Core Insights - HD Hyundai has secured an order for ultra-large container ships worth approximately 1.46 billion USD, marking the largest container ship order volume in 18 years since the shipbuilding supercycle in 2007 [1][4][8] Company Developments - HD Korea Shipbuilding & Offshore Engineering (HD KSOE) announced a shipbuilding contract with HMM for eight 13,400-TEU dual-fuel container ships, with a total contract value of 1.456 billion USD [2][4] - The ordered vessels are 337 meters long, 51 meters wide, and 27.9 meters high, featuring LNG dual-fuel engines and a fuel tank enlarged by approximately 50% to enhance operational efficiency [3][4] Market Position - HD KSOE has secured orders for a total of 720,000 TEU (69 vessels) in container ships this year, achieving the highest order volume among domestic shipbuilders [4][5] - The company is recognized for its cost-competitive container ships, considering operating expenses over the vessel's entire lifecycle, despite relatively higher prices compared to competitors [5] Technological Advancements - Since 2023, HD Hyundai has implemented "HiNAS Control," an autonomous navigation assistance system, which has demonstrated a 15% reduction in carbon emissions and a 15% improvement in fuel efficiency [6] - A company representative emphasized the commitment to leading the decarbonization of the shipbuilding and shipping industries through technological competitiveness focused on eco-friendly and high-efficiency vessels [7][8]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - In December, the contract trading focuses on the rhythm. Shipping companies will adjust supply to keep freight rates high for next - year's long - term agreement negotiations. Attention should be paid to the implementation of price - holding in December. The 12 - month contract is expected to trade price - increase expectations and actual implementation alternately until delivery. The bottom support of the 12 - month contract is rising [4]. - The February 2026 contract may have a large expected difference but is currently suppressed by the resumption - of - navigation expectation. The delivery and settlement price of the EC2602 contract basically reflects the spot price center at the end of January 2026. Whether the shipping companies' price - holding time will be postponed is uncertain. Continuous tracking is needed [5][6]. - The strategy suggests that the 12 - month contract will fluctuate, and the 2 - month contract will fluctuate strongly, and there is no arbitrage strategy for now [8]. 3. Summary by Directory 3.1 Market Analysis - Online quotes: Different alliances and shipping companies have different price quotes and increases from November to December. For example, Gemini Cooperation's Maersk Shanghai - Rotterdam price increased from week 48 to December; HPL - SPOT's price also rose significantly from the second half of November to December. MSC + Premier Alliance and Ocean Alliance also had similar price - increase trends [1][2]. - Geopolitical situation: Israeli military air - raids in Gaza and Lebanon have caused casualties and tensions, which may impact the shipping market [2]. 3.2 Dynamic Supply - In November, the remaining 3 - week average weekly capacity was 275,800 TEU, and in December, the monthly average weekly capacity was 313,000 TEU. There were 10 blank sailings and 1 TBN in November and 4 TBNs and 1 blank sailing in December, with different distributions among alliances [3]. 3.3 12 - Month Contract - The trading rhythm of the 12 - month contract involves trading price - increase expectations and actual implementation alternately. The price center in the second half of November was around $2,100 - 2,200/FEU, and shipping companies have issued price - increase letters for December. Attention should be paid to the actual implementation of the price increase in the first half of December and whether there will be another price - increase announcement in the second half of December [4]. 3.4 2026 February Contract - The last trading day of the EC2602 contract is February 9, 2026, and the delivery and settlement price is the arithmetic average of the prices on January 26, February 2, and February 9, 2026. Due to the Spring Festival holiday, it basically reflects the spot price center at the end of January. Whether the shipping companies' price - holding time will be postponed is uncertain, and follow - up attention should be paid to price - increase announcements in late November and mid - December [5][6]. 3.5 Futures and Spot Prices - As of November 19, 2025, the total open interest of all contracts of the container shipping index (European line) futures was 71,070 lots, and the single - day trading volume was 23,971 lots. The closing prices of different contracts varied. The SCFI prices of different routes were also provided, such as the Shanghai - Europe route price of $1,417/TEU on November 14 [6]. 