Report Summary 1. Report Industry Investment Rating No provided information. 2. Core Viewpoints - On Monday, the freight index (European line) futures prices rose collectively. The main contract EC2602 closed up 1.48%, and the far - month contracts rose between 1 - 3%. The latest SCFIS European line settlement freight rate index was 1795.83, up 53.19 points from last week, a 3.1% increase, driving the futures prices up [1]. - In December, China's manufacturing PMI data slightly recovered, in line with seasonal patterns. The new export orders index rose to 49, indicating a significant recovery in terminal transportation demand boosted by Christmas [1]. - Spot freight rates showed a slow - rising trend in January. The early - January quote increased by $400 compared to December, and the late - January preliminary quote for large containers ranged from $2700 - $3100. The rate adjustment progress of other shipping companies needs further follow - up [1]. - Geopolitically, after a brief cease - fire at the end of 2025, the Israeli army restarted a large - scale ground offensive in southern Gaza in early 2026, causing the Red Sea resumption expectation to turn cold and further supporting freight rates [1]. - The euro - zone economy continued to recover. With large - scale fiscal stimulus, Germany's service industry continued to strongly recover, and the comprehensive PMI stably ran above 50. The inflation sub - item continued to decline, which was conducive to the euro - zone economy maintaining its relative strength since the third quarter [1]. - Overall, the improvement of the trade - war situation and the arrival of the shipping peak season are beneficial for the futures price recovery. The geopolitical situation is in a stalemate, and its short - term impact on freight rates is weakened. The current freight rate market is mainly affected by seasonal demand, and investors are advised to be cautious, pay attention to operation rhythm and risk control, and track geopolitical, shipping capacity, and cargo volume data [1]. 3. Summary by Related Catalog 3.1 Futures Market Data | Data Indicator | Latest | Change | | --- | --- | --- | | EC Main Closing Price | 1855.500 | - | | EC Second - Main Closing Price | 1198 | +30.80↑ | | EC2602 - EC2604 Spread | 657.50 | - | | EC2602 - EC2606 Spread | 466.50 | +33.10↑ | | EC Contract Basis | -112.86 | +99.24↑ | | EC Main Position Volume (lots) | 26046 | 1916↑ | [1] 3.2 Spot Market Data | Data Indicator | Latest | Change | | --- | --- | --- | | SCFIS (European Line) (Weekly) | 1795.83 | +53.19↑ | | SCFIS (US West Line) (Weekly) | 1250.12 | -51.29↓ | | SCFI (Composite Index) (Weekly) | 1656.32 | 0.00↑ | | CCFI (Composite Index) (Weekly) | 1146.67 | +21.94↑ | | CCFI (European Line) (Weekly) | 1519.06 | +45.16↑ | | Baltic Dry Bulk Index (Daily) | 1877.00 | +5.00↑ | | Panama - Type Freight Index (Daily) | 1267.00 | +15.00↑ | | Average Charter Price (Panama - Type Ship) | 0.00 | 0.00↑ | | Average Charter Price (Cape - Type Ship) | 22415.00 | +295.00↑ | [1] 3.3 Industry News - The US "raided" Venezuela, and Venezuelan President Maduro may appear in a federal court in New York on January 5. The global crude oil market has shown signs of digesting the shock as Venezuela's key oil facilities were not damaged and its oil production accounts for less than 1% of the global supply [1]. - During the New Year's Day holiday this year, Haikou Customs supervised the sales of 442,000 pieces of Hainan duty - free goods, a 52.4% year - on - year increase; the number of shoppers was 83,500 person - times, a 60.6% year - on - year increase; and the shopping amount was 712 million yuan, a 128.9% year - on - year increase [1]. - India's Ministry of Finance's Tax Bureau decided to impose a 6 - month temporary anti - dumping duty on low - ash metallurgical coke imported from China, Australia, Colombia, Indonesia, Japan, and Russia [1]. 3.4 Key Data to Focus On - Germany's December CPI monthly rate preliminary value at 21:00 on January 6. - The US December S&P Global Services PMI final value at 22:45 on January 6. [1]

Report Industry Investment Rating - Not provided Core Viewpoints - On Tuesday, the freight index (European line) futures prices fluctuated slightly, with the main contract EC2602 closing down 2.08% and the far - month contracts down between -1% and -1%. The latest SCFIS European line settlement freight rate index rebounded by 153.44 points from last week, a 9.7% increase. On December 26, SCFI continued to rise, with a 6.7% increase to 1656.32 points. The freight rate of the European line of SCFI increased by 10.2% to 1690 US dollars/TEU, driving up the futures prices. The manufacturing PMI in China in November showed a slight recovery, and the new export order index rose to 47.9, indicating a pre - Christmas recovery in terminal transportation demand. Maersk announced an increase in the PSS for European lines from January 6, 2026. The expectation of resuming navigation in the Red Sea has improved, and the euro - zone economy continues to pick up. Overall, the