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].

Group 1: Report Overview - Report Title: Shipping Derivatives Data Daily Report [4] - Research Institution: Guomao Futures Research Institute, Energy and Chemical Research Center [5] - Date: November 20, 2025 [5] Group 2: Shipping Index Data Spot Freight Index - **Shanghai Containerized Freight Index (SCFI)**: Current value is 1451, down 2.92% from the previous value of 1495 [5] - **China Containerized Freight Index (CCFI)**: Current value is 1094, up 3.39% from the previous value of 1058 [5] - **SCFI - US West Coast**: Current value is 1823, down 17.59% from the previous value of 2212 [5] - **SCFIS - US West Coast**: Current value is 1238, down 6.85% from the previous value of 1329 [5] - **SCFI - US East Coast**: Current value is 2600, down 8.71% from the previous value of 2848 [5] - **SCFI - Northwest Europe**: Current value is 1417, up 7.11% from the previous value of 1323 [5] - **SCFIS - Northwest Europe**: Current value is 1357, down 9.77% from the previous value of 1504 [5] - **SCFI - Mediterranean**: Current value is 2029, unchanged from the previous value [5] Futures Contract Data - **Contract Prices**: EC2506 at 1382.0 (down 0.22%), EC2608 at 1490.1 (down 1.29%), EC2610 at 1110.0 (down 0.18%), EC2512 at 1763.3 (down 0.35%), EC2602 at 1640.1 (down 2.26%), EC2604 at 1162.7 (down 1.43%) [5] - **Contract Positions**: EC2606 at 1582 (down 3), EC2608 at 1212, EC2610 at 2520, EC2512 at 9568 (down 864), EC2602 at 40244 (up 1384), EC2604 at 15944 (down 201) [5] - **Monthly Spreads**: 12 - 02 at 123.2 (up 31.8), 12 - 04 at 600.6 (up 10.7), 02 - 04 at 477.4 (down 21.1) [5] Group 3: Market News and Events - **Holiday Arrangement**: The last trading Monday in February 2026 for container shipping index (European line) futures EC2602 is February 9 [6][8] - **Geopolitical Event**: Iran carried out a maritime attack near the Oman Gulf targeting Israel [6] - **Shipping Route Change**: CMA CGM JULES VERNE/ MEX1 is directly passing through the Red Sea/Suez Canal instead of rounding the Cape of Good Hope as scheduled [6] Group 4: Spot Price and Market Logic - **Spot Prices**: In late November, NSK quoted 2020, HPL 2850, 00CL 2300, CMA 3150, MSC 2350, HML 2500, YML 2550, ONE 2650; in early December, MSK quoted 3200, HPL 3250, ONE 2450 (MSK's final December quote was 2500) [7] - **Market Logic**: There are still expected 1 - 2 rounds of price increases during the peak season. The price increases in early December conflict with the price differentiation in late November. The loading situation in November needs to be monitored to see if it can support the December price hikes. The timing and magnitude of the peak price in December are uncertain [7] Group 5: Contract Adjustment and Strategy - **Contract Adjustment**: The final trading day of the container shipping index (European line) futures EC2602 is February 9, 2026. The delivery settlement price is now calculated based on the weighted average of the underlying index prices on January 26, February 2, and February 9, 2026, instead of February 9, 16, and 23. This adjustment is favorable for the EC2602 contract, but investors should avoid chasing high prices [8] - **Investment Strategy**: Adopt a wait - and - see approach as the EC2512 contract is gradually losing trading value [9]

Group 1: Report's Industry Investment Rating - The report does not mention the industry investment rating. Group 2: Report's Core View - The adjustment of the pricing cycle of the EC2602 contract is individually bullish for this contract, but the pricing is relatively full, and investors should not blindly chase the high [8]. - It is necessary to observe the loading situation in November to determine whether it can lay a good foundation for the price increase in December, and the price increase situation in December (whether it is one or two rounds) and the amplitude and time of the high point are uncertain [7]. - The recommended strategy is to wait and see [9]. Group 3: Summary by Related Contents 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, and SCFI - Northwest Europe are 1451, 1094, 1823, 1238, 2600, and 1417 respectively, with changes of -2.92%, 3.39%, -17.59%, -6.85%, -8.71%, and 7.11% compared to the previous values [5]. - The current values of SCFIS - Northwest Europe and SCFI - Mediterranean are 1357 and 2029 respectively, with changes of -9.77% and 0.00% compared to the previous values [5]. Contract Information - The current values of contracts EC2506, EC2608, EC2610, EC2512, EC2602, and EC2604 are 1385.0, 1509.6, 1112.0, 1769.5, 1678.1, and 1179.6 respectively, with changes of -1.35%, -0.76%, -0.54%, -1.27%, -2.78%, and -0.68% compared to the previous values [5]. - The current values of EC2606, EC2608, EC2610, EC2512, EC2602, and EC2604 positions are 1585, 1161, 2455, 10432, 38860, and 16145 respectively, with changes of (36), (12), 51, (1654), (20), and (37) compared to the previous values [5]. - The current values of the spreads 12 - 02, 12 - 04, and 02 - 04 are 91.4, 589.9, and 498.5 respectively, with changes of 25.1, (14.7), and (39.8) compared to the previous values [5]. Spot Price - In late November, NSK quoted 2020, HPL quoted 2850, 00CL quoted 2300, CMA quoted 3150, MSC quoted 2350, HML quoted 2500, YML quoted 2550, and ONE quoted 2650. In early December, MSK quoted 3200, HPL quoted 3250, and ONE quoted 2450 (MSK's final quote in December was 2500) [7]. Contract Trading Rule Adjustment - The last trading day of the container shipping index (European Line) futures EC2602 contract is February 9, 2026. The original pricing cycle was adjusted to two weeks earlier, which is bullish for the EC2602 contract [8]. Other Information - According to the holiday arrangement in 2026, the last trading Monday in February 2026 is February 9 [6][8] - Iran carried out a maritime attack near Oman Bay targeting Israel [6] - The ship CMA CGM JULES VERNE/ MEX1 was scheduled to go around the Cape of Good Hope but actually passed through the Red Sea/Suez Canal [6]

Report Overview - The report is a shipping derivatives data daily report from Guomao Futures Research Institute's Energy and Chemical Research Center [3][4] Shipping Derivatives Data Freight Rate Index - The current values of the comprehensive Shanghai Containerized Freight Index (SCFI), China Containerized Freight Index (CCFI), SCFI - West Coast of the United States, SCFIS - West Coast of the United States, SCFI - East Coast of the United States, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1451, 1094, 1823, 1329, 2600, 1417, 1504, and 2029 respectively [5] - The previous values are 1495, 1058, 2212, 1208, 2848, 1323, 1208, and 2029 respectively [5] - The percentage changes are -2.92%, 3.39%, -17.59%, 10.02%, -8.71%, 7.11%, 24.50%, and 0.00% respectively [5] Futures Contracts - For futures contracts like EC2506, EC2608, etc., the current values, previous values, and percentage changes vary. For example, EC2506 has a current value of 1380.7, a previous value of 1364.7, and a percentage change of 1.17% [5] - Regarding the contract positions, the current and previous positions and their changes are also provided. For instance, EC2606's current position is 1623, the previous position is 1567, and the change is 56 [5] - The current values of the monthly spreads (12 - 02, 12 - 04, 02 - 04) are 150.3, 612.0, and 461.7 respectively, with previous values of 112.8, 577.4, and 464.6 and changes of 37.5, 34.6, and -2.9 respectively [5] Market News - The last trading day of the container shipping index (European line) futures EC2602 contract is February 9, 2026 [6] - Iran carried out a reported near - sea attack on Israel in the Gulf of Oman [6] - The ship CMA CGM JULES VERNE/ MEX1, which was scheduled to go around the Cape of Good Hope, is actually heading directly through the Red Sea/Suez Canal [6] Market Analysis - The market shows a pattern of near - term strength and long - term weakness [7] - In late November, the spot prices of different shipping companies vary: MSK quotes 2250, HPL quotes 3150, CMA quotes 3200, YML quotes 250, and OVE quotes 2600, and shipping companies are starting to announce price increases [8] - It is expected that there will be 1 - 2 more price increases during the peak season, but the price increases announced by shipping companies in early December conflict with the current price differentiation in late November. The loading situation in November needs to be monitored to see if it can support the price increases in December. The peak price and time in December are uncertain [8] Strategy - The recommended strategy is to wait and see [9]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The Red Sea crisis has officially ended after two years as the Yemeni Houthi armed leadership announced the end of attacks on merchant ships in the Red Sea [6]. - From 2024 - 2025, shippers were affected by geopolitics and trade wars, but in 2026, with the intensification of supply - demand imbalance, the market will favor shippers, and freight rates will continue to decline [6]. - Maersk emphasizes the advantages of its "twin - star" strategy, with annual cost savings of $720 million - $950 million and a schedule reliability of over 90% [6]. - In November, shipping capacity has recovered, with