3.6 Container Ship Delivery - 2025 is a big year for container ship delivery. As of November 9, 2025, 226 container ships with a total capacity of 1.879 million TEU have been delivered, including 71 ships of 12,000 - 16,999 TEU with a total capacity of 1.072 million TEU and 12 ships of over 17,000 TEU with a total capacity of 253,800 TEU [7].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The shipping index opened higher and fluctuated yesterday. The main EC2602 contract oscillated between 1700 - 1750 points, closing at 1726.0 points with a 6.73% increase, while the secondary main 2512 contract oscillated around 1800 points, closing at 1792.3 points with a 0.49% increase [11]. - The SCFIS index on November 17th closed at 1357.67 points, a 9.8% (147.1 - point) decrease from the previous period, mainly reflecting the transaction prices of departures in the 46th week [11]. - The spot freight rate's FAK list - price center in the 47th week was about $2270/FEU. Due to Maersk's price cut in the 48th week, the FAK center is expected to drop by $100 - 200/FEU, falling within the range of $2070 - 2170/FEU, corresponding to an SCFIS index of 1450 - 1540 points. In December, the mainstream expectation is a price increase of $300 - 500/FEU, with the FAK center falling within $2400 - 2600/FEU, corresponding to an SCFIS index of 1700 - 1900 points. Attention should be paid to Maersk's 49th - week booking opening guidance, with a high - probability of a higher opening [12]. - For the 2512 contract, it should be treated as oscillating between 1700 - 1900 points, having entered a position - reducing and narrow - range oscillation market. For the 2602 contract, the smoothest market has passed, and it will be an oscillating market in the next 1 - 3 weeks. For the 2604 contract, short positions should be established on rallies on a quarterly basis, with the risk of position - shifting subsidy in early December [13]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: EC2512 closed at 1790.0 with a 1.57% increase, EC2602 at 1605.0 with a - 1.16% decrease, and EC2604 at 1157.7 with a - 0.92% decrease. The spread between EC2512 and EC2604 was 632.3, and between EC2602 and EC2604 was 447.3 [1]. - **Freight Index**: The SCFIS European route index was 1504.80 points with a 24.5% weekly increase, and the SCFIS US - West route index was 1329.71 points with a 4.9% weekly increase. The SCFI European route index was $1417/TEU with a 7.1% bi - weekly increase, and the SCFI US - West route index was $1823/FEU with a - 17.6% bi - weekly decrease [1]. - **Spot Freight Rates**: Different carriers' spot freight rates for the Shanghai - Rotterdam route varied, with prices for $/40'GP ranging from $1935 - $2810 and for $/20'GP from $1215 - $1855 [1]. - **Exchange Rates**: The US dollar index was 99.29, and the US dollar against the offshore RMB was 7.10 [1]. 3.2 Macro News - The UN Security Council passed a resolution on Gaza, which was welcomed by the State of Palestine. The resolution aims to establish a permanent and comprehensive cease - fire in Gaza, ensure the unobstructed entry and distribution of humanitarian aid, and affirm the Palestinian people's right to self - determination and the establishment of an independent Palestinian state [9]. - Israel appealed to the International Criminal Court to revoke the arrest warrants for Israeli officials, including Prime Minister Netanyahu and former Defense Minister Gallant, who are accused of crimes against humanity and war crimes during the Gaza conflict [10].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The freight rates continued to correct in the second half of November. Attention should be paid to the definition of the delivery and settlement of the February 2026 contracts by the exchange [1] - The 12 - month contracts are expected to first trade the price increase expectations, then the actual implementation of the price increase letters, and finally the actual implementation until delivery. The valuation of the 12 - month contracts is expected to range from 1700 - 1850 points, with the valuation bottom rising [3] - The February 2026 contracts may have a large expectation gap but are currently suppressed by the resumption of shipping expectations. Attention should be paid to the definition of the delivery and settlement of these contracts [4] - The strategy for the 12 - month contracts is oscillatory, and for the February contracts, it is oscillatory and bullish. There is no arbitrage strategy at present [6] 3. Summary According to the Table of Contents I. Futures Price - As of November 13, 2025, the total open interest of all container shipping index European line futures contracts was 74,055 lots, with a single - day trading volume of 41,971 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1632.00, 