999 TEU and 12 ships with a capacity of over 17000 TEU have been delivered [10]. V. Strategy - **Single - Side Trading**: The 12 - month contract is expected to fluctuate, and the February contract is expected to fluctuate strongly. - **Arbitrage**: No arbitrage strategy is provided currently [11].

1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The 12 - month contract is expected to oscillate, while the February contract is expected to oscillate with an upward trend [9] - The far - month contracts face the pressure of the Suez Canal's resumption of navigation, and their valuations are likely to be revised down [7] - The delivery settlement price of the December contract is estimated to be between 1600 - 1700 points, and attention should be paid to the actual SCFIS release [4] - The 02 contract is gradually shifting to the real - world trading logic, and the current point of contention is whether the first half of January marks the end of this round of freight rate increases [6] 3. Summary According to Relevant Catalogs 3.1 Futures Prices - As of December 24, 2025, the total open interest of all contracts for the container shipping index (European line) futures was 66,098 lots, and the single - day trading volume was 29,953 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1795.80, 1165.00, 1319.00, 1481.00, 1051.10, and 1605.90 respectively [8] 3.2 Spot Prices - On December 19, the SCFI (Shanghai - Europe route) price was 1533 dollars/TEU, the SCFI (Shanghai - West Coast of the United States) price was 1992 dollars/FEU, and the SCFI (Shanghai - East Coast of the United States) price was 2846 dollars/FEU. On December 22, the SCFIS (Shanghai - Europe) was 1589.20 points, and the SCFIS (Shanghai - West Coast of the United States) was 962.10 points [8] 3.3 Container Ship Capacity Supply - In December, the average weekly capacity for the remaining two weeks was 314,500 TEU, with capacities of 301,000 and 327,900 TEU in weeks 52 and 53 respectively. In January, the average weekly capacity was 304,600 TEU, and in February, it was 284,700 TEU. There were 3 blank sailings and 2 TBNs in January, and 8 TBNs and 3 blank sailings in February [3] - As of December 21, 2025, 250 container ships had been delivered in 2025, with a total capacity of 2.018 million TEU. Among them, 75 ships of 12,000 - 16,999 TEU had been delivered, with a total capacity of 1.1315 million TEU, and 12 ships of over 17,000 TEU had been delivered, with a total capacity of 253,800 TEU [8] 3.4 Supply Chain - The cease - fire mediation plan for Gaza is progressing, and the Suez Canal is likely to resume operation after the Spring Festival in 2026. The resumption of the Suez Canal means an increase in effective capacity supply and the risk of further depressing freight rates [7] 3.5 Demand and European Economy - Information from various surveys indicates that the cargo volume is gradually recovering [4] - The signing process of long - term agreements by OA and PA alliances has accelerated, with the central price of long - term agreements around 1800 dollars/FEU [6]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - At the current price level, it's not recommended to enter the market as it's difficult to predict the peak height, time, and subsequent price - drop rhythm of the freight rate in January [3]. - The valuation of the 04 contract is moderately high, but it may follow the spot price or recover the basis in the short - term. Pay attention to short - selling opportunities in the near future [3]. - The far - month contracts are greatly affected by geopolitical factors. It's safer to short the off - season contracts than the peak - season contracts. Generally, use a positive - spread trading strategy and pay attention to short - selling opportunities in the 10 contract [3]. 3. Summary by Relevant Content Futures Market - **Contract Prices and Changes**: On December 25, 2025, the closing price of EC2512 was 1605.9, down 0.01%. For other contracts like EC2602, EC2604, etc., there were different price changes. For example, EC2602 was at 1795.8, down 0.60%, and EC2604 was at 1165.0, up 0.60% [2]. - **Month - to - Month Spreads**: There were also changes in month - to - month spreads. For instance, EC2512 - 2504 was 440.9, with a daily decrease of 7.1 compared to the previous day [2]. Spot Market - **European Line Spot Situation**: In Week 52, MSK opened at 2300 (down 100 from the previous week), and other companies mainly followed Week 51 prices. The central price was around 2500 US dollars, equivalent to about 1750 points on the futures market. All shipping companies are raising prices for January cabins. MSK's January upper - half quote is 2500, and it will rise to 2600 in Week 2 to Hamburg, while other ports remain flat. The central quote of shipping companies in January is about 2500 - 2600 US dollars [4]. - **Spot Indexes**: As of December 22, 2025, the SCFIS (European Line) was 1589.20 points, up 5.21% from the previous period. As of December 19, 2025, the SCFI (European Line) was 1533 US dollars/TEU, the CCFI was 1473.9 points (up 0.23% from the previous period), and the NCFI was 1067.29 points (up 0.30% from the previous period) [2]. News and Geopolitical Factors - **Suez Canal**: On December 23, the Suez Canal Authority reported that two ships of CMA CGM passed through the canal [4]. - **Israel - Hamas Conflict**: On December 24, the Israeli Prime Minister's Office stated that Hamas violated the cease - fire agreement, and Hamas claimed that Israel's continuous attacks on Gaza hindered the peace plan [4].