available capacity on US gateway routes increasing by 10 - 15%, and the overall TPBB route capacity expected to fluctuate between 83% - 88%. Market demand remains healthy after the pre - peak season booking rush [6]. - The EC market shows a pattern of near - term strength and far - term weakness. The 02 contract had a subsidy - to - premium market due to rumors of early delivery, and the market declined on Wednesday due to the end of Houthi attacks [7]. - Spot prices of different shipping companies show obvious differentiation. Key factors affecting the market include the fulfillment of peak - season demand, the consistency of shipping company strategies, and geopolitical and long - term contract variables. In the short term, the market is likely to remain strongly volatile, and it is recommended to buy on dips for the main contract [8]. 3. Directory Summaries Shipping Index Data - **Freight Rate Index**: The current values of Shanghai Export Container Freight Index (SCFI), China Export Container Freight Index (CCFI), and other related sub - indices are provided, along with their previous values and percentage changes. For example, SCFI decreased by 3.59%, while CCFI increased by 3.60% [3][4]. - **Contract Data**: The current values, previous values, and percentage changes of contracts such as EC2506, EC2608, etc. are given. For instance, EC2506 increased by 1.17% [3][4][5]. - **Position Data**: The current and previous positions of contracts like EC2606, EC2608, etc., along with their changes, are presented. For example, the position of EC2606 increased by 56 [5]. - **Monthly Spread Data**: The current values, previous values, and changes of monthly spreads such as 12 - 02, 12 - 04, etc. are provided. For example, the 12 - 02 spread increased by 37.5 [5]. Market Analysis and Strategy - **Market Analysis**: The end of the Red Sea crisis, supply - demand imbalance, Maersk's strategy, capacity recovery, and factors affecting spot prices are analyzed [6][7][8]. - **Strategy**: It is recommended to take a wait - and - see approach [9].

Report Summary 1. Core Viewpoints - The easing of Sino-US trade policies has released positive signals, significantly alleviating the suppression of trans - oceanic cargo volume by trade frictions. Although the direct impact is concentrated on the US routes, it also drives the improvement of European route expectations [6]. - The US - China trade agreement announced this week is expected to prompt some US retailers to accelerate short - term import rhythms, but it is unlikely to lead to a significant adjustment of the supply - chain strategy [6]. - The EC market is in a downward trend, mainly because MSK's late - November quotes are significantly lower than those of other airlines [7]. - Key factors affecting the market include the fulfillment of peak - season demand, the persistence of airline strategies, and geopolitical and long - term agreement variables. In the short term, the market is likely to maintain a relatively strong oscillation, and it is recommended to try to go long on the main contract at low prices [8]. 2. Data Summary Shipping Freight Index | Index | Present Value | Previous Value | Increase/Decrease Rate | | --- | --- | --- | --- | | SCFI | 1551 | 1403 | 10.49% | | CCFI | 1021 | 993 | 2.89% | | SCFI - US West | 2647 | 2153 | 22.94% | | SCFIS - US West | 1208 | 1107 | 9.12% | | SCFI - US East | 3438 | 3032 | 13.39% | | SCFI - Northwest Europe | 1344 | 1246 | 7.87% | | SCFIS - Northwest Europe | 1208 | 1312 | - 7.93% | | SCFI - Mediterranean | 1983 | 1746 | 13.57% | [5] Shipping Derivative Contracts | Contract | Present Value | Previous Value | Increase/Decrease Rate | | --- | --- | --- | --- | | EC2506 | 1414.2 | 1426.1 | - 0.83% | | EC2608 | 1484.0 | 1497.1 | - 0.88% | | EC2610 | 1140.0 | 1142.8 | - 0.25% | | EC2512 | 1848.2 | 1946.0 | - 5.03% | | EC5602 | 1601.0 | 1652.0 | - 3.09% | | EC2604 | 1178.0 | 1199.6 | - 1.80% | [5] Contract Positions | Position | Present Value | Previous Value | Increase/Decrease Value | | --- | --- | --- | --- | | EC2606 Position | 1455 | 1464 | - 9 | | EC2608 Position | 1306 | 1337 | - 31 | | EC2610 Position | 1432 | 1276 | 156 | | EC2512 Position | 28412 | 34072 | - 5660 | | EC2602 Position | 22625 | 22352 | 273 | | EC2604 Position | 14208 | 14537 | - 329 | [5] Monthly Spread | Spread | Present Value | Previous Value | Increase/Decrease Value | | --- | --- | --- | --- | | 12 - 02 | 247.2 | 294.0 | - 46.8 | | 12 - 04 | 670.2 | 746.4 | - 76.2 | | 02 - 04 | 423.0 | 452.4 | - 29.4 | [5] 3. Market Strategy - The long positions in the December contract can be closed to take profits [9].

