大宗商品研究所 航运研发报告 航运日报 2025 年 11 月 19 日 第一部分 集装箱航运——集运指数（欧线） 研究员：贾瑞林 期货从业证号： F3084078 投资咨询证号： Z0018656 主流船司相继放出 12 月宣涨函，市场持续博弈未来宣涨落地幅度，EC 盘面维持震 荡走势：从盘面表现来看，11 月 19 日，EC2512 收盘报 1763.3 点，较上一日收盘价- 0.35%。11/14 日 SCFI 欧线报 1417 美金/TEU，环比+7.11%；周一盘后发布最新一期的 SCFIS 欧线报 1357.67 点，环比-9.8%，不及预期，主要受到 MSK 运价下跌带动指数跌 幅较大所致，11 月下半月 SCFIS 欧线指数预计仍处低位，本周需关注后续 12 月报价情 况。 联系方式： :jiaruilin_qh@chinastock.com.cn | 银河期货集运指数（欧线） | | | | 日报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货合约 | 收盘价 | 涨跌 ...

Euroseas (NasdaqCM:ESEA) Q3 2025 Earnings Call November 18, 2025 10:00 AM ET Company ParticipantsAristides Pittas - Chairman and CEOTasios Aslidis - CFOConference Call ParticipantsPoe Fratt - Managing Director and Senior Transportation AnalystClement Mullins - AnalystNone - AnalystTate Sullivan - Managing Director and Senior Research AnalystOperatorThank you for standing by, ladies and gentlemen, and welcome to Euroseas Conference Call on the third quarter 2025 financial results. We have with us today Mr. A ...

Euroseas (NasdaqCM:ESEA) Q3 2025 Earnings Call November 18, 2025 10:00 AM ET Company ParticipantsAristides Pittas - Chairman and CEOTasos Aslidis - CFOConference Call ParticipantsPoe Fratt - Managing Director and Senior Transportation AnalystClement Mullins - AnalystNone - AnalystTate Sullivan - Managing Director and Senior Research AnalystOperatorThank you for standing by, ladies and gentlemen, and welcome to Euroseas Conference Call on the third quarter 2025 financial results. We have with us today Mr. Ar ...

大宗商品研究所 航运研发报告 航运日报 2025 年 11 月 18 日 航运日报 第一部分 集装箱航运——集运指数（欧线） 期货从业证号： | 银河期货集运指数（欧线） | | | | 日报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 期货盘面 | | | | | | 收盘价 | 期货合约 | 涨跌 | 涨跌幅 | 成交量（手） | 增减幅 | 持仓量(手) | 增减幅 | | EC2512 | 1,769.5 | -22.8 | -1.27% | 5,750.0 | -18.98% | 10,432.0 | -13.69% | | EC2602 | 1,678.1 | -47.9 | -2.78% | 29,150.0 | -34.50% | 38,860.0 | -0.05% | | EC2604 | 1,179.6 | -8.1 | -0.68% | 2,737.0 | -41.10% | 16,145.0 | -0.23% | | EC2606 | 1,385.0 | -18.9 | -1.35% | 143.0 ...

