1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The EC2604 contract is expected to fluctuate before the holiday, and the focus is on the effectiveness of shipping companies' price - holding in March. The freight rate drive before the holiday is weak, and the 04 contract is expected to fluctuate. Attention should be paid to the implementation of shipping companies' price - holding after the holiday in March. For more distant contracts, the game over the resumption time is intense, and the volatility is expected to remain at a high level. [1][5][6] 3. Summary According to the Directory I. Futures Price - As of February 4, 2026, the total open interest of all contracts of the container shipping index European line futures was 58,854.00 lots, and the single - day trading volume was 34,792.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1737.80, 1237.90, 1533.70, 1597.90, 1128.60, and 1439.00 respectively. [7] II. Spot Price - On February 1, 2026, the SCFI (Shanghai - Europe route) price was 1418 US dollars/TEU, the SCFI (Shanghai - US West route) price was 1867 US dollars/FEU, and the SCFI (Shanghai - US East) price was 2605 US dollars/FEU. On February 2, the SCFIS (Shanghai - Europe) was 1792.14 points, and the SCFIS (Shanghai - US West) was 1101.40 points. [7] III. Container Ship Capacity Supply - **Static Supply**: As of January 31, 2026, 6 container ships with a total capacity of 46,950 TEU were delivered in 2026. For 12,000 - 16,999 TEU ships, 2 ships with a total of 28,000 TEU were delivered; for ships over 17,000 TEU, 1 ship with a capacity of 17,148 TEU was delivered. In terms of delivery expectations, from 2026 to 2029, different numbers of 12,000 - 16,999 TEU and over 17,000 TEU ships are expected to be delivered. The delivery pressure of ultra - large ships in 2026 is relatively small, and the annual delivery volume of over 17,000 TEU ships in 2027, 2028, and 2029 exceeds 40. Only 4 ships over 17,000 TEU were delivered in the first half of 2026. [2][3] - **Dynamic Supply**: The average weekly capacity in February was 263,100 TEU, and the capacities in weeks 6/7/8/9 were 300,400/312,700/271,300/168,200 TEU respectively. The average weekly capacity in March was 313,400 TEU, and the capacities in weeks 10/11/12/13/14 were 245,200/321,000/365,000/317,000/319,000 TEU respectively. The average weekly capacity in April was 279,000 TEU, and the capacities in weeks 15/16/17/18 were 291,300/317,700/266,500/241,200 TEU respectively. There were 12 blank sailings in February and 6 blank sailings and 2 TBNs in March. [3] IV. Supply Chain - Since mid - February 2026, Maersk's ME11 route will implement structural adjustments, passing through the Red Sea and the Suez Canal. If possible, Maersk will also adjust the AE12 and AE15 services in subsequent stages to pass through the Red Sea and the Suez Canal. The resumption of the Suez Canal is expected to be a gradual process, and COSCO management points out that there is still no clear schedule for the full resumption of the Red Sea. [2][6] V. Demand and European Economy - In December and January, the cargo volume was at a relatively high level in the year. The cancellation of the VAT export tax rebate for products such as photovoltaic by the Ministry of Finance and the State Administration of Taxation in 2026 may disrupt the shipping rhythm of related industries and further affect the pricing strategies of shipping companies. It is necessary to pay attention to whether the freight volume from the Far East to Europe in February and March can increase significantly and whether the actual freight rate will be firmer than in normal years. [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The PA Alliance price is gradually being corrected, and the short - term trend of the main contract is expected to be volatile. The February contract is expected to be volatile, and the April contract has a bearish driving force. The far - month contracts are expected to have large fluctuations due to the uncertainty of the Suez Canal's resumption time and relatively fewer deliveries of ultra - large vessels in 2026 [1][5][7] 3. Summary by Directory I. Futures Price - As of January 28, 2026, the total open interest of all contracts of the container shipping index (European line) futures was 63,340.00 lots, and the single - day trading volume was 46,760.