Report Summary 1. Industry Investment Rating No information provided. 2. Core View The EC market is in a volatile state. The weak volatility this week is due to some airlines starting to lower their quotes for the first ten days of November. The European line is in the regular year - end price - holding stage. The first round of defensive price - holding in late October has initially stopped the decline, and it has now entered the second round in early November. Future price - holding actions are expected in the next two months. However, attention should be paid to changes in Sino - US relations, end - of - month loading conditions, and empty flights in November. The recommended strategy is to wait and see [6][7]. 3. Summary by Related Content China Export Container Freight Rates - **Rate Index**: The present values of SCFI - US West, SCFI - US East, SCFIS - US West, SCFI - Northwest Europe, and the comprehensive index SCFI are 1403, 2153, 3032, 1107, and 1246 respectively, with corresponding increases of 2.02%, 6.27%, 7.11%, 11.21%, and 28.42%. The present values of SCFI - Mediterranean and SCFIS - Northwest Europe are 1312 and 1746 respectively, with increases of 15.09% and 8.25% [3]. Contracts - **Contract Price**: For contracts EC2506, EC5602, EC2608, EC2510, EC2512, the present values are 1482.0, 1374.0, 1788.3, 1548.7, 1162.7 respectively, with changes of - 0.94%, 0.11%, VALUE!, 0.75%, - 1.46% [3][4]. - **Contract Position**: The present positions of EC2606, EC2608, EC2510, EC2512, EC2602, EC2604 are 1402, 1313, N/A, 28900, 13910, 14279 respectively, with changes of 31, 64, VALUE!, 905, 772, 133 [4]. - **Monthly Spread**: The present values of the 10 - 12, 12 - 2, 12 - 4 monthly spreads are VALUE!, 239.6, 625.6 respectively, with changes of VALUE!, 36.2, 29.4 [4]. Market News - The US Treasury Secretary has reached a framework agreement with China's vice - premier to avoid 100% US tariffs on Chinese products and extend China's rare - earth export controls. The US President is confident of reaching an agreement with China's leader [5]. - Some shipping companies like CMA CGM, Maersk, and Mediterranean Shipping are re - flagging their vessels to India. The Suez Canal Authority expects its 2026 revenue to reach about $8 billion, up from the current $4 billion. The US and Vietnam have agreed on a trade framework agreement [5]. EC Market - **Spot Prices**: In late October, Maersk quoted 1800 - 1900, HPL 1900, 00CL 2600, CMA 2100, EMC 2050, NSC 2050, YML 1350, ONE 1450. In early November, ISK quoted 2400, HEJ 2500, CME 2700, OOCJ 2300, EMC 2700, MSC 2250, YML 2250, ONE 2550, HMM 1900 [6]. - **Logic and Strategy**: The European line is in the year - end price - holding stage. The recommended strategy is to wait and see [6][7].

Report Industry Investment Rating - Not provided Core Viewpoints - The EC market is in a downward trend mainly due to some airlines starting to lower quotes for the first ten days of November. The European line is in the regular year - end price - holding stage, with the first attempt in late October showing initial results in stopping the decline, and it has entered the second round in early November. Future price - holding attempts are expected in the next two months. The strategy is to wait and see, and future attention should be paid to changes in Sino - US relations, end - of - month loading conditions, and empty flights in November [5][6] Summary by Relevant Information Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) has a current value of 1403, a previous value of 1310, and a change of 7.11%. For different routes, SCFI - US West has a current value of 2153, a change of 11.21%; SCFIS - US West has a current value of 1107, a change of 28.42%; SCFI - US East has a current value of 3032, a change of 6.27%; SCFI - Northwest Europe has a current value of 1246, a change of 8.82%; SCFIS - Northwest Europe has a current value of 1312, a change of 15.09%; SCFI - Mediterranean has a current value of 1746, a change of 8.25%. The China Export Container Freight Index (CCFI) has a previous value of 973, with a change of - 100.00% [3] - **Contracts**: For contracts like EC2506, EC2608, etc., most show a downward trend in price. For example, EC2506 has a current value of 1387.1, a previous value of 1397.9, and a change of - 0.77% [3] - **Positions**: There are changes in positions for different contracts. For example, EC2606 position has a current value of 1371, a previous value of 1377, and a change of (6) [3] - **Monthly Spreads**: The 10 - 12 monthly spread has a current value of - 644.1, a previous value of - 