1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The upward momentum of freight rates in the second half of November is insufficient, and the EC futures market declined on November 6. Spot freight rates show that the long - term cargo of shipping companies has improved, but the upward momentum in the second half of November has weakened. The demand from November to December is expected to gradually improve, but attention should be paid to the impact of possible tariff adjustments on the shipping rhythm. In terms of supply, the weekly average capacity from Shanghai to the 5 Nordic ports is increasing. Short - term attention should be paid to the shipping companies' cargo - collecting performance and the impact of the adjusted last trading day on the EC2602 contract valuation [7][8]. 3. Summary by Related Catalogs 3.1 Container Shipping - Container Shipping Index (European Line) 3.1.1 Futures Market - The closing prices of EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 contracts decreased, with declines of - 5.03%, - 3.09%, - 1.80%, - 0.83%, - 0.88%, and - 0.25% respectively. The trading volume of most contracts decreased, except for EC2608 and EC2610 which increased by 44.58% and 116.94% respectively. The positions of most contracts decreased, except for EC2602 which increased by 1.22% and EC2610 which increased by 12.23% [6]. - The spreads between different contracts also changed. For example, the spread of EC12 - EC02 decreased by 46.8, and the spread of EC12 - EC04 decreased by 76.2 [6]. 3.1.2 Container Freight Rates - SCFIS European Line index was 1208.71 points, with a week - on - week decrease of - 7.92% and a year - on - year decrease of - 46.48%. SCFIS US West Line index was 1267.15 points, with a week - on - week increase of 14.43% and a year - on - year decrease of - 54.40%. The SCFI comprehensive index was 1550.70 points, with a week - on - week increase of 10.49% and a year - on - year decrease of - 29.04% [6]. 3.1.3 Fuel Costs - The price of WTI crude oil near - month contract was $59.48 per barrel, with a current ratio decrease of - 1.13% and a year - on - year decrease of - 16.69%. The price of Brent crude oil near - month contract was $63.28 per barrel, with a current ratio decrease of - 1.03% and a year - on - year decrease of - 15.4% [6]. 3.2 Market Analysis and Strategy Recommendation 3.2.1 Market Analysis - MSK's WK47 weekly quote of $2250 was lower than market expectations, and the upward momentum of freight rates in the second half of November was insufficient, leading to a decline in the EC futures market. The spot price of SCFIS European Line decreased by 7.9%, slightly exceeding market expectations, mainly due to the change in the settlement index rhythm caused by the rolling and delay of some ships in the second half of October. Maersk expects the interference in the Red Sea area to last for a whole year and is cautious about the fourth - quarter development due to a large number of new ships entering the market. The Ministry of Commerce announced the adjustment of relevant restrictions on the US from November 10, and attention should be paid to the impact on shipping volume and rhythm [7]. 3.2.2 Strategy Recommendation - Unilateral trading: It is expected that the shipping companies' upward momentum in the second half of November will weaken, and the futures market has already factored in peak - season expectations. It is expected to fluctuate in the short term, and it is recommended to wait and see. - Arbitrage: Wait and see [9][10]. 3.3 Industry News - Maersk has selected New Times Shipbuilding to build 8 + 4 18000TEU dual - fuel LNG - powered container ships, with new ships expected to be delivered from 2028 to 2029. The total cost of all 12 ships will reach $2.316 billion if the optional orders are confirmed [10]. - The EU - China Chamber of Commerce expressed deep concern about the EU's investigation into the so - called subsidy issue of Chinese enterprises, emphasizing that the EU's "Foreign Subsidies Regulation" should not be used as a unilateral tool for protectionism [10].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The EC futures market maintains a volatile trend. Spot freight rates are expected to gradually rise from November to December, and shipping companies are likely to continue to announce price increases. The market should focus on the implementation of these price increases. In terms of fundamentals, the shipping volume from November to December is expected to gradually improve, and attention should be paid to the impact of possible tariff improvements on the shipping rhythm. The shipping capacity from October to November remains relatively stable, with a slight increase in the average weekly shipping capacity in December. There are expectations of a reduction in port fees, and the progress of the cease - fire agreement in the Middle East is tortuous and has recently escalated. The China - US economic and trade consultations have basically reached a consensus, and attention should be paid to the impact of tariff relaxation on future shipping volume and rhythm [5][6]. 