Investment Rating - The report maintains an investment rating of "Buy" for the company with a target price of RMB 10.30 [1][5]. Core Views - The oil transportation market is expected to continue strengthening due to multiple favorable factors, including increased global oil production and geopolitical events [1][3]. - The company's revenue for the first three quarters was RMB 19.31 billion, with a slight year-on-year increase of 0.1%, while net profit attributable to the parent company decreased by 2.1% year-on-year to RMB 3.30 billion [1][5]. - The report anticipates a significant increase in net profit for the fourth quarter, projecting RMB 19.8 billion, which represents a quarter-on-quarter increase of 243.9% [2]. Summary by Sections Financial Performance - In Q3, the company's net profit from oil transportation was RMB 600 million, showing a quarter-on-quarter increase of 54.8% but a year-on-year decrease of 26.0% [2]. - The average freight rate for VLCC from the Middle East to China increased by 69.5% quarter-on-quarter [2]. Market Outlook - The report highlights that since August, the global oil tanker market has seen a significant rise in freight rates due to OPEC+ production increases and strong demand for oil imports in China [3]. - The report expects the oil transportation market to remain strong through Q4 2025 and Q1 2026, driven by factors such as OPEC+ production increases and geopolitical tensions [3]. Profit Forecasts - The report has raised profit forecasts for 2025, 2026, and 2027 by 22%, 11%, and 1% respectively, estimating net profits of RMB 5.75 billion, RMB 5.80 billion, and RMB 5.73 billion [5]. - The report indicates that every USD 10,000 increase in VLCC freight rates could add RMB 1.37 billion to the company's annual net profit, highlighting the high profit elasticity of the company [5][15].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - In the context of tariff news and the afternoon MSK surcharge, the Wednesday futures market rose significantly. Affected by the previous congestion at European ports in the second half of November, 4 ships will have difficulty returning to Shanghai in time, which may lead to a tight fundamental situation in November. The market's neutral expectation for the freight rate in November is between $2000 - $2200 (1400 - 1540 points). Currently, the valuation of the December contract is moderately high. Driven by multiple positive factors such as subsequent price increases and long - term agreement signings from November to December, it is recommended to adopt a low - buying strategy. The 02 contract is more difficult to value accurately with high uncertainty, and it is expected to follow the trend of the December contract in the next month. The 04 contract is a off - season contract, which fluctuates within a narrow range under the current peak - season logic. Considering the greater supply pressure next year, it is recommended to adopt a high - selling strategy [2]. Summary by Related Catalogs Futures Contract Data - **EC Futures Contracts**: The closing prices of EC2512, EC2602, EC2604, and EC2606 are $1871.0, $1606.0, $1194.4, and $1422.9 respectively, with daily increases of 4.62%, 3.70%, 2.73%, and 3.56%. The trading volumes are 34539, 8665, 2935, and 1 respectively, and the open interests are 31906, 15885, 14394, and 1410 respectively, with open - interest changes of 3006.8, 1975, 115, and 0 [2]. - **Month - to - Month Spreads**: The spreads of EC2512 - 2504, EC2512 - 2602 are 676.6 and 265.0 respectively, with month - on - month increases of 51.0 and 25.4, and week - on - week increases of 71.1 and 53.9 [2]. Index Data - **SCFI (European Route)**: Updated on October 24, 2025, the value is $1246/TEU, with a month - on - month increase of 8.82% and a previous - period increase of 7.21% [2]. - **CCFI (European Route)**: Updated on October 24, 2025, the value is 1293.12 points, with a month - on - month increase of 1.99% and a previous - period decrease of 1.49% [2]. - **NCFI**: Updated on October 24, 2025, the value is 822.3 points, with a month - on - month increase of 2.38% and a previous - period increase of 14.96% [2]. Recent European Route Quotations - **Week 44**: The offline quotations are PA $1400, GEMINI $1600, and OA $1800 [3]. - **November Price Increase Announcements**: Shipping companies announced price increases mostly between $2500 - $2700, with an average equivalent to about 1800 points on the futures market. MSK opened at $2350, which met expectations, and then shipping companies adjusted the price to between $1900 - $2300, with a central value of $2100 [3]. Shipping Company Price Adjustments - **Monday**: HMM reduced the price to $1900, HPL to $2335, ONE to $2135, and MSC to $2265 [4]. - **Tuesday**: MSK reduced the price to $2200, OOCL to $2150, and YML reduced the price of a single route to $1900 [4]. - **Wednesday**: MSK announced a peak - season surcharge of $300/FEU for long - term agreements, and YML reduced the price of a single route to $1850 [4]. Related News - On October 29, the Israeli military stated that it had resumed the implementation of the Gaza cease - fire agreement [5].