1170.30, 1380.70, 1483.10, 1111.10, and 1782.30 respectively [5] II. Spot Price - On November 7, 2025, the SCFI (Shanghai - Europe route) price was $1323/TEU, the SCFI (Shanghai - US West route) was $2212/FEU, and the SCFI (Shanghai - US East) was $2848/FEU. On November 10, the SCFIS (Shanghai - Europe) was 1504.80 points, and the SCFIS (Shanghai - US West) was 1329.71 points [5] - Online quotes from different shipping alliances and companies showed price changes in November and December. For example, Maersk's Shanghai - Rotterdam price in week 47 was $1365/2280, and in week 48, it was in the range of $2000 - 2100/FEU [1] III. Container Ship Capacity Supply - In November, the average weekly capacity for the remaining 4 weeks was 293,100 TEU. In December, the monthly average weekly capacity was 312,900 TEU. There were 10 blank sailings and 1 TBN in November, and 5 TBNs and 1 blank sailing in December [2] - 2025 is a big year for container ship deliveries. As of November 9, 2025, 226 container ships with a total capacity of 1.879 million TEU were delivered. Among them, 71 ships with a capacity of 1072,000 TEU in the 12000 - 16999 TEU range and 12 ships with a capacity of 253,800 TEU above 17000 + TEU were delivered [5] IV. Supply Chain - Houthi rebels stated that if the enemy resumes aggression against Gaza, they will resume military operations in the Red Sea and the Arabian Sea against Israeli shipping [2] V. Demand and European Economy No specific content provided for in - depth analysis of demand and European economy other than the data - related figures in the table of contents.

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The 12 - month contract trading focuses on rhythm, with the overall valuation support rising. Shipping companies will adjust supply to keep freight rates high for next - year's long - term agreement negotiations. The 12 - month contract trading rhythm involves alternating between trading price increase expectations and actual implementation of price increase letters. The initial estimated valuation range for the 12 - month contract is between 1700 - 1850 points, and the valuation bottom is rising. [5] - The 2026 February contract may have a large expectation gap but is currently suppressed by the resumption of shipping expectations. Attention should be paid to how the exchange defines the delivery and settlement price of the February contract. If the price - holding period is extended and high prices are achieved in January 2026, the February contract may be at parity with the 12 - month contract. [6] - The strategy is that the 12 - month contract will fluctuate, and the February contract will fluctuate with an upward bias. There is no arbitrage strategy currently. [8] Summary by Directory 1. Market Analysis - **Online Quotes**: Different shipping alliances and companies have various price quotes for Shanghai - Rotterdam routes. For example, Gemini Cooperation's Maersk has different prices in the 47th and 48th weeks, and HPL has different quotes for different shipping periods in November and December. Maersk has issued a price increase letter for December. [1] - **Geopolitical Situation**: The US military is researching the establishment of a temporary base for 10,000 people near the Gaza Strip to support a stable force for the cease - fire between Israel and Hamas. This is an early planning step and does not involve US troops. [3] - **Dynamic Supply**: The average weekly capacity in the remaining 4 weeks of November is 246,500 TEU, and in December, it is 338,800 TEU. There are 10 blank sailings and 1 TBN in November and 3 TBNs in December. [4] 2. Futures Prices - As of November 11, 2025, the total open interest of all container shipping index European line futures contracts is 73,528.00 lots, and the daily trading volume is 70,447.00 lots. The closing prices of different contracts such as EC2602, EC2604, etc., are provided. [7] 3. Spot Prices - On November 7, 2025, the SCFI prices for Shanghai - Europe, Shanghai - US West, and Shanghai - US East routes are 1323 US dollars/TEU, 2212 US dollars/FEU, and 2848 US dollars/FEU respectively. On November 10, the SCFIS for Shanghai - Europe is 1504.80 points, and for Shanghai - US West is 1329.71 points. [7] 4. Container Ship Capacity Supply - In 2025, it is a big year for container ship deliveries. As of November 9, 2025, 226 container ships have been delivered, with a total capacity of 1.879 million TEU. Among them, 71 ships of 12,000 - 16,999 TEU and 12 ships of over 17,000 TEU have been delivered, with capacities of 1.072 million TEU and 253,800 TEU respectively. [7] 5. Supply Chain - No specific summarized content in this part other than the figures mentioned in the document. 6. Demand and European Economy - No specific summarized content in this part other than the figures mentioned in the document.

