Core Viewpoint - China COSCO Shipping Holdings (中远海控) is enhancing its logistics capabilities in Hainan, leveraging its established shipping routes and digital supply chain services to capitalize on the opportunities presented by the Hainan Free Trade Port's operational changes. Group 1: Business Operations - The company has launched 25 container shipping routes connecting Haikou and Yangpu ports, facilitating transportation between domestic coastal areas and key global regions [1] - The company has integrated 14.4 million square meters of local warehousing resources into digital systems such as WMS, FOMS, and CBS, achieving operational visibility and transparency [1] - The company has over 1,000 trucks available for local distribution, ensuring an annual capacity of approximately 600,000 TEUs [1] Group 2: Market Impact - The full closure of Hainan's Free Trade Port will allow for more convenient and free movement of goods, enhancing connections with global markets [1] - The existing network of shipping routes, warehousing facilities, and truck resources will better accommodate potential increases in cargo volume, strengthening regional service capabilities [1] - The company's digital supply chain services align with the demand for efficient and transparent logistics models post-closure, improving its competitive position in Hainan and surrounding areas [1]

Core Viewpoint - The global geopolitical landscape is increasingly complex, with ongoing international conflicts, intensified strategic competition among major powers, and a surge in sanctions and export control measures, significantly raising compliance thresholds for cross-border transactions and complicating corporate compliance management [1][2]. Group 1: Overview of Global Sanctions and Trade Control Policies - The number of global sanctions and sanctioned entities is at a historically high level, indicating a trend towards institutionalization of international sanctions activities [1]. - The article outlines the core policy dynamics in the field of global economic sanctions and trade controls for 2025, focusing on major economies like the US, EU, and China [2]. Group 2: US Economic Sanctions and Export Control Policies - In 2025, the US continues to tighten economic sanctions and export controls, enhancing oversight of sensitive technologies and strategic industries while allowing for some flexibility in implementation timelines to ease short-term compliance burdens [3]. - A new "Interim Final Rule" was introduced, requiring higher standards of due diligence for the export of advanced computing integrated circuits, expanding the scope of controlled items [4]. - The introduction of the "50% ownership rule" in export controls signifies a shift from a targeted approach to a more comprehensive one, impacting multinational companies with complex ownership structures [5][6]. - The integration of economic sanctions and export controls is becoming more pronounced, with both areas increasingly serving similar strategic objectives [7]. Group 3: EU Economic Sanctions and Trade Control Policies - The EU has intensified sanctions against Russia, expanding the scope to include third-party entities that assist in evading sanctions, reflecting a more systemic approach to sanctions [8][9]. - The EU's export control policies are increasingly aligned with international multilateral frameworks, emphasizing compliance with international obligations and enhancing cooperation among member states [10][11]. - Recent updates to the EU's dual-use item control list include new technologies and materials, indicating a proactive stance in regulating sensitive technologies [12]. Group 4: UK Economic Sanctions and Trade Control Policies - The UK has strengthened its sanctions against Russia, particularly in traditional energy and emerging technology sectors, while enhancing oversight of evasion behaviors [13][14]. - The UK has revised its Export Control Order to align more closely with international export control mechanisms, reflecting a commitment to maintaining consistency with major partners [16]. Group 5: China's Economic Sanctions and Trade Control Policies - China has introduced significant policies in economic sanctions and export controls, transitioning from a defensive posture to a more proactive and strategic approach [17]. - The implementation of the "Counter-Sanctions Implementation Regulations" marks a key step in operationalizing China's counter-sanctions law [18][19]. - China has actively utilized unreliable entity lists and export control lists, indicating a more frequent and systematic use of these tools in response to foreign sanctions [21]. - Recent announcements regarding export controls on critical materials and technologies reflect a substantial upgrade in China's export control framework [22][23]. Group 6: Future Outlook on Compliance with Economic Sanctions and Export Controls - The compliance environment for businesses is expected to become more complex and multifaceted, with rising costs associated with adapting to frequently changing regulations [25]. - Companies will need to integrate compliance into their internal controls and develop robust governance frameworks to navigate the evolving landscape of international sanctions and export controls [28][29]. - The demand for legal services related to cross-border disputes and compliance strategies is anticipated to increase as businesses face heightened risks from sanctions and export controls [26][27].

