Report Industry Investment Rating No relevant content provided. Core Viewpoints - The price of MSC in the first half of January continued to rise, and attention should be paid to Maersk's quotes in the first week of the first half of January [1]. - The 12 - month contract delivery settlement price may be between 1600 - 1700 points, and the actual SCFIS announcement should be monitored [4]. - For the EC2602 contract, attention should be paid to the shipping companies' willingness to support prices under high capacity. If the price - supporting period is extended, the 2 - month contract may be at parity with the 12 - month contract [5]. - The far - month contracts face the pressure of the Suez Canal's resumption of navigation, and their valuations may be revised downward [6]. - The strategy suggests that the 12 - month contract will fluctuate, and the 2 - month contract will fluctuate with an upward bias, and there is no arbitrage opportunity at present [8]. Summary by Directory 1. Market Analysis - **Online Quotes**: Different shipping companies have different price trends. For example, Maersk's Shanghai - Rotterdam price decreased from the third week of December to WEEK52, while HPL's price increased from the second half of December to the first half of January. MSC and other companies also released price increase letters for January [1][2]. - **Geopolitical Factors**: Due to the continuous turmoil in the Red Sea, Maersk and Hapag - Lloyd launched a Cape of Good Hope network, and there is no specific time to change the east - west route to pass through the Red Sea. The US is investigating whether Israel violated the cease - fire agreement [2]. 2. Dynamic Supply - The average weekly capacity in December was 326,000 TEU, 322,700 TEU in January, and 276,700 TEU in February. There were 4 TBNs in January and 9 TBNs and 2 blank sailings in February, all from the OA Alliance [3]. 3. Contract Analysis - **12 - Month Contract**: The delivery settlement price is the arithmetic average of the three - phase SCFIS on December 15th, 22nd, and 29th. The freight rate center in the first half of December was revised down to around 2100 - 2200 US dollars/FEU, and the final delivery settlement price may be between 1600 - 1700 points [4]. - **EC2602 Contract**: The last trading day is February 9, 2026. The delivery settlement price reflects the spot price center at the end of January. Maersk and MSC have announced price increase letters for January, and attention should be paid to Maersk's quotes in the first half of January and the maintenance of high freight rates [5]. - **Far - Month Contracts**: The probability of the Suez Canal's resumption of navigation in 2026 is high, which will increase the effective capacity supply and suppress the far - month contract freight rates and valuations [6]. 4. Market Data - As of December 15, 2025, the total open interest of all contracts of the container shipping index (European line) futures was 63,961 lots, and the single - day trading volume was 38,062 lots. The closing prices of different contracts varied [7]. - In 2025, 250 container ships were delivered, with a total capacity of 2.018 million TEU. As of December 23, 2025, 75 ships of 12,000 - 16,999 TEU and 12 ships of over 17,000 TEU were delivered [7].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current market shows a state of "near - term decline, long - term expectation". The freight rate framework for late December has been clarified but needs further implementation, while the outline of January freight rates is emerging. The market is in an entangled state and needs time to resolve disturbing factors. The report currently holds a neutral and wait - and - see attitude towards the market [8]. - The strategy recommended in the report is to adopt a wait - and - see approach [9]. 