Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The market expects a concentrated rush to ship before April 1st, which will advance the export volume of photovoltaic modules after April next year. Subsequently, this part of the export volume will decline. The rush to ship may temporarily alleviate the post - holiday decline in freight rates, but it is difficult to benefit most shipping companies, and a price war in the off - season is inevitable. The main contract is supported in the short term, but the benefits of the rush to ship need to be verified. As the subsequent export decline leads to a contraction in cargo volume, the futures market is more suitable for positive spread operations. The recommended strategy is to wait and see [7]. 3. Summary by Related Content 3.1 Shipping Derivatives Data - **Freight Index**: The current values of Shanghai Export Container Freight Index (SCFI), China Export Container Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1647, 1195, 2218, 1323, 3128, 1719, 1956, and 3232 respectively. The previous values are 1656, 1147, 2188, 1250, 3033, 1690, 1795, and 3143 respectively. Their corresponding daily changes are - 0.54%, 4.21%, 1.37%, 5.84%, 3.13%, 1.72%, 8.97%, and 2.83% [4]. 3.2 Market News - The US Supreme Court has set Friday as the "judgment day", which will be the first possible time to rule on President Donald Trump's global tariff policy. If the court rules that Trump's tariffs are illegal, it will weaken his iconic economic policy and become the most significant legal setback since his return to the White House [5]. - According to Lloyd's List Intelligence, the US action to oust Venezuelan leader Nicolas Maduro has further accelerated the trend of "shadow fleet" tankers transferring under Russian flag protection [5]. - The Asia - Europe route has entered the peak shipping season, and liner companies have increased their capacity deployment. According to Xeneta, the capacity supply on the Asia - Pacific to Northern Europe route this week has reached a record high. The pre - Spring Festival rush to ship has begun on the Asia - Pacific to Northern Europe route. Some market observers believe that there are signs of "frontloading" in addition to seasonal demand, while others think that the cargo volume in January is still within the normal historical range [5]. 3.3 Market Quotes - **Spot Price**: The GEMINI quotes of Maersk in the fourth week of January showed differentiation. The Shanghai - Rotterdam quote was 2700 dollars/FEU (a 100 - dollar increase from the previous period), while the quotes from Ningbo - Rotterdam and Shanghai - Gdansk dropped to 2400 dollars/FEU (230 dollars lower than the European base port). Hapag - Lloyd followed the alliance's rhythm, and its quote center fell to 2300 - 2700 dollars/FEU. The OA quotes were unstable in the first half of January. In the second half, EMC quoted 2800 - 2950 dollars/FEU from January 16th to 22nd, still at a high level but with reduced price - holding strength. YML quoted 2600 dollars/FEU from January 16th to 22nd, lower than OA and MSC, and did not follow Maersk's price cut for the time being. MSC's quote in the second half of January was 2840 dollars/FEU, the same as in the first half, and did not follow Maersk's price reduction [6]. 3.4 Impact of Policy Adjustment on the Shipping Market - The State Taxation Administration issued an announcement on adjusting the export tax - refund policy for photovoltaic products. Currently, China exports an average of 35,000 - 40,000 TEU of photovoltaic modules to Europe per month, accounting for about 5% of the total export volume on the European route. It is estimated that before April 1st, the cargo volume on the European route will increase by about 30,000 TEU due to the rush to ship, which is expected to consume the capacity of two 15,000 - TEU ships. After April, third - party institutions predict that the monthly freight volume on the European route will decrease by 3000 - 4000 TEU, accounting for about 0.4%, putting pressure on the demand for far - month contracts [7].

