Report Information - Report Title: Container Industry Risk Management Daily Report - Date: October 16, 2025 - Analyst: Yu Junchen [1] Industry Investment Rating - Not provided in the report Core Viewpoints - Today, the futures prices of the Container Shipping Index (European Line) (EC) continued to decline first and then returned to low - amplitude fluctuations. As of the close, the prices of all EC monthly contracts declined. The decline was due to the relatively weak fundamental support and the attempt of some shipping companies to resume routes in the Red Sea, which brought negative sentiment. In the short term, with geopolitical and tariff issues remaining unstable, the futures prices are likely to continue to fluctuate. Strategies can generally remain on the sidelines or focus on short - term operations, and there are still opportunities for low - buying in the December contract [3]. Grouped Key Points EC Risk Management Strategy - For companies with purchased shipping spaces but full capacity or poor booking volumes and worried about freight rate drops, they can short the container shipping index futures (EC2512) at 1700 - 1750 to lock in profits [2]. - For companies aiming to manage costs, when shipping companies increase blank sailings or enter the peak season, they can buy the container shipping index futures (EC2512) at 1450 - 1500 to fix booking costs in advance [2]. Market Situation Analysis - **Likely Positive Factors**: Maersk's cabin opening quotes at the end of October were the same as the previous two periods, indicating successful price support in mid - to late October. Maersk, CMA CGM, and Hapag - Lloyd all issued price increase letters for November. An Israeli senior official denied reports of a Gaza cease - fire agreement [4]. - **Likely Negative Factors**: The offline PA alliance reduced freight rates to $1500 per FEU. SeaLead and CMA CGM announced route reforms and upgrades [4]. EC Data - **EC Basis Changes**: On October 16, 2025, the basis and its daily and weekly changes of EC2510, EC2512, EC2602, EC2604, EC2606, and EC2608 are provided in the report [5][6]. - **EC Prices and Spreads**: The closing prices, daily and weekly price changes, and price spreads of different EC contracts on October 16, 2025, are presented [6]. Shipping Quotes - **Container Spot Quotes**: Maersk's 20GP and 40GP quotes from Shanghai to Rotterdam on different dates in October showed increases, while some of CMA CGM's quotes decreased [8]. - **Global Freight Rate Indexes**: The latest values, previous values, changes, and change rates of various global freight rate indexes such as SCFIS, SCFI, XSI, and FBX are provided [9]. Port and Shipping Data - **Port Waiting Times**: The waiting times at major global ports on October 15, 2025, and their changes compared to the previous day and the same period last year are presented [16]. - **Shipping Speeds and Waiting Ships**: The average speeds of 8000 +, 3000 +, and 1000 + container ships on October 15, 2025, and the number of container ships waiting at the Suez Canal port anchorages are provided, along with their changes compared to the previous day and the same period last year [25].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View Today, the futures price of the Container Shipping Index (European Line) (EC) fluctuated and declined. Except for EC2510, all other contracts saw varying degrees of decline. Short - term, the futures price is likely to continue to fluctuate with a downward trend, but the cease - fire process in Gaza may be repeated. Strategies can be relatively bearish or a 10 - 12 positive spread strategy can be adopted [3]. 3. Summary by Relevant Content EC Risk Management Strategy - For those with full shipping space or poor booking volume and worried about falling freight rates (long spot exposure), they can short the container shipping index futures (EC2512) at 1700 - 1750 to lock in profits [2]. - For those hoping to book space based on orders and worried about rising freight rates (short spot exposure), they can buy the container shipping index futures (EC2512) at 1500 - 1550 to determine booking costs in advance [2]. Core Contradiction Analysis - The decline in today's futures price is due to the initial cease - fire negotiation in Gaza and the possibility of Maersk resuming Red Sea transportation, as well as China's counter - measures against the US port fee on Chinese ships. The rise of the 10 - contract is because Maersk issued a November price increase letter [3]. 利多 and 利空 Factors - **Lido Factor**: Maersk will increase the FAK rates from major Asian ports to Rotterdam from November 3, with rates rising to $1625/TEU and $2500/FEU [4]. - **Negative Factors**: Maersk may resume Red Sea transportation; China will collect special port fees on US - related ships starting from October 14, 2025, with the fee increasing in stages [3][5]. EC Price and Related Data - **EC Basis**: On October 11, 2025, the basis of EC2510 was - 74.60, with a daily decline of 1.20 and a weekly decline of 156.52. Other contracts also had different basis changes [7]. - **EC Closing Price and Spread**: On October 11, 2025, the closing price of EC2510 was 1121.1, up 0.11% daily and down 4.42% weekly. Different contract spreads also had corresponding changes [7]. Shipping Price and Index - **Container Spot Quotes**: Maersk's container quotes from Shanghai to Rotterdam showed an upward trend in different departure dates in October [9]. - **Global Freight Index**: The SCFIS European route decreased by 6.60%, the SCFIS US - West route decreased by 4.82%, while the SCFI European route increased by 9.99%, and other indices had different changes [10]. Port Waiting Time - On October 10, 2025, the waiting time at Hong Kong Port decreased by 0.656 days compared to the previous day, while Shanghai Port increased by 0.305 days. Other ports also had different waiting time changes [14]. Ship Speed and Waiting Ships - On October 10, 2025, the speed of 8000 + container ships decreased by 0.013 compared to the previous day, and the number of ships waiting at the Suez Canal port anchor increased by 6 [22].