1. Report's Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - MSK's price quotes for the first week of March remain mostly the same, weakening the price - increase expectation, and the EC futures market is expected to continue to fluctuate weakly. Given the off - season in April and ongoing geopolitical risks during the Spring Festival, it is recommended to stay on the sidelines for unilateral trading and conduct rolling operations on the 6 - 10 calendar spread [6][8]. 3. Summary by Relevant Catalogs 3.1 Container Shipping - Container Freight Index (European Line) 3.1.1 Futures Market - The closing prices, price changes, price change rates, trading volumes, trading volume change rates, open interests, and open interest change rates of different EC futures contracts are presented. For example, EC2604 closed at 1,177.9 points, down 0.09% from the previous day, with a trading volume of 17,204.0 lots (down 41.80%) and an open interest of 33,027.0 lots (down 2.57%) [3]. - The price differences and their changes between different futures contracts are also provided. For instance, the price difference between EC04 and EC06 is - 323, down 2.3 [3]. 3.1.2 Container Freight Rates - Weekly container freight rates and their week - on - week and year - on - year changes are given. The SCFIS European Line index is 1657.94 points, down 7.49% week - on - week and 29.54% year - on - year. SCFI: Shanghai - Europe is 1403 USD/TEU, down 1.06% week - on - week and 34.65% year - on - year [3]. 3.1.3 Fuel Costs - The prices, week - on - week, and year - on - year changes of WTI and Brent crude oil near - month contracts are provided. WTI crude oil near - month contract is at 64.07 dollars per barrel, down 0.48% week - on - week and 10.78% year - on - year; Brent crude oil near - month contract is at 68.41 dollars per barrel, down 0.13% week - on - week and 9.2% year - on - year [3]. 3.2 Market Analysis and Strategy Recommendations 3.2.1 Market Analysis - Spot freight rates are weak, with the price - increase expectation weakening. MSK's WK10 Shanghai - Rotterdam quote is 2000 USD/40HC, the same as last week. From a fundamental perspective, demand is peaking and then declining, and the overall shipping capacity deployment has little change compared to the previous period. Geopolitical situations are volatile, and it is still difficult for a large - scale resumption of European - line shipping in the first half of the year [6][7]. 3.2.2 Strategy Recommendations - Unilateral trading: Given that Maersk's freight rates in March are mostly unchanged and it is the off - season in April, the market is expected to fluctuate. Due to ongoing geopolitical risks during the Spring Festival, it is recommended to stay on the sidelines [8]. - Arbitrage: Conduct rolling operations on the 6 - 10 calendar spread [9]. 3.3 Industry News - Local time on the 10th, US President Trump stated that "Iran will not have nuclear weapons or missiles." Iranian officials said that if the US - Iran nuclear talks are successful, the dialogue may expand to other areas. Trump said that if the talks fail, he might send another aircraft carrier strike group to the Middle East [10][11]. 3.4 Related Attachments - Multiple charts are presented, including the SCFIS European Line index and the SCFIS US West Line index, the SCFI comprehensive index, and container freight rates for different routes such as Shanghai - US West, Shanghai - US East, and Shanghai - Europe. There are also charts showing the basis of EC04 and EC06 contracts [13][15][20].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The settlement price of the SCFIS European Line released on Monday slightly exceeded market expectations, driving the near - month futures to slightly repair the discount. The market is in a vacuum period of spot trading, and the futures trend is oscillating and slightly strong. The 2026/2/3 closing price of EC2604 was 1,237.9 points, up 4.5% from the previous trading day [6]. - In terms of spot freight rates, the prices of major shipping companies have declined to varying degrees. From a fundamental perspective, the demand is gradually entering a downward phase after peaking, and the supply in March has increased compared to the previous week's schedule. Geopolitical situations are volatile, and the resumption of large - scale shipping on the European Line in the first half of the year is still difficult. The impact of bad weather on shipping schedules is expected to vary in different regions. Spot freight rates are expected to have limited fluctuations around the Spring Festival, but attention should be paid to the decline rate after the festival [7]. - Regarding trading strategies, it is recommended to wait and see for unilateral trading of the 04 contract due to many short - term disturbances and large expected fluctuations. For arbitrage, a rolling operation of the long 6 - short 10 spread is recommended [8][9]. 