1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The peak stage of pre - Spring Festival shipping demand has passed, and spot freight rates will enter a downward channel. After the Spring Festival, the shipping market is likely to continue its off - season performance, and the high shipping capacity in March limits the potential for rebound. However, geopolitical conflicts may provide trading hotspots. It is recommended to short - allocate the 04 contract on rallies and go long on the 08 contract on dips [8] 3. Summary by Directory 3.1行情回顾与操作建议 - The peak of pre - Spring Festival shipping demand has passed. Spot freight rates will decline. For example, the pre - Spring Festival quote for the Shanghai - Rotterdam route by Maersk was around $2,100 - 2,170 per large container, dropping to $2,000 after the festival. The OCEAN Alliance's February quote is in the range of $2,293 - 2,430, and the Premier Alliance's February quote is around $2,035, with a March opening quote of $2,535. Considering the slow post - Spring Festival resumption of work and the upcoming traditional off - season in April, it is difficult to maintain high prices. It is recommended to short - allocate the 04 contract on rallies and go long on the 08 contract on dips [8] 3.2行业要闻 - From January 26th to 30th, the Chinese export container shipping market continued to adjust. The overall demand for long - haul routes was weak, and market freight rates declined, dragging down the comprehensive index. On January 30th, the Shanghai Export Container Comprehensive Freight Index was 1,316.75 points, a 9.7% decrease from the previous period. - In the European route, the eurozone's January composite PMI was 51.5, lower than market expectations. Economic growth momentum showed marginal slowdown. On January 30th, the market freight rate from Shanghai Port to European basic ports was $1,418/TEU, a 11.1% decrease from the previous period. - In the Mediterranean route, the market situation was similar to that of the European route, and the spot booking price continued to decline. On January 30th, the market freight rate from Shanghai Port to Mediterranean basic ports was $2,424/TEU, a 12.0% decrease from the previous period. - In the North American route, the US consumer confidence index in January dropped to 84.5, the lowest since May 2014. The spot booking price continued to adjust. On January 30th, the market freight rates from Shanghai Port to the US West and East basic ports were $1,867/FEU and $2,605/FEU respectively, with decreases of 10.4% and 10.0% from the previous period. - On January 14th, the US announced the second phase of the Gaza cease - fire plan, focusing on demilitarization, technocratic governance, and post - war reconstruction. However, there are still issues and differences between Netanyahu and Trump regarding this plan. - The Houthi armed forces in Yemen warned that if Saudi Arabia takes military action, it will face a strong response. The Yemeni President's Leadership Council announced the establishment of a Supreme Military Council [9][10] 3.3数据概览 3.3.1集运现货价格 - On February 2, 2026, the SCFIS for the European route (basic ports) was 1,792.14 points, a 3.6% decrease from January 26th. The SCFIS for the US West route (basic ports) was 1,101.4 points, a 14.9% decrease from January 26th [12] 3.3.2集运指数（欧线）期货行情 - The report provides the trading data of container shipping futures contracts on February 4th, including the pre - settlement price, opening price, closing price, settlement price, price change, percentage change, trading volume, open interest, and change in open interest for contracts such as EC2602, EC2604, etc. [6] 3.3.3航运相关数据走势图 - The report includes various shipping - related data charts, such as the container ship capacity in Europe, the global container ship order backlog, the Shanghai - European basic port freight rate, and the Shanghai - Rotterdam spot freight rate [18][23]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: January 30, 2026 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core Viewpoints - The spot price of container shipping to Europe shows signs of peaking and falling, with the Shanghai Port to European base port freight rate dropping for the second consecutive week, and the SCFIS index also falling in sync. Multiple shipping companies have lowered their quotes for late January, indicating that the inflection point of the spot price high has appeared. However, the sudden change in the Red Sea re - navigation situation may boost far - month contracts. [8] - The overall situation of the China's export container transportation market from January 19th to 23rd was weak, with freight rates on long - distance routes falling, dragging down the comprehensive index. The future economic prospects of Europe, the United States, and other regions are not optimistic, which may affect the container shipping market. [9][10] Content Summary by Section 1. Market Review and Operation Suggestions - Spot Market: The Shanghai Port to European base port freight rate dropped by 4.8% to $1595/TEU last weekend, and the SCFIS index fell by 4.9% to 