Core Viewpoint - A leading freight forwarding company in Shanghai is facing operational risks due to fluctuations in forward freight costs while expanding its direct customer market. Guotai Junan Futures has developed a tailored hedging solution to mitigate the risk of rising costs by purchasing the EC2512 contract, effectively locking in stable profits for the company [1][4]. Group 1: Industry Common Issues - Fluctuations in freight rates pose significant operational risks across the shipping market, impacting freight forwarders and shippers who face cost pressures from rising rates. Freight forwarders need to hedge against rising costs by purchasing shipping futures, while shipping companies and primary freight forwarders must guard against falling rates by selling futures contracts to lock in profits [2]. - Middle-tier freight forwarding companies often lack effective risk management tools due to insufficient contractual spirit in certain segments, leaving them exposed to unhedged risks [2]. Group 2: Company Background and Needs - The Shanghai-based freight forwarding company is a comprehensive enterprise with a global network. In 2025, the company aims to expand its direct customer market by participating in a tender for European export routes for home appliance companies, needing to quote a fixed price of $1,800/FEU while facing the risk of rising upstream freight costs [3]. Group 3: Service Solution and Implementation - The hedging strategy was designed based on fundamental research, considering geopolitical factors, European economic recovery, and shipping capacity control. Guotai Junan Futures recommended the company to buy shipping futures to hedge against future increases in spot freight costs [4]. - The company won a bid for 64 FEU (32 FEU each for November and December), locking in revenue at $1,800/FEU. To hedge against cost risks, Guotai Junan Futures advised purchasing 16 EC2512 contracts at a price of 1,000 points, corresponding to a freight rate of $1,500/FEU, effectively locking in future costs [6][8]. Group 4: Project Outcomes and Future Cooperation - The hedging strategy allowed the company to manage freight rate risks efficiently at a lower cost, achieving a risk-free profit of $300/FEU by locking in costs at $1,500/FEU while securing $1,800/FEU in revenue. The outcome was well-received by the company [8]. - Following the successful initial collaboration, the company engaged Guotai Junan Futures again in May 2025 for a new round of hedging for December tenders, completing the hedging of 60 FEU within a week, demonstrating improved cooperation efficiency and increased customer satisfaction [9]. Group 5: Industry Promotion and Innovation - Beyond traditional shipping companies and freight forwarders, other groups such as booking platforms and cross-border e-commerce businesses show potential for participating in the shipping derivatives market. These entities can integrate derivatives into their services, indirectly benefiting small and medium-sized freight forwarders [11]. - The "insurance + futures" model combines freight rate risk management with existing shipping insurance products, lowering industry entry barriers and enhancing overall risk coverage capabilities. This approach may be particularly appealing to cross-border e-commerce businesses facing intense competition and seeking to expand their operational space [13].

Report Summary 1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The spot freight rate of the European route has increased, with the freight rate center in late December rising by over $200 compared to early December. The leading shipping companies' price - holding actions have strengthened market confidence. The supply - demand situation shows that the seasonal stocking in Europe has increased the cargo volume and the shipping companies' loading rate. The weekly average capacity of the European route has shrunk in late December, and the effective supply is not overly loose. The resumption of shipping in the Red Sea has made limited progress, and the previous extremely pessimistic expectations in the market are gradually being revised, driving the market to fluctuate upwards. However, the strategy suggests short - selling the 02 contract with a small position at high prices. [9][10] 3. Summary by Relevant Catalogs Shipping Freight Index - The current values of Shanghai Export Container Freight Composite Index (SCFI), China Export Container Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1506, 1118, 1780, 924, 2652, 1538, 1510, and 2737 respectively. The corresponding previous values are 1398, 1115, 1550, 960, 2315, 1400, 1509, and 2300, with the respective growth rates being 7.79%, 0.29%, 14.84%, - 3.75%, 14.56%, 9.86%, 0.07%, and 19.00%. [5] Shipping Derivative Contracts - For contracts EC2506, EC2608, EC2610, EC2512, EC2602, and EC2604, the current values are 1290.0, 1462.4, 1041.2, 1631.5, 1686.8, and 1112.7 respectively. The previous values are 1306.7, 1479.9, 