Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: November 21, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Investment Rating - Not provided Core View - The expectation of the pre - Spring Festival shipment rush further fermented in the February contract, while the December contract was weak due to the falling - short of price increase expectations. The SCFIS index declined 9.8% week - on - week to 1357.67, and shipping companies haven't formed a unified price - support force. There is a long - term price increase expectation, which may overvalue the April contract. It is advisable to focus on the positive spread trading opportunity between the February and April contracts [8]. Summary by Section 1. Market Review and Operation Suggestions - **Market Performance**: After the Shanghai Futures Exchange clarified the last trading day of the February contract on Friday, the expectation of the pre - Spring Festival shipment rush affected the February contract, while the December contract was weak due to unmet price increase expectations. The SCFIS index dropped 9.8% week - on - week to 1357.67, and shipping companies' online quotes changed little. The price increase of CMA CGM is expected to be difficult to implement, and the price increase in December fell short of expectations. However, there is a long - term price increase expectation, which may overvalue the April contract, so pay attention to the positive spread trading opportunity between the February and April contracts [8]. 2. Industry News - **Overall Market**: From November 10 to 14, the China export container shipping market was generally stable, with the freight rates of ocean routes showing a differentiated trend, and the comprehensive index slightly declined. In October, the industrial added value of large - scale industries increased by 4.9% year - on - year, indicating a stable and progressive economic development [9]. - **European Routes**: On November 14, the Shanghai Export Containerized Freight Index was 1451.38 points, down 2.9% from the previous period. The ZEW economic sentiment index in the eurozone in November was 25, up from the previous value, showing a recovery in market confidence in the European economic outlook. The freight rate of the Shanghai - Europe basic port market increased by 7.1% to 1417 US dollars/TEU [9]. - **Mediterranean Routes**: The supply - demand relationship remained balanced, and the market freight rate was stable at 2029 US dollars/TEU on November 14 [9]. - **North American Routes**: The US Congress passed a temporary appropriation bill, ending the government shutdown. It is estimated that the shutdown will reduce the US GDP in the fourth quarter by 1.5 percentage points. The freight rate of the Shanghai - US West and US East basic port markets decreased by 17.6% and 8.7% respectively to 1823 US dollars/FEU and 2600 US dollars/FEU on November 14 [10]. - **International Situation**: There are complex political and military situations in the Gaza Strip and Israel - Turkey relations, which may have an impact on the shipping market [10]. 3. Data Overview 3.1 Container Shipping Spot Prices - **SCFIS**: The SCFIS for European routes decreased from 1504.8 to 1357.67, a week - on - week decline of 9.8%. The SCFIS for US West routes decreased from 1329.71 to 1238.42, a week - on - week decline of 6.9% [12]. 3.2 Container Shipping Index (European Routes) Futures Market - **Futures Data**: The trading data of multiple contracts such as EC2512, EC2602 are provided, including opening price, closing price, settlement price, price change, price change rate, trading volume, open interest, and open interest change [6]. 3.3 Shipping - Related Data Charts - **Charts**: Include the Shanghai Export Containerized Freight Index, container shipping futures contract trends, European container ship capacity, global container ship orders, and Shanghai - Europe basic port freight rates [13][18]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: November 19, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core View - The 12 - month contract was weak due to the under - expected price increase implementation, while the far - month price increase expectation has fermented in advance, which may lead to over - valuation of the 04 contract. It is advisable to focus on the positive spread trading opportunity between 02 - 04 contracts [8]. Summary by Directory 1. Market Review and Operation Suggestions - On Friday after the market, the Shanghai Futures Exchange clarified that the last trading day of the February contract is February 9, and the expectation of the pre - Spring Festival shipping rush further fermented in the February contract. The December contract was weak as the price increase implementation was less than expected. The SCFIS index fell 9.8% week - on - week to 1357.67 this week. Shipping companies' online quotes changed little. Airlines have not formed a unified price - holding force, and the price increase implementation in December was less than expected, but there is still a far - month price increase expectation [8]. 2. Industry News - From November 10 to November 14, the China export container shipping market was generally stable, and the freight rates of ocean routes continued to show a differentiated trend, with the composite index slightly declining. In October, the added value of industrial enterprises above designated size increased by 4.9% year - on - year. On November 14, the Shanghai Export Containerized Freight Index was 1451.38 points, down 2.9% from the previous period. The eurozone's November ZEW economic sentiment index was 25, up from the previous value. The freight rate of the European route increased by 7.1%, the Mediterranean route was stable, and the North American route continued to adjust. There were also statements from Israeli and Turkish officials regarding the Palestinian - Israeli issue [9][10]. 3. Data Overview 3.1 Container Shipping Spot Prices - On November 17, 2025, the SCFIS for the European route (basic ports) was 1357.67, down 9.8% from November 10; the SCFIS for the US - West route (basic ports) was 1238.42, down 6.9% from November 10 [12]. 3.2 Container Shipping Index (European Line) Futures Market - Provided trading data for multiple contracts of container shipping European line futures on November 18, including pre - settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. 3.3 Shipping - Related Data Charts - Included multiple charts such as container ship capacity in Europe, global container ship orders on hand, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [18][23]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Tuesday trading session saw the market give back some of the gains from Monday. The valuation of the EC2512 contract is considered neutral, and it will gradually follow the delivery logic, with a significant decrease in open interest. The EC2602 contract is expected to mainly track the spot market. Before the peak season in December is realized, the market is less likely to believe that January will also be a peak season. The high point of freight rates usually occurs 4 - 5 weeks before the Spring Festival (mid - January next year). If the peak season is gradually realized, the EC2602 contract may have more upside potential. The EC2604 contract is still recommended to be approached with a short - selling strategy [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Prices and Changes**: The closing prices of various EC futures contracts on November 19, 2025, showed declines. For example, EC2512 closed at 1769.5, down 1.27% (-411.8); EC2602 closed at 1678.1, down 2.78% (-320.4); etc. The open interest of most contracts decreased, except for EC2610, which had an increase of 51 [2]. - **Month - to - Month Spreads**: The month - to - month spreads of different contract combinations also changed. For instance, EC2512 - 2504 spread was 580.0, with a day - on - day decrease of 14.7 and a week - on - week decrease of 22.2; EC2512 - 2602 spread was 91.4, with a day - on - day increase of 25.1 and a week - on - week decrease of 81.9 [2]. 3.2 Spot Market - **Indices**: The SCHIS index on November 17, 2025, was 1357.67 points, down 9.78% from the previous period. The SCF (European line) on November 14, 2025, was 1417 dollars/EU, up 7.1% from the previous period. The CCFI was 1403.64 points, up 2.69% from the previous period, and the NCFI was 979.34 points, up 7.42% from the previous period [2]. - **European Line Quotations**: Shipowners previously announced price increases of 2365 - 2950 dollars for the second half of November. In Week 47, the offline PA was around 1900 - 2100, OA and Gemini were at 2200 - 2400, with an average of 2260 dollars (equivalent to about 1580 points on the futures market). In Week 48, the average was 2230 dollars (equivalent to about 1560 points on the futures market). MSK and MSC have issued price increase notices for December, and MSK opened at 2500 dollars for the first week of December, which was in line with expectations [4]. 3.3 Related News - Hamas stated that it is legitimate to resist Israel by all means and refused to disarm. The United Nations Security Council passed a resolution on Gaza, which was welcomed by the State of Palestine. The resolution aims to establish a permanent and comprehensive cease - fire in the Gaza Strip, ensure unimpeded access and distribution of humanitarian aid, and reaffirm the right of the Palestinian people to self - determination and the establishment of an independent Palestinian state [5].