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1719.00, 1229.00, 1493.20, 1560.80, 1135.10, and 1403.10 respectively [6] II. Spot Price - On January 23, 2026, the SCFI (Shanghai - Europe route) price was 1595 US dollars/TEU, the SCFI (Shanghai - US West route) price was 2084 US dollars/FEU, and the SCFI (Shanghai - US East) price was 2896 US dollars/FEU. On January 26, 2026, the SCFIS (Shanghai - Europe) was 1859.31 points, and the SCFIS (Shanghai - US West) was 1294.32 points [6] III. Container Ship Capacity Supply - **Static Supply**: As of December 31, 2025, 268 container ships with a total capacity of 2.155 million TEU were delivered in 2025. Among them, 80 ships with a capacity of 12,000 - 16,999 TEU were delivered, with a total capacity of 1.213 million TEU; 13 ships with a capacity of over 17,000 TEU were delivered, with a total capacity of 277,672 TEU. In terms of delivery expectations, for 12,000 - 16,999 TEU ships, 781,200 TEU (53 ships) will be delivered in 2026, 944,500 TEU (64 ships) in 2027, 1.212 million TEU (82 ships) in 2028, and 415,400 TEU (29 ships) in 2029. For ships over 17,000 TEU, 210,400 TEU (9 ships) will be delivered in 2026, 862,800 TEU (40 ships) in 2027, 1.5734 million TEU (78 ships) in 2028, and 1.3755 million TEU (67 ships) in 2029. Overall, the delivery pressure of ultra - large vessels in 2026 is relatively small, and the annual delivery volume of ships over 17,000 TEU in 2027, 2028, and 2029 exceeds 40 ships [2][3] - **Dynamic Supply**: The average weekly capacity in February was 283,000 TEU, and the capacities in weeks 6, 7, 8, and 9 were 340,000, 342,000, 261,100, and 188,300 TEU respectively. The average weekly capacity in March was 295,800 TEU, and the capacities in weeks 10, 11, 12, 13, and 14 were 252,400, 338,600, 348,700, 285,200, and 254,500 TEU respectively. There were 13 blank sailings in February (6 for the OA Alliance, 6 for the PA Alliance, and 1 for the Gemini Alliance) and 5 blank sailings and 3 TBNs in March [3] IV. Supply Chain - Hamas has never agreed to hand over its weapons, and any arrangement for Gaza must be achieved through a memorandum of understanding with Hamas. Maersk announced on January 15 that it would resume the Suez Canal route for its MECL service as the stability in the Red Sea improved [2] V. Demand and European Economy - In normal years, April and October are the months with the lowest freight rates in a year. The cancellation of the VAT export tax rebate for photovoltaic and other products by the Ministry of Finance and the State Taxation Administration on January 8, 2026, may disrupt the shipping rhythm of relevant industries and further affect the pricing strategies of shipping companies. It is necessary to pay attention to whether the freight volume from the Far East to Europe in February and March can increase significantly and whether the actual freight rates will be firmer than in normal years [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Pre - holiday freight rate drivers are weak, and attention should be paid to Maersk's WEEK7 quotes. The market is speculating on the price - holding expectations of relatively low pressure on March's shipping capacity. The near - term 04 contract is expected to fluctuate. In normal years, April and October are the months with the lowest freight rates. The cancellation of VAT export tax rebates for products such as photovoltaics may disrupt the shipping rhythm of related industries and further affect shipping companies' pricing strategies. Investors should be cautious when participating in the 04 contract. Attention should be paid to whether the freight volume from the Far East to Europe can significantly increase in February and March and whether the actual freight rates will be stronger than in normal years. The 2 - month contract is expected to fluctuate, and the 4 - month contract is bearish. The uncertainty of the Suez Canal's resumption time and the relatively small delivery of ultra - large ships in 2026 will cause greater fluctuations in the far - month contracts [1][5][6][8]. 3. Summary by Related Catalogs I. Futures Prices - As of January 26, 2026, the total open interest of all contracts of the container shipping index (European line) futures was 63,443.00 lots, and the single - day trading volume was 51,020.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2612 contracts were 1726.70, 1200.20, 1447.60, 1524.00, 1114.20, and 1373.50 respectively [7]. II. Spot Prices - On January 23, the SCFI (Shanghai - Europe route) price was 1595 US dollars/TEU, the SCFI (Shanghai - West Coast of the United States) price was 2084 US dollars/FEU, and the SCFI (Shanghai - East Coast of the United States) price was 2896 US dollars/FEU. On January 26, the SCFIS (Shanghai - Europe) was 1859.31 points, and the SCFIS (Shanghai - West Coast of the United States) was 1294.32 points [7]. III. Container Ship Capacity Supply - **Static Supply**: As of December 31, 2025, 268 container ships with a total capacity of 2.155 million TEU have been delivered in 2025. Among them, 80 ships