1. Report Industry Investment Rating - The investment view is "oscillating", specifically "oscillating weakly" [3] 2. Core View of the Report - The EC of the container shipping index shows a pattern of near - term strength and long - term weakness due to factors such as the Gaza peace talks and the deterioration of Sino - US relations. The spot freight rate has a mixed impact, with price increases planned but also uncertainties. Political and economic factors are complex, including the progress of the Gaza cease - fire agreement, potential tariff adjustments, and diplomatic meetings. The supply of shipping capacity is neutral, with changes in weekly average capacity deployment in different months and overall loading rates lower than in previous years. The demand is also neutral, with a differentiation in loading rates among shipping alliances. The first round of price support in late October has initially stopped the decline, and the market has entered the second round in early November, with more price - support attempts in the next two months. However, future trends still depend on changes in Sino - US relations, end - of - month loading conditions, and the situation of empty sailings in November [3] 3. Summary According to Relevant Catalogs 3.1 Main Views and Strategy Overview - **Influencing Factors and Their Impacts** - **Spot Freight Rate**: It has both positive and negative impacts. In late October, the overall price increase was expected to be between 1800 - 2000, but finally landed at 1500 - 1800, and the price increase notice for November is around 2500 [3] - **Political and Economic Factors**: There are many uncertainties. For example, the implementation of the Gaza cease - fire agreement has core issues to be resolved, Egypt has suffered shipping losses due to Houthi attacks, the US may adjust tariffs, and there are diplomatic meetings to prevent the escalation of the Sino - US tariff war [3] - **Shipping Capacity Supply**: It is neutral. The weekly average capacity deployment in September was 305,000, 250,000 in October, 280,000 in November, and 290,000 in December. The overall loading rate is lower than in previous years [3] - **Demand**: It is neutral. There is a differentiation in loading rates among alliances. PA + MSC has a relatively low loading rate and a higher probability of price cuts, while GEMINI's loading rate is gradually increasing at low prices [3] - **Investment View**: Oscillating weakly [3] - **Trading Strategy**: For unilateral trading, it is oscillating; for arbitrage, it is on hold. Risks to focus on include geopolitical disturbances and domestic and foreign macro - policy disturbances [3] 3.2 Price - **Spot Market**: There are data charts showing the trends of European line index, US West line index, US East line index, and Mediterranean line index, as well as the spot quotes of Maersk's European line [6][7][8][9][11] 3.3 Static Shipping Capacity - **Order Volume**: There are data charts showing the order volume and new - order volume of container ships with different loading capacities over the years [14] - **Delivery Volume**: There are data charts showing the delivery volume of container ships with different loading capacities over the years [17][19] - **Demolition Volume**: There are data charts showing the demolition volume of container ships with different loading capacities over the years [18][20] - **Future Delivery**: There are data charts showing the future delivery volume of container ships with different loading capacities in different time periods [23][25][26] - **Ship - Breaking Price**: There are data charts showing the ship - breaking prices of container ships with different loading capacities and the new - building price index and its year - on - year change [30] - **New - Building Ship Price**: There are data charts showing the new - building price index and the new - building prices of container ships with different loading capacities [30][32] - **Second - Hand Ship Price**: There are data charts showing the second - hand ship price index and the second - hand prices of container ships with different loading capacities and ages [36][38][40][42] - **Existing Shipping Capacity of Container Ships** - There are data charts showing the total existing shipping capacity, the existing