Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - For the EC2604 contract, attention should be paid to the spot market and actual rush shipping. Before the Spring Festival, the falling spot prices suppress the futures market, and shorting on rallies is relatively safe. However, as freight rates decline, shipping companies may announce price increases to stabilize prices, which may also trigger a wave of shipping after the Spring Festival, potentially weakening the downward slope of prices in March. Currently, the valuation of EC2604 is moderately high, and shorting opportunities on rallies can be considered, while geopolitical fluctuations need to be noted. [3] - The adjustment of export tax rebates is negative for the far - month contracts, but the far - month contracts are greatly affected by geopolitical fluctuations. It is recommended to operate with caution and mainly adopt a positive spread trading strategy. Currently, the valuation of EC2610 is high, and shorting opportunities for EC2610 on rallies can be considered. [3] Group 3: Summary of Related Data Futures Contract Data - EC2602: Yesterday's closing price was 1726.7, up 0.52%, with a basis of 227.5, trading volume of 565, and open interest of 4225, a decrease of 176. [2] - EC2604: Yesterday's closing price was 1200.2, up 5.44%, with a basis of 754.0, trading volume of 43172, and open interest of 41690, an increase of 541. [2] - EC2606: Yesterday's closing price was 1447.6, up 2.46%, with a basis of 506.6, trading volume of 4483, and open interest of 7324, an increase of 1333. [2] - EC2608: Yesterday's closing price was 1524.0, up 1.91%, with a basis of 430.2, trading volume of 614, and open interest of 1515, an increase of 172. [2] - EC2610: Yesterday's closing price was 1114.2, up 1.94%, with a basis of 840.0, trading volume of 2148, and open interest of 8565, an increase of 195. [2] Month - spread Data - EC2502 - 2604: The previous day's value was 526.5, with a day - on - day decrease of 52.9 and a week - on - week decrease of 70.9. [2] - EC2504 - 2606: The previous day's value was - 247.4, with a day - on - day increase of 27.2 and a week - on - week decrease of 42.6. [2] Spot Index Data - SCFIS (European line): Updated weekly on Monday, as of January 19, 2026, it was 1954.19 points, down 0.11% from the previous period, and up 8.94% from the period before the previous one. [2] - SCFI (European line): Updated weekly, as of January 23, 2026, it was 1595 US dollars/TEU, down 4.83% from the previous period and down 2.50% from the period before the previous one. [2] European Line Spot Freight Situation - Week 5: MSK's opening price was 2450 (a decrease of 300 compared to the previous period), PA was 2400 (special price 2200), and OA was 2500 - 2700 US dollars. The central price was 2500 US dollars, equivalent to 1750 points on the futures market. [4] - Week 6: MSK's opening price was 2050 (a decrease of 400 compared to the previous period), PA was around 2200, MSC was 2340, and OA was 2400 - 2500 US dollars. The central price was 2320 US dollars, equivalent to 1625 points on the futures market. [4] Group 4: News and Geopolitical Information - On January 27, a US official said that US President Trump fully agreed with Israeli Prime Minister Netanyahu's statement that the reconstruction of Gaza would not start until Hamas was demilitarized and disarmed. [4] - On January 27, US President Trump said that the situation in Iran was "changing rapidly" as he sent a "huge fleet" to the region, but he thought Iran really wanted to reach an agreement. [4] - On January 27, Lebanon's Hezbollah said it would not stand by in the face of military action against Iran. Iran warned the US that if it launched a military strike, it would attack US aircraft carriers. [4] - On January 26, the Israeli Civil Aviation Authority said that this weekend was a sensitive period. On January 25, it notified several foreign airlines that Israel might enter a "sensitive period" around January 30. It emphasized that if the safety assessment showed that a reasonable safety level could not be ensured, Israel would immediately close its airspace and prioritize the departure of foreign flights. [4] - On January 26, an unnamed US official said that the USS Abraham Lincoln Carrier Strike Group had entered the US Central Command's area of responsibility in the western Indian Ocean. If the White House ordered an attack on Iran, the carrier strike group could launch a military operation "within one or two days" in theory. [4]

Week5: MSK开舱2450 (环比-300) , PA2400 (特价2200) , OA2500-2700美金。中枢2500美金, 折盘1750点, 消息面 Week6: MSK开舱2050 (环比-400) , PA2200附近, MSC2340, OA2400-2500美金, 中枢2320美金, 折盘1625点, | | | | | | | 研究中心能化团队 | | | 2026/1/26 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合约 | | 昨日收盘价 | 涨跌 | 基差 | 昨日成交量 | | 昨日持仓量 | 持色变动 | | | EC2602 | | 1717.7 | 0.59% | 236.5 | 532 | | 4401 | -280 | | | EC2604 | | 1138.3 | 0.05% | 815.9 | 30781 | | 41149 | 379 | | | EC2606 | | 1412.9 | 0.99% | 541.3 | 4476 | | 5791 | 908 | | | ...

