航运日报 | 2025-11-25 关注马士基12月第二周报价以及是否有船司宣涨12月下半 月价格 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹12月第一周价格1610/2520；HPL -SPOT 12月上半月船期报价2335-2535 美元/FEU，12月下半月价格3535美元/FEU。 MSC+Premier Alliance：MSC 12月上半月价格1485/2465；ONE 12月上半月价格1565/2435；HMM上海-鹿特丹12 月上半月船司价格1468/2506; YML 12月上半月报价 报价1450/2400。 Ocean Alliance：CMA 上海-鹿特丹11月下半月船期报价1585/2745，12月上半月船期报价介于3445-3545美元/FEU， 12月下半月船期报价3945-4045美元/FEU；EMC 11月下半月船期报价1855/2810，12月上半月价格2005/3110；OOCL 12月上半月1480/2535。 地缘端：加沙城西北部以色列残余部队发生爆炸。加沙人道主义基金会：在加沙的紧急任务已"完成"。 动态供给：11月份剩余2周 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Macroscopically, focus on the results of Sino-US tariff negotiations; on the shipping company side, pay attention to whether there will be a price increase notice for the second half of November [1][4] - The 12 - month contract trading focuses on the rhythm, with expectations and reality intertwined. The shipping companies will adjust supply to keep freight rates high for the next - year's long - term agreement negotiation [4] - The February 2026 contract may have a large expected difference but is currently suppressed by the expectation of resumed navigation [5] - The 12 - contract is expected to be volatile and bullish, and there is no current arbitrage strategy [7] Summary by Directory 1. Futures Price - As of October 28, 2025, the total open interest of all contracts of the container shipping index European line futures is 60,383.00 lots, and the single - day trading volume is 35,535.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1548.70, 1162.70, 1374.00, 1482.00, 1127.10, and 1788.30 respectively [6] 2. Spot Price - The SCFI (Shanghai - Europe route) price announced on October 24 is 1246 US dollars/TEU, the SCFI (Shanghai - US West route) price is 2153 US dollars/FEU, and the SCFI (Shanghai - US East) price is 3032 US dollars/FEU. The SCFIS (Shanghai - Europe) on October 27 is 1312.71 points, and the SCFIS (Shanghai - US West) is 1107.32 points [6] 3. Container Ship Capacity Supply - From October to December 2025, the weekly average capacity of China - European base ports shows different trends. In November, there are 8 blank sailings and 3 TBNs, and in December, there are 5 TBNs. As of October 26, 2025, 215 container ships have been delivered in 2025, with a total capacity of 1.7618 million TEU [3][6] 4. Supply Chain - Geopolitical events such as the Israeli - Palestinian conflict may affect shipping routes and supply chains. For example, the conflict in Gaza may reduce the probability of resumed navigation in February [2][5] 5. Demand and European Economy - If the Sino - US tariffs are partially reduced, it will promote the recovery of demand on the US line and support the prices of European routes to some extent. The shipping companies' adjustment of supply to maintain high freight rates is also related to the demand and economic situation in Europe [4]