Group 1: Market Data - EC2602 closed at 1795.1 points on December 30, down 1.53% from the previous day's closing price. EC2604 closed at 1160.2 points, down 0.83%; EC2606 at 1370.0 points, down 0.29%; EC2608 at 1500.1 points, up 0.16%; EC2610 at 1056.0 points, up 0.12%; EC2612 at 1308.0 points, down 18.49% [4]. - The SCFIS European line reported 1742.64 points on December 26, up 9.66% month - on - month. The SCFI: Shanghai - Europe was 1690 USD/TEU, up 10.24% month - on - month [4][6]. - WTI crude oil near - month was at 57.58 dollars/barrel, up 1.55% month - on - month and down 18.55% year - on - year. Brent crude oil near - month was at 61.26 dollars/barrel, up 1.54% month - on - month and down 17.4% year - on - year [4]. Group 2: Market Analysis and Strategy Recommendation Market Analysis - The market is continuously debating the high point and path of January freight rates. The EC futures market experienced a callback and oscillation today. MSK released a quote of 2700 US dollars for the Shanghai - Rotterdam route in WK3, a small increase of 100 compared to last week. The subsequent market booking situation should be monitored [6]. - There are still differences in the high point and path of January freight rates in the spot market. The supply and demand situation has changed, with 12 - 1 month shipments expected to gradually improve. The shipping capacity from Shanghai to the five Nordic ports in December was 260,000 TEU, and the average weekly shipping capacity in January and February 2026 is expected to be 316,100 and 279,200 TEU respectively. The shipping capacity in December decreased by 5% compared to last week, while that in January increased by 5.5% [7]. - The second - stage of the Israel - Palestine peace talks is still tortuous. After Maersk's trial voyage on the India - East Coast of the United States route through the Red Sea, CMA CGM's Jacques Saadé and Adonis passed through the Suez Canal, strengthening the expectation of a phased resumption of navigation, which may suppress the far - month contracts [7]. Strategy Recommendation - Unilateral: Most of the long positions in the EC2602 contract should be taken profit at high levels, and the remaining light positions can be held at the discretion of the investor. Pay attention to the rhythm of shipping companies' price increases and cargo volume improvement. The far - month contracts are expected to be suppressed due to the resumption of navigation expectations [8]. - Arbitrage: Wait and see [9]. Group 3: Industry News - The "Listing and Operation of Shipping Index Futures" project of the Shanghai Futures Exchange won the Special Prize of the Financial Innovation Achievement Award in the 2023 - 2024 Shanghai Financial Innovation Award [10]. - US President Trump met with Israeli Prime Minister Netanyahu and expressed concerns about Iran's nuclear and missile programs, threatening to strike Iran again. He also mentioned that Hamas should be disarmed and would face consequences if it fails to do so [10][11].

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The shipping derivatives market shows complex trends. The shipping rates of various routes have different degrees of increase or decrease, and the market is currently in a state of shock. The main contract has fully factored in the optimistic expectations for the future SCFIS index. If the actual index does not meet the expectations, the market may face a significant correction. The market is currently gambling on the time point of the pre - holiday spot shipping rate peak. The recommended strategy is to wait and see [3][4][5][6] 3. Summary by Relevant Catalogs Shipping Rate Index - **Spot Shipping Rate Index**: The current value of the Shanghai Export Container Freight Index (SCFI) is 1506, with a 7.79% increase from the previous value; the China Export Container Freight Index (CCFI) is 1118, with a 0.29% increase. The shipping rates of various routes such as SCFI - US West, SCFI - US East, and SCFI - Northwest Europe have also increased to varying degrees, with increases ranging from 4.11% to 19.00% [3] - **Contract Shipping Rate**: For contracts such as EC2506, EC2608, etc., the increase or decrease is relatively small, with the largest increase being 1.06% and the largest decrease being - 0.04% [3] - **Position and Month - Spread**: The positions of different contracts have different degrees of increase or decrease. For example, the position of EC2610 has increased by 277, while the position of EC2606 has decreased by 19. The month - spreads of 12 - 02, 12 - 04, and 02 - 04 also have small changes [3] Market News - **Maersk**: Maersk has taken a "significant step" towards returning to the Red Sea. A Singapore - flagged ship passed through the Mandeb Strait controlled by the Houthi rebels, but Maersk emphasized that this does not mean a large - scale return to the Red Sea route [3] - **European Ports**: European major ports are preparing for the situation where ships bypassing the Cape of Good Hope and ships passing through the Suez Canal arrive at the ports simultaneously, which will have a chain reaction on the entire supply chain [3] - **Hapag - Lloyd**: Hapag - Lloyd has abandoned the plan to resume using the Suez Canal on the India - US East Coast route due to customer opposition. As of November this year, it accounted for about 23% of the market on this route, with an annual cargo volume of about 303,500 TEU [3] Market Analysis - **Market Trend**: The market trend is in a state of shock. The spot prices of shipping companies such as Maersk, ONE, and CMA have different price adjustment strategies. Maersk's quotes for the first week of January are 2500, and 2600 - 2700 for the second week, the same as in early December, and it previously planned to raise the price to 3500 [4] - **Market Logic**: The main contract has fully factored in the optimistic expectations for the future SCFIS index. If the actual index does not meet the expectations, the market may face a significant correction. The time value consumption risk is prominent, and the market is currently gambling on the time point of the pre - holiday spot shipping rate peak [5] - **Investment Strategy**: The recommended investment strategy is to wait and see [6]

