1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The release of MSK's WK45 Shanghai - Rotterdam quote of $2350 during the session on October 21st boosted market sentiment, driving the EC futures market up significantly. The EC2512 contract closed at 1769.3 points on that day, a 5.19% increase from the previous day's close. The SCFI European line rate on October 17th was $1145/TEU, a 7.2% week - on - week increase, and the latest SCFIS European line index released after the market on Monday was 1140.38 points, a 10.5% week - on - week increase, exceeding market expectations. The 2510 contract is repairing its discount upwards [3][5]. - The spot freight rate spread among major shipping companies has widened again. Some shipping companies have lower SPOT prices due to cargo - booking pressure, but the fundamentals are expected to gradually improve given the good long - term cargo receipts of shipping companies. Different shipping companies have different price adjustment strategies. It is expected that the freight rate center of shipping companies in the second half of October will move up compared to the first half, and attention should be paid to the implementation of price increases [6]. - In terms of demand, cargo volume continues to decline seasonally, and shipments from November to December are expected to gradually improve. Attention should be paid to the impact of tariff policies on the shipment rhythm. On the supply side, the weekly average capacity of Shanghai - Northern Europe 5 ports in October, November, and December is 244,500, 268,400, and 279,500 TEU respectively. There are four additional sailings cancelled in November by OA, and the weekly average capacity has decreased by 6.5% compared to this week's schedule. OA continues the strategy of multiple ship - changing operations in December [6]. - In terms of risks, the Hamas is discussing the next - stage content of the Gaza cease - fire agreement in Egypt, which involves disarmament. Attention should be paid to the progress of subsequent negotiations. Recently, China and the US have stated that they will restart tariff negotiations, and the sentiment has eased. Attention should also be paid to the progress of these negotiations [5][6]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Contract Performance**: On October 21st, the EC2512 contract closed at 1769.3 points, up 5.19% from the previous day. Other contracts such as EC2510, EC2602, etc. also had different degrees of price increases and changes in trading volume and open interest [3]. - **Monthly Spread Structure**: The spreads between different contracts have changed. For example, the spread of EC10 - EC12 is - 634, down 52.4; the spread of EC12 - EC02 is 201, up 41.3 [3]. 3.2 Container Freight Rates - **Weekly Container Freight Rates**: The SCFIS European line index is 1140.38 points, a 10.52% week - on - week increase and a 48.27% year - on - year decrease. The SCFI comprehensive index is 1310.32 points, a 12.92% week - on - week increase and a 38.63% year - on - year decrease. Different routes have different freight rate changes [3]. 3.3 Fuel Costs - The price of WTI crude oil near - month contract is $56.94 per barrel, a 0.49% week - on - week decrease and an 18.28% year - on - year decrease. The price of Brent crude oil near - month contract is $60.8 per barrel, a 0.59% week - on - week decrease and a 17.5% year - on - year decrease [3]. 3.4 Market Analysis and Strategy Recommendations - **Market Analysis**: The release of MSK's high - price quote, the increase in the SCFI European line rate, and the progress of the Gaza cease - fire agreement and Sino - US tariff negotiations have all affected the market. The supply and demand fundamentals of the shipping market are in a state of change, with seasonal changes in demand and capacity adjustments on the supply side [5][6]. - **Trading Strategies**: Hold long positions in the EC2512 contract and continue to hold the 2 - 4 calendar spread long positions, and consider partial profit - taking on rallies [7][8][9]. 3.5 Industry News - The US has listed rare earths, fentanyl, and soybeans as the three major issues in Sino - US economic and trade consultations, and the Chinese Foreign Ministry has responded [9]. - EU member states support phasing out Russian natural gas imports by January 2028 [10]. - The Hamas is discussing the next - stage content of the Gaza cease - fire agreement in Egypt, and Israel has appointed a representative for its command center in the US to oversee the implementation of the Gaza agreement [11]. - Iran's Foreign Ministry spokesman said that indirect contacts with the US are still ongoing, and formal negotiations have not started [12].