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The freight rate entered a correction period in the second half of November, and attention should be paid to Maersk's price offer in the last week of November [1]. - The cease - fire agreement between Israel and Hamas is fragile, and the second - stage cease - fire agreement is still "out of reach." [3] - The 12 - month contract trading focuses on the rhythm, and the overall valuation support is constantly rising. The 2026 February contract may have a large expectation gap but is currently suppressed by the resumption of navigation expectations [4][5]. Summary by Directory Market Analysis - Online quotes: Different shipping companies have different price quotes for the Shanghai - Rotterdam route in November and December. For example, Maersk's 46 - week quote for Shanghai - Rotterdam is 1335/2230, and it has issued a price increase letter for December to 2080/3200 [1]. - Geopolitical situation: The first - stage cease - fire agreement between Israel and Hamas has been in effect for one month, but its implementation has been full of twists and turns, and the second - stage agreement is still uncertain [3]. - Dynamic supply: The average weekly capacity in the remaining 4 weeks of November is 246,500 TEU, and the monthly average weekly capacity in December is 338,800 TEU. There are 10 blank sailings and 1 TBN in November and 3 TBNs in December [3]. Contract Analysis - 12 - month contract: It focuses on the trading rhythm. The shipping companies will adjust the supply to keep the freight rate at a high level. The price increase expectations and actual implementation will alternate. If each price increase letter lands at about 300 US dollars/FEU for three rounds, the price in the second half of December may reach 3000 US dollars/FEU, and the valuation ceiling of the 12 - month contract may be around 2100 points [4]. - 2026 February contract: There may be a large expectation gap, but it is currently suppressed by the resumption of navigation expectations. Attention should be paid to how the exchange defines the delivery settlement price [5]. Market Data - As of November 10, 2025, the total open interest of all container shipping index European line futures contracts is 70,044.00 lots, and the single - day trading volume is 29,041.00 lots. The closing prices of different contracts are as follows: EC2602 is 1604.90, EC2604 is 1166.10, etc. [6]. - On November 7, the SCFI (Shanghai - Europe route) price is 1323 US dollars/TEU, the SCFI (Shanghai - US West route) price is 2212 US dollars/FEU, and the SCFI (Shanghai - US East) price is 2848 US dollars/FEU. On November 10, the SCFIS (Shanghai - Europe) is 1504.80 points, and the SCFIS (Shanghai - US West) is 1329.71 points [6]. - In 2025, it is still a big year for container ship deliveries. As of November 9, 2025, 226 container ships have been delivered, with a total capacity of 1.879 million TEU [6]. Strategy - Unilateral: The 12 - month contract will fluctuate. - Arbitrage: None at present.

Report Industry Investment Rating - No relevant information provided Core Viewpoints - On Monday, the futures market showed slight fluctuations. The EC2512 contract decreased slightly due to the expected price drop in November, while the spreads of EC2512 - EC2602 and EC2602 - EC2604 strengthened. The valuation of EC2512 is neutral, and considering the upcoming peak season and the long - term contract signing period in December, a strategy of reducing long positions is recommended. The valuation of EC2602 is harder to determine and is expected to follow the trend of EC2512 in the short term. If the peak season is realized, EC2602 may have more upside potential. The EC2604 contract is for the off - season, and it is recommended to take a short - selling approach considering the expected greater supply pressure in April [2]. Summary by Related Catalogs Futures Contracts - **Contract Prices and Changes**: The closing prices and price changes of multiple EC futures contracts are presented. For example, EC2512 closed at 1778.2 with a - 1.87% change, EC2602 at 1604.9 with a 0.81% change, etc. [2] - **Month - to - Month Spreads**: The spreads between different contract months are given, such as EC2512 - EC2504 was 612.1, showing a - 35.3 change from the previous day and - 30.8 from the previous week [2]. Spot Indexes - **SCFIS**: Updated weekly, as of 2025/11/10, it was 1504.80 points, with a 24.50% increase from the previous period and a - 7.92% change in the previous period [2]. - **SCFI (European Line)**: Updated every Friday, as of 2025/11/7, it was 1323 dollars/TEU, with a - 1.56% change from the previous period and a 7.87% change in the previous period [2]. - **CCFI**: Updated every Friday, as of 2025/11/7, it was 1366.85 points, with a 3.25% change from the previous period and a 2.37% change in the previous period [2]. - **NCFI**: Updated every Friday, as of 2025/11/7, it was 911.73 points, with a - 5.58% change from the previous period