Core Viewpoint - The company announced a net fundraising amount of 2.728 billion yuan from a previous private placement of shares, with ongoing projects and a delay in the completion of a key initiative [1] Group 1: Fundraising and Financials - The net amount raised from the private placement of shares is 2.728 billion yuan [1] Group 2: Project Updates - As of November 30, 2025, the projects for the purchase of container ships and the replenishment of working capital have been completed [1] - The project for the construction of the intelligent transportation information platform for containers has not been completed [1] - The timeline for the intelligent transportation information platform project has been extended from December 2025 to the end of December 2026 due to changes in the external environment [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The market remains divided on the freight rate trend in January 2026, with the EC futures market maintaining a volatile trend. The subsequent focus is on the price adjustment rhythm of shipping companies and the time when the high point appears [5][8]. - The demand for shipping is expected to gradually improve from December 2025 to January 2026. The shipping capacity in December decreased, and there was little change in January and February 2026 compared to the previous period. Maersk has announced an empty - sailing plan for the Spring Festival in 2026 [5]. - The second - stage of the Israel - Palestine peace talks has started but is still tortuous. The phased resumption of shipping through the Suez Canal is expected to increase, which may suppress the far - month contracts [5]. - For trading strategies, most of the long positions in the EC2602 contract should be taken profit at high prices, and the remaining positions should be held lightly. The far - month contracts are expected to be suppressed by the resumption of shipping expectations. It is recommended to wait and see for arbitrage [5][61]. 3. Summary by Directory 3.1 Chapter One: Comprehensive Analysis and Trading Strategy - **Freight Rate Performance**: On December 26, 2025, the SCFI European line reported $1690/TEU, a week - on - week increase of 10.24%. On December 22, the SCFIS European line reported 1589.2 points, a week - on - week increase of 5.2% [5][11][18]. - **Supply - Demand Analysis**: In terms of spot freight rates, most ports of Maersk reported $2600/HC in the second week of 2026, mainly continuing the previous week's prices. Other shipping companies such as OOCL, COSCO, CMA, etc., also have different price adjustments. From the fundamental perspective, the shipping demand from December 2025 to January 2026 is expected to improve. The weekly average shipping capacity from Shanghai to the five Nordic ports in December 2025 was 273,700 TEU, and the weekly average shipping capacity in January/February 2026 was 299,600/281,200 TEU. Maersk has announced an empty - sailing plan for the Spring Festival in 2026 and will increase the PSS to $400/800 from January 5 [5]. - **Trading Strategy**: Most of the long positions in the EC2602 contract should be taken profit at high prices, and the remaining positions should be held lightly. Wait and see for arbitrage. The far - month contracts are expected to be suppressed by the resumption of shipping expectations [5][61]. 