3. Summary by Relevant Catalogs 3.1 Futures Market 3.1.1 Futures Contract Quotes - EC2602: The closing price was 1,737.8, up 17.8 (1.03%), with a trading volume of 612 (up 108.16%) and an open interest of 1,883 (down 19.50%) [4]. - EC2604: The closing price was 1,237.9, up 53.3 (4.50%), with a trading volume of 29,296 (down 10.73%) and an open interest of 34,229 (up 1.25%) [4]. - EC2606: The closing price was 1,533.7, up 20.6 (1.36%), with a trading volume of 3,147 (down 47.06%) and an open interest of 13,458 (up 6.83%) [4]. - EC2608: The closing price was 1,597.9, down 10.0 (- 0.62%), with a trading volume of 353 (down 68.79%) and an open interest of 1,479 (up 2.00%) [4]. - EC2610: The closing price was 1,128.6, down 1.4 (- 0.12%), with a trading volume of 1,355 (down 45.89%) and an open interest of 7,677 (down 2.63%) [4]. - EC2612: The closing price was 1,439.0, up 34.0 (2.42%), with a trading volume of 29 (down 27.50%) and an open interest of 128 (up 5.79%) [4]. 3.1.2 Month - spread Structure - For example, the spread of EC02 - EC04 was 500, down 35.5; the spread of EC02 - EC06 was 204, down 2.8, etc. [4]. 3.2 Container Freight Rates - SCFIS European Line: The price was 1792.14 points, down 3.61% week - on - week and 21.20% year - on - year [4]. - SCFIS US West Line: The price was 1101.40 points, down 14.91% week - on - week and 55.24% year - on - year [4]. - SCFI Comprehensive Index: The price was 1316.75 points, down 9.68% week - on - week and 38.20% year - on - year [4]. - Other routes such as Shanghai - West Africa, Shanghai - South America, etc., also showed varying degrees of decline in freight rates [4]. 3.3 Fuel Costs - WTI Crude Oil Near - month Contract: The price was $61.45 per barrel, down 5.72% week - on - week and 14.82% year - on - year [4]. - Brent Crude Oil Near - month Contract: The price was $65.49 per barrel, down 6.22% week - on - week and 13.4% year - on - year [4]. 3.4 Market Analysis and Strategy Recommendations 3.4.1 Market Analysis - The SCFIS European Line settlement price on Monday exceeded expectations, mainly due to the impact of shipping schedule delays. It is expected that the index will still lag behind [6]. - In the spot market, the freight rates of major shipping companies have decreased. The demand is peaking and then declining, and the supply in March has increased. Geopolitical situations are unstable, and bad weather affects shipping schedules [7]. 3.4.2 Trading Strategies - Unilateral: It is recommended to wait and see for the 04 contract due to short - term disturbances and large expected fluctuations [8]. - Arbitrage: A rolling operation of the long 6 - short 10 spread is recommended [9]. 3.5 Industry News - The US and India agreed to establish a trade agreement. The US will reduce the reciprocal tariff on India from 25% to 18%, and India will gradually eliminate tariffs and non - tariff barriers against the US [10]. - From the 6th week (February 2 - 8) to the 10th week (March 2 - 8), 103 out of about 704 scheduled flights were cancelled, accounting for 15% of the planned flights. Cancellations were mainly on the Trans - Pacific Eastbound route (59%), followed by the Asia - Europe/Mediterranean route (33%) and the Trans - Atlantic Westbound route (8%) [10]. 3.6 Related Attachments - The report includes multiple figures such as the SCFIS European Line Index and SCFIS US West Line Index, SCFI Comprehensive Index, and container freight rates of different routes, as well as the basis of EC02 and EC04 contracts [11][17][19]

Group 1: Report Overview - Report Title: Galaxy Futures Container Shipping Index (European Line) Daily Report [1][3] - Report Date: December 16, 2025 [2] - Researcher: Jia Ruilin [2] Group 2: Investment Ratings - No investment ratings for the industry are provided in the report. Group 3: Core Views - The SCFIS released yesterday was lower than market expectations, causing a slight downward adjustment in EC2512. The market continues to speculate on the January freight rate trend and peak, with the EC market maintaining a volatile trend. Attention is focused on the January first - week quotes from MSK [5]. - The spot freight rate situation has improved recently, and shipping companies have started to announce price increases for January. There are still price - increase expectations for the first week of January. The demand is expected to gradually improve from December to January, while the supply shows different trends in January and February 2026. The short - term market will remain highly volatile, and the key to future price expectations lies in the January price adjustment rhythm. Geopolitically, the second phase of the Israel - Palestine peace talks has begun, and the statements of shipping companies and the post - Spring Festival resumption of shipping schedules need to be observed [6]. Group 4: Market Analysis and Strategy Recommendations Market Analysis - On December 16, 2025, EC2602 closed at 1686.8 