1053.8, 1649.8, 1746.0, and 1149.7, with the growth rates of - 1.28%, - 1.18%, - 1.20%, - 1.11%, - 3.39%, and - 3.22%. [5] Shipping Contract Positions - The current positions of EC2606, EC2608, EC2610, EC2512, EC2602, and EC2604 are 2305, 1351, 4711, 2566, 32483, and 19928 respectively. The previous positions are 2335, 1441, 4739, 2724, 33065, and 19657, with the changes of - 30, - 90, - 28, - 158, - 582, and 271. [5] Shipping Contract Month - to - Month Differences - The month - to - month differences of 12 - 02, 12 - 04, and 02 - 04 are currently - 55.3, 518.8, and 574.1 respectively. The previous values are - 96.2, 500.1, and 596.3, with the changes of 40.9, 18.7, and - 22.2. [5] Market News and Trends - 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 in the large - scale return of container ships to the Red Sea route. The traffic through the Bab el - Mandeb Strait has reached the highest level since January 2024. The FEWB route in December has a low blank sailing rate of 0.9% and reduced capacity due to ship maintenance. Ports in Northern Europe and the Mediterranean are congested, and strong e - commerce demand supports freight rates. The TAWB route has serious congestion in Nordic and Mediterranean ports due to labor disputes, and there is a shortage of containers and trailers in many European countries. [6] EC Market Review - The EC market is in a downward trend. The spot prices in early December from MSK, HPL, OOCL, CMA, EM3, QNE, and MSC are $2500, $2350, $2300, $350, $3100, $2450, and $2450 respectively. In late December, the prices from MSK, HPL, and CMA are $2400, $2050, and $350. MSK plans to raise the price to $3500 in January. [7] Market Logic and Strategy - In the spot market, the PA alliance's low - price cargo collection in the early stage led to a large number of "rolled cargoes". The blank sailing on the FE3 route in week 51 alleviated the cargo - collection pressure, and the freight rate stabilized at $2400. The leading shipping companies' price - holding actions have strengthened market confidence. In terms of supply and demand, the seasonal stocking in Europe has increased the cargo volume, and the shipping companies' loading rate has improved. The weekly average capacity of the European route has shrunk in late December, and the effective supply is not overly loose. The resumption of shipping in the Red Sea has made limited progress, and the previous extremely pessimistic expectations in the market are gradually being revised. The strategy is to short - sell the 02 contract with a small position at high prices. [9][10]

Report Summary 1. Industry Investment Rating No information provided. 2. Core View The current shipping market is in a volatile pattern, mainly affected by index fluctuations, long - short games, and the transition of the main contract. The market is sensitive to short - term factors such as December contract delivery and freight rate implementation, with frequent long - short switches. The focus is shifting from the December contract to subsequent main contracts, but it is still disturbed by short - term factors. The future trend depends on whether the January peak - season expectations can be fulfilled. It is recommended to wait and see in the short term [9]. 3. Summary According to Related Catalogs Shipping Market News - CMA CGM's INDAMEX route will use the Suez Canal for both forward and return voyages between India/Pakistan and the US East Coast, signaling the large - scale return of container ships to the Red Sea route [6]. - The traffic volume through the Bab el Mande Strait has reached the highest level since January 2024 [6]. - The FEWB route has a low blank - sailing rate of 0.9% in December due to shipping companies' strict capacity control, and the market is expected to remain at a high level during Christmas and the New Year. The TAWB route has serious port congestion in Northern Europe and the Mediterranean [6]. Shipping Index and Contract Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) decreased by 0.39% to 1398, and the China Export Container Freight Index (CCFI) decreased by 0.62% to 1115. Different routes had different changes in SCFI, with SCFI - West America down 5.02% and SCFIS - West America up 1.18% [5]. - **Contract Data**: EC contracts showed different trends. For example, EC2506 increased by 0.53% to 1225.6, while EC2608 decreased by 0.07% to 1378.9. The positions of different contracts also changed, with EC2606's position decreasing by 61 to 2274 [5]. EC Market - **Market Review**: The market showed a volatile pattern. The spot prices of different shipping companies changed from early December to late December, and MSK plans to raise the price in January [7]. - **Logic**: The market is affected by index fluctuations, long - short games, and the transition of the main contract. It is sensitive to short - term factors, and the focus is shifting to subsequent main contracts [9]. - **Strategy**: It is recommended to wait and see [10].