3. Summary by Relevant Content Freight Index - The Shanghai Export Container Freight Composite Index (SCFI) is currently at 1506, up 7.79% from the previous value of 1398. The China Export Container Freight Index (CCFI) is 1118, up 0.29% from 1112. SCFI - US West is 1780, up 14.84%; SCFIS - US West is 960, up 1.18%; SCFI - US East is 2652, up 14.56%; SCFI - Northwest Europe is 1538, up 9.86%. SCFIS - Northwest Europe is 1509, up 1.75%, and SCFI - Mediterranean is 2737, up 19.00% [5]. Contract Information - For contracts, EC2506 is currently at 1260.8, up 2.75%; EC2608 is 1431.7, up 3.61%; EC2610 is 1030.0, up 0.82%; EC2512 is 1650.0, down 0.19%; EC5602 is 1677.8, down 0.66%; EC2604 is 1106.0, up 1.22% [5]. - Regarding contract positions, the current position of EC2606 is 2355, an increase of 59 from the previous value; EC2608 is 1555; EC2610 is 4582, an increase of 291; EC2512 is 2947, a decrease of 84; EC2602 is 31664, an increase of 41; EC2604 is 19930, an increase of 653 [5]. - For monthly spreads, the 12 - 02 spread is currently - 27.8, an increase of 8.1 from the previous value; the 12 - 04 spread is 544.0, a decrease of 16.4; the 02 - 04 spread is 571.8, a decrease of 24.5 [5]. Market News and Impact - Global major liner company CMA CGM has announced that its INDAMEX route will use the Suez Canal for both forward and return voyages between India/Pakistan and the US East Coast, which is seen as a significant step for container ships to return to the Red Sea route. The traffic volume through key channels such as the Suez Canal and the Bab el Mandeb has reached the highest level since January 2024 [6]. - On the FEWB route, shipping companies strictly controlled capacity in December, with a blank sailing rate of only 0.9%, and ship maintenance further reduced capacity. Ports in Northern Europe and the Mediterranean are congested, leading to longer ship turnaround times and more cargo rejections, while strong e - commerce demand supports freight rates, and shipping companies' GRI promotions drive up the market. Freight rates are expected to remain high during Christmas and the New Year. On the TAWB route, ports in Northern Europe and the Mediterranean are severely congested due to labor disputes, with yard utilization rates exceeding 90%, and many European countries face shortages of containers and trailers [6]. EC Market - The EC market shows a volatile trend. In early December, MSK quoted 2500, HPL quoted 2350, etc.; in late December, MSK quoted 2400, HPL quoted 2050, etc. MSK has issued a price increase letter for January, aiming for 3500 [7]. - In the main contract, there is a fierce game between long and short positions. Long - position investors rely on the dual expectations of price increases in late December and January to confirm the market's landing expectations, waiting for the "catalyst" of high expectations in January. Short - position investors rely on the time advantage, hoping for more price cuts in late December, an early peak, and a price war, and believe that most of the expectations have been factored into the price. The current attitude is neutral and wait - and - see [8].

1. Report's Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The December contract follows the delivery logic, with a small deviation and low positions [3] - The February contract has a moderately high valuation, and is expected to move sideways in the short - term. Looking ahead, the driving force is upward due to strong and recovering cargo volume. Historically, freight rate peaks often occur 4 - 5 weeks before the Spring Festival (mid - to late January 2026), but the high capacity in January 2026 may suppress the peak. At the current valuation, it is recommended to wait and see [3] - The April contract has limited short - term downside. Attention should be paid to the short - selling opportunities when the April contract may rise following the near - month contracts [3] 3. Summary of Relevant Catalogs Futures Market - EC2512: Yesterday's closing price was 1650.0, with a decline of 0.19%, a basis of - 140.9, trading volume of 245, and an open interest of 2947 with a decrease of 84 [2] - EC2602: Yesterday's closing price was 1677.8, with a decline of 0.66%, a basis of - 168.7, trading volume of 27001, and an open interest of 31664 with an increase of 41 [2] - EC2604: Yesterday's closing price was 1106.0, with an increase of 1.22%, a basis of 403.1, trading volume of 10155, and an open interest of 19930 [2] - EC2606: Yesterday's closing price was 1260.8, with an increase of 2.71%, a basis of 248.3, trading volume of 790, and an open interest of 2355 with an increase of 59 [2] - EC2608: Yesterday's closing price was 1431.7, with an increase of 3.61%, a basis of 77.4, trading volume of 763 [2] - EC2610: Yesterday's closing price was 1030.0, with an increase of 0.82%, a basis of 479.1, trading volume of 813, and an open interest of 4582 with an increase of 291 [2] Month - to - Month Spreads - EC2512 - 2504: The previous day's value was 544.0, with a daily decrease of 16.4 and a weekly decrease of 15.0 [2] - EC2512 - 2602: The previous day's value was - 27.8, with a daily increase of 8.1 and a weekly decrease of 91.9 [2] - EC2502 - 2604: The previous day's value was 571.8, with a daily decrease of 24.5 and a weekly increase of 76.9 [2] Spot Freight Rate Index - SCFIS: Updated every Monday, as of December 8, 2025, it was 1509.10 points, with a 1.72% increase from the previous period and a - 9.50% decrease from the period before [2] - SCFI: Updated every week, as of December 12, 2025, it was 1538 dollars/TEU, with a 9.86% increase from the previous period and a - 0.28% decrease from the period before [2] - CCFI (European Line): Updated every week, as of December 12, 2025, it was 1470.55 points, with a 1.59% increase from the previous period and a - 0.12% decrease from the period before [2] - NCFI: Updated every week, as of December 12, 2025, it was 1064.13 points, with a 9.98% increase from the previous period and a - 5.57% decrease from the period before [2] European Line Spot Situation - Week 50: The central price was 2200 US dollars, equivalent to 1540 points on the futures market [3] - Week 51: MSK opened at 2400 US dollars (a 200 - dollar increase from the previous week); MSC and OA quoted 2600 - 2700 US dollars, and PA quoted 2400 US dollars. The current central price is 1760 US dollars, equivalent to about 1760 points on the futures market [3] - Week 52: MSK opened at 2300 US dollars (a 100 - dollar decrease from the previous week), and other companies mainly followed the Week 51 prices [8] Related News - On December 13, 2025, MSC issued a price - increase letter for January, raising the freight rates for 20 - foot and 40 - foot containers on European lines to 2220 and 3700 US dollars respectively [4] - On December 12, 2025, the EU Council agreed to impose a fixed tariff of 3 euros on small packages worth less than 150 euros entering the EU through e - commerce from July 1, 2026 [4] - On December 12, 2025, Israeli Prime Minister Netanyahu held a meeting with the security cabinet, worrying about a potential military operation in Lebanon [4] - US officials said that the Gaza International Stabilization Force may be deployed as early as next month, but how to disarm Hamas remains unclear [4] Future Price Increase Plans - In January, MSK and MSC announced price increases to 3500 and 3700 US dollars respectively [7]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The Christmas stocking demand is conducive to the recovery of futures prices. Most shipping companies slightly raised their freight rates in mid - and late December, which also supported the futures prices. However, most of them are still waiting and seeing for the January quotes, and the subsequent focus should be on Maersk's price increase announcement. [8][9][38][39] - Although the trade relations are gradually improving, China's exports to the US are still under pressure due to the nearly 40% tax rate, which has a certain negative impact on the pre - Christmas demand. The boosting effect of the traditional peak season may be weaker than expected. [9][39] - The current freight rate market is greatly affected by news, and the futures prices are expected to fluctuate more violently. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity and cargo volume data in a timely manner. [9][39] 3. Summary According to the Directory 3.1. Market Review - The futures prices of the Container Freight Index (European Line) fluctuated slightly this week. The main contract EC2602 closed up 3.95%, while the far - month contracts had gains and losses ranging from - 1% to 4%, with relatively small fluctuations. [8][12][38] - The latest SCFIS European Line settlement freight rate index was 1509.10, up 25.45 points from last week, a month - on - month increase of 1.7%. [8][12][38] - In November, China's manufacturing PMI data showed a slight recovery, generally in line with the seasonal pattern. The new export order index rebounded to 47.9, indicating that the terminal transportation demand recovered before Christmas. [8][38] - The trading volume and open interest of the EC2512 contract increased this week, and the trading sentiment warmed up. [18] 3.2. News Review and Analysis - Fed Chairman Powell said that monetary policy has no preset