EC2602合约，MSC下半月运价持平上半月，马士基宁波-鹿特丹报价2400美元/FEU，运价顶或已出现。 12月份以及1月份货量处于年内较高位置。根据上期能源相关交易规则，集运指数（欧线）期货EC2602 合约的最后交易日为2026年2月9日。 EC2602合约交割结算价格为2026年1月26日、2月2日以及2月9日 三期交割结算价格的算数平均值。2026年除夕为2月16日，除夕前半个月内基本货代产业以及部分货主 已经春节放假，所以2月合约交割结算价格基本反映1月底现货价格中枢。MSC1月下半月价格2840美 元/FEU（持平上半月），马士基1月第四周上海-鹿特丹报价2700美元/FEU（环比上涨100美元/FEU，但 是宁波-鹿特丹价格报出2400美元/FEU），PA联盟YML 1/16-22日价格为2600美元/FEU，OA联盟EMC 1/16-22日价格介于2800-2950美元/FEU。目前马士基1月第四周，宁波-鹿特丹以及上海至格但斯克价格 均调整为2400美元/FEU，后续需关注该价格是否会引发PA联盟价格修正的负反馈。考虑到MSC以及OA 联盟1月下半月价格相对较高，可以初步假设第一期交割结算 ...

航运日报 | 2026-01-06 2月合约估值中枢不断上移，关注马士基开仓价格 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹1月第二周报价1600/2580，1月第三周报价1630/2620；HPL 1月上半月报 价1835/3035，1月下半月船期报价2135/3535，2月上半月船期报价1835/3035. MSC+Premier Alliance：MSC1月上半月价格1700/2840，1月下半月船期报价1880/3140；ONE 1月上半月船期报价 2110/2835，1月下半月船期报价2440/3335；HMM上海-鹿特丹1月上半月船期报价1533/2636. Ocean Alliance：CMA 上海-鹿特丹1月上半月船期报价1859/3293，1月下半月船期报价2635/4345；EMC 1月上半 月船期报价介于3030-3230，1月下半月船期报价3330-3530美元/FEU；OOCL 1月上半月份船期报价介于2721-3130 美元/FEU。 地缘端：沙特邀也门地方武装对话，南方过渡委员会表示欢迎。 静态供给：交付现状层面，截至2025年12月31日 ...

MSC以及马士基1月下半月线上涨价，02合约估值不断抬升 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹1月第二周报价1600/2580，1月第三周报价1625/2610；HPL 1月上半月报 价1835/3035，1月下半月船期报价2135/3535，2月上半月船期报价1835/3035. 航运月报 | 2026-01-04 动态供给：1月份月度周均运力31.86万TEU，WEEK2/3/4/5周运力分别为35.56/30.94/33.07/27.87万TEU。2月份月 度周均运力28.35万TEU，WEEK6/7/8/9周运力分别为38.13/26.59/24.72/23.98万TEU；3月份月度周均运力27.24万 TEU，WEEK10/11/12/13/14周运力分别为25.44/27.31/32.88/24.83/25.72万TEU，1月份共计3个空班（OA联盟2个和 PA联盟1个）和1个TBN（OA联盟1个），2月份共计7个TBN(OA联盟4个，MSC/PA联盟3个）和4个空班（OA联盟 1个空班，PA联盟2个空班，双子星联盟1个空班)。3月份共计3个空班和7个 ...

航运日报 | 2025-12-30 上半月运价相对坚挺，关注马士基1月下半月第一周报价 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹1月第二周报价1590/2560；HPL 1月上半月报价1835/3035，1月下半月船 期报价2135/3535. MSC+Premier Alliance：MSC1月上半月价格1700/2840；ONE 1月上半月船期报价2110/2835，1月下半月船期报价 2440/3335；HMM上海-鹿特丹1月上半月船期报价1633/2836; YML 1月上半月船期报价1650/2800（1/6 单船特价 1550/2600）. Ocean Alliance：CMA 上海-鹿特丹1月上半月船期报价1859/3293，1月下半月船期报价2635/4345；EMC 1月上半 月船期报价介于3030-3510；OOCL 1月上半月份船期报价介于3030-3130美元/FEU。 地缘端：美国白宫：特朗普将于美东时间周一下午1点（北京时间周二凌晨2点）在海湖庄园会见以色列总理内塔 尼亚胡。 上海国际能源交易中心拟修订《上海国际能源交易中心集运指数(欧线) ...

