Group 1: Report Overview - Report Name: Shipping Research Report - Shipping Daily - Date: January 20, 2026 [1] Group 2: Container Shipping - Freight Index (European Line) Futures Market - **Contract Performance**: EC2602 closed at 1,710.0, down 0.25%; EC2604 at 1,112.6, down 1.73%; EC2606 at 1,317.4, down 0.05%; EC2608 at 1,467.9, up 0.61%; EC2610 at 1,052.9, down 0.11%; EC2612 at 1,318.0, up 1.38% [4] - **Volume and Open Interest**: Volume and open interest of different contracts showed various increases and decreases, such as EC2602 volume down 14.46% and open interest down 13.42% [4] - **Monthly Spread Structure**: The spreads between different contracts also changed, e.g., EC02 - EC04 spread was 597, up 15.3 [4] Container Freight Rates - **SCFIS and SCFI Index**: SCFIS European Line was 1954.19, down 0.11% week - on - week and 29.89% year - on - year; SCFI Comprehensive Index was 1574.12, down 4.45% week - on - week and 37.17% year - on - year. Different routes had different price changes, like SCFI Shanghai - Europe was 1676, down 2.50% week - on - week and 41.21% year - on - year [4] Fuel Cost - WTI crude oil near - month contract was $59.26 per barrel, down 0.34% week - on - week and 23.17% year - on - year; Brent crude oil near - month contract was $63.41 per barrel, down 0.05% week - on - week and 20.2% year - on - year [4] Group 3: Market Analysis and Strategy Recommendation Market Analysis - The market is still debating the future decline and trend of off - season freight rates. The EC market is in a weak oscillation. The spot freight rate is at the top - falling stage. The export tax - rebate - driven rush shipment may delay the decline but is hard to reverse it [6] - The spot freight rate inflection point has emerged. MSK's WK6 Shanghai - Rotterdam quote dropped by $400/HC compared to last week. The demand is reaching a peak and then declining, and the supply has little change in the short term. The traditional off - season is from February to March, but the upcoming cancellation of export tax - rebate policy may lead to a rush shipment [6][7] - CMA decided to divert ships on some routes via the Cape of Good Hope due to geopolitical instability, which is expected to repair the backwardation of far - month contracts [6][7] Trading Strategy - **Single - side**: It is recommended to wait and see for the 04 contract due to many short - term disturbances and uncertainties in the rush - shipment strength. The far - month contracts are expected to repair the backwardation [9] - **Arbitrage**: Hold the 6 - 10 calendar spread long position [9] Group 4: Industry News - There are various geopolitical news, including issues related to Greenland, the US President's hope for a Gaza agreement, Israel - Iran relations, and the non - attendance of the Iranian Foreign Minister at the Davos Forum [10][11][13]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The EC futures market continues to show a volatile and weak trend, with significant divergence in the market regarding the intensity of cargo rush. The spot freight rate has reached an inflection point, and attention should be paid to the subsequent booking situation. The cancellation of export tax - rebates before April 1st is expected to lead to a short - term cargo rush, which is favorable for near - term contracts and unfavorable for far - term contracts. Geopolitical factors and seasonal patterns also have an impact on the market [5][6] Group 3: Summary by Directory 1. Market Analysis and Strategy Recommendation Market Analysis - On January 14th, the EC2604 contract closed at 1230.5 points, up 2.57% from the previous day. The SCFIS European line index on January 14th was 1956.39 points, up 8.94% week - on - week, in line with market expectations. Mainstream shipping companies have successively lowered their spot quotes for the second half of January. The spot freight rate has shown an inflection point, and the cargo volume is still at a high level but may start to decline seasonally. Geopolitical factors such as the resumption of shipping in the Red Sea and US tariffs on Iran also affect the market sentiment [5][6] Trading Strategies - Unilateral: Due to many short - term disturbances and divergence in the cargo rush intensity, it is recommended to wait and see [7] - Arbitrage: Maintain the idea of buying on dips for the 6 - 10 positive spread [8] 2. Industry News - On January 13, 2026, COSCO SHIPPING Holdings Co., Ltd. (601919) announced the order of twelve 18,000 TEU container ships and six 3000 TEU container ships. The Hamas delegation has arrived in Cairo, Egypt, for cease - fire negotiations [9][10] 3. Related Attachments - The report provides multiple figures, including SCFIS European and US West line indexes, SCFI comprehensive index, container freight rates for different routes, and the basis of EC02 and EC04 contracts [12][14][17]