points, down 3.39% from the previous day. On December 12, the SCFI European Line was reported at $1538/TEU, up 9.8% month - on - month. The latest delivery settlement price of the EC2512 contract on Monday was 1510.56 points, up 0.1% month - on - month, lower than market expectations, leading to a downward adjustment in the EC2512 contract [5]. - In terms of spot freight rates, shipping companies have announced price increases for January. The demand from December to January is expected to improve, and the supply shows different trends in January and February 2026. The January capacity has increased slightly by 3% compared to the previous week's schedule, mainly due to the addition of 4 ships and 2 suspended ships. The February capacity has decreased by 3.7% compared to the previous week, mainly due to the PA Alliance adding 3 suspended ships and 2 large ships of about 24,000 TEU [6]. Trading Strategies - Unilateral: For the EC2602 contract, some long positions can be considered for partial profit - taking and partial holding. Attention should be paid to the subsequent price announcements by shipping companies and the improvement rhythm of cargo volume [7]. - Arbitrage: Hold a wait - and - see attitude [8]. Group 5: Industry News - ONE announced a new east - west route network arrangement, which will be officially implemented in April 2026, still maintaining the route via the Cape of Good Hope, and FE3 will no longer call at Shanghai [10]. - According to foreign media reports, MSC has made an acquisition offer to ZIM [11]. - US media reported that the White House privately rebuked Netanyahu for violating the cease - fire agreement [12]. - The Indonesian Finance Minister plans to impose a tariff on coal exports starting from January 1, 2026 [13]. Group 6: Related Attachments - The report includes figures such as the SCFIS European Line Index and SCFIS US West Line Index, the SCFI Composite Index, and container freight rates for various routes [15][17][22][23]

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints of the Report - The market is in a state of continuous game regarding the implementation range of the announced price increases in December. The EC futures market maintains a volatile trend. The SCFIS European Line Index is expected to remain at a low level in the second half of November, and attention should be paid to the December quotes this week [6]. - In terms of spot freight rates, the long - term cargo of shipping companies has improved, and the shipping companies have announced GRI increases for December. However, the market has significant differences in the future freight rate implementation range. The demand is expected to gradually improve from November to December, and the shipping capacity in December has decreased by 4.6% compared with the previous period. The recent market trading logic has returned to the spot market [7]. - The trading strategy suggests a wait - and - see approach for both single - side and arbitrage trading [8][9]. 3. Summary by Relevant Catalogs Market Analysis and Strategy Recommendation - **Market Performance**: On November 19, the closing price of EC2512 was 1763.3 points, a decrease of 0.35% from the previous day. On November 14, the SCFI European Line was reported at $1417 per TEU, a week - on - week increase of 7.11%. The latest SCFIS European Line reported after the market on Monday was 1357.67 points, a week - on - week decrease of 9.8%, mainly due to the significant decline in the index driven by the drop in MSK freight rates [6]. - **Logical Analysis**: Shipping companies' long - term cargo has improved, and they have announced GRI increases for December. The market has different views on the implementation of the price increases. For example, MSK's Shanghai - Rotterdam quote for Week 49 increased by $500 per FEU compared with the previous week. From the fundamental perspective, the demand from November to December is expected to improve, and the shipping capacity in December has decreased by 4.6% compared with the previous period. The probability of resuming navigation in the near - term is low, and the market trading logic has returned to the spot market [7]. - **Trading Strategy**: For single - side trading, it is recommended to wait and see as the market is volatile. For arbitrage trading, also adopt a wait - and - see approach [8][9]. Industry News - In October, the container imports from Asia's top ten economies to the United States decreased by 8.4% year - on - year, totaling 1.79 million TEUs. Although it only decreased slightly by 0.1% compared with September, the cumulative imports in the first ten months of this year increased by 0.7% to 17 million TEUs [11]. Relevant Attachments - The report includes multiple figures such as the SCFIS European Line Index and SCFIS US West Line Index, EC12 and EC02 contract basis, etc., which visually show the trends of relevant indexes and contract basis [13][21].

