Group 1: Report Overview - The report is a shipping daily report dated December 4, 2025, focusing on the container shipping industry, specifically the Container Shipping Index (European Line) [2][4] Group 2: Market Data Futures Market - EC2512 closed at 1,649.1, down 4.4 (-0.27%), with a trading volume of 270.0 (down 48.37%) and an open interest of 3,731.0 (down 2.15%) [3] - EC2602 closed at 1,585.0, up 44.9 (2.92%), with a trading volume of 27,304.0 (up 22.44%) and an open interest of 34,222.0 (down 2.25%) [3] - EC2604 closed at 1,090.1, up 7.0 (0.65%), with a trading volume of 2,881.0 (down 12.78%) and an open interest of 19,129.0 (up 0.69%) [3] - EC2606 closed at 1,255.1, up 0.6 (0.05%), with a trading volume of 178.0 (down 53.28%) and an open interest of 2,141.0 (down 1.20%) [3] - EC2608 closed at 1,385.6, up 5.5 (0.40%), with a trading volume of 125 (down 49.39%) and an open interest of 1,549 (down 1.78%) [3] - EC2610 closed at 1,040.2, down 2.0 (-0.19%), with a trading volume of 297 (down 24.81%) and an open interest of 3,961 (up 1.85%) [3] Month - Spread Structure - The spread between EC12 - EC02 was 64, down 49.3; EC12 - EC04 was 559, down 11.4; EC02 - EC04 was 495, up 37.9; etc [3] Container Freight Rates - SCFIS European Line was at 1483.65 points, down 9.50% week - on - week and 47.55% year - on - year [3] - SCFIS US West Line was at 948.77 points, down 14.36% week - on - week and 44.77% year - on - year [3] Fuel Costs - WTI crude oil near - month was at $58.70 per barrel, up 0.38% week - on - week and down 14.12% year - on - year [3] - Brent crude oil near - month was at $62.35 per barrel, up 0.56% week - on - week and down 13.6% year - on - year [3] Group 3: Market Analysis and Strategy Recommendations Market Analysis - In the morning, the futures market declined due to unconfirmed rumors of extra ships, but the market sentiment was boosted by the expected price increase by shipping companies in January. On December 4, EC2512 closed at 1585 points, up 2.92% from the previous day [5] - On November 28, the SCFI European Line was at $1404/TEU, up 2.7% week - on - week. The latest SCFIS European Line released after the market on Monday was at 1483.65 points, down 9.5% week - on - week, slightly lower than market expectations [5] - MSK issued a price increase notice for January after the market today, targeting $2275/3500. Attention should be paid to the price adjustment actions of other shipping companies and the actual implementation of the price increase [5] Logical Analysis - In the spot market, MSK's Shanghai - Rotterdam quote in Week 51 was $2400, up $200 week - on - week. It issued a price increase notice for January with a target of $2275/3500 [6] - Some shipping companies have started to announce price increases for the second half of December, with online prices ranging from $2800 - $3500, and there are still price increase expectations for January [6] - In terms of fundamentals, the demand for shipments from December to January is expected to gradually improve. The weekly average capacity from Shanghai to 5 Nordic ports in December was 28.32 million TEU, and 29.41/28.05 million TEU in January/February 2026 respectively [6] - Geopolitically, the second - stage peace talks are expected to be tortuous. It is difficult to resume large - scale shipping before the Spring Festival, but the number of return ships via the Suez Canal is expected to gradually increase, and the probability of resuming shipping after the Spring Festival may gradually increase [6] Trading Strategies - For the EC2602 contract, long positions can consider taking profits in batches on rallies, and pay attention to the price increase announcements of shipping companies and the improvement in cargo volume [7] - For the 2 - 4 calendar spread, take profits in batches on rallies [8] Group 4: Industry News - According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in December is 89%, and the probability of keeping interest rates unchanged is 11% [9] - Maersk currently has no specific timeline to divert the East - West (Gemini) route through the Red Sea [9] - On December 3, Trump said that either the US - Mexico - Canada Agreement would expire, or a new agreement would be reached with Mexico and Canada [10] - On December 3, Hamas strongly condemned the Israeli military's air strikes on displaced people's tents and areas near Kuwait Hospital in Khan Younis, Gaza Strip [10] Group 5: Related Attachments - The report includes figures such as SCFIS European Line Index and SCFIS US West Line Index, SCFI Composite Index, and container freight rates for different routes [13][17][19]