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - The spot price was weak before the festival, and funds were betting on the post - festival price increase in advance [1] - The delivery pressure of ultra - large vessels in 2026 is relatively small, while the annual delivery volume of 17000 + TEU vessels in 2027, 2028, and 2029 exceeds 40 ships [3] - The 02 contract fluctuates, and the 04 contract has a bearish drive. The cancellation of the VAT export tax rebate policy for products such as photovoltaic may disrupt the off - season attribute of the 04 contract, and the fluctuation of the 04 contract is expected to increase. The attempt of Maersk to resume sailing through the Red Sea and the Suez Canal will disrupt the expectations of more distant contracts [4][5] 3. Summary According to Relevant Catalogs 3.1 Futures Prices - As of January 22, 2026, the total open interest of all contracts of the container shipping index (European line) futures was 60,133.00 lots, and the single - day trading volume was 24,650.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2612 contracts were 1707.60, 1137.70, 1399.10, 1498.40, 1086.40, and 1350.00 respectively [6] 3.2 Spot Prices - Online quotes from different shipping companies for the Shanghai - Rotterdam route are provided, including quotes from Gemini Cooperation, MSC + Premier Alliance, Ocean Alliance, etc. For example, Maersk's WEEK5 price for Shanghai - Rotterdam was 1520/2440, and WEEK6 was 1275/2030 [1][2] - The SCFI (Shanghai - Europe route) price announced on January 16 was 1676 US dollars/TEU, the SCFI (Shanghai - US West route) was 2194 US dollars/FEU, and the SCFI (Shanghai - US East) was 3165 US dollars/FEU. The SCFIS (Shanghai - Europe) on January 19 was 1954.19 points, and the SCFIS (Shanghai - US West) was 1305.27 points [6] 3.3 Container Ship Capacity Supply - Static supply: As of December 31, 2025, 268 container ships with a total capacity of 2.155 million TEU were delivered in 2025. The delivery expectations for 12000 - 16999TEU and 17000 + TEU ships from 2026 - 2029 are also provided. For example, 12000 - 16999TEU ships are expected to deliver 781,200 TEU (53 ships) in 2026 [3] - Dynamic supply: The average weekly capacity in January was 342,200 TEU, in February was 273,700 TEU, and in March was 289,700 TEU. There were 2 TBNs and 8 blank sailings in February and 5 blank sailings and 3 TBNs in March [4] 3.4 Supply Chain - Due to the complex and uncertain international situation, CMA CGM has decided to divert ships on the FAL 1, FAL 3, and MEX routes via the Cape of Good Hope instead of the Suez Canal [2] 3.5 Demand and European Economy - The cancellation of the VAT export tax rebate for products such as photovoltaic may disrupt the shipping rhythm of related industries and the pricing strategies of shipping companies. Attention should be paid to whether the cargo volume from the Far East to Europe in February and March can increase significantly and whether the actual freight rates will be stronger than in normal years [5]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: January 22, 2026 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The spot market shows signs of peaking, with the Shanghai Port's export freight rate to European base ports falling after rising, and multiple shipping companies lowering their quotes for late January. The inflection point of the spot high has likely appeared. However, the sudden change in the Red Sea re - navigation situation may boost the sentiment of far - month contracts [8]. Summary by Directory 1. Market Review and Operation Suggestions - Spot Market: The Shanghai Port's export freight rate to European base ports stopped rising and started to fall, with the SCFIS index also dropping slightly. Many shipping companies, including Maersk, OOCL, HMM, and ONE, have lowered their quotes for late January, indicating a signal of shipping companies reducing prices to attract cargo and suggesting that the spot high - point inflection has emerged. - Red Sea Situation: Maersk changed its decision on the route, diverting ships on certain routes via the Cape of Good Hope instead of the Suez Canal due to the complex international situation, which may boost the sentiment of far - month contracts [8]. 