Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The spot freight rate is in a downward channel, with the near - month futures market remaining volatile. However, due to geopolitical factors, the expectation of full - scale resumption of the European route in the first half of the year is weak, and the far - month contracts are slightly stronger. The export tax rebate may slow down the decline of spot freight rates but is unlikely to reverse the trend. The market is divided on the intensity of the potential pre - policy rush of shipments, and the subsequent spot booking situation needs to be monitored [6][7]. 3. Summary by Section Container Shipping - Freight Index (European Route) - **Futures Market Data**: On January 22, 2026, for different EC contracts, the closing prices, price changes, price change rates, trading volumes, trading volume change rates, open interests, and open interest change rates are presented. For example, EC2602 closed at 1,707.6, up 0.4 (0.02%), with a trading volume of 748.0 (down 3.86%) and an open interest of 4,681.0 (down 8.32%) [4]. - **Spread Structure**: The spreads between different contracts and their changes are given. For instance, the spread between EC02 - EC04 was 570, down 7.6 [4]. - **Container Freight Rates**: Weekly container freight rates, including SCFIS and SCFI for various routes, show different trends. SCFIS European route was at 1954.19 points, down 0.11% week - on - week and 29.89% year - on - year. SCFI: Shanghai - Europe was at 1676 USD/TEU, down 2.50% week - on - week and 41.21% year - on - year [4]. - **Fuel Costs**: WTI crude oil near - month was at 60.45 dollars/barrel, up 1.68% week - on - week and down 19.52% year - on - year. Brent crude oil near - month was at 64.62 dollars/barrel, up 1.86% week - on - week and down 17.6% year - on - year [4]. Market Analysis and Strategy Recommendation - **Market Analysis**: Spot freight rates are in a downward trend during the off - season. The 04 contract has a discount. The high spot settlement price is due to ship delays in January, and the index is expected to decline. The spot freight rate inflection point has emerged, and the market is divided on the intensity of the potential pre - policy rush of shipments. Geopolitical uncertainties make it difficult for large - scale resumption of the European route in the first half of the year [6][7]. - **Trading Strategies**: For unilateral trading, it is recommended to wait and see due to many short - term disturbances in the 04 contract and market divergence on the rush of shipments. For arbitrage, it is recommended to hold the 6 - 10 long - short spread [8][9]. Industry News - Trump stated at the Davos World Economic Forum that the US has no intention of using excessive force to acquire Greenland and will not implement the planned European tariff measures on February 1. - The European Parliament's International Trade Committee Chairman announced an indefinite freeze on the review of the EU - US trade agreement, and Denmark rejected Trump's negotiation request regarding Greenland [10][12]. Related Attachments The report includes multiple figures showing various shipping indices and container freight rates, such as SCFIS European and US West lines, SCFI comprehensive index, and container freight rates for different routes [13][16][19].