Report Summary 1. Report's Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints of the Report - The global shipping market shows complex trends. The INDAMEX route of CMA CGM has changed its navigation path, and the FEWB and TAWB routes have different supply - demand and price situations. The European container shipping line's December contract is in the delivery month, and the market is verifying previous expectations. The future trend depends on the final announcement of the "late - month freight rate", especially the performance of freight rates in mid - to - late December [7][8]. 3. Summary by Relevant Catalogs 3.1 Shipping Freight Index - **Current and Previous Values and Fluctuations**: The current values of Shanghai Export Container Freight Composite Index (SCFI), China Export Container Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe are 1398, 1115, 1550, 960, 2315, 1400 respectively, with corresponding previous values of 1403, 1122, 1632, N/A, 2428, 1404, and the percentage changes are - 0.39%, - 0.62%, - 5.02%, 1.18%, - 4.65%, - 0.28%. The current values of SCFIS - Northwest Europe and SCFI - Mediterranean are 1509 and 2300, with previous values of 1483 and 2232, and the percentage changes are 1.75% and 3.05% respectively [6]. 3.2 Shipping Futures Contracts - **Contract Price and Fluctuations**: For contracts such as EC2506, EC2608, EC2610, EC2512, EC2602, EC2604, the current values are 1217.3, 1356.0, 1028.2, 1669.8, 1615.3, 1077.7 respectively, with previous values of 1252.5, 1367.1, 1040.0, 1658.6, 1609.9, 1092.9, and the percentage changes are - 2.81%, - 0.81%, - 1.13%, 0.68%, 0.34%, - 1.39% [6]. - **Contract Positions**: The current positions of EC2606, EC2608, EC2610, EC2512, EC2602, EC2604 are 2197, 1598, 4071, 3394, 31466, 19613 respectively, with previous values of 2108, N/A, 3976, 3500, 32215, 19350, and the changes in positions are 89, 39, 95, - 106, - 749, 263 [6]. - **Monthly Spread**: The current values of 12 - 02, 12 - 04, 02 - 04 monthly spreads are 54.5, 592.1, 537.6 respectively, with previous values of 48.7, 565.7, 517.0, and the changes are 5.8, 26.4, 20.6 [6]. 3.3 Market News and Analysis - **Route Changes**: CMA CGM's INDAMEX route between India/Pakistan and the US East Coast will now pass through the Suez Canal, indicating a significant return of container ships to the Red Sea route [7]. - **FEWB Route**: In December, shipping companies strictly control capacity, with a blank - sailing rate of only 0.9%. Ship maintenance further reduces capacity. Ports in Northern Europe and the Mediterranean are congested, which extends ship turnover and increases rejections. Strong e - commerce demand supports freight rates, and shipping companies' General Rate Increases (GRI) drive the market up, with high prices expected during Christmas and the New Year [7]. - **TAWB Route**: Ports in Northern Europe (such as Rotterdam) and the Mediterranean are severely congested due to labor disputes, with yard utilization rates exceeding 90%. Many European countries also face container shortages [7]. - **European Container Shipping Spot Price**: In early December, MSK quoted 2500, HPL quoted 2350, CMA quoted 3550, etc. MSK issued a price - increase notice for January. In late December, MSK quoted 2400, HPL quoted 2050, CMA still quoted 3550 [8]. 3.4 Market Strategy - The recommended strategy is to wait and see [9].

Report Overview - **Report Title**: Shipping Derivatives Data Daily Report [4] - **Report Date**: December 1, 2025 [5] - **Researcher**: Lu Zhaoyi from the Energy and Chemical Research Center of Guomao Futures Research Institute [5] Industry Investment Rating - No industry investment rating is provided in the report. Core View - The EC market shows a weak and volatile trend. The main reason is the news that Maersk's vessels are expected to start partial resumption of passage through the Suez Canal in early December 2025 as a prelude to full resumption of navigation, and CMA CGM plans to achieve full navigation in December 2026. The future market trend will present a weak and volatile pattern, with core driving factors including the implementation of December freight rates, the strength of the January price increase, and seasonal changes in cargo volume [7]. Summary by Relevant Catalogs Shipping Freight Index - **SCFI**: The current value of the Shanghai Export Container Freight Composite Index (SCFI) is 1403, with a previous value of 1394 and a rise - fall rate of 0.69%. The China Export Container Freight Index (CCFI) has a current value of 1122, a previous value of 1123, and a rise - fall rate of - 0.09%. Different routes show varying trends, such as SCFI - US West with a - 0.79% change, SCFI - US East with a 1.85% change, etc. [5] - **SCFIS**: SCFIS - Northwest Europe has a current value of 1357, a previous value of 1504, and a rise - fall rate of - 9.77%. SCFIS - Mediterranean has a current value of 2232, a previous value of 2055, and a rise - fall rate of 8.61% [5] Shipping Futures Contracts - **Contract Prices**: For contracts such as EC2506, EC2608, etc., prices show different changes. For example, EC2506 has a current value of 1190.1, a previous value of 1252.0, and a rise - fall rate of - 4.94% [5] - **Contract Positions**: Positions of different contracts also change. For example, the current position of EC2606 is 2186, with a previous position of 1986 and a change of 200 [5] - **Monthly Spreads**: The current value of the 12 - 02 monthly spread is 225.2, with a previous value of 235.0 and a change of - 9.8 [5] Market News - Maersk and Hapag - Lloyd have no specific time to adjust the "Gemini" east - west routes. CMA CGM refuses to comment on full return to the Red Sea routes, and its self - operated fleet has not fully resumed. The Suez Canal Authority expects full recovery of vessel traffic volume and revenue normalization by the end of 2026. There is a new battlefield in Sino - US competition affecting third - country trade agreements [6] EC Market Analysis - **Spot Prices**: In early December, MSK quotes 2500, HPL quotes 2350, etc. [7] - **Market Logic**: The future market will be weak and volatile. If leading shipping companies maintain quotes between 2400 - 2600 US dollars/FEU in December and there is no large - scale overbooking, EC near - month contracts will continue to be under pressure. The difficulty of the January price increase will increase if cargo volume remains weak or shipping company quotes diverge more, limiting the upside space of the 02 contract. Seasonal cargo volume changes from late December to early January need to be observed [7] - **Strategy**: It is recommended to wait and see as the 12 - contract is gradually losing trading value [8]

Report Overview - The report is a shipping derivatives data daily report focusing on shipping-related indices, futures contracts, and market analysis [4]. Key Data Points Freight Rate Index - **SCFI Composite Index**: Present value is 1394, previous value was 1451, with a decline of -3.98% [4]. - **CCFI Index**: Present value is 1123, previous value was 1094, with an increase of 2.63% [4]. - **SCFI - US West**: Present value is 1645, previous value was 1823, with a decline of -9.76% [4]. - **SCFIS - US West**: Present value is 1107, previous value was 1238, with a decline of -10.58% [4]. - **SCFI - US East**: Present value is 2384, previous value was 2600, with a decline of -8.31% [4]. - **SCFI - Northwest Europe**: Present value is 1367, previous value was 1417, with a decline of -3.53% [4]. - **SCFIS - Northwest Europe**: Present value is 1357, previous value was 1504, with a decline of -9.77% [4]. - **SCFI - Mediterranean**: Present value is 2055, previous value was 2029, with an increase of 1.28% [4]. Futures Contracts - **Contract Prices**: For example, EC2506 present value is 1190.1, previous value was 1252.0, with a decline of -4.94% [4]. - **Contract Holdings**: EC2606 present holding is 2186, previous holding was 1986, an increase of 200 [4]. - **Monthly Spreads**: For 12 - 02, present value is 225.2, previous value was 235.0, a decline of -9.8 [4]. Market Analysis EC Market - **Market Condition**: The market is oscillating weakly. Rumors suggest Maersk's vessels will partially resume sailing through the Suez Canal in early December 2025, and CMA CGM plans full navigation in December [5]. - **Spot Prices**: In early December, MSK quoted 2500, HPL 2350, OOCL 2300, CMA 3550, EMC 3100, ONE 2450, and MSC 2450 [5]. - **Logic**: The future market will be oscillating weakly. Key factors include the implementation of December freight rates, the execution of January price increase letters, and seasonal changes in cargo volume [5]. Strategy - The recommended strategy is to wait and see as the 12 - contract is gradually losing trading value [6].

