论 II GER期货 投资咨询业务资格：证监许可【2012】31号 航运衍生品数据日报 国贸期货研究院 能源化工研究中心 投资咨询号: Z0021177 卢钊毅 2026/2/26 从业资格号: F03101843 数据来源：Clarksons、Wind 中国出口集装箱运价 L 淘H回集装箱运价 SCFI-美东 运价指数 SCFI-美西 SCFIS-美西 SCFI-西北欧 指数CCFI 综合指数SCFI 1787 现值 1251 1088 1155 1361 2524 版 间 滑 1267 1122 前值 1801 1101 1403 2530 涨跌幅 -1.19% -0.78% 4.90% -3.03% -0.24% -2.99% SCFI-地中海 SCFIS-西北欧 数 | 现值 | | 1657 | 2177 | | --- | --- | --- | --- | | 前值 | | 1792 | 2291 | | 涨跌幅 | | -7.53% | -4.98% | | E | | | | | 特朗普宣布将全球关税从10%上调至15%, 针对"剥削"美国的国家。 T 新关税将在未来数月确定颁布 3 | 2 ...

投资咨询业务资格：证监许可【2012】31号 航运衍生品数据日报 国贸期货研究院 能源化工研究中心 卢钉毅 数据来源：Clarksons、Wind 论 逻辑: 从现货运价端来看,马士基已发布 3 月第一周欧洲航线运价,报价维持 2000 美元，维持 2 月水平,船司此前 提出的 3 月涨价预期并未兑现。马士基延续稳健务实的定价策略,行业内其余船司及航运联盟大概率初期同步跟进 该定价水平;若春节后货量复苏力度偏弱,现货运价存在进一步下调可能,整体运行节奏或与 2025年同期相仿。 本周春节前最后一个交易周,新挂牌合约成交活跃度偏低。后续需重点关注其他船司 3 月运价的跟进情况、节后货 量修复进度,以及前期港口拥堵所引发的运力被动空班变动。短期盘面维持区间震荡格局。 投资咨询号: Z0021177 从业资格号: F03101843 2026/2/12 | | 运价指数 | 上海出口集装箱运价 | 中国出口集装箱运价 | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | ...

集运欧线EC期现货市场震荡回升,在显著下行后逐步回补跌幅,短期受节前运价约束,长期聚焦节后供需博弈。 ITGER期货 投资咨询业务资格：证监许可【2012】31号 航运衍生品数据日报 国贸期货研究院 能源化工研究中心 投资咨询号: Z0021177 卢钊毅 2026/2/6 从业资格号: F03101843 数据来源：Clarksons、Wind 中国出口集装箱运价 L 淘H回集装箱运价 运价指数 SCFI-美西 SCFIS-美西 SCFI-美东 SCFI-西北欧 指数CCFI 综合指数SCFI 现值 1317 1176 1101 1418 1867 2605 站 间 湘 前值 1209 2084 1595 1458 1294 2896 涨跌幅 -9.68% -2.74% -14.91% -10.05% -11.10% -10.41% SCFI-地中海 SCFIS-西北欧 数 现值 1792 2424 | 前值 | 1859 | 2756 | | --- | --- | --- | | 涨跌幅 | -3.60% | 059 -12. | E K 新 间 【1】美伊仍释放混合信号,市场对军事打击的群体预测概率略 ...

投资咨询业务资格：证监许可【2012】31号 航运衍生品数据日报 国贸期货研究院 能源化工研究中心 卢钊毅 数据来源：Clarksons、Wind 投资咨询号: Z0021177 从业资格号: F03101843 2026/2/4 | | 运价指数 | 上海出口集装箱运价 综合指数SCFI | 中国出口集装箱运价 指数CCFI | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | --- | --- | --- | --- | --- | --- | --- | --- | | 集 | 现值 | 1317 | 1176 | 1867 | 1101 | 2605 | 1418 | | | 前值 | 1458 | 1209 | 2084 | 1294 | 2896 | 1595 | | 运 | 涨跌幅 | -9.68% | -2.74% | -10.41% | -14.91% | -10.05% | -11.10% | | P TE | | SCFIS-西北欧 | SCFI-地中海 | | | | | | 米 | 现值 | 1792 | 2424 | | | | | | | ...