with a capacity of 12,000 - 16,999 TEU and a total capacity of 1.213 million TEU have been delivered, and 13 ships with a capacity of over 17,000 TEU and a total capacity of 277,672 TEU have been delivered. In terms of delivery expectations, for 12,000 - 16,999 TEU ships, 781,200 TEU (53 ships) will be delivered in 2026, 944,500 TEU (64 ships) in 2027, 1.212 million TEU (82 ships) in 2028, and 415,400 TEU (29 ships) in 2029. For ships over 17,000 TEU, 210,400 TEU (9 ships) will be delivered in 2026, 862,800 TEU (40 ships) in 2027, 1.5734 million TEU (78 ships) in 2028, and 1.3755 million TEU (67 ships) in 2029. The delivery pressure of ultra - large ships in 2026 is relatively small, and the annual delivery volume of ships over 17,000 TEU in 2027, 2028, and 2029 exceeds 40 ships. Only 4 ships over 17,000 TEU will be delivered in the first half of 2026 [2][3]. - **Dynamic Supply**: The average weekly capacity in February was 283,000 TEU, and the capacities in WEEK6/7/8/9 were 340,000, 342,000, 261,100, and 188,300 TEU respectively. The average weekly capacity in March was 295,800 TEU, and the capacities in WEEK10/11/12/13/14 were 252,400, 338,600, 348,700, 285,200, and 254,500 TEU respectively. There were 13 blank sailings in February (6 by the OA alliance, 6 by the PA alliance, and 1 by the Gemini alliance) and 5 blank sailings and 3 TBNs in March [3]. IV. Supply Chain - The stability in the Red Sea area has improved. On January 15, Maersk announced that it would resume the Suez Canal route for its MECL service to improve transportation efficiency on the premise of ensuring safety. CMA has decided to divert the ships deployed on the FAL 1, FAL 3, and MEX routes via the Cape of Good Hope instead of passing through the Suez Canal [2][6]. V. Demand and European Economy - In December and January, the cargo volume was at a relatively high level during the year. The cancellation of VAT export tax rebates for products such as photovoltaics may disrupt the shipping rhythm of related industries and further affect shipping companies' pricing strategies. Attention should be paid to whether the freight volume from the Far East to Europe can significantly increase in February and March and whether the actual freight rates will be stronger than in normal years [5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - MSC's online prices in February remain the same as in January, and the focus is on Maersk's WEEK6 quotation. The SCFIS at the beginning of February is an important point of contention for the settlement price of the February contract. The cargo volume in December and January is at a relatively high level within the year. The delivery of ultra-large vessels in 2026 has relatively less pressure, while the annual delivery volume of vessels over 17,000 TEU in 2027, 2028, and 2029 exceeds 40 ships. The cancellation of the VAT export tax rebate policy for photovoltaic products may disrupt the off - season nature of the 04 contract, and the volatility of the 04 contract is expected to increase. Maersk's attempt to resume navigation through the Red Sea and the Suez Canal will affect the expectations of more distant - month contracts. The 2 - month contract is expected to fluctuate, and the 4 - month contract is driven by a bearish trend [1][2][3][4][6]. 3. Summary According to the Directory I. Futures Price - As of January 19, 2026, the total open interest of all contracts of the container shipping index (European route) futures is 62,201.00 lots, and the daily trading volume is 36,458.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2612 contracts are 1714.30, 1132.20, 1318.00, 1459.00, 1054.10, and 1300.00 respectively [7]. II. Spot Price - Online quotations from different shipping alliances are provided, including the prices of Maersk, HPL, MSC, ONE, HMM, CMA, EMC, and OOCL for different time periods from Shanghai to Rotterdam. The SCFI (Shanghai - Europe route) price on January 16 is 1676 US dollars/TEU, the SCFI (Shanghai - US West route) price is 2194 US dollars/FEU, and the SCFI (Shanghai - US East) price is 3165 US dollars/FEU. The SCFIS (Shanghai - Europe) on January 19 is 1954.19 points, and the SCFIS (Shanghai - US West) is 1305.27 points [1][7]. III. Container Ship Capacity Supply - **Static Supply**: As of December 31, 2025, 268 container ships have been delivered in 2025, with a total capacity of 2.155 million TEU. For 12,000 - 16,999 TEU ships, 80 ships have been delivered with a total capacity of 1.213 million TEU; for ships over 17,000 TEU, 13 ships have been delivered with a total capacity of 277,672 TEU. The expected delivery of 12,000 - 16,999 TEU ships from 2026 - 2029 is 781,200 TEU (53 ships), 944,500 TEU (64 ships), 1.212 