1859.31 points on Monday. Multiple shipping companies, including Maersk and OOCL, have lowered their quotes for late January. [8] - Red Sea Situation: After Maersk announced the rerouting of some routes back to the Red Sea, it changed its plan due to the complex international situation. The continuous frictions in the Red Sea region and the intensifying US - Iran situation may affect market sentiment and boost far - month contracts. [8] 2. Industry News - China's Export Container Transportation Market: From January 19th to 23rd, the market was weak, with freight rates on long - distance routes falling, and the comprehensive index dropping by 7.4% to 1457.86 points on January 23rd. [9] - Economic Situation: China's industrial added value in December 2025 increased by 5.2% year - on - year. The future of the Chinese economy is expected to remain stable. However, the economic prospects of Europe, the United States, and other regions are not optimistic. [9][10] - Regional Situations: In the European route, geopolitical risks have increased due to the US's proposal to acquire Greenland and Trump's tariff threats. In the North American route, US government actions have increased market uncertainty, and the US economy faces challenges such as a weak labor market and inflation pressure. [9][10] - International Events: The second - stage plan for the Gaza cease - fire has faced some problems, and there are differences between Netanyahu and Trump. Tensions between the Houthi rebels and the Saudi - backed Yemeni government have resurfaced. [10] 3. Data Overview - Container Shipping Spot Prices: The SCFIS European route index on January 26th was 1859.31 points, down 4.9% from January 19th. The SCFIS US - West route index was 1294.32 points, down 0.8% from January 19th. [12] - Container Shipping Index (European Route) Futures: The trading data of multiple contracts on January 29th are provided, including EC2602, EC2604, etc., with different price changes, trading volumes, and open interests. [6] - Shipping - Related Data: Multiple charts show data such as European container ship capacity, global container ship orders, and Shanghai - Europe freight rates. [18][21]

Report Information - Report Type: Container Shipping Index Daily Report [1] - Date: January 23, 2026 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - No relevant information provided Core Viewpoints - The spot market shows signs of peaking, with the Shanghai Port's export freight rate to European base ports falling, and major shipping companies lowering their quotes for late January. The inflection point of the spot high should have appeared. The sudden change in the Red Sea re - navigation may boost the sentiment of far - month contracts [8] Summary by Directory 1. Market Review and Operation Suggestions - Spot Market: The Shanghai Port's export freight rate to European base ports stopped rising and turned down, with a 2.5% decline to $1676/TEU. The SCFIS index also dropped slightly. Shipping companies are lowering quotes, indicating a signal of price cuts to attract cargo [8] - Red Sea Re - navigation: Maersk changed the route of ships on some routes via the Cape of Good Hope instead of the Suez Canal, which may boost far - month contracts [8] 2. Industry News - Market Conditions from January 12 - 16: To cope with the Spring Festival holiday, the cargo volume increased slightly, while the freight rate of ocean routes and the composite index decreased. The Shanghai Export Container Composite Freight Index dropped 4.4% to 1574.12 points [9] - European Routes: The Sentix euro - zone investor confidence index in January was - 1.8, better than expected. The shipping demand was stable with a slight increase, and the average cabin utilization rate was close to full, but the freight rate dropped 2.5% to $1676/TEU [9] - Mediterranean Routes: Similar to European routes, the spot booking price dropped more, with a 7.7% decline to $2983/TEU [9] - North American Routes: The US labor market was stable. The shipping market supply - demand was generally stable, and the average cabin utilization rate was over 90%. The spot booking price fluctuated slightly, with a 1.1% decline to $2194/FEU for the US West and a 1.2% increase to $3165/FEU for the US East [10] - Futures Contract Adjustment: The Shanghai International Energy Exchange will adjust the contract months of the Container Shipping Index (European Line) futures from February 10, 2026, adding EC2605, EC2607, EC2609, and adding EC2703 on March 31, 2026 [10] - Gaza Cease - fire Plan: The second - stage plan of the Gaza cease - fire involves setting up a peace committee and a transitional government, but there are differences between Netanyahu and Trump [10] - Yemen Situation: The Houthi armed forces warned Saudi Arabia against military action, and the Yemeni President's Leadership Council established a supreme military committee [10] 3. Data Overview 3.1 Container Shipping Spot Prices - SCFIS: The European route decreased 0.1% to 1954.19 points, and the US West route decreased 1.4% to 1305.27 points from January 12 to January 19 [12] 3.2 Container