2. Industry News - Market Overview (January 12 - 16): To cope with the "Spring Festival" holiday, the cargo volume increased slightly, while the freight rates on ocean routes and the comprehensive index decreased. The Shanghai Export Container Comprehensive Freight Index dropped by 4.4% to 1574.12 points on January 16 [9]. - European Route: The Sentix euro - zone investor confidence index in January was better than expected, showing improved investor confidence. The shipping demand was stable with a slight increase, the average container utilization rate in Shanghai Port was nearly full, but the route freight rate dropped slightly, with the Shanghai Port's export freight rate to European base ports falling 2.5% to $1676/TEU on January 16 [9]. - Mediterranean Route: Similar to the European route, the spot market booking price dropped more than that of the European route, with the Shanghai Port's export freight rate to Mediterranean base ports falling 7.7% to $2983/TEU on January 16 [9]. - North American Route: The US labor market was stabilizing, the shipping market supply - demand situation was generally stable, the average container utilization rate in Shanghai Port was over 90%, and the spot market booking price fluctuated slightly. The Shanghai Port's export freight rates to the US West and East base ports were $2194/FEU and $3165/FEU respectively on January 16, with a 1.1% decrease and a 1.2% increase compared to the previous period [10]. - Contract Adjustment: The Shanghai International Energy Exchange will adjust the container shipping index (European line) futures contract months from February 10, 2026, adding EC2605, EC2607, EC2609, and adding EC2703 on March 31, 2026 [10]. - Gaza Cease - fire Plan: The second - stage plan of the Gaza cease - fire has differences between Netanyahu and Trump, and although there are many problems in the first - stage plan, Trump hopes to enter the second stage [10]. - Yemen Situation: The Houthi armed forces warned Saudi Arabia not to take military action, while the Yemeni President's Leadership Council announced the establishment of a supreme military committee to prepare for the next - stage action if the Houthi armed forces continue to reject the peace solution [10]. 3. Data Overview - Container Shipping Spot Prices: The SCFIS for the European route decreased by 0.1% from January 12 to January 19, and the SCFIS for the US West route decreased by 1.4% during the same period [12]. - Container Shipping Index (European Line) Futures Market: The trading data of multiple contracts on January 21 are presented, including EC2602, EC2604, EC2606, etc., with details such as opening price, closing price, settlement price, change, and trading volume [6]. - Shipping - Related Data Charts: There are charts showing the container ship capacity in Europe, the global container ship order backlog, the Shanghai - Europe base port freight rate, and the Shanghai - Rotterdam spot freight rate [18][22]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The 02 contract follows the delivery logic with a small deviation. The 04 contract needs attention on the spot market and actual rush - shipping situation. Spot price decline suppresses the futures market, but the potential increase in post - Chinese New Year rush - shipping may weaken the price decline slope in March. The current valuation of the 04 contract fluctuates widely within a reasonable range, and it is recommended to pay attention to possible correction opportunities. The adjustment of export tax rebates is negative for the far - month contracts, but far - month contracts are greatly affected by geopolitical factors. It is generally recommended to focus on shorting the 10 contract on rallies. Currently, the valuations of the 04 and 10 contracts are neutral with limited downward space [3] Group 3: Summary by Relevant Catalog Futures Contract Quotes - EC2602 closed at 1714.3 with a 0.22% increase, trading volume of 1999, and an open interest of 6439 with a decrease of 1139. EC2604 closed at 1132.2 with a 1.00% increase, trading volume of 30559, and an open interest of 41888 with a decrease of 744. EC2606 closed at 1318.0 with a 0.52% increase, trading volume of 2329, and an open interest of 4200 with an increase of 420. EC2608 closed at 1459.0 with a 0.45% decrease, trading volume of 121, and an open interest of 1366 with a decrease of 19. EC2610 closed at 1054.1 with a 0.09% decrease, trading volume of 1410, and an open interest of 8186 with an increase of 248 [2] - For the month - spread, EC2502 - 2604 was 582.1 compared to the previous day, with a day - on - day decrease of 7.4 and a week - on - week increase of 61.4. EC2504 - 2606 was - 185.8, with a day - on - day increase of 4.4 and a week - on - week increase of 28.0 [2] Spot Indexes - The SCHIS (European route) index on January 12, 2026, was 1956.39, showing an 8.94% increase from the previous period and a 3.05% increase from the period before the previous one. The SCFI (European route) index on January 16, 2026, was 1676 dollars/TEU, a 2.50% decrease from the previous period [2] European Route Spot Situation - In Week 4, MSK opened the cabin at 2750 (a 100 increase from the previous period), PA at 2400 (YML had two special offers at 2250), and OA at 2700 - 2900 dollars. The central price was 2630 dollars, equivalent to 1840 points on the futures. In Week 5, MSK opened the cabin at 2450 (a 300 decrease from the previous period), PA at 2400 (special offer at 2200), and OA at 2700 dollars. The central price was 2540 dollars, equivalent to 1780 points on the futures [3] Related News - On January 20, Iran stated that the internet would return to normal within the week, and the Iranian security forces' commander said that the government had fully restored order in all cities. Russia, Belarus, the EU, Norway, Poland, Thailand, Uzbekistan and other countries have successively stated that their leaders have been invited to join the Gaza "Peace Committee" [4]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The EC2602 contract follows the delivery logic with a small deviation. For the EC2604 contract, attention should be paid to the spot market and actual rush - shipping situations. Spot price drops suppress the futures market, but the potential increase in post - Chinese - New - Year rush shipping may weaken the price decline slope in March. The current valuation of EC2604 fluctuates widely within a reasonable range, and subsequent corrective market conditions are worth noting [3]. - Export tax - rebate adjustments are negative for far - month contracts, but far - month contracts are greatly affected by geopolitical factors. It is generally recommended to focus on shorting the EC2610 contract at high levels. Currently, the valuation of EC2610 is neutral with limited downward space [3]. - After the exchange changes the contract rules on February 10, the EC2602 contract will be removed, and new contracts such as EC2605, EC2507, and EC2509 will be added. Seasonally, EC2607 is a peak season contract, while EC2605 and EC2609 are often off - season contracts. Considering geopolitical impacts, a positive spread arbitrage strategy is recommended, and combinations like EC2608 - EC2609 and EC2609 - EC2610 are relatively safe [3]. 