path and will be decided based on data in each meeting. Inflation is still high, but non - tariff - driven core inflation has improved significantly. If there are no new tariffs, commodity inflation is expected to peak in the first quarter of 2026. Interest rates are at the upper end of the neutral range, and the policy is transitioning from restrictive to neutral. US President Trump criticized Powell for the small rate cut. [23] - According to a report by the United Nations Conference on Trade and Development, global trade volume will increase by about 7% (an increase of $2.2 trillion) in 2025, reaching a record of $35 trillion, driven by East Asia, Africa and South - South trade. [23] - Ukrainian President Zelensky discussed a new peace plan draft with leaders of the UK, France and Germany. They reached a consensus on security guarantees for Ukraine, post - war reconstruction and next steps, and also discussed defense support for Ukraine. [23] - Chinese Minister of Commerce Wang Wentao said that during the 15th Five - Year Plan period, China will implement a special consumption - boosting action, expand and upgrade commodity consumption, and increase inclusive policies for consumers. It will also expand independent opening - up, promote innovative development of trade and expand two - way investment cooperation. [23] - The EU is considering postponing the plan to ban the sale of new fuel - powered vehicles by five years to 2040, and the new plan may allow the sale of plug - in hybrid and extended - range electric vehicles for up to five years after 2035. [23] 3.3. Weekly Market Data - The basis and price difference of the Container Freight Index (European Line) futures contracts shrank this week. [26] - The global container shipping capacity continued to grow, while the shipping capacity on the European line decreased slightly. The BDI and BPI rebounded this week, and the freight rates were slightly raised. [31] - The charter price of Panamax ships continued to rise this week, and the spread between the offshore and on - shore RMB against the US dollar converged. [34] 3.4. Market Outlook and Strategy - The Christmas stocking demand and the slight increase of freight rates by most shipping companies in mid - and late December support the futures prices, but the January quotes are still uncertain, and Maersk's price increase announcement should be closely watched. [9][38][39] - China's exports to the US are still under pressure due to high tax rates, which weakens the pre - Christmas demand and the boosting effect of the peak season. [9][39] - The futures prices are expected to fluctuate more violently, and investors are advised to be cautious, pay attention to risk control and track relevant data. [9][39]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The market demand is gradually improving, and the industry is waiting for Maersk's price offer in January. The 12 - month contract is expected to be volatile, while the February contract is expected to be volatile and bullish. The far - month contracts are under pressure from the potential resumption of the Suez Canal [1][9] - The delivery of container ships in 2025 is still at a high level, which may have an impact on the supply - demand relationship in the shipping market [8] 3. Summary by Relevant Catalogs I. Futures Price - As of December 11, 2025, the total open interest of all contracts for the container shipping index European line futures was 62,069.00 lots, and the single - day trading volume was 21,544.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1689.00, 1092.70, 1227.00, 1381.80, 1021.60, and 1653.10 respectively [8] II. Spot Price - On December 5, 2025, the SCFI (Shanghai - Europe route) price was $1400/TEU, the SCFI (Shanghai - West Coast of the United States) price was $1550/FEU, and the SCFI (Shanghai - East Coast of the United States) price was $2315/FEU. On December 8, the SCFIS (Shanghai - Europe) was 1509.10 points, and the SCFIS (Shanghai - West Coast of the United States) was 960.51 points [8] III. Container Ship Capacity Supply - In December, the remaining 4 - week monthly average capacity was 314,700 TEU, with capacities of 334,500, 289,600, 315,000, and 319,000 TEU respectively in weeks 50, 51, 52, and 53. In January, the monthly average capacity was 331,700 TEU. In February, the monthly average capacity was 262,900 TEU. There