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - The current valuation of the 02 contract is high, and future performance depends on spot market trends. Although the short - term sentiment is positive due to spot market improvement, it's difficult to predict the peak height and time of freight rates in January and subsequent price decline rhythms. It's not recommended to enter the market at the current level [3]. - The valuation of the 04 contract is moderately high, but it may follow the spot market or recover the basis in the short term. Pay attention to short - selling opportunities on rallies in the near term [3]. - Far - month contracts are greatly affected by geopolitical factors. It's safer to short off - season contracts than peak - season contracts. Adopt a positive spread trading strategy overall and focus on short - selling opportunities in the 10 contract [3]. Group 3: Summary by Related Catalogs Futures Market - **Contract Prices and Changes**: On December 24, 2025, the closing prices of EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 were 1606.0, 1806.6, 1158.0, 1331.7, 1480.0, and 1052.0 respectively, with daily changes of - 1.53%, - 3.48%, - 0.71 - 5% (might be a typo, assumed - 0.71%), 0.89%, - 0.42%, and - 0.85% [2]. - **Volume and Open Interest**: The trading volumes of EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 were 281, 41660, 7754, 372, 141, and 796 respectively. The open interests were 1890, 35004, 20867, 2187, 1199, and 5603 respectively, with changes of - 66, - 1506, 396, 3, 2, and 202 [2]. - **Month - to - Month Spreads**: For example, the EC2512 - 2504 spread was 448.0, with a daily change of - 16.2 and a weekly change of - 52.1; the EC2512 - 2602 spread was - 200.6, with a daily change of 40.2 and a weekly change of - 104.4 [2]. Spot Market - **SCFIS**: Updated weekly on Mondays, the index on December 22, 2025, was 1589.20, up 5.21% from the previous period and 0.10% from the period before that [2]. - **SCFI (Euro - Line)**: Updated on Fridays, the price on December 19, 2025, was 1533 dollars/TEU, down 0.33% from the previous period and up 9.86% from the period before that [2]. - **CCFI (Euro - Line)**: Updated on Fridays, the index on December 19, 2025, was 1473.9, up 0.23% from the previous period and 1.59% from the period before that [2]. - **NCFI (Euro - Line)**: Updated weekly, the index on December 19, 2025, was 1067.29, up 0.30% from the previous period and 9.98% from the period before that [2]. Euro - Line Spot Situation - **Week 52**: MSK opened 2300 cabins (a decrease of 100 compared to the previous week), and other companies mainly followed Week 51. The central price was 2500 US dollars, equivalent to about 1750 points on the futures market. All shipping companies announced price increases for January cabins [4]. - **Week 1**: MSK opened cabins at 2500 US dollars (an increase of 200 compared to the previous week), and waiting for other shipping companies to open cabins [4]. - **Week 2**: MSK's prices were mainly flat, with a price of 2500 US dollars (2600 for high - cube containers) [4]. Related News - On December 23, the Suez Canal Authority reported that the French CMA CGM Jacques Saadé and Adonis passed through the canal. One was a return ship and the other was on a specific route with precedent [5].

Group 1: Market Analysis - The shipping rates for various routes have been reported, with Maersk's Shanghai-Rotterdam rates for the first week of January at $1580/$2540 and the second week at $1560/$2500 [2][14] - The Ocean Alliance's CMA reported a rate of $1859/$3293 for the first half of January, while OOCL's rates for December were between $2730-$2752 [2][14] - The average weekly capacity for December was reported at 314,500 TEU, with January's average at 304,600 TEU [5][16] Group 2: Contract Adjustments - The Shanghai International Energy Exchange plans to revise the shipping index futures contract by adjusting the contract months to include the most recent 1-6 months and two seasonal months, excluding February [4][15] - The minimum price fluctuation will be changed from 0.1 points to 0.5 points to better align with current market conditions [4][15] Group 3: December Contract Settlements - The settlement prices for December contracts are becoming clearer, with the SCFIS index averaging 1589.2 points by December 22 [6][17] - The expected settlement price range for December contracts is estimated to be between 1600-1700 points, influenced by various market factors [6][17] Group 4: Future Contracts and Market Dynamics - The EC2602 contract is set to reflect the January end market prices, with Maersk's January second week rate at $2500/FEU [7][18] - The potential reopening of the Suez Canal in 2026 could increase effective capacity supply and further pressure freight rates downward [8][19] - As of December 23, the total open interest for the European shipping index futures was reported at 66,750 contracts, with a daily transaction volume of 51,004 contracts [9][20]