Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: September 24, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core View - The SCFIS has fallen below 1300 points for ten consecutive weeks, and the freight rates in October have been further reduced. The spot freight rates show a smooth downward trend in the off - season with an expanding decline. Attention should be paid to whether the freight rate reduction rate can slow down and whether the bottom can be formed. The tense situation in the Middle East may support the far - month contracts. There may be a low - buying opportunity for the December contract, and the October contract is recommended to be short - allocated on rallies [8] Summary by Directory 1. Market Review and Operation Suggestions - The SCFIS has dropped below 1300 points for ten consecutive weeks. In October, the freight rates are further reduced. For example, in the Shanghai - Rotterdam route, Maersk's quotes for the first and second weeks of October are about $200 lower than those in late September, and other airlines have followed suit. The spot freight rates show a smooth downward trend in the off - season with an expanding decline. There may be a low - buying opportunity for the December contract, and the October contract is recommended to be short - allocated on rallies [8] 2. Industry News - From September 15th to 19th, the demand for China's export container transportation was weak, and the freight rates in the ocean - going routes continued to adjust with an expanding decline in the composite index. The national industrial added value increased by 5.2% year - on - year, with high - tech manufacturing leading the growth. On September 19th, the Shanghai Export Containerized Freight Index dropped by 14.3%. In the European route, the German economic situation is still低迷, and the freight rate from Shanghai Port to European basic ports dropped by 8.8%. In the Mediterranean route, the freight rate dropped by 5.8%. In the North American route, the US consumer confidence index hit a new low since May, and the freight rates to the US West and East basic ports dropped by 31.0% and 22.7% respectively. There are also updates on the Middle - East situation including actions of the Israeli military and Hamas in Gaza [9][10] 3. Data Overview 3.1 Container Shipping Spot Prices - From September 15th to 22nd, the SCFIS for the European route dropped from 1440.24 to 1254.92, a decrease of 12.9%. The SCFIS for the US West route dropped from 1349.84 to 1193.64, a decrease of 11.6% [12] 3.2 Container Shipping Index (European Line) Futures Market - Transaction data for various contracts on September 23rd are provided, including EC2510, EC2512, etc. For example, the EC2510 contract had a closing price of 1,100.0, a settlement price of 1,085.4, a decline of 2.0, and a decline rate of 0.18%. The trading volume was 28,527, and the open interest was 41,508 with a change of - 4,522 [6]

Group 1 - The shipping company Maersk has announced a price increase for dry cargo containers from the Far East to West Africa, with an increase of $250 per TEU [3] - For routes from the Far East to East Africa, the price will rise by $150 per TEU to Kenya and by $200 per TEU to Dar es Salaam, Tanzania, and Mozambique [3] - Maersk will implement a new peak season surcharge (PSS) for goods shipped from the Asia-Pacific region to the Middle East [5] Group 2 - Starting September 5, an additional peak season surcharge of $800/$1600 will be applied to goods shipped from various ports to French Polynesia, excluding the US, Guam, and Puerto Rico [8] - From September 10, shipments from Brunei, mainland China, Hong Kong, Vietnam, Indonesia, Japan, Cambodia, Laos, Myanmar, Malaysia, the Philippines, Singapore, Thailand, East Timor, and South Korea to the UAE, Bahrain, Iraq, Jordan, Kuwait, Oman, Qatar, and Saudi Arabia will see a uniform increase of $700 per container [9] - The company advises freight forwarders and shippers to stay updated on the latest rate adjustments and shipping schedules to plan their logistics effectively [10]

Core Viewpoint - The international shipping market is undergoing adjustments, with most freight rates declining, while emerging markets are showing strong growth, particularly in the Middle East and Australia/New Zealand routes, which are experiencing price increases despite the overall downturn in the market [3][8]. Freight Rate Trends - The Shanghai Export Container Freight Index dropped to 1415.36 points, a decrease of 3.1% [3]. - European routes have seen a continuous decline since June 13, with rates dropping to $1668 per TEU, down 8.4% [5]. - U.S. routes experienced a decline after a brief increase on July 11, with rates for West and East Coast ports at $1644 per FEU and $2613 per FEU, down 6.5% and 3.9% respectively [6]. - Despite falling rates, business volume for some companies, particularly those focused on Europe, is increasing due to stable demand and seasonal peaks expected in September [6][7]. Regional Price Dynamics - In contrast to the declining rates in Europe and the U.S., the Middle East and Australia/New Zealand routes are seeing price increases. The rate to the Persian Gulf reached $1479 per TEU, up 7.1% [8]. - The demand for 40-foot containers in the Middle East has surged, with prices rising from $1100 in July to over $2000 [9]. - The Australian and New Zealand routes have maintained a stable upward trend, with rates increasing by approximately 85% from $686 per TEU in June to $1267 per TEU [10]. Export Performance - In the first seven months, exports of electromechanical products grew by 9.3%, accounting for 60% of total exports, indicating a shift towards higher value-added products [11]. - The Chinese government emphasizes the importance of maintaining stable foreign trade amidst global uncertainties, with a focus on high-quality development to counteract various risks [12].