Group 1: Report Overview - The report is a shipping daily report dated December 10, 2025, released by the Commodity Research Institute of Galaxy Futures [1][2] Group 2: Futures Market Futures Contracts - On December 10, 2025, the closing price of EC2602 was 1665.2 points, up 2.8% from the previous day's closing price. Other contracts also showed different price changes and volume - position changes [3] Month - spread Structure - The price differences between different contracts (such as EC12 - EC02, EC02 - EC04) had different changes, with some narrowing and some widening [3] Container Freight Rates - The SCFIS European line index was 1509.10 points on December 10, 2025, with a week - on - week increase of 1.72% and a year - on - year decrease of 50.24%. Other container freight rates also showed different changes [3] Fuel Costs - The price of WTI crude oil near - month was $58.30 per barrel, with a week - on - week decrease of 0.51% and a year - on - year decrease of 14.48%. The price of Brent crude oil near - month was $61.82 per barrel, with a week - on - week decrease of 0.63% and a year - on - year decrease of 13.9% [3] Group 3: Market Analysis and Strategy Recommendation Market Analysis - In the second half of December, the freight rate center increased compared with the first half, and the expectation of a price increase in January was still fermenting. The EC2602 contract valuation was gradually higher than the EC2512 contract, and the EC market continued to strengthen in a volatile manner [5] - The latest SCFIS European line index was slightly lower than market expectations, mainly due to some shipping companies' container dumping and shipping schedule delays at the end of November [5] - The spot freight rate situation improved recently. Different shipping companies had different price quotes for the second half of December and January. The demand in December - January was expected to improve, and the supply pressure of ship capacity was slightly relieved [6] Strategy Recommendation - For the single - side strategy, partially take profit and partially hold the long positions of the EC2602 contract, and pay attention to the rhythm of shipping companies' price increase announcements and cargo volume improvement [7] - For the arbitrage strategy, adopt a wait - and - see approach [7] Group 4: Industry News - According to Politico, US President Trump may adjust tariffs to reduce the prices of some commodities [7] - In the coming week, multiple ports in Europe will face strikes. Italy will have a national general strike on December 12, and Portugal will have its first national general strike in 12 years on December 11 [9] Group 5: Related Attachments - The report provides multiple figures, including the SCFIS European line index, SCFIS US - West line index, SCFI comprehensive index, and container freight rates for different routes [11][12][15]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The 12 - month contract is expected to be volatile, and the February contract is expected to be volatile and bullish. There may be a large expected difference in the February 2026 contract. The far - month contracts face the pressure of the Suez Canal's resumption of navigation, and their valuations may be revised downward [9][6][7] 3. Summary according to Related Catalogs Futures Prices - As of December 8, 2025, the total open interest of all contracts of the container shipping index (European route) futures was 62,339 lots, and the single - day trading volume was 23,616 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1615.30, 1077.70, 1217.30, 1356.00, 1028.20, and 1669.80 respectively [8] Spot Prices - In terms of online quotes, different shipping companies have different prices for the Shanghai - Rotterdam route in December. For example, Gemini Cooperation's Maersk price in the third week of December was 1535/2410, and HPL - SPOT's price in the second half of December was 1635/2535. Maersk issued a price increase letter for January at 2275/3500 [2] Container Ship Capacity Supply - In December, the remaining 4 - week monthly average weekly capacity was 314,700 TEU, and the capacities in weeks 50, 51, 52, and 53 were 334,500, 289,600, 315,000, and 319,000 TEU respectively. In January, the monthly average weekly capacity was 331,700 TEU, and in February, it was 262,900 TEU. There were 4 blank sailings in December and 4 TBNs in January, all from the OA alliance. Maersk added a new sailing ship in week 51 [4] Supply Chain - Maersk issued an update on the Red Sea/Aden Gulf. Due to the continuous unrest in the Red Sea, A.P. Moller - Maersk and Hapag - Lloyd launched the Cape of Good Hope network in February 2025. There is currently no specific time to change the east - west route of Gemini to pass through the Red Sea [3] Demand and European Economy - The cargo volume is gradually recovering. The 2026 Spring Festival is one month later than in 2025, and there is uncertainty about whether the shipping companies' contract price - holding time will also be postponed. If the high - price contracts are implemented in January 2026, the February contract may be at parity with the December contract [6][7]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The market is pessimistic about the subsequent freight rate height. Some shipping companies have lowered their spot quotes for the first half of December, which led to a significant decline in the EC futures market on November 25. The freight rate landing expectations are still controversial. The report suggests a wait - and - see approach for single - side trading and waiting for a pullback to buy the 2 - 4 positive spreads in batches for arbitrage [7][9]. 