were 4 blank sailings in December and 4 TBNs in January, all from the OA alliance. Maersk added a new sailing vessel (MAERSK EINDHOVEN, 13092 TEU) in week 51 [4] - As of December 7, 2025, 245 container ships had been delivered in 2025, with a total capacity of 1.99 million TEU. Among them, 74 ships with a capacity of 12,000 - 16,999 TEU had been delivered, with a total capacity of 1.119 million TEU; 12 ships with a capacity of over 17,000 TEU had been delivered, with a total capacity of 253,800 TEU [8] IV. Supply Chain - The cease - fire mediation plan in Gaza is advancing, and the probability of the Suez Canal resuming operation in 2026 is relatively high. If the canal resumes, the effective capacity supply will increase, which may further suppress freight rates. Currently, CMA's FAL1 route (Europe - Asia) will fully resume operation starting from January 2026, and the FAL3 route (Europe - Asia) has started a single - trial operation [7] V. Demand and European Economy - The feedback from various surveys shows that the current cargo volume is gradually recovering. The 12 - month contract delivery settlement price may be between 1600 - 1700 points, and Maersk's freight rate is likely to continue to rise at the beginning of January. The 2026 Spring Festival is one month later than in 2025, and there is uncertainty about whether the shipping companies' contract price - holding time will also be postponed [5][7]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The 12 - contract follows the delivery logic with little deviation and low positions. MSK lowered the freight rate for the last week to $2300, weaker than the previous flat - expected view, but the PA remained relatively firm at $2400 in the second half of the month [3]. - The 02 - contract has a moderately high valuation, showing short - term sideways movement. In the future, the driving force is upward due to strong and recovering cargo volume. Historically, the freight rate peaks usually occur 4 - 5 weeks before the Spring Festival (corresponding to mid - to late January 2026), but the high capacity in January 2026 may suppress the peak. It is recommended to wait and see at the current valuation [3]. - The short - term downside space of the 04 - contract is small. Attention should be paid to the short - selling opportunities on rallies that may occur when the 04 - contract follows the near - month contract's rise [3]. 3. Summary by Related Catalogs Futures Quotes - **Contract Prices and Changes**: For example, EC2512 closed at 1653.1 with a decline of 0.12%, EC2602 at 1689.0 with an increase of 1.43%, etc. [2] - **Volume and Open Interest**: EC2512 had a trading volume of 241 and an open interest of 3031 with a decrease of 138; EC2602 had a volume of 18659 and an open interest of 31623 with an increase of 241 [2]. - **Month - to - Month Spreads**: EC2512 - 2504 was 560.4, showing a daily decrease of 14.0 and a weekly decrease of 10.0; EC2512 - 2602 was - 35.9, with a daily decrease of 25.8 and a weekly decrease of 149.3 [2]. Spot Freight Rates - **Week 50**: MSK's opening rate dropped to $2200, setting the tone. Other shipping companies followed suit, with OA at $2300 - 2400 and PA at $1900 - 2100. The current central rate is $2200, equivalent to 1550 points on the disk [3]. - **Week 51**: MSK opened at $2400, OA at $2500 - 2600, and PA at $2400 [3]. - **Week 52**: MSK's opening quote was $2300 (down $100 from the previous week), OA at $2500 - 2600, PA at $2400, and the central rate was $2500 (equivalent to 1700 points on the disk) [3]. - **Thursday**: ONE, HMM, and YML all lowered their rates to $2400 [4]. - **January**: MSK issued a price - increase letter for January, raising the freight rates of 20 - foot and 40 - foot containers on the European route to $2275 and $3500 respectively [4]. Index Data - **SCFI (European Route)**: Updated weekly. On December 8, 2025, it was 1483.65 points, up 1.72% from the previous period and down 9.50% from two periods ago; in terms of dollars/TEU, it was $1404, down 0.28% from the previous period and up 2.71% from two periods ago [2]. - **CCFI**: Updated weekly. On December 5, 2025, it was 1447.56 points, down 0.12% from the previous period and up 1.14% from two periods ago [2]. - **NCFI**: Updated weekly. On December 5, 2025, it was 967.55 points, down 5.57% from the previous period and up 7.67% from two periods ago [2].