投资咨询业务资格：证监许可【2012】31号 【集运指数欧线周报（EC）】 宏观扰动及旺季预期先行，带动EC主力反弹 国贸期货 能源化工研究中心 2025-10-27 卢钊毅 从业资格证号：F3171622 投资咨询证号：Z0021177 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 集运指数：宏观扰动及旺季预期先行，带动E C主力反弹 | 影响因素 驱动 | | 主要逻辑 | | --- | --- | --- | | 现货运价 利多 | | 10月下旬马士基报价1800-1900，HPL报价1900、OOCL报价2600，CMA报价2100，EMC报价2050、MSC报价2050，YML报价1350，ONE报价1450；11月 | | | | 上旬HPL报价2500、CMA报价2800，EMC报价2700、MSC报价2550，YML报价1350，ONE报价2550。 | | | | 【1】美国财政部长斯科特·贝森特周日表示，他已与中国副总理何立峰达成"一项非常实质性的框架协议"，该协议将避免对中国产品征收 ...

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report Recently, the futures market has been strong due to shipping companies' additional sailings cancellations and good cargo receipts on multiple routes at the end of October. The current valuation of the December contract is high, but considering the upcoming price increase announcements and the upward momentum during the long - term contract signing season, the strategy of buying on dips for the December contract remains unchanged. There may be short - term downward fluctuations, and attention should be paid to possible price cuts by shipping companies in early November. Against the backdrop of geopolitical uncertainties, the February contract may have more upside potential with the arrival of the peak season, but geopolitical fluctuations also exist. The April contract is recommended to be shorted on rallies, but it may follow the near - term contracts and show a slightly stronger trend during the peak season from November to January, and positions can be gradually established [1]. 3) Summary by Relevant Catalogs Futures Contract Data - **Contract Prices and Changes**: On October 24, 2025, the closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 were 1136.1, 1793.1, 1582.0, 1171.8, and 1374.8 respectively, with changes of - 0.04%, 0.27%, - 0.06%, 0.03%, and 1.59% [1]. - **Volume and Open Interest**: The trading volumes of EC2512, EC2602, and EC2604 were 21899, 2589, and 1290 respectively, and the trading volume of EC2510 was 932. The open interests of EC2510, EC2512, EC2602, and EC2604 decreased by 765, 94, 126, and 263 respectively [1]. - **Month - to - Month Spreads**: The spreads of EC2510 - 2512, EC2512 - 2602 were - 657.0 and 211.1 respectively, with day - on - day changes of - 5.3 and 5.7, and week - on - week changes of - 99.2 and 28.4 [1]. Spot Index Data - **Spot Indices and Changes**: As of October 20, 2025, the spot index was 1140.38, up 10.52% from the previous period. The SCFI (October 17, 2025) was 1145 US dollars/TEU, up 7.21% from the previous period. The CCFI (October 17, 2025) was 1267.91, down 1.49% from the previous period. The NCFI (October 17, 2025) was 803.21, up 14.96% from the previous period [1]. Recent European Line Quotations - **Current Booking Situation**: Currently, downstream customers are booking cabins for the end of October and early November (Week 44 - 45). The offline quotes for Week 44 are PA1400, GEMINI1600, and OA1800 US dollars [2]. - **Price Increase Announcements**: Shipping companies have announced price increases to 2500 - 2700 US dollars, with an average equivalent of about 1800 points on the futures market. On Tuesday, MSK opened bookings at 2350 US dollars, in line with expectations [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The sentiment of price support is strong, and the optimistic sentiment persists. The market continues to rise slightly. It is not recommended to increase positions, and stop - losses should be set [2]. - The tariff issue has a marginal effect, and the core is the trend of spot freight rates. The main contract may be in the bottom - building process. It is recommended to participate with a light position or wait and see [4]. 