早上好！ 先来看隔夜市场行情。截至收盘，现货白银涨2.79%，报69.0304美元/盎司，盘中达到69.4549美元/盎 司，创历史新高。COMEX白银期货涨2.20%，报68.975美元/盎司，盘中达到69.525美元/盎司，创历史 新高。 现货黄金涨2.48%，刷新历史高位至4449.18美元/盎司。COMEX黄金期货涨2.16%，报4482.30美元/盎 司，也创历史新高。 截至收盘，纽约商品交易所2026年2月交货的轻质原油期货价格上涨1.49美元/桶，收于每桶58.01美元， 涨幅为2.64%；2026年2月交货的伦敦布伦特原油期货价格上涨1.60美元/桶，收于每桶62.07美元，涨幅 为2.65%。 对于国际贵金属价格集体走高，美国彭博社报道称，地缘政治紧张局势加剧、市场预期美联储进一步降 息是黄金价格飙升的主要原因。美国《华尔街日报》此前报道，担忧美元等货币前景的投资者正大举买 入黄金等替代性资产。美国高盛本月18日发布的研报预期，到2026年年底，金价将涨至每盎司4900美 元。 美国总统特朗普今年"钦点"的美联储理事米兰警告，除非美联储明年继续降息，否则美国经济将面临衰 退的风险。这一表态与 ...

客户端 美国总统特朗普今年"钦点"的美联储理事米兰警告，除非美联储明年继续降息，否则美国经济将面临衰 退的风险。这一表态与多位美联储官员近期的谨慎立场形成鲜明对比，凸显联储内部在利率政策路径上 的深度分化。 美东时间22日（周一），米兰在接受采访时表示："如果我们不调整政策，我们将面临日益严重的经济 衰退风险。" 他强调，失业率已经上升到超出预期的水平，这些数据应该会促使美联储决策者向"鸽"派 方向转变。 来源：期货日报 早上好！ 先来看隔夜市场行情。截至收盘，现货白银涨2.79%，报69.0304美元/盎司，盘中达到69.4549美元/盎 司，创历史新高。COMEX白银期货涨2.20%，报68.975美元/盎司，盘中达到69.525美元/盎司，创历史 新高。 现货黄金涨2.48%，刷新历史高位至4449.18美元/盎司。COMEX黄金期货涨2.16%，报4482.30美元/盎 司，也创历史新高。 截至收盘，纽约商品交易所2026年2月交货的轻质原油期货价格上涨1.49美元/桶，收于每桶58.01美元， 涨幅为2.64%；2026年2月交货的伦敦布伦特原油期货价格上涨1.60美元/桶，收于每桶62.07美元， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The 12 - month contract delivery settlement price is gradually becoming clear, with a preliminary estimate between 1600 - 1700 points, and attention should be paid to the actual SCFIS announcement. The EC2602 contract is focusing on the shipping companies' willingness to support prices under high - capacity conditions, and the valuation center is constantly rising. The far - month contracts are facing the pressure of the Suez Canal's resumption of navigation, with the risk of valuation downward revision [4][5][6]. - The strategy suggests that the 12 - month contract will fluctuate, and the February contract will fluctuate strongly. There is no arbitrage strategy for now [8]. 3. Summary According to the Table of Contents 3.1 Futures Prices - As of December 18, 2025, the total position of all contracts of the container shipping index European line futures is 60,961.00 lots, and the single - day trading volume is 31,539.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1668.60, 1108.80, 1270.50, 1441.30, 1042.20, and 1624.40 respectively [7]. 3.2 Spot Prices - Online quotes from various shipping companies show price changes. For example, Maersk's Shanghai - Rotterdam quote in the first week of January is 1570/2520, and HPL's price in the second half of December is 1535/2535, with the quote in the first half of January being 2135/3535 [1]. - The SCFI (Shanghai - Europe route) price announced on December 12 is 1538 US dollars/TEU, the SCFI (Shanghai - US West route) price is 1780 US dollars/FEU, and the SCFI (Shanghai - US East) price is 2652 US dollars/FEU. The SCFIS (Shanghai - Europe) on December 15 is 1510.56 points, and the SCFIS (Shanghai - US West) is 924.36 points [7]. 3.3 Container Ship Capacity Supply - In December, the average weekly capacity for the remaining 3 weeks is 326,000 TEU, with capacities of 386,400, 290,900, and 300,700 TEU in weeks 51, 52, and 53 respectively. In January, the average weekly capacity is 322,700 TEU, and in February, it is 276,700 TEU. There are 4 TBNs in January (all from the OA alliance) and 9 TBNs and 2 blank sailings (both from the OA alliance) in February [3]. - 2025 is still a big year for container ship deliveries. As of now, 250 container ships have been delivered, with a total capacity of 2.018 million TEU. As of December 23, 2025, 75 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 1.1315 million TEU, and 12 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 253,800 TEU [7]. 3.4 Supply Chain - The mediation plan for the Gaza cease - fire is advancing, and the probability of the Suez Canal resuming navigation in 2026 is high. If it resumes, it means an increase in effective capacity supply and the risk of further depressing freight rates. Currently, CMA's FAL1 route (Europe - Asia) has fully resumed operation since January 2026, and the FAL3 route has started a single trial run [6]. 3.5 Demand and European Economy - There is no direct content in the text about demand and European economy, but the overall shipping market is affected by factors such as the Suez Canal situation, shipping company price - support strategies, and freight volume recovery, which indirectly reflect the relationship between supply and demand and economic conditions [4][5][6].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The price of MSC in the first half of January continued to rise, and attention should be paid to Maersk's quotes in the first week of the first half of January [1]. - The 12 - month contract delivery settlement price may be between 1600 - 1700 points, and the actual SCFIS announcement should be monitored [4]. - For the EC2602 contract, attention should be paid to the shipping companies' willingness to support prices under high capacity. If the price - supporting period is extended, the 2 - month contract may be at parity with the 12 - month contract [5]. - The far - month contracts face the pressure of the Suez Canal's resumption of navigation, and their valuations may be revised downward [6]. - The strategy suggests that the 12 - month contract will fluctuate, and the 2 - month contract will fluctuate with an upward bias, and there is no arbitrage opportunity at present [8]. Summary by Directory 1. Market Analysis - **Online Quotes**: Different shipping companies have different price trends. For example, Maersk's Shanghai - Rotterdam price decreased from the third week of December to WEEK52, while HPL's price increased from the second half of December to the first half of January. MSC and other companies also released price increase letters for January [1][2]. - **Geopolitical Factors**: Due to the continuous turmoil in the Red Sea, Maersk and Hapag - Lloyd launched a Cape of Good Hope network, and there is no specific time to change the east - west route to pass through the Red Sea. The US is investigating whether Israel violated the cease - fire agreement [2]. 2. Dynamic Supply - The average weekly capacity in December was 326,000 TEU, 322,700 TEU in January, and 276,700 TEU in February. There were 4 TBNs in January and 9 TBNs and 2 blank sailings in February, all from the OA Alliance [3]. 3. Contract Analysis - **12 - Month Contract**: The delivery settlement price is the arithmetic average of the three - phase SCFIS on December 15th, 22nd, and 29th. The freight rate center in the first half of December was revised down to around 2100 - 2200 US dollars/FEU, and the final delivery settlement price may be between 1600 - 1700 points [4]. - **EC2602 Contract**: The last trading day is February 9, 2026. The delivery settlement price reflects the spot price center at the end of January. Maersk and MSC have announced price increase letters for January, and attention should be paid to Maersk's quotes in the first half of January and the maintenance of high freight rates [5]. - **Far - Month Contracts**: The probability of the Suez Canal's resumption of navigation in 2026 is high, which will increase the effective capacity supply and suppress the far - month contract freight rates and valuations [6]. 4. Market Data - As of December 15, 2025, the total open interest of all contracts of the container shipping index (European line) futures was 63,961 lots, and the single - day trading volume was 38,062 lots. The closing prices of different contracts varied [7]. - In 2025, 250 container ships were delivered, with a total capacity of 2.018 million TEU. As of December 23, 2025, 75 ships of 12,000 - 16,999 TEU and 12 ships of over 17,000 TEU were delivered [7].

