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].