3. Summary by Related Catalogs SCFIS, NCFI Freight Rate Index - On October 20, compared with the previous period, the NCFI (composite index) rose 16.79% to 956.45 points, the SCFIS (European route) rose 10.5% to 1140.38 points, the NCFI (European route) rose 14.96% to 803.21 points, the SCFIS (US West route) rose 0.1% to 863.46 points, and the NCFI (US West route) rose 48.56% to 1254.46 points [4]. - On October 17, compared with the previous period, the SCFI increased by 149.90 points to 1310.32 points, the CCFI (composite index) decreased by 4.1% to 973.11 points, the SCFI European route price rose 7.2% to 1145 USD/TEU, the CCFI (European route) decreased by 1.5% to 1267.91 points, the SCFI US West route rose 31.9% to 1936 USD/FEU, and the CCFI (US West route) decreased by 6.7% to 725.47 points [4]. Economic Data - Eurozone's September manufacturing PMI preliminary value was 49.5, back below the boom - bust line. The service PMI preliminary value rose from 50.5 to 51.4, and the composite PMI preliminary value was 51.2, exceeding analysts' expectations. The Sentix investor confidence index was - 9.2 [4]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the composite PMI output index was 50.5%, up 0.3 percentage points [4]. - In September, the preliminary value of the US S&P Global manufacturing PMI was 52, the service PMI preliminary value was 53.9, and the composite PMI preliminary value was 53.6 [4]. Trading Strategies - Short - term strategy: The main contract remains weak, and the far - month contracts are strong, in line with the bottom - building judgment. Risk - preferring investors are recommended to try to build positions below 1500 for the EC2512 contract. Pay attention to the subsequent market trend and set stop - losses [4]. - Arbitrage strategy: Under the background of international situation instability, each contract maintains seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [4]. - Long - term strategy: It is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent direction [4]. Market Conditions - On October 22, the main contract 2512 closed at 1788.3, up 2.25%, with a trading volume of 28,600 lots and an open interest of 29,000 lots, an increase of 574 lots from the previous day [4]. - The daily limit and circuit - breaker for contracts 2508 - 2606 are adjusted to 18%, the margin for these contracts is adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 is 100 lots [4]. Geopolitical Events - On October 21, Iraqi Prime Minister Sudani had a phone call with US Secretary of State Rubio, discussing issues such as bilateral relations, security, and military cooperation, as well as the upcoming November parliamentary elections in Iraq [4]. - On October 21, Turkish Foreign Minister Feidan and National Intelligence Agency Director Kallen met with representatives of Hamas in Doha, discussing the Gaza situation and the implementation of the first - stage cease - fire agreement [4].

期货从业证号： F3084078 航运日报 2025 年 10 月 20 日 航运日报 研究员：贾瑞林 第一部分 集装箱航运——集运指数（欧线） 大宗商品研究所 航运研发报告 投资咨询证号： Z0018656 联系方式： :jiaruilin_qh@chinastock.com.cn | 银河期货集运指数(欧线)日报 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货合约 | 收盘价 | 涨跌 | 涨跌幅 | 成交量(手) | 増减幅 | 持仓量(手) | 増减幅 | | EC2510 | 1,100.1 | 3.2 | 0.29% | 1,174.0 | -25.70% | 8,396.0 | -6.96% | | EC2512 | 1,682.0 | 27.3 | 1.65% | 24,318.0 | -18.50% | 26,101.0 | 1.72% | | EC2602 | 1,522.0 | 50.0 | 3.40% | 6,950.0 | 34.66% | 10 ...