行业 集运指数日报 日期 2025 年 11 月 18 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货11月17日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2512 | 1,783.5 | 1,800.0 | 1,792.3 | 1,802.5 | 8.8 | 0.49 | 7097 | 12086 | -2434 | | EC2602 | 1,617.2 | 1,720.0 | 1,726.0 | 1,727.9 | 108.8 | 6.73 | 44502 | 38880 | 837 | | EC2604 | 1,163.1 | 1,170.2 | ...

Group 1 - The shipping stocks experienced a collective decline, with significant drops in share prices for major companies in the sector [1] - Yang Ming Marine Transport Corp (德翔海运) saw a decrease of 4.92%, trading at 8.7 HKD [1] - Seaspan Corporation (海丰国际) fell by 2.89%, with shares priced at 29.58 HKD [1] - China COSCO Shipping Corporation (中远海控) dropped by 2.33%, with a share price of 13.83 HKD [1] - Orient Overseas International (东方海外国际) declined by 1.93%, trading at 132.2 HKD [1]

Group 1 - The main shipping index (European line) futures contract reached a new high of 1798 points, marking a 9-month peak, but subsequently experienced fluctuations and fell to 1631 points as of November 14 [1] - The Drewry World Container Index reported a 5% decline to $1859/FEU as of November 13, marking the first drop after four consecutive weeks of increase, although prices remain high overall for the year [1] - Factors such as frequent geopolitical conflicts and recurring port congestion have led to increased volatility in shipping rates, necessitating companies to establish dynamic cost management mechanisms [1] Group 2 - Chinese companies' overseas strategies are shifting from merely seeking orders and market share to focusing on profit distribution, tax burden control, and capital structure optimization [2] - Differences in tax regulations across countries can lead to unexpectedly high tax burdens for companies, with potential tax rates of 25%-35% if initial equity structures are poorly designed [2] - Compliance has become a core competitive advantage for companies going abroad, with a recommendation for thorough planning during the initial investment phase to avoid regulatory issues [2]