million TEU (82 ships), and 415,400 TEU (29 ships) respectively. The expected delivery of ships over 17,000 TEU from 2026 - 2029 is 210,400 TEU (9 ships), 862,800 TEU (40 ships), 1.5734 million TEU (78 ships), and 1.3755 million TEU (67 ships) respectively [2][3]. - **Dynamic Supply**: The average weekly capacity in January is 342,200 TEU, with the capacities in WEEK4 and WEEK5 being 408,600 TEU and 275,800 TEU respectively. The average weekly capacity in February is 273,700 TEU, and the capacities in WEEK6, WEEK7, WEEK8, and WEEK9 are 255,800 TEU, 325,200 TEU, 292,100 TEU, and 221,800 TEU respectively. The average weekly capacity in March is 289,700 TEU. There are 2 TBNs and 8 blank sailings in February and 5 blank sailings and 3 TBNs in March [3]. IV. Supply Chain - Not provided with specific analysis content in the given text, only figure references are given V. Demand and European Economy - Not provided with specific analysis content in the given text, only figure references are given 4. Strategy - **Unilateral**: The 2 - month contract is expected to fluctuate, and the 4 - month contract is driven by a bearish trend [8]. - **Arbitrage**: None at present [8]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The market demand is gradually improving, and the industry is waiting for Maersk's price offer in January. The 12 - month contract is expected to be volatile, while the February contract is expected to be volatile and bullish. The far - month contracts are under pressure from the potential resumption of the Suez Canal [1][9] - The delivery of container ships in 2025 is still at a high level, which may have an impact on the supply - demand relationship in the shipping market [8] 3. Summary by Relevant Catalogs I. Futures Price - As of December 11, 2025, the total open interest of all contracts for the container shipping index European line futures was 62,069.00 lots, and the single - day trading volume was 21,544.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1689.00, 1092.70, 1227.00, 1381.80, 1021.60, and 1653.10 respectively [8] II. Spot Price - On December 5, 2025, the SCFI (Shanghai - Europe route) price was $1400/TEU, the SCFI (Shanghai - West Coast of the United States) price was $1550/FEU, and the SCFI (Shanghai - East Coast of the United States) price was $2315/FEU. On December 8, the SCFIS (Shanghai - Europe) was 1509.10 points, and the SCFIS (Shanghai - West Coast of the United States) was 960.51 points [8] III. Container Ship Capacity Supply - In December, the remaining 4 - week monthly average capacity was 314,700 TEU, with capacities of 334,500, 289,600, 315,000, and 319,000 TEU respectively in weeks 50, 51, 52, and 53. In January, the monthly average capacity was 331,700 TEU. In February, the monthly average capacity 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 vessel (MAERSK EINDHOVEN, 13092 TEU) in week 51 [4] - As of December 7, 2025, 245 container ships had been delivered in 2025, with a total capacity of 1.99 million TEU. Among them, 74 ships with a capacity of 12,000 - 16,999 TEU had been delivered, with a total capacity of 1.119 million TEU; 12 ships with a capacity of over 17,000 TEU had been delivered, with a total capacity of 253,800 TEU [8] IV. Supply Chain - The cease - fire mediation plan in Gaza is advancing, and the probability of the Suez Canal resuming operation in 2026 is relatively high. If the canal resumes, the effective capacity supply will increase, which may further suppress freight rates. Currently, CMA's FAL1 route (Europe - Asia) will fully resume operation starting from January 2026, and the FAL3 route (Europe - Asia) has started a single - trial operation [7] V. Demand and European Economy - The feedback from various surveys shows that the current cargo volume is gradually recovering. The 12 - month contract delivery settlement price may be between 1600 - 1700 points, and Maersk's freight rate is likely to continue to rise at the beginning of January. 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 [5][7]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The freight rates in the second half of December are gradually being adjusted, and the delivery and settlement prices of the December contracts are becoming clearer. The preliminary estimate for the December contract delivery and settlement price is between 1,600 - 1,700 points, and attention should be paid to the actual landing situation of the prices in the second half of the month [1][4]. - The February 2026 contract may have a large expected difference. The delivery and settlement time of the February contract is determined. The delivery and settlement price of the February contract basically reflects the spot price