Group 1: Market Data - Futures contract prices: EC2512 closed at 1,608.0 with a 0.13% increase; EC2602 at 1,799.7 with a 0.22% increase; EC2604 at 1,164.5 with a -0.04% decrease; EC2606 at 1,320.0 with a 0.08% increase; EC2608 at 1,496.7 with a 1.06% increase; EC2610 at 1,059.0 with a 0.75% increase [4] - Volume and open interest changes: For example, EC2602 volume increased by 21.33% to 28,762.0 hands, and open interest decreased by 0.19% to 34,250.0 hands [4] - Container freight rates: SCFIS European line was 1589.20 points, up 5.21% week - on - week and down 52.76% year - on - year; SCFIS US West line was 962.10 points, up 4.08% week - on - week and down 47.17% year - on - year [4] - Fuel costs: WTI crude oil near - month was $58.17 per barrel, down 0.19% week - on - week and down 16.52% year - on - year; Brent crude oil near - month was $61.84 per barrel, down 0.13% week - on - week and down 15.6% year - on - year [4] Group 2: Market Analysis and Strategy - Market analysis: MSK's New Year second - week quotes were below expectations, but there is still an expected price increase in the second half of the month. The market is still debating the January freight rate high and future trends, and the EC market remains volatile. The latest SCFIS European line index was significantly below market expectations, possibly due to some offline low - price cargo being included in the index [6] - Logic analysis: In terms of spot freight rates, different shipping companies have different price quotes. From a fundamental perspective, demand is expected to gradually improve from December to January, and supply shows a decrease in December capacity. The Maersk Group has announced a 2026 Spring Festival blank - sailing plan. The second - stage of the Israel - Palestine peace talks has started but is still tortuous, and the resumption of navigation may suppress far - month contracts [7] - Trading strategies: For the EC2602 contract, most long positions should be closed at high prices, and the remaining light positions can be held at the trader's discretion. Far - month contracts are expected to be suppressed by the resumption of navigation. For arbitrage, it is recommended to wait and see [8] Group 3: Industry News - On December 23, 2025, three container ships of CMA CGM and Maersk passed through the Suez Canal, and it was the first time in two years that ultra - large container ships passed through the canal [8][10] - Pacific Basin, a Hong Kong - listed dry bulk shipping company, placed an order at a Chinese shipyard again after 11 years, signing contracts to purchase four new - built small handy - size dry bulk carriers on December 23, 2025, with a total transaction value of approximately $119 million [10]

Group 1: Report Summary - The report focuses on the container shipping industry, specifically the Container Shipping Index (European Line) [3] - It provides data on futures contracts, container freight rates, fuel costs, and offers market analysis, trading strategies, and industry news [5][7][9] Group 2: Futures Contract Data - Futures contracts such as EC2512, EC2602, etc., are presented with details on closing prices, price changes, price change percentages, trading volumes, and open interest [5] - For example, EC2512 closed at 1,779.7, up 5.8 points (0.33%) on November 24, 2025, with a trading volume of 1,541.0 hands (down 22.83%) and open interest of 6,862.0 hands (down 6.30%) [5] Group 3: Container Freight Rate Data - Various container freight rates are reported, including SCFIS and SCFI indices for different routes such as Europe, the US West Coast, etc. [5] - SCFIS European Line was at 1639.37 points, up 20.75% week - on - week but down 42.71% year - on - year; SCFI: Shanghai - Europe was at 1367 USD/TEU, down 3.53% week - on - week and 45.58% year - on - year [5] Group 4: Fuel Cost Data - WTI crude oil near - month price was 57.73 dollars per barrel, down 1.32% week - on - week and 18.39% year - on - year; Brent crude oil near - month price was 61.89 dollars per barrel, down 1.01% week - on - week and 17.2% year - on - year [5] Group 5: Market Analysis and Strategy - The market is in a state of continuous game over the December freight rate level, and the EC market maintains a volatile trend [7] - For trading strategies, it is recommended to wait and see for both single - side and arbitrage trades due to the divergence in the expected implementation of price increases [9] Group 6: Industry News - A container ship "ONE HENRY HUDSON" had an electrical fire on November 21, 2025, causing the suspension of operations at multiple container terminals in the Port of Los Angeles [9][10] - Italy will hold a national strike on November 28, 2025, which is expected to disrupt the logistics industry [10] - Canada will resume trade negotiations with the US at an "appropriate time" [10] - India has fully resumed issuing tourist visas to Chinese citizens [11] - A senior leader of Lebanon's Hezbollah was killed in an Israeli air strike, and Hamas held talks on the Gaza cease - fire agreement [12]