3.2 Chapter Two: Core Logic Analysis - **Market Volatility**: The market continued to debate the high point of the freight rate in January 2026 and the future trend this week, with the EC market maintaining a volatile trend. At the beginning of the week, the market was affected by the pre - holiday shipping rush and the news of some shipping companies being fully booked, and the expectation of a price increase in January was fully factored in. Then, as some mainstream shipping companies released their January freight rates, which were generally lower than market expectations, the EC market maintained a volatile trend [8]. - **Spot Freight Rates**: The latest SCFI European line on December 26 reported $1690/TEU, a week - on - week increase of 10.24%, which reflected the previous price increase expectations of shipping companies. The spot freight rates are still at a high level, and attention should be paid to whether there will be further price increases in the second half of January. On December 22, the SCFIS European line reported 1589.2 points, a week - on - week increase of 5.2%, but it was significantly lower than market expectations, possibly due to the inclusion of some low - priced offline goods in the index [11][14][18]. - **Supply - Side Analysis**: On December 26, the deployed shipping capacity on the European line (including the Mediterranean) was 526,200 TEU, a slight decrease from the previous week. The shipping capacity in December decreased, and there was little change in January and February 2026 compared to the previous period. Attention should be paid to the shipping companies' Spring Festival empty - sailing plans and ship allocation [24][29][31]. - **Demand - Side Analysis**: - China's foreign trade maintained stable growth in November 2025. Despite the continuous pressure of US tariff policies, China showed strong resilience through diversified market development. The total export volume of goods reached $330.35 billion, a year - on - year increase of 5.9%. In terms of export categories, electromechanical products led the growth, while labor - intensive products showed a differentiated performance [36]. - In October 2025, the container shipping volume from Asia to Europe was 1.481 million TEU, a year - on - year decrease of 2.9%, and the growth rate dropped significantly compared to September. The shipping volume from Asia to North America was 1.872 million TEU, a year - on - year decrease of 8%. The shipping volume from Asia to the world was 9.967 million TEU, a year - on - year increase of 1.5%, and the global container shipping volume was 16.256 million TEU, a year - on - year increase of 2.1% [43]. - In December 2025, the European economy showed resilience but with significantly weakened growth momentum. The manufacturing industry continued to be weak, while the service industry still maintained expansion. The economic performances of Germany and France deviated in December [48]. - **Turnaround and Geopolitical Risks**: As of December 26, 2025, the number of container ships diverting on the European and Mediterranean routes decreased slightly. Some shipping companies started trial re - navigation through the Red Sea. The second - stage of the Israel - Palestine peace talks has started but is still tortuous, and the situation remains tense [49][55]. 3.3 Chapter Three: Weekly Data Tracking - **Freight Rate Data**: Includes the historical data of the SCFI comprehensive index, SCFI Shanghai - US West, Shanghai - US East, Shanghai - Europe, Shanghai - Melbourne, Shanghai - South America, Shanghai - Mediterranean, and Shanghai - Southeast Asia routes [65][68]. - **Throughput Data**: The weekly container throughput data of Chinese ports as of the week ending December 21, 2025 [72].

SHARELOGIS 共勤外贸服务 Certificate Application ○国外单证代力服务 赫伯罗特的调整计划同样聚焦核心贸易通道。跨太平洋航线中，美国东海岸 US1 航线在第 7-9 周停靠 釜山后终止航行，US2 航线在第 8 周、第 10 周调整靠港计划，西海岸 WC1、WC2 等航线分别在第 8-9 周停航；欧洲及地中海航线方面，NE1、NE3 在第 9 周停航，SE1、SE2 在第 8 周取消航次，SE3 在第 9 周停航；中东波斯湾航线 AGX 也取消了第 8 周从天津出发的相关航次。 两家航运巨头均表示，此次停航是基于春节期间市场需求变化的结构性调整，旨在实现运力与需求的动 态匹配。为最大限度降低对客户供应链的影响，马士基已规划替代路线、制定应对方案，保障客户通过 常用渠道正常订舱；赫伯罗特则充分考量客户运输计划，力求提供可预测的航线安排与最优解决方案。 航运业内人士指出，春节前后是全球航运市场的传统调整期，此次大型航企的航次优化的举措，有助于 避免运力过剩导致的资源浪费，维持航线网络的稳定性与可持续性。相关货主及货代企业需及时关注航 线调整详情，合理规划货物运输时间，确保供应链顺畅 ...