航运衍生品数据日报 国贸期货研究院 能源化工研究中心 投资咨询号: Z0021177 卢钉毅 从业资格号: F03101843 数据来源：Clarksons、Wind | | | | | 运价指数 | 上海出口集装箱运价 | 中国出口集装箱运价 | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 综合指数SCFI | 指数CCFI | | | | | | 業 | 现值 | 1574 | 1210 | 2194 | 1305 | 3163 | 1676 | | | 前値 | 1647 | 1195 | 2218 | 1323 | 3128 | 1719 | | 运 | 涨跌幅 | -4.45% | 1.25% | -1.08% | -1.36% | 1.12% | -2.50% | | ים JE | | SCFIS-西北欧 | SCFI-地中海 | | | | | | 数 | 现值 | 1954 | 2983 | | | | | | | 前値 1956 | | 3 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The current EC2602 contract is supported by pre - holiday shipments, while the BC2604 contract declines due to negotiation expectations. The core drivers are the resumption of Red Sea routes led by Maersk, combined with a capacity growth rate exceeding demand. The long - term pressure of oversupply remains unchanged, and short - term exports of photovoltaic and battery products provide marginal support. In the short term, the market is volatile, and the far - month contracts are suppressed by the resumption expectations. It's necessary to closely monitor the route recovery rhythm and shipping company pricing to seize interval opportunities [9]. - The strategy is to focus on the opportunity of short - allocating off - season contracts [10]. 3. Summary by Relevant Catalogs 3.1 Shipping Freight Index - The present value of the Shanghai Export Containerized Freight Index (SCFI) comprehensive index is 1574, with a previous value of 1647 and a decline of 4.45%. The China Containerized Freight Index (CCFI) has a present value of 1210, a previous value not clearly given in a comparable way, and an increase of 1.25%. For specific routes, SCFI - US West has a present value of 2194, down 1.08% from the previous value of 2218; SCFIS - US West is 1305, down 1.36% from 1323; SCFI - US East is 3163, up 1.12% from 3128; SCFI - Northwest Europe is 1676, down 2.50% from 1719; SCFIS - Northwest Europe is 1954, down 0.10% from 1956; and SCFI - Mediterranean is 2983, down 7.70% from 3232 [6]. 3.2 EC Spot Price - OCEAN Alliance: CMA CGM quotes 3693/FEU with relatively firm prices. COSCO Shipping quotes 3325/FEU. Evergreen Marine quotes 3030 - 3130/FEU, about 400 lower than before. Orient Overseas quotes 2880/FEU, 150 lower than before. The overall FAK central range is about 32700 - 3300/FEU. - GEMINI Alliance: Maersk's Week 4 (1.20 - 1.26) price is 1695/2730 (20'/40'), dropping to 1510/2420 in Week 5, and non - European base rates are as low as 2400/FEU. Hapag - Lloyd quotes 1585/2535 (20'/40'), with the February quote remaining unchanged. The overall FAK central range is about 2400 - 2700/FEU. - PREMIER Alliance + MSC: MSC quotes 1580/2640 (20'/40'). Ocean Network Express (ONE) quotes 1680/2635 (20'/40'), with the same price in February. Yang Ming Marine Transport quotes about 2600/FEU with relatively stable prices. HMM quotes 1433/2436 (20'/40') with a relatively low price. The overall FAK central range is about 2400 - 2650/FEU [7]. 3.3 Market News - Trump announced that starting from February 1st, he will impose a 10% tariff on Denmark, the UK, France, Germany, Sweden, Finland, the Netherlands, and Norway due to disputes over Greenland with relevant countries, and the tariff will be raised to 25% on June 1st. - Trump's advisors are impatient with Israeli Prime Minister Benjamin Netanyahu's objections and continue to advance the second stage of the "Gaza Peace Plan". Netanyahu issued a sharply worded statement opposing the list of members of the Gaza "Implementation Committee" released by the White House on Friday. - The new Sokhna container terminal in Egypt is put into operation, with Hutchison Ports, CMA CGM, and COSCO Shipping as the core shareholders. The support from the Ocean Alliance is expected to increase, and RSCT No.1 has become the most important and newly - launched modern large - scale container terminal on the Red Sea side of Egypt [6].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The European shipping line currently shows a "near - strong, far - weak" oscillating pattern. Spot quotes are continuously loosening, with the FAK central price of the three major alliances dropping to $2200 - 2700/FEU. The main futures contract is oscillating weakly. The EC2602 contract is supported by pre - holiday shipments, while the EC2604 contract has fallen by over 8% due to off - season expectations. The core drivers are Maersk's leading the resumption of Red Sea voyages, combined with the shipping capacity growth rate exceeding demand, and the long - term pressure of oversupply remaining unchanged. Short - term exports of photovoltaic and battery products provide marginal support. It will oscillate in the short term, and the far - month contracts are suppressed by resumption expectations. It's necessary to closely monitor the route recovery rhythm and shipping company pricing to seize interval opportunities [9]. 