3. Summary by Related Catalogs 3.1 Futures Market - **Futures Contract Performance**: On October 30, 2025, the closing prices of EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 decreased, with declines of - 1.45%, - 1.43%, - 1.55%, - 1.38%, - 2.22%, and - 0.63% respectively. The trading volumes of these contracts all decreased, with decreases of - 49.05%, - 47.43%, - 35.57%, - 38.06%, - 10.53%, and - 21.46% respectively. The positions of some contracts increased, while others decreased [4]. - **Monthly Spread Structure**: The spreads between different contracts showed various changes. For example, the spread of EC12 - EC02 decreased by 4.2, and the spread of EC02 - EC08 increased by 10.8 [4]. 3.2 Container Freight Rates - **Weekly Container Freight Rates**: The SCFIS European line index was 1312.71 points, with a week - on - week increase of 15.11% and a year - on - year decrease of 40.54%. The SCFIS US West line index was 1107.32 points, with a week - on - week increase of 28.24% and a year - on - year decrease of 60.70%. Different routes of the SCFI index also showed different trends in price changes [4]. 3.3 Fuel Costs - The price of WTI crude oil near - month was $60.00 per barrel, with a week - on - week increase of 0.35% and a year - on - year decrease of 12.56%. The price of Brent crude oil near - month was $64.3 per barrel, with a week - on - week increase of 0.69% and a year - on - year decrease of 11.5% [4]. 3.4 Market Analysis and Strategy Recommendations - **Market Analysis**: The China - US economic and trade consultations in Kuala Lumpur have basically reached a consensus. Some shipping companies have lowered their spot quotes, and the market is continuously gaming the subsequent freight rates. The EC futures market maintains a volatile trend. The spot freight rates of mainstream shipping companies have a large price difference, and the spot price center is expected to gradually rise. In terms of fundamentals, the demand from November to December is expected to improve, and the supply capacity in December will increase slightly. There are expectations of a reduction in port fees, and the Middle East geopolitical situation has escalated. Attention should be paid to the impact of tariff relaxation on future shipping volume and rhythm [5][6]. - **Trading Strategies**: For unilateral trading, it is recommended to maintain a volatile view and mainly wait and see in the short term. For arbitrage trading, it is recommended to wait and see [7]. 3.5 Industry News - Israel's military has started to re - implement the Gaza cease - fire agreement, while the Israeli Defense Forces will continue to take actions to eliminate any direct threats [8][9].

大宗商品研究所 航运研发报告 航运日报 2025 年 10 月 10 日 研究员：贾瑞林 第一部分 集装箱航运——集运指数（欧线） 期货从业证号： F3084078 投资咨询证号： Z0018656 联系方式： :jiaruilin_qh@chinastock.com.cn | 银河期货集运指数(欧线)日报 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货合约 | 收盘价 | 涨跌 | 涨跌幅 | 成交量(手) | 増减幅 | 持仓量(手) | 増减幅 | | EC2510 | 1,121.1 | 1.2 | 0.11% | 6.475.0 | -58.39% | 18,352.0 | -12.73% | | EC2512 | 1,571.0 | -117.0 | -6.93% | 31,475.0 | -24.17% | 28,056.0 | 15.83% | | EC2602 | 1,338.0 | -68.0 | -4.84% | 7,164.0 | -43.98% ...

Euroseas Ltd. Conference Call Summary Company Overview - Euroseas Ltd. operates in the container shipping industry, focusing on the feeder segment with a fleet of 22 vessels, including 15 feeder container ships and 7 intermediate-sized container ships, totaling over 67,000 TEU capacity [2][3] - The company has four vessels under construction, each with a capacity of 4,300 TEU, scheduled for delivery in late 2027 and early 2028 [3] Industry Context - The container shipping market has experienced significant fluctuations over the past 20 years, influenced by events such as China's WTO entry, the financial crisis, and the COVID-19 pandemic, which led to unprecedented shipping rates [9][10] - Recent geopolitical events, such as the situation in the Red Sea, have further impacted shipping dynamics, creating additional demand for feeder services [10][11] Fleet and Operational Strategy - Euroseas is modernizing its fleet through a new building program and retrofitting older vessels to improve fuel efficiency, achieving fuel savings of approximately 25% [5][6] - The company emphasizes the importance of the feeder sector, which plays a critical role in distributing containers from major hubs to final destinations [7][15] Financial Performance - Euroseas reported $114 million in net revenue and an EBITDA of $76 million in the first half of the year, with average charter rates of $28,500 per day [18] - The company has 100% fleet employment for 2025 and 70% for 2026, with contracted rates exceeding $30,000 per day [17][18] - A dividend of $0.70 per quarter has been established, translating to a 5% annualized yield [19] Market Outlook and Challenges - The company faces uncertainties related to tariffs, the resolution of the Red Sea situation, and