Financial Data and Key Metrics Changes - For Q3 2025, the company reported total net revenues of $56.9 million, a 5.1% increase from $54.1 million in Q3 2024 [24] - Net income for Q3 2025 was $29.7 million, compared to $27.6 million in Q3 2024 [24] - Adjusted EBITDA for Q3 2025 increased to $38.8 million from $36.1 million in Q3 2024 [25] - Basic and diluted earnings per share for Q3 2025 were $4.27 and $4.25, respectively, compared to $3.97 and $3.95 for the same period last year [26] Business Line Data and Key Metrics Changes - The average charter rate per vessel per day increased by 10.7% in Q3 2025 compared to Q3 2024 [24] - The company operated an average of 22 vessels in Q3 2025, earning an average time charter equivalent rate of $29,284 per day, compared to 23 vessels earning $26,446 per day in Q3 2024 [30] Market Data and Key Metrics Changes - The Shanghai Containerized Freight Index declined to its lowest level in nearly two years by late September 2025, but stabilized and increased by 30% in October and early November [10] - The average second-hand price index rose by about 4.4% in Q3 2025 compared to Q2 2025, supported by limited vessel availability and strong buyer interest [10] - The global fleet expanded by 6% year-to-date, with recycling activity remaining subdued [11] Company Strategy and Development Direction - The company remains committed to a $20 million share repurchase plan, having repurchased 466,000 shares for approximately $10.5 million [4] - The company has secured charters for four new vessels at rates of $35,500 per day for four years, indicating a strategic focus on long-term contracts [7][21] - The company aims to maintain leverage around 50%, adjusting based on market conditions [74] Management's Comments on Operating Environment and Future Outlook - Management noted that the market remains mixed, with time charter rates holding firm despite a decline in the Shanghai Containerized Freight Index [18] - Concerns over oversupply and increased competition among carriers may pressure rates from 2027 onwards [19] - The company anticipates a conservative approach to fleet management, potentially scrapping older vessels if market conditions worsen [83] Other Important Information - The company declared a quarterly dividend of $0.70 per share for Q3 2025, reflecting an annualized yield of approximately 5% [4] - The total outstanding bank debt as of September 30, 2025, was about $224 million, with a cost of debt around 5.9% [21] Q&A Session Summary Question: Expectations for scheduled off-hire days for Q4 and 2026 - Management indicated minimal dry docking scheduled for the next 12 months, with likely off-hire for Q4 being almost zero [44][45] Question: Impact of container ship ordering on supply and rates - Management acknowledged that increased ordering could pressure rates from 2027, but noted strong coverage for 2027 with 52% locked in [48][49] Question: Willingness to book long-term contracts - Management explained that the aging fleet in smaller vessels is driving demand for long-term contracts as charters seek to secure tonnage [62] Question: Remaining commitments for new builds - Management confirmed that approximately $200 million remains to be paid for the new builds, with payments structured around delivery timelines [67] Question: Strategy on selling older assets - Management stated a conservative approach, considering scrapping older vessels if market conditions decline significantly [83][84]

Financial Data and Key Metrics Changes - For Q3 2025, total net revenues were reported at $56.9 million, a 5.1% increase from $54.1 million in Q3 2024 [24] - Net income for Q3 2025 was $29.7 million, compared to $27.6 million in Q3 2024 [24] - Adjusted EBITDA for Q3 2025 increased to $38.8 million from $36.1 million in Q3 2024 [25] - Basic and diluted earnings per share for Q3 2025 were $4.27 and $4.25, respectively, compared to $3.97 and $3.95 for the same period last year [26] Business Line Data and Key Metrics Changes - The average time charter equivalent rate for vessels in Q3 2025 was $29,284 per day, compared to $26,446 per day in Q3 2024 [30] - Daily operating expenses for Q3 2025 were $7,246 per vessel per day, slightly down from $7,249 in Q3 2024 [31] - The cash flow break-even level for Q3 2025 was $13,073 per vessel per day, compared to $13,629 in Q3 2024 [31] Market Data and Key Metrics Changes - The Shanghai Containerized Freight Index declined to its lowest level in nearly two years by late September 2025, but saw a 30% uptick in October and early November [10] - The global fleet expanded by 6% year-to-date, with idle capacity remaining practically nonexistent [11] - New building prices remained stable, with Korean and Japanese yards gradually increasing prices relative to Chinese yards [10] Company Strategy and Development Direction - The company remains committed to a $20 million share repurchase plan, having repurchased 466,000 shares for approximately $10.5 million [4] - The company has extended charters for several vessels, indicating a strategy focused on securing long-term contracts [5][6] - The company is exploring additional vessel orders while maintaining a cautious approach to leverage, targeting around 50% [73] Management's Comments on Operating Environment and Future Outlook - Management noted that the market remains mixed, with time charter rates holding firm despite a decline in the Shanghai Containerized Freight Index [18] - Concerns over oversupply and increased competition among carriers could pressure rates from 2027 onwards [48] - Management expressed confidence in the fleet's cash flow generation potential, with a break-even level well below current earnings [38] Other Important Information - The company declared a quarterly dividend of $0.70 per share for Q3 2025, reflecting an annualized yield of approximately 5% [4] - The total outstanding bank debt as of September 30, 2025, was about $224 million, with a cost of debt around 5.9% [21] Q&A Session Summary Question: Expectations for scheduled off-hire days for Q4 and 2026 - Management indicated minimal dry dockings expected, with likely off-hire for Q4 being almost zero [44][45] Question: Impact of container ship ordering on supply and rates - Management acknowledged that increased ordering could pressure rates from 2027, but noted strong coverage for 2027 with 52% locked in [48] Question: Willingness to book long-term contracts - Management explained that charters are eager to secure tonnage due to an aging fleet and increasing trade demands [62] Question: Remaining commitments for new builds - Management confirmed that approximately $200 million remains to be paid for new builds, with payments structured around delivery timelines [67] Question: Strategy on selling older assets - Management stated a conservative approach to scrapping older vessels if market conditions decline significantly [83][85]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The decline of SCFIS announced yesterday slightly exceeded market expectations, and the EC futures market showed a corrective oscillation today. The quote of $2500 per FEU for the first week of December released by MSK after the market basically met expectations. Attention should be paid to the subsequent market booking situation. The SCFIS European Line index is expected to remain at a low level in the second half of November, and the December quotes need to be monitored this week [5]. - In terms of spot freight rates, the long - term cargo of shipping companies has improved, but the upward momentum in the second half of November has weakened. The demand for shipments is expected to gradually improve from November to December. The weekly average capacity from Shanghai to the five Nordic ports in November and December is 265,500 and 283,300 TEU respectively, and 295,800 TEU in January 2026. The capacity in November and January next year has little change, while the capacity in December has decreased by 4.6% compared with the previous period. The recent market trading logic has returned to the spot market [6]. - The trading strategy suggests a wait - and - see approach for both unilateral and arbitrage trading [7]. 3. Summary by Relevant Catalogs Container Shipping - Container Freight Index (European Line) - **Futures Market Performance**: On November 18, EC2512 closed at 1769.5 points, down 1.27% from the previous day's closing price. All listed futures contracts showed price declines, with varying degrees of decrease in trading volume and changes in open interest. The month - spread structure also had corresponding price changes [3][5]. - **Container Freight Rates**: The SCFIS European Line index was 1357.67 points, down 9.78% week - on - week and 51.02% year - on - year. Different container freight rates showed various trends, with some routes having price increases and others having decreases [3]. - **Fuel Costs**: The price of WTI crude oil's near - month contract was $59.62 per barrel, down 0.32% week - on - week and 13.63% year - on - year. The price of Brent crude oil's near - month contract was $63.62 per barrel, down 0.30% week - on - week and 12.6% year - on - year [3]. Market Analysis and Strategy Recommendation - **Market Analysis**: The decline of the SCFIS European Line index was larger than expected, mainly due to the decline of MSK's freight rates. The index is expected to remain low in the second half of November. The demand for shipments is expected to improve from November to December, and the capacity in December has decreased compared with the previous period [5][6]. - **Trading Strategy**: For unilateral trading, it is expected to be in a volatile state, and a wait - and - see approach is recommended. For arbitrage trading, also a wait - and - see approach is suggested [7]. Industry News The Palestinian government welcomed the US - proposed resolution on Gaza passed by the UN Security Council, which aims to establish a permanent and comprehensive cease - fire in the Gaza Strip, ensure the unobstructed entry and distribution of humanitarian aid, and reaffirm the Palestinian people's right to self - determination and the establishment of an independent Palestinian state [8].