center at the end of January. If the duration of the shipping companies' contract price - holding is extended and high prices are achieved in January 2026, the February contract may be at par with the December contract valuation [5][6]. - The far - month contracts face the pressure of the Suez Canal's resumption of navigation. If the Suez Canal resumes navigation, it means an increase in effective capacity supply and the risk of further depressing freight rates, and the valuation of far - month contracts may be revised downward [7]. - The strategy suggests that the December contract will oscillate, and the February contract will oscillate with an upward bias, while there is no arbitrage strategy for the time being [9]. 3. Summary According to Relevant Catalogs 3.1 Market Analysis - **Online Quotations**: Different shipping companies have different price trends. For example, Maersk's Shanghai - Rotterdam price in the third week of December is 1,535/2,410, and the WEEK52 quotation is 1,480/2,300. Maersk has issued a price increase letter for January at 2,275/3,500. Other shipping companies such as MSC, ONE, HMM, and YML also have corresponding price quotations in the first and second halves of December [1][2]. - **Geopolitical Aspect**: Due to the continuous turmoil in the Red Sea, Maersk and Hapag - Lloyd have launched the Cape of Good Hope network when the Gemini Cooperation starts in February 2025. Currently, there is no specific time for changing the east - west routes of Gemini to pass through the Red Sea [2]. 3.2 Dynamic Supply - In December, the monthly average weekly capacity in the remaining 4 weeks is 314,700 TEU. The capacities in WEEK50/51/52/53 are 334,500/289,600/315,000/319,000 TEU respectively. In January, the monthly average weekly capacity is 331,700 TEU, and in February, it is 262,900 TEU. There are 4 blank sailings in December and 4 TBNs in January, all from the OA Alliance. Maersk added a new additional ship in WEEK51 [3]. 3.3 Contract Situation - **December Contracts**: The delivery and settlement price of December contracts is the arithmetic mean of the three - phase SCFIS on December 15th, 22nd, and 29th. The price in the first half of December has been continuously adjusted. Based on market research, the delivery and settlement price of the December contract is initially estimated to be between 1,600 - 1,700 points, and attention should be paid to the actual SCFIS announcement [4]. - **February 2026 Contracts**: The last trading day of the EC2602 contract is February 9, 2026. The delivery and settlement price is the arithmetic mean of the three - phase prices on January 26, February 2, and February 9, 2026. Since the Spring Festival in 2026 is one month later than in 2025, there is uncertainty about whether the shipping companies' contract price - holding time will also be postponed. Maersk has announced a price increase letter for January, and other shipping companies are expected to announce price increases in mid - December. Attention should be paid to the final landing situation of freight rates in January [6]. 3.4 Far - Month Contracts The far - month contracts face the pressure of the Suez Canal's resumption of navigation. The probability of the Suez Canal resuming navigation in 2026 is relatively high. If it resumes, it will increase the effective capacity supply and put downward pressure on freight rates, and the valuation of far - month contracts may be revised downward [7]. 3.5 Market Data - As of December 9, 2025, the total open interest of all contracts of the container shipping index (European routes) futures is 61,484 lots, and the single - day trading volume is 23,235 lots. The closing prices of different contracts are as follows: EC2602 contract is 1,619.80, EC2604 contract is 1,073.60, EC2606 contract is 1,219.10, EC2608 contract is 1,379.90, EC2610 contract is 1,019.30, and EC2512 contract is 1,664.70 [8]. - On December 5, the SCFI (Shanghai - Europe route) price is 1,400 US dollars/TEU, the SCFI (Shanghai - West Coast of the United States) price is 1,550 US dollars/FEU, and the SCFI (Shanghai - East Coast of the United States) price is 2,315 US dollars/FEU. On December 8, the SCFIS (Shanghai - Europe) is 1,509.10 points, and the SCFIS (Shanghai - West Coast of the United States) is 960.51 points [8]. - In 2025, it is still a big year for container ship deliveries. As of December 7, 2025, 245 container ships have been delivered, with a total capacity of 1.99 million TEU. Among them, 74 ships with a capacity of 12,000 - 16,999 TEU and 12 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 1.119 million TEU and 253,800 TEU respectively [8].