improvement in the trade - war situation and the arrival of the shipping peak season are conducive to the recovery of futures prices, while the short - term impact of the geopolitical situation on freight rates is weakened. The freight rate market is mainly affected by seasonal demand, and investors are advised to be cautious [1] Summary by Relevant Catalogs Futures Market Data - EC main contract closing price: 1795.100, down 38.2; EC secondary main contract closing price: down 4.40. The spread of EC2602 - EC2604 is 634.90, down 18.10; the spread of EC2602 - EC2606 is 425.10, down 23.80. The EC contract basis is - 52.46, up 181.24. The main contract position of EC is 27855 hands, down 2582 [1] Spot Market Data - SCFIS (European line) (weekly): 1742.64, up 153.44; SCFIS (US West line) (weekly): 1301.41, up 339.31. SCFI (composite index) (weekly): 1656.32, up 103.40. Container ship capacity: up 0.21 (in ten thousand TEUs). CCFI (composite index) (weekly): 1146.67, up 21.94; CCFI (European line) (weekly): 1519.06, up 45.16. Baltic Dry Bulk Index (daily): 1877.00, up 12.00; Panama - type freight index (daily): 1267.00, down 1.00. The average charter price of Panama - type ships is up 0.00; the average charter price of Cape - type ships is 22415.00, up 295.00 [1] Industry News - China will implement import provisional tax rates lower than the most - favored - nation tax rates on 935 commodities from January 1, 2026, and the total number of tariff items will increase to 8972. US President Trump met with Ukrainian President Zelensky, and both sides said the talks "made great progress". The minutes of the Bank of Japan's December policy meeting showed that many members believed that the real interest rate in Japan was still at a very low level, implying a continued interest - rate hike [1] Key Events to Watch - China's official manufacturing PMI for December on December 31 at 09:30; the number of initial jobless claims in the US for the week ending December 27 (in ten thousand) on December 31 at 21:30 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - On Wednesday, the freight index (European Line) futures prices dropped significantly. The main contract EC2602 fell 7.62%, and the far - month contracts fell between 4 - 8%. The poor implementation of the freight rate increase plan led to a sharp decline in the near - month futures prices [1]. - The latest SCFIS European Line settlement freight rate index was 1639.37, up 271.7 points from last week, a 20.7% week - on - week increase. However, China's manufacturing PMI in October declined more than seasonally, and the new export order index dropped 1.9 percentage points to 45.9, indicating that the recovery of terminal transportation demand is not firmly based [1]. - Spot freight rates decreased as Maersk's 50 - week booking price for large containers dropped to $2100 - 2200, down $300 from the previous week, causing other shipping alliances to follow suit [1]. - Geopolitical conflicts, such as the ongoing Russia - Ukraine conflict in a stalemate, and the improvement of the trade war situation, the potential substantial easing of geopolitical conflicts, and the arrival of the fourth - quarter shipping peak season all affect the market. The freight rate market is highly affected by news, and futures prices are expected to fluctuate more. Investors are advised to be cautious and control risks [1]. 3. Summary by Relevant Catalogs Market Data - **Futures Prices**: EC2602 closed at 1072.200, down 68.0; EC2604 closed at 1252, down 102.10; the spread between EC2602 and EC2604 was 315.20, down 11.90; the spread between EC2602 and EC2606 was 135.40, up 19.90; the EC contract basis was 251.97, up 66.10 [1]. - **Futures Positions**: The main contract's open interest was 17998, up 982 [1]. - **Freight Rate Indexes**: SCFIS (European Line) was 1639.37, up 281.70; SCFIS (US West Coast Line) was 1107.85, down 130.57; SCFI (Comprehensive Index) was 1393.56, down 57.82; CCFI (Comprehensive Index) was 1122.79, up 28.76; CCFI (European Line) was 1432.96, up 29.32 [1]. - **Other Indexes**: The Baltic Dry Index was 2309.00, down 14.00; the Panamax Freight Index was 1957.00, down 13.00; the average charter price for Panamax ships was 17564.00, up; the average charter price for Capesize ships was 29150.00, down 1095.00 [1]. - **Container Ship Capacity**: It was 1227.97 (in ten thousand TEUs), up 3.08 [1]. Industry News - Diplomatic news includes positive communication between Chinese and US presidents, progress in the US - drafted peace plan for the Russia - Ukraine conflict, and the expected visit of the Ukrainian president to the US [1]. - The US federal government's budget deficit in October was $284 billion due to the government shutdown [1]. Key Events to Watch - On November 27, key data releases include China's year - to - date profit growth rate of industrial enterprises above a designated size in October, Germany's Gfk consumer confidence index for December, and the eurozone's industrial and economic sentiment indexes for November [1].