and a 17.43% change in the previous period [2]. Recent European Line Quotations - **45th Week**: The average landed price was about 2050 US dollars (equivalent to 1450 points on the disk) [2]. - **46th Week**: The average landed price was 2000 US dollars (equivalent to 1400 points on the disk) [2]. - **Second Half of November**: The pressure is expected to increase, and the cargo volume may recover. The quoted price is between 2365 - 2950 US dollars, but MSK opened at 2250 US dollars (a 50 - dollar increase from the previous period), and other shipping companies are expected to lower their quotes this week. There may also be a price increase announcement for December [2]. News - **Gaza Cease - fire**: As of November 10, the first - stage cease - fire agreement between Israel and Hamas was in its second month, but the second - stage negotiation was still "far off". The implementation of the agreement was full of setbacks, and there were concerns that the cease - fire might be terminated [3]. - **Shipping Policy**: Starting from 13:01 on November 10, 2025, China will suspend the implementation of relevant policies on charging special port fees for US ships for one year in synchronization with the US suspension of the final measures of the 301 investigation on China's maritime logistics and shipbuilding industries [3]. - **Index Delay**: The XSI - C index will be delayed by three working days for release [4]

1. Report Industry Investment Rating - Unilateral: The 12 - contract is expected to be oscillating upward [7] - Arbitrage: None at present [7] 2. Core Viewpoints of the Report - The actual freight - booking prices in the second half of the month are gradually being reported, and the freight rate center may rise slightly again [1] - The 12 - month contract trading focuses on the rhythm, and the overall valuation support is constantly rising. Shipping companies will adjust the supply to keep freight rates at a relatively high level for the next - year long - term agreement negotiation [4] - The 2026 February contract may have a large expectation gap, but it is currently suppressed by the resumption of navigation expectations [5] - The reduction of the 10% "fentanyl tariff" is conducive to promoting the recovery of Sino - US trade, which will drive the demand on the US route to pick up and support the European route prices to some extent [3] 3. Summary According to the Directory 3.1 Futures Prices - As of November 6, 2025, the total open interest of all container shipping index European line futures contracts was 69,438.00 lots, and the daily trading volume was 47,681.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1601.00, 1178.00, 1414.20, 1484.00, 1140.00, and 1848.20 respectively [5] 3.2 Spot Prices - Online quotes of different shipping companies show price increases in the second half of November and December. For example, HPL's 11 - month second - half - month shipping schedule quote increased from 1185/1935 in the first half of November to 1935/3135, and the December first - half - month shipping schedule quote is 1935/3135 [1] - The SCFI (Shanghai - Europe route) price announced on October 31 was 1344 US dollars/TEU, the SCFI (Shanghai - US West route) price was 2647 US dollars/FEU, and the SCFI (Shanghai - US East) price was 3438 US dollars/FEU. The SCFIS (Shanghai - Europe) on November 3 was 1208.71 points, and the SCFIS (Shanghai - US West) was 1267.15 points [5] 3.3 Container Ship Capacity Supply - In November, the monthly average weekly capacity from China to European base ports was 286,000 TEU, and in December, it was 322,900 TEU. There were 10 blank sailings and 1 TBN in November and 6 TBNs in December [3] - As of October 31, 2025, 218 container ships with a total capacity of 1.784 million TEU had been delivered in 2025. Among them, 67 ships with a capacity of 12,000 - 16,999 TEU (total 1.008 million TEU) and 11 ships with a capacity of over 17,000 TEU (total 236,320 TEU) were delivered [6] 3.4 Supply Chain - Geopolitical factors: The Israeli Defense Minister instructed the Israeli army to divide the area near the Israeli - Egyptian border into a closed military zone and adjust the rules of engagement [2] - The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff on Chinese goods will continue to be suspended for one year. The US will also suspend the implementation of its 301 investigation measures on China's maritime, logistics, and shipbuilding industries for one year. In response, China will also suspend its counter - measures against the US for one year [3] 3.5 Demand and European Economy - The reduction of the 10% fentanyl tariff is helpful for the recovery of Sino - US trade, which will drive the demand on the US route to pick up and support the European route prices to some extent [3] - The shipping companies will adjust the supply to keep the freight rates at a relatively high level in the fourth quarter to prepare for the next - year long - term agreement negotiation [4]

