Group 1: Shipping Derivatives Data Shipping Freight Index - The current values of SCFI - West US, SCFI - East US, SCFIS - West US, SCFI - Northwest Europe, Index CCFI, and Comprehensive Index SCFI are 1107, 1246, 1403, 2153, 3032, and 862 respectively, with daily increases of 2.02%, 6.27%, 7.11%, 11.21%, 8.82%, and 28.42% [3]. - The current values of SCFI - Mediterranean and SCFIS - Northwest Europe are 1312 and 1746 respectively, with daily increases of 15.09% and 8.25% [3]. Shipping Futures Contracts - For contracts EC2506, EC5602, EC2608, EC2610, EC2512, and EC2604, the current values are 1403.3, 1132.5, 1175.9, 1487.5, 1583.0, and 1843.8 respectively, with daily changes of -1.38%, -2.22%, -0.63%, -1.45%, -1.43%, and -1.55% [3][4]. - The current positions of EC2606, EC2608, EC2610, EC2512, EC2602, and EC2604 are 1411, 1324, 1062, 30114, 16233, and 14460 respectively, with increases of 1, 24, 150, -1792, 348, and 66 respectively [4]. - The current month - spreads of 12 - 02, 12 - 04, and 02 - 04 are 260.8, 667.9, and 407.1 respectively, with decreases of 4.2, 8.7, and 4.5 respectively [4]. Group 2: Market News and Analysis Trade Agreements and Policies - US Treasury Secretary Scott Bessent reached a "very substantial framework agreement" with Chinese Vice - Premier He Lifeng, which will avoid 100% US tariffs on Chinese products and extend China's rare - earth export controls [5]. - US President Donald Trump is confident of reaching an agreement with Chinese leaders after the preliminary consensus reached in the Sino - US high - level economic talks [5]. - The US and Vietnam have agreed to establish a "reciprocal, fair, and balanced trade framework agreement" to strengthen bilateral economic relations [5]. Shipping Company Operations - CMA CGM, Maersk, and MSC have started to re - flag some ships to the Indian flag [5]. Canal Revenue Forecast - The Suez Canal Authority expects its revenue in 2026 to reach about $8 billion, compared to the current level of about $4 billion [5]. Group 3: EC Market Analysis Market Trend - The EC market showed a weak oscillation. It oscillated on Monday and Tuesday due to some airlines lowering their quotes for early November and the mskwk46 quote dropping by 150 to 2200, and rebounded on Wednesday due to the resurgence of geopolitical conflicts [5]. Spot Prices - In late October, Maersk's quote was 1800 - 1900, HPL's was 1900, OCCL's was 2600, CM's was 2100, EMC's was 2050, NSC's was 2050, YML's was 1350, and ONE's was 1450. In early November, NSK's quote was 2400, HPL's was 2500, CMA's was 2700, OCCL's dropped to 2300, EMC's was 2700, MSC's dropped to 2250, YML's was 2250, ONE's was 2550, and HMM's was 1900 [5]. Market Logic - The European route is in the regular year - end price - holding stage. The first attempt to hold prices in late October to stop the decline was initially effective, and it has now entered the second round in early November. There will be multiple rounds of year - end price - holding in the next two months, so the seasonal expectations are leading. Future attention should be paid to changes in Sino - US relations, end - of - month loading conditions, and empty - flight situations in November [5]. Investment Strategy - The recommended strategy is to wait and see [5].