Shipping Index (European Line) Futures Quotes - The table shows the trading data of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2612 on January 22, including opening price, closing price, settlement price, etc. [6] 3.3 Shipping - Related Data Charts - The report provides charts of container ship capacity in Europe, global container ship orders, Shanghai - European base port freight rates, etc. [18][22]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report Core Views - For the EC2604 contract, pay attention to the spot market and actual cargo rush situation. Spot price drops may suppress the futures market, but a larger post - Chinese New Year cargo rush due to lower freight may reduce the price decline slope in March. The current valuation of EC2604 fluctuates within a reasonable range, and it is advisable to watch for potential correction opportunities, such as buying at low prices during the spot market's bottom - finding process [3] - Export tax - rebate adjustments are negative for far - month contracts, but far - month contracts are highly affected by geopolitical factors. It is generally recommended to short the EC2610 contract on rallies. Currently, the valuation of EC2610 is neutral with limited downside [3] Group 3: Summary by Related Contents Futures Contract Data - EC2602: Yesterday's closing price was 1707.2, down 0.16%, with a basis of 249.2, trading volume of 778, and open interest of 5106, a decrease of 469 [2] - EC2604: Yesterday's closing price was 1129.7, up 1.54%, with a basis of 826.7, trading volume of 22099, and open interest of 41299, a decrease of 512 [2] - EC2606: Yesterday's closing price was 1378.0, up 4.60%, with a basis of 578.4, trading volume of 3489, and open interest of 4057, an increase of 130 [2] - EC2608: Yesterday's closing price was 1486.1, up 1.24%, with a basis of 470.3, trading volume of 161, and open interest of 1347, a decrease of 4 [2] - EC2610: Yesterday's closing price was 1074.7, up 2.07%, with a basis of 881.7, trading volume of 1473, and open interest of 8347, a decrease of 205 [2] Month - spread Data - EC2502 - 2604: The value was 597.4, compared to 577.5 the previous day and 582.1 three days ago, a day - on - day decrease of 19.9 and a week - on - week increase of 61.2 [2] - EC2504 - 2606: The value was - 204.8, compared to - 248.3 the previous day and - 185.8 three days ago, a day - on - day decrease of 43.5 and a week - on - week decrease of 29.2 [2] Spot and Index Data - Spot (European route): As of 2026/1/12, the price was 1956.39, up 8.94% from the previous period and 3.05% from two periods ago [2] - SCFI (European route): As of 2026/1/16, the price was 1676 dollars/TEU, down 2.50% from the previous period [2] European Route Spot Situation - Week 4: MSK opened at 2750 (up 100 week - on - week), PA at 2400 (YML had two special offers at 2250), and OA at 2700 - 2900 dollars. The central price was 2630 dollars, equivalent to 1840 points on the futures market [4] - Week 5: MSK opened at 2450 (down 300 week - on - week), PA at 2400 (special offer at 2200), and OA at 2700 dollars. The central price was 2540 dollars, equivalent to 1780 points on the futures market [4] - Week 6 of February: MSK opened at 2000/2100 (down 400 week - on - week), YML quoted at 2400 (special offer at 2000), and CMA quoted at 2600 dollars [4] Related News - On 1/5, CMA CGM decided to divert ships on FAL 1, FAL 3, and MEX routes via the Cape of Good Hope instead of the Suez Canal due to the complex and uncertain international situation [4]

Report Overview - Report Title: "集运指数日报" [1] - Date: January 21, 2026 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core Viewpoints - The spot market shows signs of reaching a peak, with the Shanghai Port's export freight rate to European base ports falling after rising, and the SCFIS index also dropping slightly. Multiple shipping companies have started to lower their quotes for late January, indicating that the inflection point of the spot high has emerged. Considering the frequent resumption of shipping by airlines despite the Red Sea situation, it is expected that normal passage will likely resume this year. Attention should be paid to short - selling opportunities for the April contract during the off - season [8]. Summary by Section 1.行情回顾与操作建议 - Spot market: The Shanghai Port's export freight rate to European base ports stopped rising and started to fall, with a 2.5% drop to $1676/TEU. The SCFIS index also declined slightly. Shipping companies such as Maersk and OOCL have lowered their quotes for late January, suggesting that the spot high has passed [8]. - Operation suggestion: Pay attention to short - selling opportunities for the April contract during the off - season [8]. 2.