Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - The shipping market is facing multiple challenges. Cargo transportation through the Kazakh border has been temporarily suspended due to disagreements between the governments of Kazakhstan and Russia. MSC has cancelled 5 more voyages during the Golden Week off - season, leading to a reduction in capacity on the Pacific and Asia - Europe routes. The booking volume between China and the US has declined significantly, and tariffs remain a key variable for market fluctuations. The EC market is showing a rebound, mainly due to MSK's stable 10 - second - week freight rates and a price increase in the second half of October. In the European shipping market, the freight rates are expected to fall in late October and recover in November [5][6][7]. 3. Key Points by Content Shipping Market News - Cargo passage through the Kazakh border is temporarily suspended due to government disagreements, and the negotiation completion date is unknown. The Polish - Belarusian border may open this Tuesday, Wednesday, or by the end of the month [5]. - MSC cancels 5 more voyages during the Golden Week off - season, with a 14% reduction in Pacific route capacity and a 17% reduction in Asia - Europe route capacity [5]. - In the first week of September, China - US booking volume decreased by nearly 26% year - on - year, and US - China booking volume decreased by 18%. Tariffs are a key variable [5]. Shipping Derivatives Data - **Freight Index**: The Shanghai Export Container Freight Index (SCFI) decreased by 14.31%, and the China Export Container Freight Index (CCFI) decreased by 0.45%. Rates on various routes such as SCFI - US West, SCFI - US East, and SCFI - Northwest Europe also declined [4]. - **EC Contracts**: Most EC contracts showed price increases, with EC2512 rising by 4.50%. Some contracts also had changes in positions, such as a 488 - increase in EC2412 positions [4]. - **Month - spread**: The 10 - 12 month - spread decreased by 58.7, the 12 - 2 month - spread increased by 20.6, and the 12 - 4 month - spread increased by 46.7 [4]. EC Market - The EC market is rebounding. MSK's 10 - second - week freight rates remained stable at 1400, and the rates in late October increased by 400 compared to early October [6]. Spot Price - This week, the GEMINI October price dropped to 1500, OA to 1550, PA to 1400, and MSC to 1600. The FAK freight rate center in the market in late September was 1500 [7]. Strategy - A 10 - 12 positive spread strategy is recommended [8].