航运日报 | 2025-12-03 马士基12月下半月涨价，关注下半月涨价落地情况 市场分析 线上报价方面。 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 Gemini Cooperation：马士基上海-鹿特丹12月第二周价格介于1435/2230,12月第三周价格1530/2400；HPL -SPOT 12 月上半月船期报价1285/2035，12月下半月价格1885/3035. MSC+Premier Alliance：MSC 12月上半月价格1485/2465，12月下半月价格1605/2665；ONE 12月上半月价格 1735/2235，12月下半月船期报价2125/2835；HMM上海-鹿特丹12月上半月船司价格1208/2106; YML 12/8-12/15船 期价格最新更新为1250/2000，其中FE3 FE4单航次特价1100/1700. Ocean Alliance：CMA 上海-鹿特丹12月上半月船期报价1435/2445,12月下半月船期价格介于1985/3545；EMC 12 月上半月价格1855/2810；OOCL 12月上半月报价介于2230-24 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：华泰期货 作者： 高聪 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹12月第二周价格介于1435/2230，12月第三周价格1530/2400； HPL -SPOT 12月上半月船期报价1285/2035，12月下半月价格1885/3035． MSC+Premier Alliance：MSC 12月上半月价格1485/2465，12月下半月价格1605/2665；ONE 12月上半月 价格1735/2235，12月下半月船期报价2125/2835；HMM上海-鹿特丹12月上半月船司价格1208/2106； YML 12/8-12/15船期价格最新更新为1250/2000，其中FE3 FE4单航次特价1100/1700． Ocean Alliance：CMA 上海-鹿特丹12月上半月船期报价1435/2445，12月下半月船期价格介于 1985/3545；EMC 12月上半月价格1855/2810；OOCL 12月上半月报价介于2230-2430美元/FEU，12月下 半月船期价格1780/3030． ...