Core Viewpoint - The European shipping index futures experienced a rapid increase, reaching a peak of 1843.5 points, with a current report of 1816.7 points, reflecting a rise of 2.10% [1] Group 1: Market Performance - On November 10, the SCFIS European line index recorded 1504.8, a month-on-month increase of 24.5%, exceeding market expectations [2] - The main contract's price is influenced by capital dynamics, with cautious operations recommended [2][3] Group 2: Economic Indicators - China's manufacturing PMI data for October showed a significant seasonal decline, with the new export orders index dropping by 1.9 percentage points to 45.9, indicating a fragile recovery in terminal transportation demand [3] - The German economy outperformed expectations, boosting market confidence and stimulating a recovery in the Eurozone economy [3] Group 3: Geopolitical Factors - The geopolitical situation, particularly the ongoing conflict in the Middle East, remains delicate and unstable, delaying expectations for the reopening of the Red Sea [3] - There is a potential for improvement in trade tensions and a significant easing of geopolitical conflicts, which could positively impact the shipping market [3]

Report Industry Investment Rating - Not provided Core View of the Report - On Tuesday, the futures prices of the container shipping index (European line) fell collectively. The spot index rose, which may support the short - term upward movement of freight rates. The mainstream shipping companies issued price increase letters for November, and Maersk's successful price - holding in mid - to - late October increased market confidence in the November price increase. The easing signals of the trade war, the substantial easing of the geopolitical conflict, and the arrival of the shipping peak season in the fourth quarter contributed to the rapid recovery of futures prices. The current freight market is greatly affected by news, and futures prices are expected to fluctuate more sharply. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, capacity, and cargo volume data in a timely manner [2] Summary According to Relevant Catalogs Futures Disk - EC main contract closing price was 1788.300, down 11.9; EC second - main contract closing price was 1548.7, down 38.8. EC2512 - EC2604 spread was 239.60, up 36.2; EC2512 - EC2602 spread was 625.60, up 29.4. EC contract basis was - 475.59, down 13.3. The main contract's open interest was 28,900, up 905 [2] Spot Price - SCFIS (European line) (weekly) was 1312.71, up 172.33; SCFIS (US West line) (weekly) was 863.46, down 14.34. SCFI (composite index) (weekly) was 1403.46, up 93.14; container ship capacity was 1,227.97 (in ten thousand TEUs), up 0.15. CCFI (composite index) (weekly) was 992.74, up 19.63; CCFI (European line) (weekly) was 1,293.12, up 25.21. The Baltic Dry Index (daily) was 1991.00, down 15.00; the Panamax Freight Index (daily) was 1,924.00, down 3.00. The average charter price of Panamax ships was 16,692.00, unchanged; the average charter price of Capesize ships was 25,382.00, down 3,377.00 [2] Industry News - Diplomatic Minister Wang Yi had a phone call with US Secretary of State Rubio, expressing the hope that both sides would work together for high - level exchanges. Spokesperson Guo Jiakun responded to multiple hot issues, saying that the two sides were in close communication about the leaders' meeting. The State Administration of Foreign Exchange will introduce 9 policy measures focusing on trade facilitation, and will also release policies on multinational company's currency - integrated fund pool and domestic enterprises' overseas listing fund management. The 2025 Financial Street Forum Annual Conference opened, and central bank governor Pan Gongsheng, Financial Regulatory Administration head Li Yunze, and CSRC chair Wu Qing made important statements [2] Key Points to Follow - At 22:00 on October 29th, the monthly rate of the US September pending home sales index [2]