Group 1 - Ningbo Ocean Transport Co., Ltd. has achieved a historic milestone by surpassing 1 million deadweight tons in self-owned shipping capacity, becoming the first shipping company in Ningbo to enter the "million deadweight ton club" [1] - The company has a total fleet size of 113 vessels, with a total capacity exceeding 1.8 million deadweight tons and a container capacity of over 100,000 standard containers, ranking first in Zhejiang province and third among mainland Chinese shipping companies [3] - The fleet's growth supports the expansion of its route network, which now includes 42 operating routes and connects 51 major ports along China's south and north coasts and the Yangtze River, as well as regions such as Japan, South Korea, Southeast Asia, and the Middle East [3] Group 2 - From January to November 2025, Ningbo Ocean's container transport volume, cargo transport volume, and freight turnover all experienced over 14% year-on-year growth, indicating strong development momentum [5] - The rapid development of the company reflects China's efforts to build world-class ports and strengthen the modern shipping service industry, providing solid maritime capacity support for the new development pattern [5]

Group 1: Core Insights - The report highlights a positive outlook for the tanker and bulk shipping sectors in 2026, with a relatively favorable supply-demand balance for medium and large vessels, indicating potential for significant seasonal elasticity [1] - The shipping sector has shown relative outperformance against the transportation index, although it remains weaker than the CSI 300 index, with the shipping index rising by 8.8% year-to-date compared to a 16.1% increase in the CSI 300 [5][11] - The report emphasizes the impact of geopolitical factors and tariff policies on shipping performance, noting significant fluctuations in freight rates due to trade tensions, particularly between the US and China [11] Group 2: Container Shipping - In 2025, container shipping faced notable impacts from tariff policies, leading to a significant drop in cargo volumes on US-China routes, with a temporary surge in freight rates due to a "rush to ship" phenomenon [21] - The demand for container shipping remains resilient, with a year-on-year export growth of 5.4% in China for the first eleven months of 2025, despite challenges from tariff adjustments [25][30] - Supply forecasts indicate a steady increase in container fleet capacity, with expected growth rates of 4.7% and 6.4% for 2026 and 2027, respectively, while the demand growth is projected at 2.4% and 3.0% for the same years [49][55] Group 3: Oil Shipping - The oil shipping sector is expected to maintain a favorable supply-demand balance in 2026, driven by multiple positive factors, including increased production from the Middle East and rising demand for oil imports from Asia [60] - The report notes a significant increase in global oil exports starting from September 2025, with major oil-producing countries ramping up their output, contributing to a supply-demand imbalance that supports rising freight rates [63] - VLCC (Very Large Crude Carrier) rates have shown a substantial increase, with rates reaching $110,000 per day by December 2025, reflecting the strong demand and supply constraints in the oil shipping market [60][61] Group 4: Dry Bulk Shipping - The dry bulk shipping market is experiencing a recovery in the second half of 2025, with increased demand for iron ore and grain transportation, leading to a positive outlook for 2026 [60] - The report forecasts a growth rate of 0.9% and 0.7% for dry bulk shipping volumes in 2026 and 2027, respectively, driven by the demand for iron ore and grain [60] - Supply constraints are anticipated, particularly for Capesize vessels, with limited growth expected in their capacity, which may support freight rate increases in the upcoming years [60][55]