Report Industry Investment Rating - Unilateral: Contract 12 fluctuates with a bullish bias - Arbitrage: None [7] Core View of the Report - The 12 - month contract trading focuses on the rhythm, with expectations and reality intertwined. Shipping companies will adjust supply to keep freight rates high. The valuation of the 12 - month contract may have a top around 2100 - 2200 points, and its valuation bottom is rising. The February 2026 contract may have a large expectation gap but is currently suppressed by the resumption of navigation expectations [4][5] Summary According to the Table of Contents 1. Futures Prices - As of November 5, 2025, the total open interest of all container shipping index European line futures contracts is 75,038 lots, and the single - day trading volume is 54,169 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1652.00, 1199.60, 1426.10, 1497.10, 1142.80, and 1946.00 respectively [6] 2. Spot Prices - On October 31, the SCFI (Shanghai - Europe route) price was 1344 dollars/TEU, the SCFI (Shanghai - US West route) price was 2647 dollars/FEU, and the SCFI (Shanghai - US East) price was 3438 dollars/FEU. On November 3, the SCFIS (Shanghai - Europe) was 1208.71 points, and the SCFIS (Shanghai - US West) was 1267.15 points [6] 3. Container Ship Capacity Supply - In November, the average weekly capacity from China to European base ports was 286,000 TEU, and in December, it was 322,900 TEU. In November, there were 10 blank sailings and 1 TBN; in December, there were 6 TBNs. As of October 31, 2025, 218 container ships had been delivered in 2025, with a total capacity of 1.784 million TEU [3][6] 4. Supply Chain - The Suez Canal Authority held a meeting with 20 major shipping companies and agency representatives to discuss the development of the Red Sea situation and invited shipping companies to conduct trial voyages [2] 5. Demand and European Economy - The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff will be suspended for another year. The US will also suspend the 301 investigation measures on China's maritime, logistics, and shipbuilding industries for one year. This is conducive to the recovery of Sino - US trade, which will drive the recovery of demand on the US route and support the prices of European routes to some extent [3]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The 12 - month futures contract for shipping has a strong price increase expectation, and the valuation keeps rising. Shipping companies will adjust the supply to keep freight rates at a high level for the next - year long - term contract negotiation. The 12 - month contract trading will focus on the rhythm of price increase expectations and actual implementation of price increase letters. The price of the second half of December may reach around 3000 dollars/FEU, and the valuation ceiling of the 12 - month contract may be around 2100 - 2200 points. The 2026 February contract may have a large expectation difference but is currently suppressed by the resumption of flights expectation [4][5] - The decline of the 10% "fentanyl tariff" is conducive to promoting the recovery of Sino - US trade, driving the demand recovery of the US - bound routes, and providing some support for the European route prices [3] - The strategy for futures trading is that the 12 - month contract is expected to be volatile and bullish, and there is no arbitrage strategy for now [7] Summary by Directory 1. Futures Price - As of November 4, 2025, the total open interest of all contracts of the container shipping index European line futures is 69023.00 lots, and the single - day trading volume is 37617.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1593.70, 1190.00, 1411.00, 1485.00, 1135.00, and 1909.90 respectively [6] 2. Spot Price - On October 31, 2025, the SCFI (Shanghai - Europe route) price is 1344 dollars/TEU, the SCFI (Shanghai - US West route) price is 2647 dollars/FEU, and the SCFI (Shanghai - US East) price is 3438 dollars/FEU. On November 3, the SCFIS (Shanghai - Europe) is 1208.71 points, and the SCFIS (Shanghai - US West) is 1267.15 points [6] 3. Container Ship Capacity Supply - In November 2025, the average weekly capacity of China - European base ports is 286,000 TEU, and the capacities of Week 45/46/47/48/49 are 310,700/273,000/296,500/270,000/299,900 TEU respectively. In December, the average weekly capacity is 322,900 TEU, and the capacities of Week 50/51/52/53 are 336,400/299,400/335,600/320,400 TEU respectively. There are 10 blank sailings and 1 TBN in November and 6 TBNs in December [3] - As of October 31, 2025, 218 container ships have been delivered in 2025, with a total capacity of 1.784 million TEU. 67 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 1.008 million TEU; 11 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 236,320 TEU [6] 4. Supply Chain - Not provided with specific summarized information in the content 5. Demand and European Economy - Not provided with specific summarized information in the content