environmental regulations that may impact the shipping industry [11][12] - The supply of container ships is high, with a significant number of vessels under construction, which could affect future rates and demand [12][13] Investment Thesis - Euroseas believes that the feeder segment will experience different supply dynamics compared to the overall container ship market, with a low order book and a high percentage of older vessels likely to be removed from service [14][15] - The company maintains a strong balance sheet with low leverage, a market value of the fleet significantly above debt levels, and a net asset value estimated at $80 per share, compared to a recent trading price of around $56 [20][21] Conclusion - Euroseas presents a compelling investment opportunity in the container shipping market, particularly in the feeder segment, with strong earnings visibility, a solid dividend yield, and potential for stock price appreciation [30]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Shipping companies are attempting to increase freight rates in the first half of July, and attention should be paid to the final implementation. The US - China trade route has seen a simultaneous increase in supply and demand, with freight rates in the East and West of the US reaching a high and potentially peaking. The European route has a downward pressure on capacity in June, and there is an expectation of price increases in August. Ship delays have a negative impact on the SCFIS, and the Israel - Iran conflict has a relatively small direct impact on container shipping [1][3][4][7]. - The recommended strategy is for the main contract to fluctuate, and for arbitrage, go long on the 08 contract and short on the 10 contract, and go long on the 12 contract and short on the 10 contract [9]. Summary by Directory Market Analysis - Online quotes show that multiple shipping companies have reported higher freight rates for July. For example, Maersk's Shanghai - Rotterdam price in week 26 was 1705/2870, and in the first week of July it was 2040/3400 [1]. - Geopolitically, US Vice - President Pence said Trump might take action against Iran's nuclear program, but no specific details were given [2]. - The US - China trade route has seen a rapid increase in demand due to the reduction of Sino - US tariffs. Carriers are actively restoring capacity, with the average weekly capacity in the remaining two weeks of June being 321,000 TEU, 243,400 TEU in May, and 350,000 TEU in July. However, freight rates in the East and West of the US may have peaked [3]. - In June, the capacity pressure on the European route decreased. The average weekly capacity in the remaining two weeks of June was about 236,500 TEU, and there were 5 blank sailings in July and 1 in August [4]. - Ship delays have dragged down the SCFIS on June 16th and are expected to continue to have an impact on June 23rd. The 06 contract's delivery settlement price is expected to be around 1940 points [5]. - The conflict between Israel and Iran may affect the passage of the Strait of Hormuz, which has a greater impact on oil transportation and a relatively small direct impact on container shipping [6]. - There is an expectation of price increases in August as it is a traditional peak season and the statistical capacity in July is relatively low. It is recommended to focus on the peak time of European route freight rates in 2025 and the subsequent downward slope of freight rates. Currently, shipping companies are trying to increase freight rates in July and August [7]. Futures Prices - As of June 18, 2025, the total open interest of all container shipping index European route futures contracts was 88,862 lots, and the single - day trading volume was 93,114 lots. The closing prices of different contracts varied, such as the EC2602 contract at 1430.20, the EC2604 contract at 1243.80, etc. [8] Spot Prices - On June 13, the SCFI (Shanghai - Europe route) price was 1844.00 US dollars/TEU, the SCFI (Shanghai - US West route) was 4120.00 US dollars/FEU, and the SCFI (Shanghai - US East) was 6745.00 US dollars/FEU. On June 16, the SCFIS (Shanghai - Europe) was 1697.63 points, and the SCFIS (Shanghai - US West) was 2908.68 points [8] Container Ship Capacity Supply - 2025 is still a major year for container ship deliveries. As of June 15, 2025, 126 container ships with a total capacity of 1.004 million TEU have been delivered. Among them, 37 ships in the 12,000 - 16,999 TEU range with a total capacity of 557,200 TEU and 6 ships above 17,000 TEU with a total capacity of 142,400 TEU have been delivered [8] Supply Chain - Ship delays have affected the SCFIS, and the conflict between Israel and Iran may have an impact on shipping routes, but the direct impact on container shipping is relatively small [5][6] Demand and European Economy - No specific analysis of demand and European economy is provided in the content other than the potential impact on shipping demand and freight rates due to geopolitical and trade factors [2][3]