3. Summary by Relevant Catalogs I. Container Shipping - Container Freight Index (European Line) - **Futures Market Performance** - On November 25, EC2512 closed at 1650 points, down 7.29% from the previous day's close. Other contracts also showed varying degrees of decline. The trading volume of most contracts increased significantly, while the open interest of some contracts changed differently. For example, the trading volume of EC2512 increased by 346.72%, and its open interest decreased by 5.95% [5]. - The month - spread structure also changed. For instance, the EC12 - EC02 spread was 197, down 14.6 [5]. - **Container Freight Rates** - The SCFIS European Line index was 1639.37, up 20.75% week - on - week but down 42.71% year - on - year. Different container freight rates showed different trends. For example, the SCFI: Shanghai - West Africa freight rate was 3557 USD/TEU, down 11.81% week - on - week and 21.76% year - on - year [5]. - **Market Analysis and Strategy Recommendation** - **Analysis**: Some shipping companies, such as MSK, lowered their quotes, which affected market sentiment. The latest SCFIS European Line index was higher than expected due to previous delays, skipped sailings, and differences in mainstream shipping company quotes. The demand in November - December is expected to gradually improve. The supply of shipping capacity in November and January 2026 changed little, while the capacity in December decreased slightly by about 4% due to the additional suspension of one ship by the OA Alliance and MSC's ship - changing strategy. Geopolitical factors also affected the market, with MSK not resuming flights in the short term [7][8]. - **Strategy**: For single - side trading, due to the controversial landing expectations, it is expected to be in a weak oscillation, and a wait - and - see approach is recommended. For arbitrage, wait for a pullback and then buy the 2 - 4 positive spreads in batches [9]. - **Industry News** - On November 24, Goldman Sachs economists expected the Fed to cut interest rates in December, warning that the US economic slowdown might exceed expectations [10]. II. Relevant Attachments - There are multiple figures showing the trends of various container freight indices, such as the SCFIS European Line index, SCFIS US West Line index, SCFI comprehensive index, and container freight rates from Shanghai to different regions like the US West, US East, Europe, etc. [11][12][14]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The market has differences in views on the spot freight rate trend in December. The EC futures market maintains a volatile trend. The SCFIS European Line index is expected to remain low in the second half of November, and attention should be paid to the December quotes. Although shipping companies have improved long - term cargo and opened the December GRI window, the market has differences in the implementation expectations. The demand is expected to gradually improve from November to December, and the supply capacity in December has decreased by 4.6% compared with the previous period. Geopolitical factors such as the Israel - Gaza conflict may also affect the market [5][6]. 3. Summary by Directory 3.1 Market Analysis and Strategy Recommendation - **Market Performance**: On November 20, EC2512 closed at 1775.7 points, up 0.7% from the previous day. The SCFI European Line reported 1417 USD/TEU on November 14, up 7.11% month - on - month. The latest SCFIS European Line reported on Monday was 1357.67 points, down 9.8% month - on - month, lower than expected, mainly due to the decline in MSK freight rates [5]. - **Logic Analysis**: In terms of spot freight rates, shipping companies' long - term cargo has improved, and they have opened the December GRI window. However, the market has differences in the implementation expectations. In terms of fundamentals, the demand from November to December is expected to improve. The weekly average capacity from Shanghai to 5 Nordic ports in November/December is 26.55/28.33 million TEU, and in January 2026 it is 29.58 million TEU. The capacity in December has decreased by 4.6% compared with the previous period. Geopolitical factors such as the Israel - Gaza conflict may also affect the market [6]. - **Trading Strategy**: For unilateral trading, due to differences in implementation expectations, the short - term trend is volatile, and it is recommended to wait and see. For arbitrage, it is also recommended to wait and see [7]. 3.2 Industry News - Geopolitical news: The Israeli military's air strikes on multiple places in Gaza have caused 25 deaths, and Hamas has condemned the Israeli military's attacks on multiple places in the Gaza Strip [7][8]. 3.3 Related Figures The report provides multiple figures, including the SCFIS European Line index and the SCFIS US West Line index, the SCFI comprehensive index, and container freight rates on various routes such as Shanghai - US West, Shanghai - US East, and Shanghai - Europe, as well as the basis of EC12 and EC02 contracts [10][11][13][17].