Report Industry Investment Ratings - **Bullish**: Carbonate Lithium, BR Rubber, PTA [1] - **Bearish**: Palm Oil, Rapeseed Oil, Sugar [1] - **Neutral (Oscillating)**: Stock Index, Treasury Bonds, Copper, Aluminum, Alumina, Zinc, Nickel, Stainless Steel, Tin, Gold, Platinum, Industrial Silicon, Polysilicon, Rebar, Hot Rolled Coil, Iron Ore, Ferroalloy, Glass, Coke, Coking Coal, Lumber, Cotton, Live Pigs, Crude Oil, Bitumen, Ethylene Glycol, Short - Fiber, Benzene, Naphtha, Propylene, Butadiene, Container Shipping to Europe [1][2] Core Viewpoints - The market sentiment and liquidity are in a good state, with the short - term stock index breaking through the previous oscillation range and expected to remain strong. The bond futures are favored by the asset shortage and weak economy, but the central bank has recently warned of interest - rate risks. The prices of various commodities are affected by factors such as industry fundamentals, macro - sentiment, and policy changes [1]. Summaries by Categories Financial Products - **Stock Index**: The short - term stock index has broken through the previous oscillation range and is expected to remain strong as the market sentiment and liquidity are good [1]. - **Treasury Bonds**: Asset shortage and weak economy are beneficial for bond futures, but the central bank has warned of short - term interest - rate risks. Attention should be paid to the Bank of Japan's interest - rate decision [1]. Non - ferrous Metals - **Copper**: The industrial situation is weak recently, and the macro - sentiment is fluctuating, leading to high - level oscillations in copper prices [1]. - **Aluminum**: The driving force in the electrolytic aluminum industry is limited, and the macro - sentiment is fluctuating, resulting in oscillating aluminum prices [1]. - **Alumina**: The domestic fundamentals are weak, and the short - term price remains low [1]. - **Zinc**: The fundamentals of zinc have improved, with the cost center rising. Most of the recent negative factors have been realized, and the zinc price is expected to oscillate strongly as market risk appetite improves [1]. - **Nickel**: The global nickel inventory is high, but due to supply concerns, the Shanghai nickel has rebounded significantly recently. The Indonesian policy has not been implemented but is difficult to disprove in the short term. The short - term nickel price may oscillate strongly. In the long - term, the primary nickel market remains in an oversupply situation [1]. - **Stainless Steel**: The raw material nickel - iron price has stabilized, the social inventory of stainless steel has decreased slightly, and steel mills have increased production cuts in December. The stainless - steel futures are expected to oscillate strongly in the short term [1]. - **Tin**: The non - ferrous tin industry association has issued an initiative, causing the short - term tin price to oscillate weakly. Considering the tense situation in Congo and the improved market risk appetite, low - buying opportunities are recommended [1]. Precious Metals and New Energy - **Gold**: Overseas markets are in the Christmas holiday, and the strong US economic data has weakened the expectation of interest - rate cuts. After reaching a new historical high, the gold price may oscillate at a high level in the short term [1]. - **Platinum**: The domestic platinum futures price has a large premium over the spot price and foreign markets, with large expected fluctuations. Rational participation is recommended [1]. - **Industrial Silicon**: The production in the northwest has increased while that in the southwest has decreased. The production schedules of polysilicon and organic silicon have decreased in December [1]. - **Polysilicon**: A capacity storage platform company has been established, with a long - term expectation of capacity reduction. The terminal installation has increased marginally in the fourth quarter, large manufacturers are eager to maintain prices but reluctant to deliver goods, and the short - term speculative sentiment is high [1]. - **Carbonate Lithium**: It is the traditional peak season for new energy vehicles, the energy - storage demand is strong, the supply side has increased production resumption, and the price has exceeded the previous high. Short - term long - position operations are recommended [1]. Building Materials - **Rebar and Hot Rolled Coil**: The basis and production profit are not high, indicating that the price valuation is not high. Short - selling is not recommended. The near - term contracts are restricted by production cuts, but the far - term contracts still have upward potential [1]. - **Iron Ore**: The near - term contracts are restricted by production cuts, but with good commodity sentiment, the far - term contracts have upward opportunities [1]. - **Glass and Glass Products**: They follow the trend of glass, with acceptable supply - demand conditions and low valuation. The downward space is limited, and they may oscillate under