3. Summary by Relevant Catalogs Contract Price and Volume Information - The closing prices of EC2602, EC2604, EC2606, EC2608, and EC2610 contracts are 1710.5, 1121.0, 1311.2, 1465.6, and 1055.1 respectively, with changes of - 0.49%, - 6.79%, - 7.713%, - 3.89%, and - 5.03% [2]. - The trading volumes of EC2602, EC2604, EC2606, EC2608, and EC2610 contracts are 2433, 49713, 4137, 448, and 2150 respectively, and the open interests are 7578, 42632, 3780, 1385, and 7938 respectively, with open - interest changes of - 1300, 1800, 7.32, 64, and 357 respectively [2]. - The month - spreads of EC2502 - 2604 and EC2504 - 2606 are 589.5 and - 190.2 respectively, with month - on - month changes of 73.2 and 28.9, and week - on - week changes of 122.3 and 14.1 [2]. Spot Market Information - The SCFIS (European route) index on January 12, 2026, is 1956.39 points, with a month - on - month increase of 8.94% and a previous - period increase of 3.05% [2]. - The SCFI (European route) on January 16, 2026, is 1676 dollars/TEU, a decrease of 2.50% compared to the previous period [2]. - In Week 4, the central price of European - route spot shipping is 2630 dollars, equivalent to 1840 points on the futures market. In Week 5, it drops to 2540 dollars, equivalent to 1780 points [4]. Relevant News - On January 19, the US invites 60 countries to join the Gaza Peace Committee, and Trump plans to charge over one billion dollars in membership fees for permanent seats on the committee [5]. - The EU is considering imposing tariffs on US goods worth 93 billion euros or restricting US companies from entering the EU market in response to Trump's decision to impose a 10% tariff on goods from eight European countries starting February 1, 2026, and increasing it to 25% from June 1 [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - For the EC2602 contract, it is moving towards the delivery logic, and its subsequent performance will be affected by the spot market. With a neutral valuation currently, it is not recommended to enter the market [3]. - For the EC2604 contract, attention should be paid to the spot market and actual rush - shipping situations. The expected decline in the Week 5 MSK opening price may suppress the market, but the increasing rush - shipping scale due to falling freight rates may weaken the price decline slope in March. The valuation fluctuates widely within a reasonable range, and it is advisable to watch for potential correction opportunities [3]. - The adjustment of export tax rebates is negative for the far - month contracts. Considering significant geopolitical disturbances in the far - month contracts, it is generally recommended to short the 10 - contract on rallies [3]. 3. Summary by Relevant Content Market Data - **Contract Prices and Changes**: On January 15, 2026, the closing prices of EC2602, EC2604, EC2606, EC2608, and EC2610 were 1718.0 (down 0.14%), 1230.5 (up 2.57%), 1424.1 (up 0.75%), 1532.6 (up 0.18%), and 1118.0 (up 0.96%) respectively. The trading volumes were 5642, 45075, 1903, 212, and 1822, and the open interests were 10461 (down 1401), 40044 (up 1274), 3130 (down 134), 1306 (down 53), and 7625 (up 179) [2]. - **Month - spread**: The month - spreads of EC2502 - 2604 and EC2504 - 2606 were 487.5 and - 193.6 respectively, with day - on - day changes of - 33.2 and 20.2 [2]. - **Shipping Indexes**: The SCFIS (European Line) on January 12, 2026, was 1956.39 points, up 8.94% from the previous period; the SCFI (European Line) on January 9, 2026, was 1719 dollars/TEU, up 1.72% [2]. Spot Market Conditions - **Week 3**: MSK opened at 2600 dollars, other alliances had small declines. The central price was 2750 dollars, equivalent to about 1930 points [4]. - **Week 4**: MSK opened at 2700 dollars, other alliances remained stable. The central price was 2750 dollars, equivalent to about 1930 points [4]. - **Week 5**: MSK opened at 2400 dollars (down 300 dollars from the previous week), YML quoted 2650 dollars, MSC quoted 2640 dollars. The overall central price was 2650 dollars (equivalent to 1855 points). On Wednesday, YML offered special prices of 2250 dollars for two routes [4]. News - **Palestinian Cease - fire Agreement**: On January 15, Palestinian factions reached a consensus on the second - stage requirements of the Gaza cease - fire agreement and on establishing an independent committee to manage Gaza [5]. - **US and Iran Situation**: The US special envoy launched the second stage of the "ten - point plan" to end the Gaza conflict; Iran closed its airspace; Trump hinted at postponing military action against Iran, causing international oil prices to drop by 4% [6].