Group 1: Market Analysis and Strategy Recommendations for Container Shipping - The shipping companies have released the freight rates for the first half of September, and the spot prices in the off - season continue to decline. On August 21, EC2510 closed at 1325 points, down 2.21% from the previous day. The SCFI European line reported on August 15 was $1820/TEU, down 7.2% month - on - month. The second - phase settlement index of EC2508 released after the market on Monday was 2180.17 points, down 2.5% month - on - month, slightly exceeding market expectations due to some ship delays. It is expected that the decline of SCFIS will widen in the future. Under the pressure of tariffs in the second half of the year, the support for off - season freight rates is expected to weaken, and competition among shipping companies is expected to intensify compared with the first half of the year [4]. - In terms of spot freight rates, the current decline in cargo volume and sufficient shipping capacity supply have accelerated the decline of spot freight rates, and the end - of - month center is approaching below 2500. The demand side has seen a decline in peak - season cargo volume, and the impact of tariff policies on the shipping rhythm needs to be noted this year. The supply side shows that the monthly average weekly shipping capacity from Shanghai to Northern Europe in August, September, and October 2025 is 303,100/295,900/272,800 TEU respectively. The overall shipping capacity has slightly decreased compared with the previous week's schedule. The 08 contract's valuation has been slightly revised upwards due to ship delays and skipped containers, and the impact of ship delays and skipped containers on the third - phase index will be reduced [5]. - Trading strategies: Unilateral trading should be weak and volatile; for arbitrage, conduct rolling operations on the 10 - 12 reverse spread at low levels [6][7]. Group 2: Industry News for Container Shipping - Eurozone's July CPI annual rate final value is 2%, in line with expectations; the core CPI annual rate final value is 2.4%, in line with expectations; the CPI monthly rate final value is 0%, in line with expectations [9]. - The US Treasury Secretary said that the US and China had a "very good dialogue" on economic and trade issues, and he expects another meeting before November [9]. - The Israeli military's plan to attack Gaza City has been approved by the defense minister, and about 60,000 reserve call - up orders have been issued. The Israeli military officials expect to finalize the attack plan in the next few days. The Iranian Defense Minister said that if the enemy continues malicious acts, Iran's response will be destructive and unexpected. The Iranian Foreign Minister said that Iran has not reached the mature stage for "effective" nuclear negotiations with the US [9][10]. Group 3: Market Analysis and Outlook for Dry Bulk Shipping - On August 20, the Baltic Dry Bulk Freight Index (BDI) fell for the third consecutive day to 1927 points, down 1.88% from the previous day, the lowest level since August 5. The Capesize ship freight index fell 156 points, or 5.2%, to 2867 points, and the daily average profit of Capesize ships fell $1294 to $23,778. The Panamax ship freight index rose 28 points, or 1.7%, to 1665 points, and the daily average profit of Panamax ships rose $248 to $14,985. The Supramax bulk carrier freight index rose 19 points, or 1.4%, to 1388 points [10]. - On August 20, the freight rate of the Capesize ship iron ore route from Tubarao, Brazil to Qingdao was $23.48/ton, down 2.19% month - on - month; the freight rate from Western Australia to Qingdao was $9.04/ton, down 1.69% month - on - month. As of August 15, the freight rate of the Capesize ship coal route from Hay Point, Australia to Qingdao was $11.90/ton, down 4.80% from the previous week; the freight rate from Hay Point, Australia to Rotterdam was $19.90/ton, down 1.49% from the previous week. The freight rate of the Capesize ship bauxite route from Guinea to Yantai was $25.50/ton, up 2.82% from the previous week [12]. - From August 11 to August 17, 2025, the global iron ore shipping