Report Summary 1. Industry Investment Rating No information provided. 2. Core Views - The EC market is rising. The main reasons are that the US Court of Appeals ruled that most of Trump's tariff measures exceeded the scope of authority, but the relevant tariff collection will still be carried out normally before October 14. Meanwhile, the conflict between the Houthis and Israel has reignited, which is beneficial to the far - month contracts [7]. - The downward adjustment of OCEAN's freight rates accelerated in September, which may put pressure on MSK to cut prices to attract cargo. It's necessary to focus on whether MSK will follow the price cut and whether the freight rates can stop falling in September. In the short term, the freight rates may fall below 1300. The price of the December contract is likely to show a weak and volatile trend. The strategy is to short the October contract on rallies and conduct a rolling 10 - 12 reverse spread [8]. 3. Directory - based Summaries 3.1 Shipping Freight Index - **Spot Freight Index**: The present values of SCFI, CCFI, SCFI - West US, SCFIS - West US, SCFI - East US, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1445, 1156, 1923, 1013, 2866, 1481, 1773, and 2145 respectively. The corresponding previous values are 1415, 1175, 1644, 1041, 2613, 1668, 1990, and 2225, with the respective growth rates of 2.10%, - 1.58%, 16.97%, - 2.69%, 9.68%, - 11.21%, - 10.90%, and - 3.60% [5]. - **Forward Freight Agreement Index**: The present values of EC2506, EC2608, EC2510, EC2512, EC5602, and EC2604 are 1428.5, 1602.1, 1291.4, 1640.9, 1461.3, and 1241.8 respectively. The previous values are 1376.1, 1561.0, 1261.0, 1562.7, 1408.1, and 1204.4, with the growth rates of 3.81%, 2.63%, 2.41%, 5.00%, 3.78%, and 3.11% [5]. - **Positions**: The present positions of EC2606, EC2608, EC2410, EC2412, EC2602, and EC2604 are 890, 274, 52271, 16495, 4846, and 7069 respectively. The previous positions are 867, 256, 53260, 17323, 4689, and 7136, with the changes of 23, 18, - 989, - 828, 157, and - 67 [5]. - **Monthly Spread**: The present values of 10 - 12, 12 - 2, and 12 - 4 monthly spreads are - 349.5, 179.6, and 399.1 respectively. The previous values are - 301.7, 154.6, and 358.3, with the changes of - 47.8, 25.0, and 40.8 [5]. 3.2 Market News - Yemen's Houthi rebels vowed to avenge the death of several important members in Israeli air strikes, and the conflict between the Houthis and Israel may intensify [6]. - The US Trade Representative's Office extended the exclusion list measures for China in the Section 301 investigation from August 31, 2025, to November 2025 [6]. - The US government plans to expand national security tariffs in the next few months, covering industries such as steel, aluminum, semiconductors, heavy trucks, and commercial aircraft [6]. - Container ships can reach 10 million TEU, and alternative - fuel - powered ships will dominate future shipping capacity. The average age of the global fleet is 13.7 years (11 years weighted by TEU), and some segments, especially medium - sized ships, are aging rapidly [6].

Group 1: Shipping Derivatives Data - Present values and previous values of various shipping freight rate indices (SCFI, CCFI, etc.) and their percentage changes are provided, such as SCFI with a present value of 1460, a previous value of 1490, and a decline of 1.98% [5] - Present values, previous values, and changes in contract prices (EC2506, EC2508, etc.), positions, and month - spreads are also presented [5] Group 2: Market News - Hamas has accepted a Gaza cease - fire and hostage agreement proposed by Qatar and Egypt mediators [6] - Trump called Putin during the Ukraine summit at the White House [6] - The US imposed a 50% import tariff on 407 steel and aluminum commodities on August 18 [6] - Asia - Europe route freight rates continue to decline despite "robust" bookings, with available container ship capacity at 30 TBU, about 29% of active capacity [6] - The spill - over effect of US tariff hikes is spreading, hitting Indian exporters with a 50% tariff [6] Group 3: EC Market Analysis - The EC market shows a volatile trend. Maersk's lower quotes and market reactions lead to a short - term price increase, and the 08 contract is strong due to delay - supported slower decline of freight rates [7] - Airlines are accelerating price cuts to maintain market share, and the overall downward trend of spot freight rates is established. The odds of shorting the 10 - contract are relatively low [7] Group 4: Strategy - The strategy is to short the 10 - contract on rallies and conduct a rolling 10 - 12 reverse spread [8]