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].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The EC futures market is volatile, with some contracts down and some showing changes in volume and open interest. The spot price of SCFI European Line has rebounded, and shipping companies are starting to announce price increases for November. The market is concerned about the implementation of price increases and the impact of policies such as the US 301 port levy and China's special port fees for US ships [3][5]. - It is expected that the shipping company's freight rate center will move up in the second half of October. The demand side is experiencing a seasonal decline in cargo volume, and the supply side has a decrease in capacity compared to the previous period. The upcoming price increase season from November to December and the implementation of port levy measures may bring cost increases and supply - chain disruptions [7][8]. - The progress of the cease - fire negotiation and resumption of flights in the Palestine - Israel conflict is expected to suppress the far - month contracts. The report provides trading strategies, including holding remaining long positions in EC2512, considering buying on dips for near - month contracts, and specific operations for arbitrage [8][9][10]. 3. Summary by Relevant Catalogs Market Analysis and Strategy Recommendation - **Market Performance**: On October 10, the EC2512 closed at 1571 points, down 6.93% from the previous day. The latest SCFI European Line reported 1068 USD/TEU, up 10% month - on - month, ending a 9 - week decline. Shipping companies such as MSK and CMA have announced price increases for November [3][5]. - **News Impact**: China will collect special port fees for US ships starting from October 14, and the US will implement the "301 Clause" measures on Chinese ships on the same day, which may affect port costs and ship deployment [6][11]. - **Container Shipment Volume**: In August 2025, the container shipment volume from Asia to Europe was 1.85 million TEU, up 11.8% year - on - year; the shipment volume from Asia to North America was 2.014 million TEU, down 12.3% year - on - year; the shipment volume from Asia to the world was 10.529 million TEU, up 4.7% year - on - year; the global container shipment volume was 16.612 million TEU, up 2.8% year - on - year [6]. - **Logic Analysis**: Some shipping companies have raised freight rates in the second half of October, and it is expected that the freight rate center will move up. The demand side is experiencing a seasonal decline in cargo volume, and the supply side has a decrease in capacity. The cease - fire negotiation in the Palestine - Israel conflict may suppress far - month contracts [7][8]. - **Trading Strategies** - **Unilateral**: Remaining long positions in EC2512 can be held. Consider buying on dips for the near - month contract EC2512 and operate flexibly [9]. - **Arbitrage**: Take profit on the 10 - 12 reverse arbitrage at high prices; hold the 2 - 4 positive arbitrage and add positions on dips [10]. Industry News - **US Policy**: The US will implement the "301 Clause" measures on Chinese ships from October 14, which is expected to disrupt the global shipping order and increase costs for enterprises and consumers [11]. - **Maersk's Initiative**: Maersk is collaborating with 50 shipowners to retrofit about 200 chartered ships to reduce emissions, fuel costs, and improve cargo - carrying capacity, with over 1500 projects completed and 1000 in progress, expected to finish in 2027 [12]. - **Red Sea Situation**: Israel and Hamas have reached a cease - fire agreement, but the agreement has details missing, and the Houthi armed forces will closely monitor its implementation [14].