volume was 34.066 million tons, an increase of 3.599 million tons month - on - month. The total shipping volume of iron ore from Australia and Brazil was 27.56 million tons, an increase of 2.257 million tons month - on - month. In August 2025, Brazil's soybean export volume is expected to reach 8.9 million tons, and the corn export volume is expected to reach 8.05 million tons [14]. - Yesterday, there were not many cargoes in the two major markets of Capesize ships, the available shipping capacity in the market increased, the bearish sentiment rose, and the freight rates continued to decline. In the Panamax ship market, there were not many coal and grain cargoes, and the shipowners' quotes were relatively firm, with a slight increase in freight rates. In the large - ship market, it is expected that the cargo volume in mid - to - late September will decline compared with late August, and the short - term freight rates will be under pressure. In the medium - ship market, the short - term grain transportation demand lacks obvious growth. Although the coal demand from power plants provides some support for the medium - ship freight rates, it is expected that the support will gradually weaken after the end of August [15]. Group 4: Industry News for Dry Bulk Shipping - In July 2025, Japan imported 15.73 million tons of coal, a year - on - year increase of 6%, and the coal import value was 294.911 billion yen ($1.995 billion), a year - on - year decrease of 28.5% [16]. - The US Soybean Association strongly urged the Trump administration to reach an agreement to reopen the Chinese market for US soybeans [16]. Group 5: Market Analysis and Outlook for Tanker Shipping - On August 20, the Baltic Dirty Tanker Index (BDTI) was 1010, up 1.1% month - on - month and 9.78% year - on - year. The Baltic Clean Tanker Index (BCTI) was 616, up 0.65% month - on - month and down 5.52% year - on - year. Recently, the crude oil market and the refined oil market have shown different trends. The crude oil market is generally stable and improving, with the VLCC market maintaining stable freight rates due to shipowners' price support and tight shipping capacity supply. In the refined oil market, the BCTI has continued to decline, and the imbalance between supply and demand still exists. In the short term, attention should be paid to the impact of the concentrated booking of Middle - East routes in September on subsequent freight rates, and in the long term, attention should be paid to the impact of environmental protection elimination and supply - demand reshaping on freight rates [19]. Group 6: Industry News for Tanker Shipping - As of the week ending August 20, Singapore's fuel oil inventory decreased by 1.61 million barrels to 23.035 million barrels, the lowest level in 8 weeks [20]. - India will continue to buy Russian oil despite US pressure, and the foreign ministers of Russia and India will discuss strengthening strategic partnership in Moscow [20].

保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 上海锦江航运（集团）股份有限公司 SHANGHAI JINJIANG SHIPPING （GROUP） CO., LTD. 首次公开发行股票并在主板上市 招股说明书 （注册稿） 本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股说明书 上海锦江航运（集团）股份有限公司 首次公开发行股票并在主板上市招股说明书（注册稿） 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 1-1-1 上海锦江航运（集团）股份有限公司 首次公开发行股票并在主板上市招股说明书（注册稿） （上海市浦东新区龙居路 180 弄 13 号 2 楼） ...

上海锦江航运（集团）股份有限公司 SHANGHAI JINJIANG SHIPPING （GROUP） CO., LTD. 首次公开发行股票并在主板上市 招股说明书 （上会稿） 本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股说明书 保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） （上海市浦东新区龙居路 180 弄 13 号 2 楼） 不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的 招股说明书作为投资决定的依据。 上海锦江航运（集团）股份有限公司 首次公开发行股票并在主板上市招股说明书（上会稿） 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 ...

上海锦江航运（集团）股份有限公司 SHANGHAI JINJIANG SHIPPING （GROUP） CO., LTD. （上海市浦东新区龙居路 180 弄 13 号 2 楼） 首次公开发行股票并在主板上市 招股说明书 （申报稿） 本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股说明书不具 有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明 书作为投资决定的依据。 保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 上海锦江航运（集团）股份有限公司 首次公开发行股票并在主板上市招股说明书（申报稿） 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 ...