3. Summary by Related Content Shipping Index - The current value of the Shanghai Export Container Freight Index (SCFI) is 1574, down 4.45% from the previous value; the China Export Container Freight Index (CCFI) is 1210, up 1.25%. For different routes, SCFI - US West is 2194, down 1.08%; SCFIS - US West is 1305, down 1.36%; SCFI - US East is 3163, up 1.12%; SCFI - Northwest Europe is 1676, down 2.50%; SCFIS - Northwest Europe is 1954, down 0.10%; SCFI - Mediterranean is 2983, down 7.70% [6]. Spot Price - OCEAN Alliance: CMA CGM's quote is relatively firm at $3693/FEU; COSCO Shipping is at $3325/FEU; Evergreen Marine has dropped about $400 to $3030 - 3130/FEU; Orient Overseas Container Line has dropped $150 to $2880/FEU. The overall FAK central price is about $2700 - 3300/FEU. - GEMINI Alliance: Maersk's price dropped from $1695/2730 (20'/40') in Week 4 (January 20 - 26) to $1510/2420 in Week 5, with non - European base ports as low as $2400/FEU; Hapag - Lloyd's price is $1585/2535 (20'/40'), and the February quote remains unchanged. The overall FMK central price is about $2400 - 2700/FEU. - PREMIER Alliance + MSC: MSC is at $1580/2640 (20'/40'); Ocean Network Express (ONE) is at $1680/2635 (20'/40') with the same price in February; Yang Ming Marine Transport's price is relatively stable at about $2600/FEU; HMM's quote is relatively low at $1433/2436 (20'/40'). The overall FAK central price is about $2400 - 2650/FEU [7]. Strategy Pay attention to the opportunity of short - allocating off - season contracts [10].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The current shipping market shows a "near - strong, far - weak" oscillating pattern. Spot quotes are continuously loosening, and the FAK central price of the three major alliances has dropped to $2,200 - 2,700/FEU. The main futures contract is oscillating weakly. The EC2602 contract is supported by pre - holiday shipments, while the EC2604 contract has fallen by over 8% due to off - season expectations. The core drivers are Maersk leading the resumption of Red Sea routes, with capacity growth exceeding demand, and the long - term supply - demand imbalance remaining unchanged. Short - term exports of photovoltaic and battery products provide marginal support. The market is expected to oscillate in the short term, and the far - month contracts are suppressed by resumption expectations. It is necessary to closely monitor the recovery rhythm of routes and shipping company pricing to seize interval opportunities. The recommended strategy is to wait and see [9]. 3. Summary by Relevant Catalogs 3.1 Shipping Derivatives Data - **Freight Index**: The Shanghai Export Container Freight Index (SCFI) is 1,574, down 4.45% from the previous value; the China Export Container Freight Index (CCFI) is 1,210, up 1.25%. SCFI - West America is 2,194, down 1.08%; SCFIS - West America is 1,323, up 5.84%; SCFI - East America is 3,163, up 1.12%; SCFI - Northwest Europe is 1,676, down 2.50%. SCFIS - Northwest Europe is 1,956, up 8.97%; SCFI - Mediterranean is 2,983, down 7.70% [6]. - **Spot Price**: In the OCEAN Alliance, CMA CGM's price is $3,693/FEU, COSCO Shipping's is $3,325/FEU, Evergreen Marine's is $3,030 - 3,130/FEU (down about $400 from the previous period), and Orient Overseas' is $2,880/FEU (down $150 from the previous period), with the overall FAK central price at about $1,270 - 3,300/FEU. In the GEMINI Alliance, Maersk's price in Week 4 (1.20 - 1.26) is $1,695/2,730 (20'/40'), dropping to $1,510/2,420 in Week 5, and non - European base ports are as low as $2,400/FEU; Hapag - Lloyd's is $1,585/2,535 (20'/40'), with the February quote remaining unchanged, and the overall FAK central price at about $2,400 - 2,700/FEU. In the PREMIER Alliance + MSC, MSC's price is $1,580/2,640 (20'/40'), Ocean Network Express (ONE)'s is $1,680/2,635 (20'/40'), with the February price the same; Yang Ming Marine's is about $2,600/FBU, with relatively stable prices; HIM's is $1,433/2,436 (20'/40'), with a relatively low quote, and the overall FAK central price at about $2,400 - 2,650/FEU [7]. - **Market Situation**: The market is in a downward trend. The shipping line shows a "near - strong, far - weak" oscillating pattern. Spot quotes are loosening, and the FAK central price of the three major alliances has dropped to $2,200 - 2,700/FEU. The main futures contract is oscillating weakly, with the EC2602 contract supported by pre - holiday shipments and the EC2604 contract falling by over 8% due to off - season expectations [7][9]. 3.2 Market News - Trump plans to impose a 10% tariff on Denmark, the UK, France, Germany, Sweden, Finland, the Netherlands, and Norway starting from February 1st, and the tariff will increase to 25% on June 1st [6]. - The US is advancing the second phase of the "Gaza Peace Plan" despite opposition from Israeli Prime Minister Benjamin Netanyahu [6]. - The Sokhna Container Terminal in Egypt has been put into operation, with Hutchison Ports, CMA CGM, and COSCO Shipping as the core shareholders, and the support from the Ocean Alliance is expected to increase [6].