行业要闻 - Market situation from January 12 - 16: In response to the "Spring Festival" holiday in the next month, the cargo volume increased slightly, while the freight rates on ocean routes and the comprehensive index declined. The Shanghai Export Containerized Freight Index dropped 4.4% to 1574.12 points [9]. - European routes: The Sentix euro - zone investor confidence index in January was - 1.8, better than expected. The shipping demand was stable with a slight increase, the average cabin utilization rate in Shanghai Port was nearly full, and the freight rate dropped slightly, with the Shanghai Port's export freight rate to European base ports falling 2.5% to $1676/TEU [9]. - Mediterranean routes: Similar to European routes, the spot market booking price dropped more than that of European routes, with the Shanghai Port's export freight rate to Mediterranean base ports falling 7.7% to $2983/TEU [9]. - North American routes: The number of first - time unemployment benefit applicants in the US in the second week of January was 198,000, better than expected. The shipping market supply - demand situation was generally stable, the average cabin utilization rate in Shanghai Port was over 90%, and the spot market booking price fluctuated slightly. The Shanghai Port's export freight rates to the US West and East base ports were $2194/FEU and $3165/FEU respectively, with a 1.1% drop and a 1.2% increase respectively [10]. - Policy news: The Shanghai International Energy Exchange announced that the adjustment of the contract months of the Container Shipping Index (European Line) futures will be implemented from February 10, 2026, adding EC2605, EC2607, EC2609, and not adding EC2603. On March 31, 2026, EC2703 will be added [10]. - International news: The US announced the second phase of the Gaza cease - fire plan, but there are differences between Netanyahu and Trump. The US and the UK launched a large - scale military strike against the Houthi rebels in Yemen on January 12. The Houthi rebels warned Saudi Arabia against military action, and the Yemeni Presidential Leadership Council announced the establishment of a supreme military council [10]. 3.数据概览 3.1集运现货价格 - SCFIS for European routes (base ports) on January 19 was 1954.19, down 0.1% from January 12 [12]. - SCFIS for US West routes (base ports) on January 19 was 1305.27, down 1.4% from January 12 [12]. 3.2集运指数（欧线）期货行情 - The trading data of Container Shipping Index (European Line) futures on January 20 is presented in Table 1, including details such as the previous settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change for different contracts [6]. 3.3航运相关数据走势图 - The report provides multiple charts, including the Shanghai Export Containerized Freight Index, the trend of the main and secondary main contracts of Container Shipping Index (European Line) futures, European container ship capacity, global container ship orders on hand, Shanghai - European base port freight rates, and Shanghai - Rotterdam spot freight rates [13][18][22]

Report Information - Report Name: "集运指数日报" [1] - Date: January 20, 2026 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The spot market shows signs of peaking. The Shanghai Port's export freight rate to European base ports stopped rising and fell last weekend, and the SCFIS index also declined slightly on Monday. Multiple airlines have started to lower their quotes for late January. The signal of airlines reducing prices to attract cargo is evident, and the inflection point of the spot high should have appeared. With the Red Sea situation causing disruptions but airlines resuming flights, it is likely that normal passage will be restored this year. Attention should be paid to short-selling opportunities in the April contract during the off - season [8]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - Spot Market: The Shanghai Port's export freight rate to European base ports was reported at $1676/TEU, a 2.5% decline from the previous period. Multiple airlines, including Maersk, OOCL, HMM, and ONE, have lowered their quotes for late January [8]. - Operation Suggestion: Focus on short - selling opportunities in the April contract during the off - season [8]. 3.2. Industry News - Market Overview (January 12 - January 16): To cope with the "Spring Festival" holiday, cargo volume increased slightly, but freight rates on ocean routes decreased slightly, and the comprehensive index declined. The Shanghai Export Containerized Freight Index on January 16 was 1574.12 points, a 4.4% decline from the previous period [9]. - European Routes: The Sentix January euro - zone investor confidence index was - 1.8, better than the expected - 4.9. Transport demand was stable with a slight increase, but the average freight rate from Shanghai Port to European base ports on January 16 was $1676/TEU, a 2.5% decline from the previous period [9]. - Mediterranean Routes: Similar to European routes, but the spot market booking price declined more. The average freight rate from Shanghai Port to Mediterranean base ports on January 16 was $2983/TEU, a 7.7% decline from the previous period [9]. - North American Routes: The number of first - time unemployment benefit applicants in the US in the second week of January was 198,000, better than expected. The shipping market supply - demand situation was generally stable, and the spot market booking price fluctuated slightly. The freight rates from Shanghai Port to the US West and East base ports on January 16 were $2194/FEU and $3165/FEU respectively, with changes of - 1.1% and + 1.2% from the previous period [9][10]. - Policy News: The Shanghai International Energy Exchange announced that the adjustment of the contract months of the Container Freight Index (European Line) futures would be implemented from February 10, 2026, with new contracts EC2605, EC2607, EC2609 added, and no addition of EC2603 considering the main contract switch. EC2703 will be added on March 31, 2026 [10]. - International News: The US announced the second phase of the Gaza cease - fire plan on January 14. On January 12, the US and the UK launched a large - scale military strike against the Houthi rebels in Yemen. The Houthi rebels warned Saudi Arabia against military action [10]. 