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The freight index of container shipping (European route) futures is expected to fluctuate widely in the near term due to the intertwined bullish and bearish factors including the intensifying trade war, the progress of the Middle East "peace plan", and the stable oversupply situation. The "off - peak in peak season" of shipping may continue. The freight rate market is highly influenced by news, and the futures price is expected to fluctuate more sharply. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity and cargo volume data in a timely manner [7][40]. 3. Summary According to the Directory 3.1. Market Review - The prices of the container shipping (European route) futures contracts showed a mixed performance this week. The main contract EC2512 rose 3.09%, while the far - month contracts rose between 1% and 8%. The latest SCFIS European route settlement freight rate index was 1031.80, down 14.7 points from last week, a 1.4% month - on - month decline, with the decline rate narrowing. The main contract price increased slightly, while the trading volume and open interest of the EC2512 contract fluctuated weakly, and the market adopted a wait - and - see attitude [6][9][10][12][13]. 3.2. News Review and Analysis - The Ministry of Commerce held a regular press conference, expressing an open attitude towards equal consultations on the basis of mutual respect regarding Sino - US economic and trade talks, optimizing the license process for rare earth export control measures, and taking necessary measures to safeguard the legitimate rights and interests of Chinese enterprises. It will also introduce new policies to stabilize foreign trade. The US Treasury Secretary mentioned possible extensions of tariff exemptions and a potential meeting between leaders. The Chinese side has clarified its stance. China has officially imposed special port fees on US ships. The IMF raised the global economic growth forecast for 2025 and maintained that for 2026, and slightly raised the US economic growth forecast [16]. 3.3. Weekly Market Data - The basis and spread of the container shipping (European route) futures contracts widened this week. The export container freight rate index declined. The container shipping capacity continued to grow. The BDI and BPI declined due to geopolitical factors. The charter price of Panamax ships fluctuated, and the spread between the offshore and on - shore RMB against the US dollar mainly fluctuated [23][27][31][33]. 3.4. Market Outlook and Strategy - The container shipping (European route) futures prices rose slightly this week. The main contract EC2512 rose 3.09%, and the far - month contracts rose between 1% and 8%. The SCFIS European route settlement freight rate index declined with a narrowing decline rate. The strike at Rotterdam Port intensified, and CMA CGM announced a price increase in November, which boosted the futures price. However, the unclear trade war situation may weaken the freight rate in the long run, and the improvement of the Red Sea shipping situation due to the "peace plan" reduced the support for the futures price. The economic data in the Eurozone was volatile. China's improved export data in September supported container shipping. Overall, the futures price is expected to fluctuate widely, and investors are advised to be cautious [39][40].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The main contract is in a weak state, and the far - month contracts are relatively strong, indicating that the main contract may be in the bottom - building process. It is recommended to participate with a light position or wait and see. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [2][4]. - In the short term, risk - takers are advised to try to build a position when the EC2512 contract is below 1500. In the long term, it is recommended to take profits when the contracts rise and wait for the subsequent direction after the callback stabilizes. For the arbitrage strategy, it is recommended to wait and see or try with a light position [5]. 3. Summary by Related Content 3.1 Freight Index - On October 13, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1031.8 points, down 1.4% from the previous period; the SCFIS for the US West route was 862.48 points, down 1.6% from the previous period. On October 10, the Shanghai Export Container Freight Index (SCFI) was 1160.42 points, up 45.90 points from the previous period. The SCFI European line price was 1068 USD/TEU, up 9.9% from the previous period; the SCFI US West route was 1468 USD/FEU, up 10.76% from the previous period [3]. - On October 10, the Ningbo Export Container Freight Index (NCFI) (composite index) was 818.97 points, up 11.50% from the previous period; the NCFI (European route) was 698.67 points, up 11.39% from the previous period; the NCFI (US West route) was 844.43 points, down 0.34% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1014.78 points, down 6.7% from the previous period; the CCFI (European route) was 1287.15 points, down 8.2% from the previous period; the CCFI (US West route) was 777.77 points, down 5.7% from the previous period [3]. 3.2 Economic Data - The preliminary value of the Eurozone's manufacturing PMI in September was 49.5, falling below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The preliminary value of the service industry PMI rose from 50.5 to 51.4, exceeding expectations of 50.5. The preliminary value of the Eurozone's composite PMI in September was 51.2, exceeding analysts' expectations. The Eurozone's Sentix investor confidence index in September was - 9.2, with an expected value of - 2 and a previous value of - 3.7 [3]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the manufacturing prosperity level improved. The composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, indicating that the overall expansion of Chinese enterprises' production and business activities accelerated [4]. - The preliminary value of the US S&P Global manufacturing PMI in September was 52 (the final value in August was 53); the preliminary value of the service industry PMI was 53.9 (the final value in August was 54.5); the preliminary value of the composite PMI was 53.6 (the final value in August was 54.6) [4]. 