pressure [1]. - **Coke and Coking Coal**: Affected by the domestic major meeting and export policy, the black - sector has declined. After the announcement of the steel - export licensing system, there are signs of stabilization. Attention should be paid to the spot situation this week and the winter - storage replenishment by downstream enterprises [1]. Agricultural Products - **Palm Oil**: Although the high - frequency data has improved, it is difficult to change the expectation of a loose supply in the producing areas. Rebound - shorting is recommended [1]. - **Soybean Oil**: It is affected by the decline in the CBOT market and other domestic oils, showing a weak trend [1]. - **Rapeseed Oil**: The short - term positive factors of raw - material shortage are expected to be exhausted, and there is an expectation of a good harvest in the global main producing areas. Short - selling the 05 contract is recommended [1]. - **Cotton**: There is support from the purchase price of seed cotton, but there is currently no driving force. Future attention should be paid to the government's policies, planting - area intentions, weather during the planting period, and peak - season demand [1]. - **Sugar**: There is a consensus among short - sellers due to the global surplus and increased domestic supply. If the price continues to fall, there is strong cost support, but there is a lack of continuous fundamental driving force in the short term [1]. - **Live Pigs**: Affected by snow and rain in the producing areas, the supply is affected, but the spot price is relatively stable. Farmers are reluctant to sell, and downstream enterprises are cautious. There is a certain replenishment demand before the Spring Festival [1]. - **Soybean Meal**: There is an expectation of a good harvest of soybeans, and the later discount is expected to face selling pressure. Recently, the market has oscillated following reserve - related rumors [1]. - **Paper Pulp**: The futures are fluctuating due to the contradiction between weak demand and strong supply expectations. It is recommended to wait and see for single - side operations and consider a 1 - 5 reverse spread for the spread [1]. - **Logs**: Affected by the decline in foreign - market quotes and spot prices, the 01 contract is under pressure as it approaches the delivery month and is expected to oscillate weakly [1]. Energy and Chemical Products - **Crude Oil**: OPEC+ has suspended production increases until the end of 2026, the uncertainty of the Russia - Ukraine peace agreement has an impact, and the US has imposed sanctions on Venezuelan crude - oil exports [1]. - **Bitumen**: The short - term supply - demand contradiction is not prominent, following the trend of crude oil. The cost of raw materials provides strong support, the futures - spot price difference is low, and the mid - stream inventory may start to accumulate [1]. - **BR Rubber**: The trading volume of butadiene has improved, the cost has increased, the operating rate of butadiene rubber is high, and there are rumors of a factory shutdown in South Korea, leading to a strong market sentiment [1]. - **PTA**: The PX price is strong, the PTA device is operating at a high load, the pre - festival stocking and sales of polyester have improved, and the consumption of PTA remains high [1]. - **Ethylene Glycol**: Two MEG plants in Taiwan, China, are planned to shut down next month. The ethylene - glycol price has rebounded rapidly due to supply - side news, and the demand from the polyester downstream is better than expected [1]. - **Benzene and Naphtha**: There is some support from the cost side, the spot - market sentiment has warmed up slightly, and the total inventory remains high without significant de - stocking [1]. - **Propylene**: The export sentiment has eased slightly, the upward space is limited due to insufficient domestic demand, and there is support from anti - involution and the cost side. The maintenance has decreased, the supply has increased, and the downstream demand has weakened. There is an expectation of oversupply in 2026 [2]. - **Butadiene**: The trading volume has improved, and the cost has increased, providing support for downstream products [1]. - **Container Shipping to Europe**: The price increase in December was lower than expected, the expectation of price increase in the peak season was priced in advance, and the shipping capacity supply was relatively loose in December [2].