Report Information - Report Title: "集运指数日报" [1] - Date: January 14, 2026 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - The spot price of shipping increased well in early January, and the SCFIS index rebounded above 1900 points on Monday, rising 8.9% to 1956.39 points. However, shipping companies have recently lowered their quotes for late January, and the inflection point of the spot price peak may appear. The index fluctuated greatly this week, and the 04 contract rebounded significantly. Short - term bullish factors may be difficult to disprove, and sentiment may support the contract to run strongly [8] Summary by Directory 1. Market Review and Operation Suggestions - **Spot Market**: In early January, the price increase was well implemented. On Monday, the SCFIS index returned above 1900 points, rising 8.9% to 1956.39 points. Shipping companies have recently lowered their quotes for late January. After the peak shipping season, they may cut prices to attract customers, and the inflection point of the spot price peak may appear. The index fluctuated greatly this week, affected by factors such as tax - refund rush shipping and the Red Sea situation. The 04 contract rebounded significantly, and short - term sentiment may support the contract [8] 2. Industry News - From January 5th to January 9th, the overall market of China's export container transportation was stable, with different routes showing differentiated trends. In December 2025, China's official comprehensive PMI was 50.7, up 1 percentage point month - on - month. The manufacturing industry's production and demand recovered significantly, and the service industry's prosperity increased slightly. On January 9th, the Shanghai Export Containerized Freight Index was 1647.39 points, down 0.5% from the previous period. In the European route, the eurozone's unemployment rate in November 2025 dropped to 6.3%. The shipping demand was stable, and the spot booking price increased slightly. In the Mediterranean, North American routes, the shipping demand was stable, and the booking prices also rose. On January 12th, the US and the UK launched large - scale military strikes against the Houthi rebels in Yemen. The Houthi rebels warned of a strong response. In December 2025, many shipping companies announced price increases on multiple international routes. The Suez Canal Authority announced that Maersk would resume Red Sea - Suez Canal navigation in early December, but Maersk later denied it [9][10] 3. Data Overview 3.1 Container Shipping Spot Prices - From January 5th to January 12th, the SCFIS European route (basic ports) index rose from 1795.83 to 1956.39, an increase of 8.9%; the SCFIS US - West route (basic ports) index rose from 1250.12 to 1323.98, an increase of 5.9% [12] 3.2 Container Shipping Index (European Line) Futures Market - Provided the trend charts of the main and secondary main contracts of container shipping European line futures [18] 3.3 Shipping - Related Data Trend Charts - Provided trend charts of European container ship capacity, global container ship orders on hand, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [18][21]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - It is not recommended to enter the market for EC2602 as its current valuation is neutral and it may be affected by rush shipments [2]. - For EC2604, attention should be paid to the actual inspection and shipment situation. In the short - term, the upward sentiment may be strong, but the actual scale of rush shipments may be limited. It is necessary to continuously monitor the impact of rush shipments and consider shorting opportunities [2]. - Export tax - rebate adjustments are negative for the far - month contracts. Due to significant geopolitical disturbances in the far - month contracts, it is generally recommended to focus on shorting the EC2610 contract on rallies [2]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Data - **Closing Prices and Changes**: EC2602 closed at 1748.0 with a 1.05% increase; EC2604 at 1280.8 with an 11.91% increase; EC2606 at 1485.1 with a 4.16% increase; EC2608 at 1565.2; EC2610 at 1154.0 with a 4.70% increase [2]. - **Open Interest Changes**: The open interest of EC2602 decreased by 4359 to 13344; that of EC2604 increased by 8071 to 37092; EC2606 increased by 431 to 2936; EC2608 increased by 236 to 1451; EC2610 increased by 566 to 7228 [2]. - **Basis**: The basis of EC2602 is 208.4; EC2604 is 675.6; EC2606 is 471.3; EC2608 is 391.2; EC2610 is 802.4 [2]. - **Month - to - Month Spreads**: The spread of EC2502 - 2604 decreased by 118.1 day - on - day and 181.7 week - on - week; the spread of EC2504 - 2606 increased by 77.0 day - on - day and decreased by 11.1 week - on - week [2]. 3.2 Spot Index Data - **SCHIS (European Line)**: Updated weekly on Monday, as of 2026/1/12, it was 1956.39 points, with an 8.94% increase from the previous period and a 3.05% increase in the previous period [2]. - **SCFI (European Line)**: Updated weekly on Friday, as of 2026/1/9, it was 1719 dollars/TEU, with a 1.72% increase from the previous available data [2]. 3.3 European Line Spot Situation - **Week 2**: MSK's price remained flat at 2500 dollars, and the price in Hamburg was 2600 dollars (+100). PA had some price drops, while OA raised prices. The central price was 2860 dollars, equivalent to about 2000 points on the futures market [3]. - **Week 3**: MSK increased the price by 100 dollars when opening the cabin. Other alliances had small price drops. PA was at 2600 dollars (YML's one route was 2400 dollars), and PA's price range was 2800 - 2900 dollars. The central price was 2750 dollars, equivalent to about 1930 points on the futures market [3]. - **Week 4**: MSK increased the price by 100 dollars when opening the cabin, and most other shipping companies had not adjusted prices for the time being [3]. 3.4 Related News - On January 13, it was reported that from January 11 - 12, Maersk's Denver vessel successfully passed through the Mandeb Strait and entered the Red Sea. Maersk will continue to gradually resume east - west shipping through the Suez Canal and the Red Sea [4]. - On January 13, Trump announced that starting from that day, any country doing business with Iran will be subject to a 25% tariff on all its commercial activities with the United States [4].