3.3 Market Conditions - On October 10, the main contract 2512 closed at 1570.0, down 3.04%, with a trading volume of 31,500 lots and an open interest of 28,100 lots, an increase of 3834 lots from the previous day [4]. - The situation in the Middle East is improving, but the overall atmosphere is still bearish, and the market is under pressure to decline [4]. 3.4 Policy Adjustments - The daily limit and circuit - breaker for contracts from 2508 to 2606 are adjusted to 18%. - The margin of the company for contracts from 2508 to 2606 is adjusted to 28%. - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [5]. 3.5 Geopolitical Situation - On October 10, there were reports that Israel's military would withdraw to the "pre - withdrawal line" area soon, and the cease - fire agreement between Israel and Hamas had taken effect. However, there were also reports that Israeli military attacks on multiple areas in Gaza continued [6].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The market may remain volatile due to China's sanctions on South Korean shipbuilders and the uncertain Sino - US trade friction. It is not recommended to increase positions, and stop - losses should be set [2]. - The tariff issue has shown a marginal effect, and the current core lies in the direction of spot freight rates. The main contract may be in the process of bottom - building, and it is recommended to participate with light positions or wait and see [6]. - The overall atmosphere is still bearish despite the rebound of the SCFI index, and the market is under pressure to decline. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [6]. 3. Directory Summaries SCFIS and NCFI Freight Rate Indexes - On October 13, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1031.8 points, down 1.4% from the previous period; the SCFIS for the US - West route was 862.48 points, down 1.6% from the previous period [4]. - On October 10, the Ningbo Export Container Freight Index (NCFI) (composite index) was 818.97 points, up 11.50% from the previous period; the NCFI for the European route was 698.67 points, up 11.39% from the previous period; the NCFI for the US - West route was 844.43 points, down 0.34% from the previous period [4]. - The Shanghai Export Container Freight Index (SCFI) announced a price of 1160.42 points on October 10, up 45.90 points from the previous period. The SCFI price for the European route was 1068 USD/TEU, up 9.9% from the previous period; the SCFI price for the US - West route was 1468 USD/FEU, up 10.76% from the previous period [4]. - The China Export Container Freight Index (CCFI) (composite index) was 1014.78 points on October 10, down 6.7% from the previous period; the CCFI for the European route was 1287.15 points, down 8.2% from the previous period; the CCFI for the US - West route was 777.77 points, down 5.7% from the previous period [4]. Economic Data - The preliminary value of the Eurozone's manufacturing PMI in September was 49.5, falling below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The preliminary value of the service - sector PMI rose from 50.5 to 51.4, exceeding the expected 50.5. The preliminary value of the Eurozone's composite PMI in September was 51.2, exceeding analysts' expectations. The Eurozone's Sentix investor confidence index in September was - 9.2, with an expected - 2 and a previous value of - 3.7 [4]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month, indicating an improvement in the manufacturing prosperity level. The composite PMI output index was 50.5%, up 0.3 percentage point from the previous month, indicating that the overall expansion of Chinese enterprises' production and operation activities accelerated [5]. - The preliminary value of the US S&P Global manufacturing PMI in September was 52 (the final value in August was 53); the preliminary value of the service - sector PMI was 53.9 (the final value in August was 54.5); the preliminary value of the composite PMI was 53.6 (the final value in August was 54.6) [5]. Market Conditions - The Sino - US tariff extension negotiation has not made substantial progress, and the tariff war has evolved into a trade negotiation issue between the US and other countries. The spot price has slightly decreased. The main contract on October 10, 2025, closed at 1570.0, down 3.04%, with a trading volume of 31,500 lots and an open interest of 28,100 lots, an increase of 3834 lots from the previous day [6]. - The situation in the Middle East is improving, but the overall atmosphere is still bearish, and the market is under pressure to decline [6]. Trading Strategies - Short - term strategy: The main contract remains weak, and the far - month contracts are stronger, which is in line with the bottom - building judgment. Risk - takers are advised to take profits. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [7]. - Arbitrage strategy: Under the background of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with light positions [7]. - Long - term strategy: Each contract is advised to take profits when the price rises, wait for the price to stabilize after a pull - back, and then judge the subsequent direction [7]. - Circuit breakers: The circuit breakers for contracts 2508 - 2606 are adjusted to 18%. - Margin: The margin for contracts 2508 - 2606 is adjusted to 28%. - Intra - day opening limit: The intra - day opening limit for all contracts 2508 - 2606 is 100 lots [7]. Geopolitical Situation - There are conflicting reports about the cease - fire in the Israel - Hamas conflict. Israel's military radio reported that the Israeli Defense Forces would withdraw to the "preliminary withdrawal line" soon, and the cease - fire agreement had taken effect. However, other media reported that Israeli attacks on multiple areas in Gaza continued. Hamas senior official Khalil al - Hayya announced the achievement of a cease - fire agreement, stating that "the war in Gaza is over" [8].