3.3. Data Overview 3.3.1. Container Shipping Spot Prices | Route | 2026/1/19 | 2026/1/12 | Change | YoY (%) | | --- | --- | --- | --- | --- | | SCFIS: European Routes (Basic Ports) | 1954.19 | 1956.39 | - 2.2 | - 0.1% | | SCFIS: US West Routes (Basic Ports) | 1305.27 | 1323.98 | - 18.71 | - 1.4% | [12] 3.3.2. Container Freight Index (European Line) Futures Market - Multiple figures show the trends of the main and secondary main contracts of container shipping European line futures, as well as shipping - related data trends such as European container ship capacity, global container ship orders, and Shanghai - Europe basic port freight rates [18][22]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: January 16, 2026 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core Viewpoints - In the spot market, the price increase in early January was well - implemented. The SCFIS index rebounded above 1900 points on Monday, rising 8.9% to 1956.39 points. However, shipping companies recently lowered their quotes for late January. After the peak shipping season, they may cut prices to attract cargo, and the peak of spot prices may be approaching [8]. - This week, the index fluctuated greatly. The rush for tax refunds and the escalation of the Red Sea situation, which hit the resumption of shipping, brought significant disturbances. The short - term bullish factors may be difficult to disprove, and sentiment may support the contracts to run strongly [8]. Content Summary by Section 1. Market Review and Operation Suggestions - Spot Market: The price increase in early January was well - implemented. The SCFIS index rose 8.9% to 1956.39 points on Monday. Shipping companies are lowering quotes for late January, and the peak of spot prices may appear after the peak shipping season [8]. - Futures Market: The index fluctuated greatly this week. The 04 contract for the off - season, which had previously factored in the information of the Red Sea shipping resumption, rebounded significantly. Short - term bullish sentiment may support the contracts to run strongly [8]. 2. Industry News - Overall Market: From January 5th to 9th, the China export container shipping market was generally stable, with different routes showing differentiated trends [9]. - Economic Data: China's official comprehensive PMI in December 2025 was 50.7, up 1 percentage point month - on - month. The eurozone's unemployment rate in November 2025 dropped to 6.3%. US private - sector employment increased by 41,000 in December [9][10]. - Route Prices: On January 9th, the Shanghai - Europe basic port market freight rate increased by 1.7%, the Shanghai - Mediterranean basic port market freight rate increased by 2.8%, the Shanghai - US West basic port market freight rate increased by 1.4%, and the Shanghai - US East basic port market freight rate increased by 3.1% [9][10]. - Geopolitical Events: On January 12, 2026, the US and the UK launched a large - scale military strike against the Houthi rebels in Yemen. The Houthi rebels warned of a strong response if Saudi Arabia took military action [10]. - Shipping Company Policies: In December 2025, many shipping companies such as MSC and CMA CGM announced price increases for multiple international routes. There were uncertainties about Maersk's resumption of Red Sea - Suez Canal navigation [10]. 3. Data Overview - Container Shipping Spot Prices: From January 5th to 12th, 2026, the SCFIS for the European route increased by 8.9% to 1956.39 points, and the SCFIS for the US West route increased by 5.9% to 1323.98 points [12]. - Container Shipping Index (European Route) Futures Market: Provided trading data for EC2602, EC2604, EC2606, EC2608, EC2610, and EC2612 contracts on January 15th, including opening price, closing price, settlement price, etc. [6] - Shipping - Related Data Charts: Included charts of European container ship capacity, global container ship orders on hand, and various freight rates [18][21]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: January 15, 2026 [2] - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core Viewpoints - The spot price of container shipping in early January increased well, with the SCFIS index rising 8.9% to 1956.39 points. However, shipping companies recently lowered their quotes for late January, and the peak of spot prices may be approaching [8]. - The market