Group 1: Report Overview - Report Name: Shipping Derivatives Data Daily Report [4] - Date: November 26, 2025 [5] - Data Sources: Clarksons, Wind [5] Group 2: Freight Index Current and Previous Values - Shanghai Export Containerized Freight Index (SCFI) current value: 1394, previous value: 1451, change: -3.98% [5] - China Containerized Freight Index (CCFI) current value: 1123, previous value: 1094, change: 2.63% [5] - SCFI - West Coast of the United States current value: 1645, previous value: 1823, change: -9.76% [5] - SCFIS - West Coast of the United States current value: 1107, previous value: 1238, change: -10.58% [5] - SCFI - East Coast of the United States current value: 2384, previous value: 2600, change: -8.31% [5] - SCFI - Northwest Europe current value: 1367, previous value: 1417, change: -3.53% [5] - SCFIS - Northwest Europe current value: 1357, previous value: 1504, change: -9.77% [5] - SCFI - Mediterranean current value: 2055, previous value: 2029, change: 1.28% [5] Contract Information - Contract EC2506 current value: 1338.0, previous value: 1358.2, change: -1.49% [5] - Contract EC2608 current value: 1464.0, previous value: 1488.1, change: -1.62% [5] - Contract EC2610 current value: 1108.0, previous value: 1110.0, change: -0.18% [5] - Contract EC2512 current value: 1650.0, previous value: 1779.7, change: -7.29% [5] - Contract EC2602 current value: 1453.5, previous value: 1568.6, change: -7.34% [5] - Contract EC2604 current value: 1126.4, previous value: 1142.1, change: -1.37% [5] Position and Spread - EC2606 position current value: 1629, previous value: 1534, change: 95 [5] - EC2608 position current value: 1399, previous value: 1325, change: 74 [5] - EC2610 position current value: 2556, previous value: 2597, change: -41 [5] - EC2512 position current value: 6454, previous value: 6862, change: -408 [5] - EC2602 position current value: 48279, previous value: 43333, change: 4946 [5] - EC2604 position current value: 17016, previous value: 16096, change: 920 [5] - 12 - 02 spread current value: 196.5, previous value: 211.1, change: -14.6 [5] - 12 - 04 spread current value: 523.6, previous value: 637.6, change: -114.0 [5] - 02 - 04 spread current value: 327.1, previous value: 426.5, change: -99.4 [5] Group 3: Market News - The last trading Monday in February 2026 for container shipping index (European line) futures EC2602 is February 9 [6] - Iran carried out a maritime attack on a suspicious target approaching Israel in the Gulf of Oman [6] - The ship CMA CGM JULES VERNE/ MEX1 is actually passing through the Red Sea/Suez Canal directly instead of going around the Cape of Good Hope as scheduled [6] Group 4: EC Market Analysis Market Summary - The market is in a downward trend, mainly due to some airlines reducing December prices [7] Spot Prices - In early December, MSK quoted 2500, HPL quoted 2350, 00CL quoted 2300, CMA quoted 3550, EM3 quoted 3100, ONE quoted 2450, and MSC quoted 2450 [7] Market Logic - December freight rate implementation: If leading shipping companies like Maersk maintain quotes between 2400 - 2600 dollars/FEU and there is no large - scale overbooking, the EC near - month contract will continue to be under pressure [7] - January price increase letter implementation: Shipping companies plan to raise prices again in January, but if cargo volume remains weak or shipping company quotes diverge more, the price increase will be harder to implement, limiting the upside of the 02 contract [7] - Seasonal cargo volume changes: December下旬 to January上旬 is the traditional peak season. If there is overbooking, it may briefly boost freight rates [7] Outlook - Short - term strategy is to wait and see, focusing on December freight rate implementation and January price increase letter effectiveness [7] - If December freight rates are implemented at 80% of the quote, the EC2602 contract may test the 1500 - 1700 point range; if price support is successful, the 02 contract may rise to 1800 - 1900 points [7] Strategy - The recommended strategy is to wait and see, as the 12 - contract is gradually losing trading value [8]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The overall shipping derivatives market shows a mixed trend. The Shanghai and China export container freight rates have different changes, with some routes experiencing declines and others increases. The EC market is expected to be in a weak - oscillating pattern, and short - term observation is recommended, focusing on the actual implementation of December freight rates and the effectiveness of January price increase letters [5][7]. 3. Summary by Relevant Catalogs 3.1 Shanghai and China Export Container Freight Rates - **Current and Previous Values and Changes**: The current values of the Shanghai Export Container Freight Index (SCFI) and the China Export Container Freight Index (CCFI) are 1394 and 1123 respectively, with the previous values being 1451 and 1094, showing a - 3.98% and 2.63% change. For different routes, SCFI - US West has a current value of 1645, a previous value of 1823, and a - 9.76% change; SCFIS - US West has a current value of 1107, a previous value of 1238, and a - 10.58% change; SCFI - US East has a current value of 2384, a previous value of 2600, and a - 8.31% change; SCFI - Northwest Europe has a current value of 1367, a previous value of 1417, and a - 3.53% change; SCFIS - Northwest Europe has a current value of 1357, a previous value of 1504, and a - 9.77% change; SCFI - Mediterranean has a current value of 2055, a previous value of 2029, and a 1.28% change [5]. 