Core Insights - The market for grain transportation is stabilizing as the Spring Festival approaches, with a gradual slowdown in purchasing and sales activities [1][2] - The inland grain transportation market is adjusting prices based on shipping capacity and the return of grain vessels for the holiday [1] - Coastal grain transportation remains subdued due to limited cargo availability, with freight rates stabilizing [3] Inland Transportation - As the Spring Festival nears, grain purchasing activities are slowing down, leading to a decrease in inland grain transport volume [1] - The wheat market is operating steadily but weakly, with terminal flour procurement nearing completion and reduced demand for replenishment [1] - Freight rates are influenced by the return of grain vessels, with routes aligned with vessel return directions maintaining stable rates, while others see increased costs due to temporary adjustments [1] Long River Route - Freight rates on upstream routes remain firm due to low water levels affecting cargo capacity and navigation efficiency [1] - The upcoming maintenance of the Three Gorges ship lock is causing shippers to expedite their schedules, increasing the number of vessels waiting to pass [1] - The imbalance of cargo availability, with more supply downstream than upstream, is indirectly raising costs for upstream freight [1] Coastal Transportation - The coastal grain transportation market is experiencing a flat trend, with limited wheat shipments from regions like Jiangsu and Anhui to South China [3] - Freight rates for coastal routes are stable, with costs around 60-65 yuan/ton from Anning Port to Guangdong and 50-55 yuan/ton to Fujian [3] - As the Spring Festival approaches, market focus is shifting to vessel scheduling and cessation plans, leading to a gradual decline in trading activity [3] Market Outlook - The coastal freight rates are likely to continue narrow fluctuations due to insufficient cargo support and a gradual reduction in shipping capacity [4] - Attention should be paid to replenishment dynamics in southern regions and vessel cessation plans to optimize pre-holiday shipping arrangements [4]

Report Information - Report Name: "集运指数日报" [1] - Date: January 9, 2026 [2] - Research Team: Macro - Financial Research Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Report Core View - The SCFIS index has further rebounded by 3.1% to 1795.83 points this week. The price increase in mid - to late December was well - implemented. The shipping price in early January was maintained at a median level of around $2880. The spot high may be approaching. Considering the increasing expectation of the Red Sea resuming navigation after the Spring Festival, attention should be paid to the short - selling opportunity of the April contract in the off - season and the positive spread arbitrage opportunity between the 02 and 04 contracts [8] Industry Investment Rating - Not provided in the report Summary by Directory 1. Market Review and Operation Suggestions - Spot Market: The SCFIS index rose 3.1% to 1795.83 points. The shipping price in early January was around $2880, and the late - January quotation was in the range of $2700 - $3100. The Maersk's fourth - week opening price of $2800 for European base ports was better than expected, but the reduction of non - European base port quotes dampened bullish sentiment. Attention should be paid to the short - selling opportunity of the April contract in the off - season and the 02 - 04 positive spread arbitrage opportunity [8] 2. Industry News - From December 22 to 26, 2025, the China Export Container Transport Market showed a good trend. The Shanghai Export Container Composite Freight Index rose 6.7% to 1656.32 points on December 26. European routes: The European economy was weak in 2025, facing geopolitical and energy security issues, but the spot market booking price rose during the signing season, with the Shanghai - to - European base port freight rising 10.2%. Mediterranean routes: The market price continued to rise, with a 10.9% increase in Shanghai - to - Mediterranean base port freight. North American routes: The US labor market showed some resilience, and the shipping demand was good, with the Shanghai - to - US West and East base port freight rising 9.8% and 6.6% respectively [9][10] - Many shipping companies announced price increases. MSC raised the freight rates of multiple routes from December 15 to December 31. Maersk and Hapag - Lloyd announced PSS increases. CMA CGM announced PSS and FAK rate adjustments [10] - Military operations in the Middle East continued. The Israeli army killed many Hamas members. The armed militants in the Rafah tunnels were still in contact with the Hamas military leadership [10] - The Suez Canal Authority announced that Maersk would resume Red Sea - Suez Canal navigation from early December, but Maersk later stated that the specific date had not been determined [10] 3. Data Overview 3.1 Container Shipping Spot Prices - SCFIS European route (base ports): The index on January 5, 2026, was 1795.83, up 3.1% from December 29, 2025. SCFIS US West route (base ports): The index was 1250.12, down 3.9% [12] 3.2 Container Shipping Index (European Routes) Futures Market - Provided the trading data summary of the container shipping European line futures on January 8, including the opening price, closing price, settlement price, price change, trading volume, open interest and its change of different contracts such as EC2602, EC2604, etc. [6] 3.3 Shipping - related Data Charts - Included multiple data charts such as the European container ship capacity, the global container ship order backlog, the Shanghai - European base port freight, and the Shanghai - Rotterdam spot freight [18][20]

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].