sentiment may support the container shipping index (European line) futures contracts to remain strong in the short term due to the tense situation in the Red Sea [8]. Market Review and Operation Suggestions - **Spot Market**: In early January, the price increase was well - implemented, and the SCFIS index rebounded above 1900 points, rising 8.9% to 1956.39 points. Shipping companies are likely to cut prices to attract cargo after the peak shipping season, and the peak of spot prices may appear [8]. - **Futures Market**: The index fluctuated greatly this week. The 04 contract in the off - season rebounded significantly due to the tense Red Sea situation. The short - term bullish factors may be difficult to disprove, and market sentiment may support the contracts to run strongly [8]. Industry News - From January 5th to 9th, the overall market of China's export container shipping was stable, with different routes showing differentiated trends. China's official comprehensive PMI in December 2025 was 50.7, up 1 percentage point month - on - month [9]. - On January 9th, the Shanghai Export Containerized Freight Index was 1647.39 points, down 0.5% from the previous period. The employment data in the eurozone and the US showed positive signals, and the shipping prices of various routes increased to varying degrees [9][10]. - On January 12th, the US and the UK launched a large - scale military strike against the Houthi rebels in Yemen. The Houthi rebels issued a warning, and the Yemen Presidential Leadership Council announced the establishment of a supreme military council [10]. - In December 2025, multiple shipping companies such as MSC and CMA CGM announced price increases for multiple international routes. The Suez Canal Authority and Maersk had different statements about the resumption of Red Sea - Suez Canal navigation [10]. Data Overview Container Shipping Spot Prices | Route | 2026/1/12 | 2026/1/5 | Change | MoM (%) | | --- | --- | --- | --- | --- | | SCFIS: European Route (Basic Ports) | 1956.39 | 1795.83 | 160.56 | 8.9% | | SCFIS: US West Route (Basic Ports) | 1323.98 | 1250.12 | 73.86 | 5.9% | [12] Container Shipping Index (European Line) Futures Market - The report provides the trading data of container shipping European line futures on January 14th, including contract, previous settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and change in open interest [6]. Shipping - Related Data Charts - The report includes multiple charts related to shipping data, such as container ship capacity in Europe, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [18][21]

1. Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: January 13, 2026 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Industry Investment Rating - No relevant information provided. 3. Core Viewpoints - The market strengthened on the day, with the far - month off - season contract EC2604 rising significantly. Besides the tax - refund rush shipping, it may be more driven by the escalation in the Red Sea situation which hit the resumption of shipping. The spot price increase in early January was well - implemented, but shipping companies have recently lowered their quotes for late January. After the shipping peak, they may cut prices to attract cargo, and the inflection point of the spot price high may appear. However, due to the tense situation in the Red Sea over the weekend, the off - season contract EC2604 rebounded sharply, and short - term sentiment may support the contract to run strongly [8]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - Market Performance: The market strengthened, especially the far - month off - season 04 contract. The SCFIS index rebounded above 1900 points on Monday, rising 8.9% to 1956.39 points [8]. - Spot Market: Shipping companies have lowered their quotes for late January. For example, Maersk lowered its quotes for non - European base ports in the fourth week of January. After the shipping peak, prices may be cut to attract cargo [8]. - Red Sea Situation: The Houthi rebels' tough attitude and the large - scale military strikes by the US and the UK on Yemen over the weekend led to a sharp rebound in the off - season 04 contract, and short - term sentiment may support the contract [8]. 4.2 Industry News - Overall Market: From January 5 to January 9, the China export container shipping market was generally stable, with different routes showing differentiated trends. China's official composite PMI in December 2025 was 50.7, up 1 percentage point month - on - month [9]. - European Route: The eurozone's unemployment rate in November 2025 dropped to 6.3%. The transport demand was stable, and the spot booking price rose slightly. On January 9, the Shanghai Port export freight rate to European base ports was $1719/TEU, up 1.7% [9]. - Mediterranean Route: The market was basically in sync with the European route, and the freight rate continued to rise slightly. On January 9, the Shanghai Port export freight rate to Mediterranean base ports was $3232/TEU, up 2.8% [10]. - North American Route: US private - sector employment increased by 41,000 in December. The transport demand was relatively stable, and the spot booking price continued to rise. On January 9, the Shanghai Port export freight rates to the US West and East base ports were $2218/FEU and $3128/FEU, up 1.4% and 3.1% respectively [10]. - Red Sea Situation: On December 15, 2025, many shipping companies announced freight rate increases. The Suez Canal Authority and Maersk had conflicting statements about the resumption of Red Sea - Suez Canal navigation. On January 12, 2026, the US and the UK launched large - scale military strikes on the Houthi rebels in Yemen [10]. 