Group 1 - The report titled "Weekly Capacity Deployment Report of Major Foreign Trade Routes in China" covers 13 major global foreign trade routes including routes to the US West Coast, US East Coast, Central and South America, Europe, the Mediterranean, Japan and South Korea, Southeast Asia, and South Africa [1][29] - The report presents capacity data for a total of 12 weeks, including the past 9 weeks, the current week, and the next 2 weeks, along with rankings of major shipping companies on each route [1][29] Group 2 - The capacity deployment ranking for the China-US East Coast route shows OOCL leading with 45,000 TEU, followed by MAERSK with 41,719 TEU, and MSC with 40,000 TEU [5][6][34] - For the China-Europe route, the capacity peaked at 500,000 TEU in week 41, with a gradual decline to 171,608 TEU by week 52 [7][35] - The China-Mediterranean route saw a maximum capacity of 350,000 TEU in week 41, with fluctuations throughout the weeks [9][37] - The China-Red Sea route recorded a capacity of 57,142 TEU in week 41, with a decrease to 6,729 TEU by week 52 [11][39] - The China-Middle East and India-Pakistan route had a capacity of 362,866 TEU in week 41, with a slight decline over the following weeks [13][41] - The China-South America route peaked at 350,000 TEU in week 41, with a gradual decrease to 196,270 TEU by week 52 [15][43] - The China-Southeast Asia route reached a maximum capacity of 800,000 TEU in week 41, with a decline to 417,493 TEU by week 52 [17][45] - The China-East Africa route had a capacity of 40,000 TEU in week 41, with fluctuations leading to 15,003 TEU by week 52 [19][47] - The China-South Africa route recorded a capacity of 20,000 TEU in week 41, with a decrease to 5,000 TEU by week 52 [21][49] - The China-West Africa route peaked at 2,000,000 TEU in week 49, with a decline to 64,568 TEU by week 52 [23][51] Group 3 - The report is published weekly in the official WeChat account of China Shipping Weekly and offers customized reports based on specific needs, covering up to 52 weeks of historical and 8 weeks of future capacity deployment data [28][56] - The collaboration between China Shipping Weekly and Weiyun Network since 2021 enhances the technical support behind the data, ensuring reliable shipping schedule data and maintaining a dynamic database for China's export shipping schedules [28][56]

大宗商品研究所 航运研发报告 期货从业证号： F3084078 投资咨询证号： Z0018656 航运日报 2025 年 12 月 11 日 航运日报 研究员：贾瑞林 第一部分 集装箱航运——集运指数（欧线） 1 / 6 大宗商品研究所 航运研发报告 一、市场分析及策略推荐 市场持续消化 1 月宣涨预期，02 合约提前打入部分旺季预期，今日 EC 盘面维持震 荡偏强：从盘面表现来看，12 月 11 日，EC2602 收盘报 1689 点，较上一日收盘价+1.43%。 12/5 日 SCFI 欧线报 1400 美金/TEU，环比-0.28%。周一盘后放出最新一期 SCFIS 欧线 报 1509.10 点，环比+1.72%，略低于市场预期，主因 11 月底部分船司甩柜加船期延误所 致。另外，今日 CMA CGM 放出 1 月初线上报价 4500 美金/FEU，关注后续市场实际订 舱情况以及宣涨落地幅度。 【逻辑分析】 联系方式： :jiaruilin_qh@chinastock.com.cn | 银河期货集运指数(欧线)日报 | | | | | | | | | --- | --- | --- | --- | -- ...