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The freight rates in December are continuously being adjusted, and attention should be paid to the quotes in the second half of the month. The settlement price of the December contract is the arithmetic average of the three - phase SCFIS on December 15th, 22nd, and 29th. The freight rate center in the first half of December has been revised down to around $2,100 - 2,200 per FEU, and the SCFIS on December 15th may be between 1,600 - 1,650 points. MSC has announced a price increase to $3,500 per FEU in the second half of December [3]. - There may be a large expected difference in the February 2026 contract. The delivery and settlement time of the February contract has been determined. The delivery and settlement price of the EC2602 contract is the arithmetic average of the three - phase prices on January 26th, February 2nd, and February 9th, 2026. Whether the time for shipping companies to sign contracts and support prices will be postponed is uncertain. If the high - price situation occurs in January 2026, the February contract may be at par with the December contract [4][5]. - The far - month contracts face the pressure of the Suez Canal's resumption of navigation. If the Suez Canal resumes navigation in 2026, it means an increase in effective capacity supply and the risk of further depressing freight rates [5]. - The strategy suggests that the December contract and the February contract will fluctuate, and there is no arbitrage opportunity for now [7]. 3. Summary According to the Directory I. Futures Prices - As of December 2, 2025, the total open interest of all contracts of the container shipping index (European line) futures is 68,825 lots, and the daily trading volume is 32,303 lots. The closing prices of different contracts are as follows: EC2602 is 1,492.50, EC2604 is 1,078.00, EC2606 is 1,237.00, EC2608 is 1,357.20, EC2610 is 1,033.20, and EC2512 is 1,636.70 [6]. II. Spot Prices - On November 28th, the SCFI (Shanghai - Europe route) price was $1,404 per TEU, the SCFI (Shanghai - West Coast of the United States) price was $1,632 per FEU, and the SCFI (Shanghai - East Coast of the United States) price was $2,428 per FEU. On December 1st, the SCFIS (Shanghai - Europe) was 1,483.65 points, and the SCFIS (Shanghai - West Coast of the United States) was 948.77 points [6]. III. Container Ship Capacity Supply - In December, the monthly average weekly capacity is 303,900 TEU, and the capacities in weeks 50, 51, 52, and 53 are 326,300, 337,100, 258,900, and 318,800 TEU respectively. In January, the monthly average weekly capacity is 332,400 TEU, and the capacities in weeks 2, 3, 4, and 5 are 353,300, 337,200, 319,500, and 320,000 TEU respectively. There are 4 blank sailings in December (1 by the OA Alliance and 3 by the MSC/PA Alliance), and 4 TBNs in January, all from the OA Alliance. Maersk added a new sailing ship, MAERSK EINDHOVEN (13,092 TEU), in week 51 [3]. - 2025 is still a big year for container ship deliveries. As of now in 2025, 243 container ships have been delivered, with a total capacity of 1.985 million TEU. As of November 29, 2025, 74 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 1.1185 million TEU; 12 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 253,800 TEU [6]. IV. Supply Chain - Maersk has issued an update on the Red Sea/Aden Gulf. Due to the continuous turmoil in the Red Sea, A.P. Moller - Maersk and Hapag - Lloyd launched the Cape of Good Hope network when the Gemini cooperation started in February 2025. There is no specific time to change the east - west route of Gemini to pass through the Red Sea for now [2]. V. Demand and European Economy No information provided.

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The quotes of Maersk in the second week of December decreased compared to the previous week, and the estimated value of the December contract settlement price was revised downwards [1]. - The 2026 February contract may have a large expected difference, and the settlement time of the February contract has been determined. The settlement price of the February contract basically reflects the spot price center at the end of January. If the price - holding period is extended and high prices are achieved in January 2026, the February contract may be at par with the December contract valuation. Attention should be paid to whether there will be price increases announced at the end of November and mid - December [4]. - The far - month contracts face the pressure of the reopening of the Suez Canal. If the Suez Canal reopens, it will increase the effective supply of shipping capacity and further suppress freight rates [5]. - The strategy suggests that the December contract will fluctuate, and the February contract will fluctuate with an upward bias. There is currently no arbitrage strategy [7]. 