693.2, and a change of 49.1; the 12 - 2 monthly spread has a current value of 203.4, a previous value of 230.0, and a change of (26.6); the 12 - 4 monthly spread has a current value of 596.2, a previous value of 651.4, and a change of (55.2) [3] Market News - The US Treasury Secretary Scott Bessent said he reached a "very substantial framework agreement" with Chinese Vice - Premier He Lifeng, which will avoid 100% US tariffs on Chinese products and extend China's rare - earth export controls. US President Donald Trump is confident of reaching an agreement with Chinese leaders after the Sino - US high - level economic officials' trade consultations [4] - CMA CGM, Maersk, and Mediterranean Shipping have started to re - flag some ships to India. India's shipping policies attract shipping orders and ship registrations, while the US's shipping revitalization in 2025 has weaker results [4] - The Suez Canal Authority expects its 2026 revenue to reach about $8 billion, up from the current about $4 billion as the regional situation stabilizes and ship traffic returns to pre - crisis levels [4] - The US and Vietnam have agreed to establish a "reciprocal, fair, and balanced trade framework agreement" to strengthen bilateral economic relations and provide market access for exporters [4] EC Market - **Spot Prices**: In late October, Maersk quoted 1800 - 1900, HPL quoted 1900, 00CL quoted 2600, etc. In early November, ISK quoted 2400, HPL quoted 2500, etc., with some prices showing changes [5] - **Strategy**: The recommended strategy is to wait and see [6]

Group 1: Shipping Derivatives Data Shipping Freight Index - The current values of the Shanghai Containerized Freight Index (SCFI), China Containerized Freight Index (CCFI), SCFI - West America, SCFIS - West America, SCFI - East America, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1115, 1087, 1460, 862, 2385, 971, 1031, and 1485 respectively, with daily changes of -6.97%, -2.93%, -10.76%, -1.60%, -6.73%, -7.70%, -1.43%, and -9.34% [5]. Futures Contracts - For contracts EC2506, EC2608, EC2510, EC2512, EC5602, and EC2604, the current values are 1306.6, 1450.2, 1120.6, 1708.6, 1463.4, and 1142.0 respectively, with daily changes of -0.93%, 0.01%, -1.37%, 2.06%, -0.07%, and -0.70% [5]. Contract Positions - The current positions of EC2606, EC2608, EC2410, EC2412, EC2602, and EC2604 are 1510, 1115, 11335, 27023, 9822, and 13676 respectively, with daily changes of (31), 14, (1820), (168), 112, and 310 [5]. Monthly Spreads - The current values of the 10 - 12, 12 - 2, and 12 - 4 monthly spreads are -588.0, 245.2, and 566.6 respectively, with daily changes of (50.1), 35.5, and 42.5 [5]. Group 2: Market News - Trump threatened to impose a 100% tariff on Chinese - origin goods starting from November 1 [5]. - China announced new restrictions on rare - earth and related technology exports and released a new version of the "unreliable entity list" targeting US defense technology companies [5]. - On October 9, Trump announced that Israel and Hamas had reached a peace agreement, with Israel partially withdrawing from Gaza and Hamas releasing remaining hostages [5]. - US customs documents on October 11 outlined new tariffs on certain Chinese products effective from October 14 [5]. - After signing the Gaza agreement, Netanyahu threatened to restart the war if Israel's demands were not met peacefully, and the Israeli middle - level negotiation delegation will stay in Egypt to promote the second - stage agreement [5]. - Trump is expected to visit Israel next Monday, with a "in - and - out" short - visit due to security concerns [5][6]. Group 3: EC Market Analysis Market Overview - The EC market showed a strong and volatile trend. In late October, the overall price increase was called for in the range of 1800 - 2000 (finally settled at 1500 - 1800), and the price increase notice for November is around 2500 [7]. Market Logic - The EC market rebounded significantly due to the Ministry of Commerce's counter - measures against 5 US - related subsidiaries of Hanwha Ocean Co., Ltd. [8]. - These 5 US subsidiaries include one involved in container ship manufacturing, mainly building 2000 - 3000TEU small container ships for Matson's West America route, with little connection to the European route [9]. - Hanwha Shipyard currently has 790,000 TEU of shipping capacity serving the European route, and although these ships are not currently in the sanctions scope, the policy is unclear, and the sanctions scope may expand if Sino - US confrontation escalates [9]. Investment Strategy - The recommended strategy is to wait and see [10].