投资咨询业务资格：证监许可【2012】31号 2026/1/16 | | 运价指数 | 上海出口集装箱运价 综合指数SCFI | 中国出口集装箱运价 指数CCFI | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | --- | --- | --- | --- | --- | --- | --- | --- | | 業 | 现值 | 1647 | 1195 | 2218 | 1323 | 3128 | 1719 | | | 前値 | 1656 | 1147 | 2188 | 1250 | 3033 | 1690 | | 运 | 涨跌幅 | -0.54% | 4.21% | 1.37% | 5.84% | 3.13% | 1.72% | | 발 TE | | SCFIS-西北欧 | SCFI-地中海 | | | | | | 数 | | | | | | | | | | 现值 | 1956 | 3232 | | | | | | | 前値 | 1795 | 3143 | | | | | | | 涨跌幅 | 8.97% | 2.83% | | | | | tel Hol 新 iii ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The market is expected to experience a relatively concentrated rush of shipments before April 1st, which will consume the export volume of photovoltaic modules after April next year, and the subsequent export volume will decline. The rush of shipments may temporarily alleviate the decline in freight rates after the holiday, but it is difficult to benefit most shipping companies, and a price war in the off - season is inevitable. The main contract is supported in the short term, but the benefits of the rush of shipments need to be verified. Subsequently, the decline in exports will lead to a contraction in cargo volume, which is suitable for upstream and mid - stream enterprises to conduct short hedging on the 04 contract. The recommended strategy is to wait and see [6][7]. 3. Summary by Related Catalogs 3.1 Shipping Derivatives Data - **Container Freight Index**: The current values of Shanghai Export Container Freight Composite Index (SCFI), China Export Container Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1647, 1195, 2218, 1323, 3128, 1719, 1956, and 3232 respectively. The previous values are 1656, 1147, 2188, 1250, 3033, 1690, 1795, and 3143 respectively. The corresponding percentage changes are - 0.54%, 4.21%, 1.37%, 5.84%, 3.13%, 1.72%, 8.97%, and 2.83% respectively [4]. 3.2 Market News - The US Supreme Court has scheduled Friday as the "judgment day", which will be the first possible time to rule on President Donald Trump's global tariff policy. If the ruling finds Trump's tariffs illegal, it will weaken his iconic economic policy [5]. - Maersk will continue to gradually resume east - west shipping through the Suez Canal and the Red Sea. From January 11th to 12th, Maersk Denver successfully passed the Bab el - Mandeb Strait and entered the Red Sea [5]. 3.3 EC Market - **Market Review**: The market is in a downward trend [6]. - **Spot Price**: In the fourth week of January, Maersk's quotes were differentiated. The Shanghai - Rotterdam route was quoted at $2700/FEU (a month - on - month increase of $100), while the Ningbo - Rotterdam and Shanghai - Gdansk routes dropped to $2400/FEU ( $230 lower than the European base port). Hapag - Lloyd's quote center dropped to $2300 - 2700/FEU. In the OA alliance, the quotes were loose in the first half of January. From January 16th - 22nd, EMC's quote was $2800 - 2950/FEU, still at a high level but with weakened price - holding strength. YML's quote from January 16th - 22nd was $2600/FEU, lower than OA and MSC, and it has not followed Maersk's price cut. MSC's quote in the second half of January was $2840/FEU, the same as the first half, and did not follow Maersk's price cut [6]. - **Logic**: The State Taxation Administration issued an announcement on adjusting the export tax - refund policy for photovoltaic products. Currently, China exports an average of 35,000 - 40,000 TEU of photovoltaic modules to Europe per month, accounting for about 5% of the total export volume on the European route. To avoid losing tax - refund benefits and increasing export costs, enterprises are rushing to ship before the policy takes effect. It is estimated that before April 1st, the additional cargo volume on the European route due to the rush of shipments will be about 30,000 TEU, which will consume the capacity of 2 ships with a capacity of 15,000 TEU. After April, it is expected that the monthly shipping volume on the European route will decrease by 3000 - 4000 TEU, accounting for about 0.4%, putting pressure on the demand for far - month contracts [6].