Group 1: Investment Rating - There is no information about the industry investment rating in the provided documents. Group 2: Core Viewpoints - Week 43/44 had good cargo receipts. The PA alliance attracted cargo by reducing prices and filled all spaces. OA and MSK accumulated container usage on some routes [2][19]. - In the second week of November, the significant decrease in newly added suspended shipping capacity (240,000 TEU) raised market expectations for shipping companies' price - increase determination. The implementation of price hikes in early November was better than expected, and OA and MSK might achieve partial implementation [2][19]. - The price - increase expectation for late November was set at the end of October, with an average weekly capacity of 300,000 TEU. The capacity in December is high but still subject to change [2][19]. - The logic of buying on dips in December remains unchanged, mainly due to upward drivers from multiple price - increase nodes in the future. However, the current valuation of December contracts is high, and they may fluctuate weakly following the spot market recently [2][19]. - Against the backdrop of repeated geopolitical situations, the upward potential of far - month contracts may be greater as the peak season approaches, but geopolitical disturbances are significant [2][19]. Group 3: Summary of Related Data Futures Data - EC2510 had a closing price of 1136.6, a change of 0.14%, a basis of 3.8, a trading volume of 1170, an open interest of 2283, and an open interest change of - 7839 [2][19]. - EC2512 had a closing price of 1788.3, a change of 1.07%, a basis of - 647.9, a trading volume of 28612, an open interest of 29008, and an open interest change of 574 [2][19]. - EC2602 had a closing price of 1582.9, a change of 0.95%, a basis of - 442.5, a trading volume of 4733, an open interest of 10664, and an open interest change of 431 [2][19]. - EC2604 had a closing price of 1171.4, a change of 0.65%, a basis of - 31.0, a trading volume of 2101, an open interest of 14317, and an open interest change of 13 [2][19]. - EC2606 had a closing price of 1353.3, a change of - 0.57%, a basis of - 212.9, a trading volume of 117, and an open interest change of - 23 [2][19]. - The month - spread of EC2510 - 2512 was - 651.7, with a daily change of - 17.4 and a weekly change of - 101.5. The month - spread of EC2512 - 2602 was 205.4, with a daily change of 4.1 and a weekly change of - 16.5 [2][19]. Spot Data - The spot price of ટેલનિ on October 20, 2025, was 1140.38 points, with a current increase of 10.52% and a previous decrease of - 1.40% [2][19]. - The SCFI on October 17, 2025, was 1145 dollars/TEU, with an increase of 7.21% [2][19]. - The CCFI on October 17, 2025, was 1267.91 points, with a decrease of - 1.49% [2][19]. - The NCFI on October 17, 2025, was 803.21 points, with a current increase of 14.96% and a previous increase of 11.39% [2][19]. Recent European Line Quotations - In Week 42, the final offline prices were PA1500, GEMINI1600, and OA1800 dollars, with an average of 1640 dollars (equivalent to 1150 points on the disk) [3][20]. - In Week 43, the PA alliance continued to reduce the price by 100 to 1400 dollars. The offline quotations were PA1400, GEMINI1600, and OA1800 dollars [3][20]. - Shipping companies' price - increase expectations for November are mostly between 2500 - 2700 dollars, with an average equivalent to about 1800 points on the disk. On Tuesday, MSK opened at 2350 dollars, in line with expectations [3][20]. Group 4: Related News - On October 22, US Secretary of State Rubio planned to visit Israel to promote the consolidation of the Gaza cease - fire agreement [4][21]. - On October 22, US President Donald Trump announced that the US would impose a 155% tariff on Chinese imports starting from November 1, despite expressing hopes for friendly relations with Beijing [4][21]. - The XSI - C index is announced with a three - day delay [4][21].