4.3 Data Overview 4.3.1 Container Shipping Spot Prices - SCFIS European Route (Base Ports): On January 12, 2026, it was 1956.39 points, up 160.56 points (8.9%) from January 5 [12]. - SCFIS US West Route (Base Ports): On January 12, 2026, it was 1323.98 points, up 73.86 points (5.9%) from January 5 [12]. 4.3.2 Container Shipping Index (European Line) Futures Market - The report provides the trading data of multiple contracts such as the opening price, closing price, settlement price, price change, and trading volume of EC2602, EC2604, etc. on January 8, 2026 [6]. - It also includes the trend charts of the main and secondary main contracts of container shipping European line futures [18]. 4.3.3 Shipping - Related Data Trends - The report provides trend charts of European container ship capacity, global container ship orders, Shanghai - European base port freight rates, and Shanghai - Rotterdam spot freight rates [18][21].

Report Information - Report Name: "集运指数日报" [1] - Date: January 9, 2026 [2] - Research Team: Macro - Financial Research Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Report Core View - The SCFIS index has further rebounded by 3.1% to 1795.83 points this week. The price increase in mid - to late December was well - implemented. The shipping price in early January was maintained at a median level of around $2880. The spot high may be approaching. Considering the increasing expectation of the Red Sea resuming navigation after the Spring Festival, attention should be paid to the short - selling opportunity of the April contract in the off - season and the positive spread arbitrage opportunity between the 02 and 04 contracts [8] Industry Investment Rating - Not provided in the report Summary by Directory 1. Market Review and Operation Suggestions - Spot Market: The SCFIS index rose 3.1% to 1795.83 points. The shipping price in early January was around $2880, and the late - January quotation was in the range of $2700 - $3100. The Maersk's fourth - week opening price of $2800 for European base ports was better than expected, but the reduction of non - European base port quotes dampened bullish sentiment. Attention should be paid to the short - selling opportunity of the April contract in the off - season and the 02 - 04 positive spread arbitrage opportunity [8] 2. Industry News - From December 22 to 26, 2025, the China Export Container Transport Market showed a good trend. The Shanghai Export Container Composite Freight Index rose 6.7% to 1656.32 points on December 26. European routes: The European economy was weak in 2025, facing geopolitical and energy security issues, but the spot market booking price rose during the signing season, with the Shanghai - to - European base port freight rising 10.2%. Mediterranean routes: The market price continued to rise, with a 10.9% increase in Shanghai - to - Mediterranean base port freight. North American routes: The US labor market showed some resilience, and the shipping demand was good, with the Shanghai - to - US West and East base port freight rising 9.8% and 6.6% respectively [9][10] - Many shipping companies announced price increases. MSC raised the freight rates of multiple routes from December 15 to December 31. Maersk and Hapag - Lloyd announced PSS increases. CMA CGM announced PSS and FAK rate adjustments [10] - Military operations in the Middle East continued. The Israeli army killed many Hamas members. The armed militants in the Rafah tunnels were still in contact with the Hamas military leadership [10] - The Suez Canal Authority announced that Maersk would resume Red Sea - Suez Canal navigation from early December, but Maersk later stated that the specific date had not been determined [10] 3. Data Overview 3.1 Container Shipping Spot Prices - SCFIS European route (base ports): The index on January 5, 2026, was 1795.83, up 3.1% from December 29, 2025. SCFIS US West route (base ports): The index was 1250.12, down 3.9% [12] 3.2 Container Shipping Index (European Routes) Futures Market - Provided the trading data summary of the container shipping European line futures on January 8, including the opening price, closing price, settlement price, price change, trading volume, open interest and its change of different contracts such as EC2602, EC2604, etc. [6] 3.3 Shipping - related Data Charts - Included multiple data charts such as the European container ship capacity, the global container ship order backlog, the Shanghai - European base port freight, and the Shanghai - Rotterdam spot freight [18][20]