3. Summaries According to the Table of Contents 3.1 Futures Price - As of November 25, 2025, the total open interest of all contracts of the container shipping index (European route) futures was 77,333.00 lots, and the daily trading volume was 64,306.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1453.50, 1126.40, 1338.00, 1464.00, 1108.00, and 1650.00 respectively [5]. 3.2 Spot Price - On November 21, 2025, the SCFI (Shanghai - Europe route) price was 1367 US dollars/TEU, the SCFI (Shanghai - US West Coast route) price was 1645 US dollars/FEU, and the SCFI (Shanghai - US East Coast) price was 2384 US dollars/FEU. On November 24, the SCFIS (Shanghai - Europe) was 1639.37 points, and the SCFIS (Shanghai - US West Coast) was 1107.85 points [5]. 3.3 Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of November 23, 2025, 235 container ships have been delivered, with a total capacity of 1.9184 million TEU. Among them, 71 ships of 12,000 - 16,999 TEU have been delivered, with a total capacity of 1.072 million TEU, and 12 ships of over 17,000 TEU have been delivered, with a total capacity of 253,800 TEU [6]. - In November, the average weekly capacity in the remaining two weeks was 343,700 TEU, and the capacities in weeks 48/49 were 336,200/351,300 TEU respectively. In December, the monthly average weekly capacity was 303,900 TEU, and the capacities in weeks 50/51/52/53 were 305,800/278,000/302,600/329,100 TEU respectively. In January, the monthly average weekly capacity was 310,100 TEU, and the capacities in weeks 2/3/4/5 were 346,900/293,400/299,000/301,300 TEU respectively. There was 1 TBN and 3 blank sailings in December [3]. 3.4 Supply Chain - Maersk's spokesperson said that the Suez Canal Authority's previous statement about resuming navigation in December was false, and the company has not determined when it will resume partial voyages through the Suez Canal [3]. - The cease - fire mediation plan in Gaza is advancing, and the probability of the Suez Canal reopening in 2026 is relatively high. Hapag - Lloyd said that if the Suez Canal resumes navigation, it will probably be after the Spring Festival in 2026 [5]. 3.5 Demand and European Economy No relevant information provided in the content that can be specifically summarized for this part.

1. Report Industry Investment Rating - Unilateral: The 12 - contract is expected to be oscillating strongly [9] - Arbitrage: None [9] 2. Core Viewpoints of the Report - In the second half of October, freight rates were slightly adjusted. Attention should be paid to whether the price increase notices for the second half of November will be launched [1] - The valuation of the October contract is becoming clearer. Focus on the actual cargo - booking prices in the second half of the month after the holiday. For the December contract, as it is far from delivery, trading focuses on the rhythm. The 2026 February contract may have a large expectation gap but is currently suppressed by the expectation of resumed voyages [5][6][7] - In 2025, it is still a big year for container ship deliveries. As of October 12, 2025, 210 container ships have been delivered, with a total delivery capacity of 1.704 million TEU [8] 3. Summary According to Relevant Catalogs I. Futures Prices - As of October 15, 2025, the total open interest of all contracts of the container shipping index for the European route futures was 64,481.00 lots, and the single - day trading volume was 59,281.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2510, and EC2512 contracts were 1463.40, 1142.00, 1306.60, 1450.20, 1120.60, and 1708.60 respectively [7] II. Spot Prices - Online quotes from various shipping alliances show different price trends and price increase notices. For example, in the Gemini Cooperation, Maersk's Shanghai - Rotterdam quotes increased from week 43 to week 44. HPL also issued price increase notices. Many other alliances like MSC + Premier Alliance, Ocean Alliance also have price adjustments and price increase notices [1][2] III. Container Ship Capacity Supply - The average weekly capacity from China to European base ports in the remaining three weeks of October was 276,100 TEU. The monthly average weekly capacity in November was 302,800 TEU, and in December was 287,700 TEU. There were 4 blank sailings and 3 TBNs in November, and 7 TBNs in December [3] IV. Supply Chain - The Chinese Ministry of Commerce imposed sanctions on 5 US - related subsidiaries of Hanwha Ocean Co., Ltd. Since HMM and Hanwha Ocean Co., Ltd. have the same top - level controlling party, whether HMM's operations will be affected is unknown [4] V. Demand and European Economy - No specific content about demand and European economy is provided in the text other than the general background information related to the shipping market, such as the actions of shipping companies to adjust supply to maintain freight rates for the next - year long - term agreement negotiations [6]