shipping capacity by loading capacity, the existing shipping capacity of ships over 25 years old, the proportion of idle and retrofitted ships, the average age, and the average age by loading capacity [45][46][48][49][52][54] 3.4 Dynamic Shipping Capacity - **Shipping Schedule (Shanghai - European Base Ports)** - There are data charts showing the total shipping capacity deployment from Shanghai to European base ports, the shipping capacity deployment of PA + MSC, GEMINI, MSC, and OCEAN in different weeks [60][62][64][66][68] - **Container Ships with Desulfurization Towers** - There are data charts showing the number and proportion of container ships with installed desulfurization towers, the number and proportion of container ships being installed with desulfurization towers, the average age and duration of retrofitting desulfurization towers, and the average speed of container ships [71][74][75][77] - **Idle Shipping Capacity** - There are data charts showing the idle shipping capacity of container ships in terms of TEU, number of ships, and proportion, the idle shipping capacity by loading capacity, the hot - idle shipping capacity, and the shipping capacity of ships being retrofitted with desulfurization towers [79][80]

Report Title - Shipping Derivatives Data Daily Report [4] Report Date - October 14, 2025 [5] Data Source - Clarksons, Wind [5] Core Viewpoints - In late September, shipping companies collectively cut prices to grab cargo, and freight rates dropped to $1300/FEU. Before the peak season at the end of the year, Maersk took the lead in announcing a $400/FEU increase for late October. However, in October, both supply and demand declined, and it is likely to return to the off - season market. Currently, the mainstream quotation range for late October is between $2000 - $2200. Subsequently, European routes will focus on price stabilization and support during the transition between off - and peak - seasons. Shipping companies' price increases may be difficult to implement, and it is necessary to closely monitor the implementation of price increases, peak - season cargo volume, capacity deployment, and shipping companies' attitude towards price support [8]. - The preliminary progress of the Gaza peace talks creates a theoretical possibility for the resumption of Red Sea shipping, but the shipping industry still needs to face "three hurdles": the stability of agreement implementation, the conditions for the Houthi armed forces to lift the blockade, and the sustainable guarantee of route safety. Before the new long - term agreement cycle in 2026, the market will continue the trend of "falling freight rates and increasing bargaining power of shippers". The resumption of the Suez route will probably be carried out in a phased and verification - based manner, and the second quarter of next year will be the first substantial observation node [8]. Key Data Freight Rate Index | Index | Present Value | Previous Value | Change Rate | | --- | --- | --- | --- | | SCFI Composite Index | 1115 | 1198 | -6.97% | | CCFI Index | 1087 | 1120 | -2.93% | | SCFI - US West | 1460 | 1636 | -10.76% | | SCFIS - US West | 862 | 876 | -1.60% | | SCFI - US East | 2385 | 2557 | -6.73% | | SCFI - Northwest Europe | 971 | 1052 | -7.70% | | SCFIS - Northwest Europe | 1031 | 1046 | -1.43% | | SCFI - Mediterranean | 1485 | 1638 | -9.34% | [5] Futures Contracts Present Value, Previous Value, and Change Rate | Contract | Present Value | Previous Value | Change Rate | | --- | --- | --- | --- | | EC2506 | 1268.0 | 1248.6 | 1.55% | | EC2608 | 1395.8 | 1393.6 | 0.16% | | EC2510 | 1129.4 | 1121.1 | 0.74% | | EC2512 | 1562.5 | 1571.0 | -0.54% | | EC5602 | 1359.9 | 1338.0 | 1.64% | | EC2604 | 1098.5 | 1069.0 | 2.76% | [5] Open Interest | Contract | Present Value | Previous Value | Change in Value | | --- | --- | --- | --- | | EC2606 Open Interest | 1483 | 1516 | (33) | | EC2608 Open Interest | 1122 | 1041 | 81 | | EC2410 Open Interest | 16148 | 18352 | (2204) | | EC2412 Open Interest | 28771 | 28056 | 715 | | EC2602 Open Interest | 9376 | 9768 | (392) | | EC2604 Open Interest | 12825 | 12963 | (138) | [5] Monthly Spread | Spread | Present Value | Previous Value | Change in Value | | --- | --- | --- | --- | | 10 - 12 | -433.1 | -449.9 | 16.8 | | 12 - 2 | 202.6 | 233.0 | (30.4) | | 12 - 4 | 464.0 | 502.0 | (38.0) | [5] Spot Prices - GEMINI: The average of the alliance is around 1500. Maersk's wk40 opening price is 1400, and HPL - SPOT is 150 [8]. - OA: The average of the alliance is around 1550. CMA is 1700 (off - line 1500), OOCL is 1600, and EMC is 1700 (off - line 1500) [8]. - PA: The average of the alliance is around 1400. ONE is 1600, HMM is 1600, and IYM is 1300 [8]. - MSC: Reported 1600 in October [8]. Strategies - Go for a long position in the 10 - 12 spread [9]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The market shows a pattern of near - strong and far - weak. The shipping industry is facing a transition between the off - season and peak season, with airlines' price increases likely to be difficult to implement. The market will continue the trend of "falling freight rates and rising bargaining power of shippers" before the new long - term cooperation period in 2026. The 10 - 12 positive spread strategy is recommended. [7][8][9] Group 3: Summary by Related Catalogs 1. Shipping Derivatives Data Freight Rate Index - **Current Values**: Shanghai Export Container Freight Index (SCFI) is 1160, China Export Container Freight Index (CCFI) is 1015, SCFI - US West is 1468, SCFIS - US West is 876, SCFI - US East is 2452, SCFI - Northwest Europe is 1068. - **Percentage Changes**: SCFI increased by 4.12%, CCFI decreased by 6.68%, SCFI - US West increased by 0.55%, SCFIS - US West decreased by 4.89%, SCFI - US East increased by 2.81%, SCFI - Northwest Europe increased by 9.99%. [5] Contract Data - **Current Values**: EC2506 is 1248.6, EC2608 is 1393.6, EC2510 is 1121.1, EC2512 is 1571.0, EC5602 is 1338.0, EC2604 is 1069.0. - **Percentage Changes**: EC2506 decreased by 2.26%, EC2608 decreased by 3.13%, EC2510 increased by 0.11%, EC2512 decreased by 6.93%, EC5602 decreased by 4.84%, EC2604 decreased by 4.55%. [5] Position Data - **Current Values**: EC2606 position is 1516, EC2608 position is 1041, EC2410 position is 18352, EC2412 position is 28056, EC2602 position is 9768, EC2604 position is 12963. - **Change Values**: EC2606 increased by 146, EC2608 increased by 133, EC2410 decreased by 2678, EC2412 increased by 3834, EC2602 increased by 1025, EC2604 increased by 1876. [5] Month - Spread Data - **Current Values**: The 10 - 12 month - spread is - 449.9, the 12 - 2 month - spread is 233.0, the 12 - 4 month - spread is 502.0. - **Change Values**: The 10 - 12 month - spread increased by 118.2, the 12 - 2 month - spread decreased by 49.0, the 12 - 4 month - spread decreased by 66.1. [5] 2. Spot Price - In October, the prices of GEMINI dropped to 1500, OA to 1550, PA to 1400, and MSC reported 1600 in early October. The overall mainstream quotation range for the second half of October is 2000 - 2200. [7] 3. Logic - In late September, shipping companies collectively cut prices to grab cargoes, and freight rates once dropped to $1300/FEU. Maersk first announced a price increase of $400/FEU for the second half of October, but in October, both supply and demand decreased, and it is likely to return to the off - season market. The negotiation on the Gaza issue has created a theoretical possibility for the resumption of shipping in the Red Sea, but the shipping industry still faces "three hurdles". [8] 4. Strategy - A 10 - 12 positive spread strategy is recommended. [9]

Core Viewpoint - The United States is facilitating a new round of negotiations to end the Gaza conflict and secure the release of hostages, with Trump indicating that a deal is "close" to being reached [1] Group 1: Negotiation Dynamics - The U.S. is leveraging the recent ceasefire between Israel and Iran to create a conducive environment for Gaza negotiations [1] - Despite significant differences between Israel and Hamas, both parties have shown a willingness to reach an agreement according to Arab officials [1] - Negotiators are currently in communication with both sides and may soon meet in Egypt, with assistance from Qatar [1] Group 2: Political Statements - Trump expressed optimism about the progress in Gaza negotiations during a press conference at the NATO summit in The Hague, stating that significant advancements are being made [1] - U.S. envoy Witkoff recently reported to Trump that the Gaza agreement is very close to being finalized [1]