1. Report Industry Investment Rating - No information provided in the report. 2. Core Views of the Report - Yesterday, the Container Shipping Index (European Line) showed a strong performance. The main 2602 contract reached a high of 1,694.6 points during the session and finally closed at 1,665.2 points, a 3.41% increase. The second - main 2640 contract closed at 1,080.7 points, a 0.57% increase [10]. - In the medium - term, there is still a probability that shipping companies' price increases in January for the 2602 contract will be implemented. However, the overall capacity is not low in both late December and January, high prices are hard to sustain, and there is a drive to stock up at lower prices in late January. In the short - term, market sentiment is optimistic, while in the medium - term, it will be a volatile market. For the 2604 contract, short - selling on rallies has a relatively higher probability of success, and whether the bottom space can be opened depends more on shipping companies' resumption schedules [12]. - The trend strength of the Container Shipping Index (European Line) is 0, indicating a neutral outlook [13]. 3. Summary by Relevant Directory 3.1 Fundamentals Tracking - **Futures Data**: - EC2512 closed at 1,655.1, down 0.36% with a trading volume of 3,169 and an open interest change of - 114. The trading volume to open interest ratio was 0.10, compared to 0.14 the previous day [1]. - EC2602 closed at 1,665.2, up 3.41% with a trading volume of 35,894 and an open interest change of + 669. The trading volume to open interest ratio was 1.14, compared to 0.62 the previous day [1]. - EC2604 closed at 1,080.7, up 0.57% with a trading volume of 3,703 and an open interest change of - 159. The trading volume to open interest ratio was 0.19, compared to 0.14 the previous day [1]. - **Freight Rate Index**: - The SCFIS European route index was 1,509.10, up 1.7% week - on - week. The SCFIS US West route index was 960.51, up 1.2% week - on - week [1]. - The SCFI European route index was $1,400/TEU, down 0.3% bi - weekly. The SCFI US West route index was $1,550/FEU, down 5.0% bi - weekly [1]. - **Spot Freight Rates**: - Gemini Alliance's 52 - week FAK average was about $2,275/FEU. Maersk's Shanghai - Rotterdam opening price was lowered by $100 to $2,300/FEU, and the Hamburg port price remained at $2,300/FEU. HPLSPOT's late - December price was $2,200 - 2,300/FEU [11]. - OA Alliance's late - December quotes were between $2,500 - 2,620/FEU, with an average of about $2,530/FEU. Evergreen's late - December offline price was $2,550/FEU, and its slow - boat CES route price was $2,500/FEU. OOCL's online late - December quote was $2,500 - 2,600/FEU. COSCO's late - December price was around $2,500/FEU, up $200/FEU from the previous period. CMA's late - December price was $2,620/FEU, up $100/FEU from the previous period [11]. - MSC's late - December FAK was $2,640/FEU, up $200/FEU from the early - December [11]. - PA Alliance: Yang Ming quoted $2,800/FEU in week 51 and $2,600/FEU in week 52. It is expected that the PA freight rate center will have a slight decline on the basis of $2,600 - 2,800/FEU, but the late - December freight rate center will be higher than the early - December [11]. - **Exchange Rates**: The US dollar index was 99.24, and the US dollar against the offshore RMB was 7.06 [1]. 3.2 Macro News - On December 10, local time, Ukraine's State Security Service sank an oil tanker of Russia's "shadow fleet" in the Black Sea using naval drones. Russia has not responded yet [8]. - US President Trump said on December 11 that the announcement of the members of the "Gaza Peace Committee" will be made early next year, and many world leaders want to join [8].

Core Viewpoint - EU antitrust regulators have initiated a full-scale investigation into the acquisition bid by BlackRock and MSC for CK Hutchison's terminal at Barcelona port, citing concerns that the deal could result in higher prices or reduced service quality [1] Group 1: Investigation Details - The investigation was opened on Wednesday, indicating the regulatory body's proactive stance on potential antitrust issues [1] - The focus of the investigation is on the implications of the deal for competition in the port services market [1] Group 2: Potential Implications - Concerns have been raised that the acquisition could lead to increased prices for consumers or a decline in service standards [1] - The outcome of the investigation may have significant ramifications for the future operations of BlackRock and MSC in the European market [1]