Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints - The shipping market in 2026 will see the market balance shift towards shippers due to intensified supply - demand imbalance, with continuous decline in freight rates and key opportunities in supply chain optimization and data - based procurement [5]. - In November, shipping capacity has recovered, with available capacity on US gateway routes increasing by 10 - 15% compared to before. The overall TPBB route capacity is expected to fluctuate between 83% - 88%. Market demand in November remains healthy after the pre - peak season booking rush [5]. - The EC market is in a weak oscillation mainly because MSK's late - November quotes are significantly lower than other airlines. Short - term macro - level positives, capacity control, and multiple rounds of price - support expectations will still support the market. Before the peak - season expectations are falsified, the main contracts are likely to maintain a relatively strong oscillation, but the market has already factored in a certain premium [6]. 3. Summary by Relevant Catalogs Shipping Freight Index - **Spot Freight Index**: The Shanghai Export Container Freight Composite Index (SCFI) is currently at 1495, down 3.59% from the previous value; the China Export Container Freight Index (CCFI) is at 1058, up 3.60%. Different regional routes show varying trends, such as SCFI - US West down 16.43%, SCFIS - US West up 9.12%, etc [3][4]. - **Contract Index**: For contracts like EC2506, EC2608, etc., their current values, previous values, and corresponding percentage changes are provided. For example, EC2506 is currently at 1376.1, down 2.69% [4]. - **Contract Positions**: Information on contract positions such as EC2606, EC2608, etc., including current positions, previous positions, and changes in positions is given. For example, the current position of EC2606 is 1452, a decrease of 3 from the previous value [4]. - **Monthly Spread**: The current monthly spreads for 12 - 02, 12 - 04, and 02 - 04 are 220.0, 647.4, and 427.4 respectively, with corresponding changes compared to the previous values [4]. Market News and Analysis - CMA states that no route can replace the Suez Canal, will continue to operate through it, and expects to increase voyages via the canal in the future [5]. - Maersk starts to focus on price competition and a strategy of service premium from Q8 [5]. - Maersk's CEO Vincent is optimistic about returning to the Red Sea and mentions that the supply chain will fundamentally change due to Trump's tariffs [5]. Market Outlook and Strategy - The short - term market is supported by macro - level positives, capacity control, and price - support expectations. It is recommended to buy on dips for the main contracts, while closely monitoring suspension of voyages and airlines' loading rates [6]. - The recommended strategy is to wait and see [7].