1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core Viewpoints of the Report - The freight rate center continued to decline in the first half of October, and HPL attempted to raise the price in the second half of the month. For the October contract, it is relatively safe to allocate short positions, but the key lies in the downward space. The uncertainty lies in the quotes for the second half of October. If HPL's price increase is successful, the estimated ceiling of the final delivery settlement price of the October contract is likely to be around 1100 points; otherwise, it may be close to 1000 points [4]. - For the December contract, the pattern of peak and off - peak seasons still exists. As the freight rate bottom becomes clearer, long positions can be gradually allocated to trade the expected price increases by shipping companies in November and December. However, due to the current large premium of the December contract futures price over the spot price, investors should take long positions in the December contract with a light position [6]. - The main contract is expected to fluctuate weakly. For arbitrage, short the October contract when the price is high [8]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - **Online Quotes**: Different shipping alliances and companies have different price trends. For example, in the Gemini Cooperation, Maersk's Shanghai - Rotterdam quotes decreased from WEEK39 to WEEK41; HPL - SPOT tried to raise the price in the second half of October. In the MSC + Premier Alliance, MSC and ONE's prices remained stable in the first half of October compared to the second half of September, and YML's price decreased [1]. - **Geopolitical Situation**: Israel launched a large - scale ground offensive in the Gaza Strip, and Israeli Prime Minister Netanyahu called for the evacuation of Palestinians from Gaza City, with nearly 400,000 people having left so far [2]. - **Capacity and Empty Sailing**: In October, the monthly average weekly capacity to European base ports from China was 272,600 TEU, with 15 empty sailings and 1 TBN. In November, the monthly average weekly capacity was 283,000 TEU, with 4 empty sailings and 6 TBN. HMM announced a winter suspension plan for the PA alliance on the Asia - Europe route [3]. 3.2 Contract Analysis - **October Contract**: It is mainly short - allocated during the off - season. The freight rate center in the first half of October continued to decline to around $1400/FEU (equivalent to about 1000 points on the SCFIS). The delivery settlement price is the arithmetic average of the SCFIS on October 13th, 20th, and 27th. The uncertainty lies in HPL's attempt to raise the price in the second half of October [4]. - **December Contract**: The pattern of peak and off - peak seasons still exists. With the approach of Western holidays in the fourth quarter, shipping companies will adjust supply to keep freight rates high. However, the risk lies in the bottom of the current freight rate decline and the potential impact of transferring US - bound ships to European routes. The current futures price of the December contract has a large premium over the spot price, so long positions should be taken lightly [6]. 3.3 Futures and Spot Market - **Futures Market**: As of September 18, 2025, the total open interest of all container shipping index European line futures contracts was 84,867.00 lots, and the daily trading volume was 31,831.00 lots. The closing prices of different contracts such as EC2602, EC2604, etc., were provided [7]. - **Spot Market**: The SCFI prices for different routes (Shanghai - Europe, Shanghai - US West, Shanghai - US East) and the SCFIS prices for European and US West routes were given as of relevant dates. The current spot price center is around $1400/FEU [4][6][7]. 3.4 Strategy and Risk - **Strategy**: The main contract is expected to fluctuate weakly. For arbitrage, short the October contract when the price is high [8]. - **Risk**: Downward risks include an unexpected decline in the European and US economies, a sharp drop in oil prices, unexpected vessel deliveries, insufficient vessel idling, and a good resolution of the Red Sea crisis. Upward risks include an economic recovery in Europe and the US, supply chain disruptions, significant capacity reduction by liner companies, and the continuous fermentation of the Red Sea crisis leading to route detours [8].