3.2 EC Contracts - **Current and Previous Values and Changes**: For EC contracts, the current values of EC2506, EC2608, EC2610, EC2512, EC2602, and EC2604 are 1358.2, 1488.1, 1110.0, 1779.7, 1568.6, and 1142.1 respectively, with corresponding previous values being 1350.0, 1474.3, 1099.1, 1773.9, 1556.1, and 1133.2, showing changes of 0.61%, 0.94%, 0.99%, 0.33%, 0.80%, and 0.79% [5]. - **Position Changes**: The current positions of EC2606, EC2608, EC2610, EC2512, EC2602, and EC2604 are 1534, 1325, 2491, 6862, 43333, and 16096 respectively, with the previous positions being 1565, 1324, 2597, 7323, 43433, and 15961, showing changes of - 31, 1, - 106, - 461, - 100, and 135 [5]. - **Monthly Spread Changes**: The current monthly spreads of 12 - 02, 12 - 04, and 02 - 04 are 211.1, 637.6, and 426.5 respectively, with the previous values being 217.8, 640.7, and 422.9, showing changes of - 6.7, - 3.1, and 3.6 [5]. 3.3 Market Outlook and Strategy - **Market Outlook**: The EC market is expected to be in a weak - oscillating pattern. The core driving factors include the implementation of December freight rates, the execution of January price increase letters, and the seasonal change of cargo volume. In the short - term, it is recommended to wait and see, focusing on the actual implementation of December freight rates and the effectiveness of January price increase letters. If the December freight rates are implemented at a 20% discount, the EC2602 contract may test the 1500 - 1700 point range; if the price - holding is successful, the 02 contract may oscillate upwards to the 1800 - 1900 point range [7]. - **Strategy**: It is recommended to wait and see, as the 12 - contract is gradually losing trading value [8].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The market for shipping derivatives shows a mixed performance. The overall trend of the EC market is downward, and the future market will show a volatile and weak pattern. The core driving factors include the implementation of December freight rates, the execution of the January price increase letter, and seasonal changes in cargo volume. It is recommended to wait and see in the short - term, focusing on the actual implementation of December freight rates and the effectiveness of the January price increase letter [7]. 3. Summary by Relevant Content Freight Index - **Current and Previous Values and Changes**: The Shanghai Export Container Freight Index (SCFI) is currently at 1394, down 3.98% from the previous value of 1451; the China Export Container Freight Index (CCFI) is at 1123, up 2.63% from 1094. For different routes, SCFI - West America is at 1645, down 9.76% from 1823; SCFI - East America is at 2384, down 8.31% from 2600; SCFI - Northwest Europe is at 1367, down 3.53% from 1417; SCFIS - Northwest Europe is at 1357, down 9.77% from 1504; SCFI - Mediterranean is at 2055, up 1.28% from 2029 [5]. Energy - Related Contracts - **Price and Position Changes**: For energy - related contracts such as EC2506, EC2608, etc., prices are mostly down. For example, EC2506 is currently at 1350.0, down 2.25% from 1381.1. In terms of positions, EC2608's position increased by 100 to 1324, while EC2512's position decreased by 737 to 7323 [5]. - **Month - Spread Changes**: The 12 - 02 month - spread is currently at 217.8, up 73.1 from 144.7; the 12 - 04 month - spread is at 640.7, up 28.0 from 612.7; the 02 - 04 month - spread is at 422.9, down 45.1 from 468.0 [5]. Market Outlook and Strategy - **Market Outlook**: The EC market's future trend will be volatile and weak. If leading shipping companies like Maersk maintain a quote range of $2400 - 2600/FEU in December and there is no large - scale over - booking, the near - month EC contracts will continue to be under pressure. The implementation of the January price increase letter depends on cargo volume and shipping company quotes. The period from late December to early January is a traditional peak season, and if cargo volume exceeds expectations, it may briefly boost freight rates [7]. - **Strategy**: It is recommended to wait and see, as the 12 - contract is gradually losing trading value. If the December freight rates are implemented at an 80% discount, the EC2602 contract may test the 1500 - 1700 point range; if the price - holding is successful, the 02 contract may rise to 1800 - 1900 points [7][8]. Other Information - The last trading Monday for futures in February 2026 is February 9, and the last trading day for the Container Shipping Index (European Line) Futures BC2602 contract is also February 9, 2026 [6]. - There are events such as Iran's actions in the Oman Bay and a ship's actual route deviation from the schedule [6].