文 |求知 编辑|求知 12月18日，海南自贸港正式启动全岛封关，标志着我国迈入更高水平对外开放的新阶段。 零关税、加工增值超30%可免税进入内地市场的政策。 一夜之间，吸引了大量东南亚货物涌入，12家跨国企业火速落地设立基地，首日资金流入就超过了500 亿人民币。 海南崛起，新加坡失速：一场"港口革命"正在上演 这一场封关风暴，不仅宣告了我国推动高水平开放的决心，更是对区域产业链重塑的一次深度再洗牌。 这场看似属于中国的自贸港实验，却在第一时间让新加坡受到了最大的影响。 对于全球物流网络来说，新加坡曾是毋庸置疑的海上神经中枢。 但海南这一新通路一开，新加坡的转口优势便开始动摇，甚至正面遭遇替代效应。 数据最有说服力。2025年前10个月，印尼通过新加坡的转口贸易量骤降23%，泰国的散货中转量半年内 锐减32%，新加坡港口的集装箱吞吐量同比下滑了4.2%。 而反观我国的洋浦港，增速高达38%。 这是产业链的主动转向，当货物可以更快进入海南加工、再以优惠政策输往内地市场，新加坡的中转站 角色就不再不可替代。 海南封关后，货物不用再绕道新加坡，直接进岛加工，增值30%以上就能免税进入14亿人的庞大内需市 场。 这 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - For the EC2602 contract, its future price mainly depends on the spot market. The peak height and timing of freight rates in January, as well as the subsequent decline rhythm, are difficult to predict. It is not recommended to enter the market at the current level [3][12] - The EC2604 contract has a moderately high valuation, but it may follow the spot market or recover the basis in the short - term. It is advisable to short on rallies [3][12] - The far - month contracts are highly affected by geopolitical factors. It is safer to short the off - peak season contracts than the peak - season contracts. Pay attention to the shorting opportunity of the EC2610 contract [3][12] 3. Summary by Relevant Catalog Futures Market Data - EC2512: Yesterday's closing price was 1608.0, with a change of 0.13%, a change value of - 18.8. Yesterday's trading volume was 112, and the position decreased by 76 to 1714 [2][11] - EC2602: The price was 1799.7, up 0.22%, with a change value of - 210.5. The trading volume was 28762, and the position was 34250, a decrease of 66 [2][11] - EC2604: The price was 1164.5, down 0.04%, with a change value of 424.7. The trading volume was 6267, and the position increased by 264 to 21254 [2][11] - EC2606: The price was 1320.0, up 0.08%, with a change value of 269.2. The trading volume was 258, and the position decreased by 19 to 2126 [2][11] - EC2608: The price was 1496.7, up 1.06%, with a change value of 92.5. The trading volume was 112, and the position decreased by 12 to 1181 [2][11] - EC2610: The price was 1059.0, up 0.715%, with a change value of 530.2. The trading volume was 811, and the position increased by 2777 to 5941 [2][11] Month - spread Data - EC2512 - 2504: The month - spread was 443.5, with a daily increase of 2.6 and a weekly decrease of 64.4 [2][11] - EC2512 - 2602: The month - spread was - 191.7, with a daily decrease of 1.8 and a weekly decrease of 123.9 [2][11] - EC2502 - 2604: The month - spread was 635.2, with a daily increase of 4.4 and a weekly increase of 59.5 [2][11] Spot Market Index Data - SCFIS (European Line): Updated every Monday, the value on 2025/12/22 was 1589.20 points, up 5.21% from the previous period [2][11] - SCFI (European Line): Updated every Friday, the value on 2025/12/19 was 1533 dollars/TEU, down 0.33% from the previous period [2][11] - CCFI: Updated weekly on a certain day, the value on 2025/12/19 was 1473.9 points, up 0.23% from the previous period [2][11] - NCFI: Updated weekly on a certain day, the value on 2025/12/19 was 1067.29 points, up 0.30% from the previous period [2][11] European Line Spot Situation - In Week 52, MSK opened the cabin at 2300 dollars (a decrease of 100 dollars compared to the previous week), and other companies mainly followed Week 51 prices. The central price was 2500 dollars, equivalent to about 1750 points on the futures盘面 [4][13] - All shipping companies are calling for a price increase for January cabins. MSK's January upper - half quote is 2500 dollars, and it will rise to 2600 dollars in week 2 to Hamburg, while other ports remain flat. The central price of shipping companies' January quotes is about 2500 - 2600 dollars [4][13] Geopolitical News - On December 25, 2025, Israeli Defense Minister Katz stated that Israel will never completely withdraw from the Gaza Strip and will establish a security zone inside the Gaza Strip in the future [4][13]