Report Summary 1) Report Industry Investment Rating - Not provided 2) Core Viewpoints - Recently, multiple bullish and bearish factors are intertwined. Trade war escalation restricts transport demand, the "peace plan" in the Middle East improves the expectation of Red Sea re - navigation, and the supply - demand imbalance persists. Futures prices are expected to fluctuate widely, and the "off - peak season" in shipping may continue. The freight rate market is highly influenced by news, and futures prices are likely to experience intensified fluctuations. Investors are advised to be cautious, pay attention to operation rhythm and risk control, and track geopolitical, shipping capacity, and cargo volume data in a timely manner [1] 3) Summary by Relevant Catalogs a) Futures Market Data - EC主力收盘价 is 1708.600, up 69.6; EC次主力收盘价 is 1463.4, up 46.8 [1] - EC2512 - EC2602价差 is 245.20, up 35.50; EC2512 - EC2604价差 is 566.60, up 42.50 [1] - EC合约基差 is - 676.80, down 34.50 [1] - EC主力持仓量 is 27023, down 168 [1] b) Spot Market Data - SCFIS (European Line) (weekly) is 1031.80, up 14.70; SCFIS (US West Coast Line) (weekly) is 862.48, down 14.34 [1] - SCFI (Comprehensive Index) (weekly) is 1114.52, down 45.90; Container ship capacity is 1,227.97 (ten thousand TEUs), up 0.04 [1] - CCFI (Comprehensive Index) (weekly) is 1087.41, up 72.63; CCFI (European Line) (weekly) is 1,401.91, up 114.76 [1] - Baltic Dry Index (daily) is 2022.00, up 122.00; Panamax Freight Index (daily) is 1,815.00, down 9.00 [1] - Average charter price of Panamax ships is 14769.00, down 845.00; Average charter price of Capesize ships is 23,277.00, up 23277.00 [1] c) Industry News - The US implements final measures of the 301 investigation on China's maritime, logistics, and shipbuilding sectors. South Korea's Hanwha Ocean's US - related subsidiaries assist. China counter - measures against 5 US - related subsidiaries of Hanwha Ocean, banning domestic organizations and individuals from trading and cooperating with them. The Ministry of Commerce urges the US to correct wrong practices [1] - Premier Li Qiang chairs an economic symposium, emphasizing accurately grasping the current economic situation from a broader perspective and strengthening confidence [1] - The IMF predicts the world economy to grow 3.2% in 2025 (up 0.2 percentage points from July's forecast) and 3.1% in 2026. It slightly raises the US economic growth forecast and keeps China's 2025 growth forecast at 4.8% [1] d) Market Analysis - On Wednesday, most futures prices of the container shipping index (European Line) rose. The main contract EC2512 rose 4.25%, and far - month contracts rose between 1 - 4%. The latest SCFIS European Line settlement freight rate index is 1031.80, down 14.7 points (1.4% MoM) from last week, with a narrowing decline [1] - The strike at Rotterdam Port has escalated, causing port operations to halt. Over 60 ships are waiting at sea, increasing regional supply - chain uncertainty. CMA CGM announces a price increase in November, boosting futures prices. Trump's statement about increasing tariffs on Asian imports may weaken freight rates in the long - term. The "peace plan" in the Middle East improves Red Sea re - navigation expectations, weakening price support. Eurozone economic data is volatile, with manufacturing PMI in September slightly worse than last month but service PMI exceeding expectations. China's improved export data in September benefits container shipping [1] e) Key Data to Watch - UK's 3 - month GDP monthly rate for August at 14:00 on 10 - 16; UK's manufacturing output monthly rate for August at 14:00 on 10 - 16 [1] - US retail sales monthly rate for September at 20:30 on 10 - 16; US PPI annual rate for September at 20:30 on 10 - 16 [1] - US business inventory monthly rate for August at 22:00 on 10 - 16 [1]