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - The rush shipment may lead to short - term high freight rates. The EC2602 contract is likely to rise and hard to fall. For the EC2604 contract, the actual rush shipment situation needs attention, with short - term upward sentiment being strong but the actual scale of rush shipment may be limited. There may be opportunities to short EC2604 on rallies. The adjustment of export tax rebates is negative for far - month contracts, but due to recent geopolitical tensions, far - month contracts may still fluctuate in the short term, and the overall strategy is to short EC2610 on rallies. [3] Group 3: Market Data Summary Futures Contracts - EC2602: Yesterday's closing price was 1729.8, up 1.40% with a basis of 66.0. The trading volume was 11327 and the open interest was 17703, a decrease of 2305. - EC2604: Yesterday's closing price was 1144.5, down 1.62% with a basis of 651.3. The trading volume was 13495 and the open interest was 29021, an increase of 1247. - EC2606: Yesterday's closing price was 1425.8, up 0.76% with a basis of 370.0. The trading volume was 447 and the open interest was 2505, an increase of 29. - EC2608: Yesterday's closing price was 1525.7, down 0.11% with a basis of 270.1. The trading volume was 75 and the open interest was 1215, an increase of 15. - EC2610: Yesterday's closing price was 1102.2, down 0.27% with a basis of 693.6. The trading volume was 777 and the open interest was 6662, an increase of 43. [2] Month - to - Month Spreads - EC2502 - 2604: The spread was 585.3, with a day - on - day increase of 42.6. - EC2504 - 2606: The spread was - 281.3, with a day - on - day decrease of 29.6. [2] Spot Market - SCEIS (European Line): Updated weekly on Mondays. On January 5, 2026, it was 1795.83 points, up 3.05% from the previous period. - SCFI (European Line): Updated weekly. On January 9, 2026, it was 1719 dollars/TEU, up 1.772% from the previous period. [2] European Line Spot Freight Rates - Week 2: MSK opened at 2500 dollars, Hamburg at 2600 dollars (+100). PA had some price drops, OA had price increases. The central price was 2860 dollars, equivalent to about 2000 points on the futures market. - Week 3: MSK's opening price increased by 100 dollars. Other alliances had small price drops. PA was at 2600 dollars (YML's one route was 2400 dollars), and PA was in the range of 2800 - 2900 dollars. The central price was 2750 dollars, equivalent to about 1930 points on the futures market. - Week 4: MSK's opening price increased by 100 dollars. Most other shipping companies had not adjusted prices for the time being. [4] Group 4: News Summary - On January 11, the Israeli military was reported to plan a new round of strikes on the Gaza Strip in March 2026, aiming to expand control. - On January 11, sources said the Israeli military had no intention to attack Iran currently, but was on defensive alert. - On January 9, the Ministry of Finance adjusted the export tax rebate policy for photovoltaic and other products. From April 1, 2026, to December 31, 2026, the VAT export tax rebate rate for battery products will be lowered from 9% to 6%, and from January 1, 2027, the VAT export tax rebate will be cancelled. [5]