Report Summary 1. Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: November 14, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Investment Rating - No investment rating is provided in the report. 3. Core View - Although the actual demand may not support a large price increase, the freight rate is likely to form a bottom - up trend, and the bottom of the freight rate within the year may have appeared. It is recommended to pay attention to short - selling the off - season 04 contract on rallies [8]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - The SCFIS index rose 24.5% week - on - week to 1504.8 this week, better than expected. The price increase in the first half of November was well - implemented, but the second - half increase fell short. Shipping companies' quoted price increases in November and December were lower than before. The 12 - month contract is in a premium state, and the market is considering the price increase space and implementation. The 02 contract has strong expectations of the pre - Spring Festival shipping peak, driving up far - month contracts [8]. 4.2 Industry News - From November 3 to 7, the China export container shipping market was generally stable, with freight rates diverging by route. The comprehensive index declined slightly. China's exports in October decreased by 1.1% year - on - year in US dollars, and the growth rate slowed down compared to September. In the European route, the eurozone's composite PMI in October reached 52.5, but different countries had different economic performances. The freight rate in the European route declined after continuous increases, while the Mediterranean route's freight rate increased slightly. In the North American route, the US government shutdown has lasted for 36 days, and the freight rate dropped from a high level. The situation in northern Israel is tense, and Egypt has proposed a new plan [9][10]. 4.3 Data Overview - **Container Shipping Spot Prices**: The SCFIS European route index rose from 1208.71 to 1504.8, a 24.5% increase; the US - West route index rose from 1267.15 to 1329.71, a 4.9% increase [12]. - **Container Shipping Index (European Line) Futures Quotes**: The trading data of different contracts on November 13 are shown in Table 1, including opening price, closing price, settlement price, price change, and trading volume [6]. - **Shipping - Related Data Charts**: There are multiple charts showing data such as container ship capacity in Europe, global container ship orders, and shipping freight rates [13][18][19]

Core Viewpoint - The article discusses the significant impact of tariffs on global trade, highlighting that the trade volume affected by tariffs among G20 members is expected to quadruple from the previous reporting period, marking the largest increase in the history of WTO trade monitoring [1] Group 1: Trade Measures and Economic Impact - The G20 members are implementing trade facilitation measures in response to the tariff impacts, with the value of these measures doubling compared to the previous period [1] - The report from the WTO indicates that the trade volume affected by tariffs will reach unprecedented levels, emphasizing the urgency for countries to adapt their trade policies [1] Group 2: Market Performance and Trends - Domestic futures markets showed mixed results, with liquefied petroleum gas (LPG) rising nearly 2%, while other commodities like PTA and ethylene glycol saw increases over 1% [1] - The U.S. stock indices experienced a notable decline, with a market turnover of 2.07 trillion yuan, indicating a cautious investment environment as the year-end approaches [2][10] Group 3: Financial Statistics and Monetary Policy - China's social financing scale increased by 30.9 trillion yuan in the first ten months, reflecting a year-on-year increase of 3.83 trillion yuan [6] - The People's Bank of China is expected to maintain a moderately loose monetary policy, focusing on balancing the pace and intensity of economic support [6][11] Group 4: Industry Developments - The Ministry of Industry and Information Technology is preparing a development plan for smart connected new energy vehicles and new battery industries, aiming to expand the application of power batteries [7] - The shipping industry is facing challenges, with Maersk reducing container rates significantly, indicating weaker-than-expected pricing power during the peak season [3][24]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The global macro situation this week focuses on changes in US dollar liquidity. Although there is short - term tightness, it won't have a significant impact on major asset prices. There are two factors for improvement: marginal easing of monetary policy and normal release of funds in the TGA account when the US government resumes work [7]. - In October, China's export growth was weaker than expected, but there were more positive signs in inflation data, and consumer data may slightly exceed expectations [7]. - In November, the macro environment enters a vacuum period, and major assets may enter a short - term shock period. However, the overall allocation idea in the fourth quarter remains unchanged, and the macro environment is still favorable for risk assets. It is recommended to allocate major assets evenly in the fourth quarter, hold long positions in stock indices, non - ferrous metals (copper, lithium carbonate, aluminum, tin), and precious metals, and increase positions appropriately if there is a correction [7]. 3. Summary by Directory 3.1 Macro Highlights - **Overseas Macro**: The short - term tightness of US dollar liquidity won't have a large impact on major asset prices. Monetary policy is marginally easing, and the release of TGA account funds after the US government resumes work can relieve the short - term pressure [7]. - **Domestic Macro**: October's export growth was weaker than expected, but there were positive signs in inflation data, and consumer data may slightly exceed expectations [7]. - **Asset Views**: In November, major assets may enter a shock period. The overall allocation idea in the fourth quarter remains unchanged, and it is recommended to evenly allocate major assets, hold long positions in stock indices, non - ferrous metals, and precious metals, and increase positions if there is a correction [7]. 3.2 Viewpoint Highlights 3.2.1 Financial Sector - **Stock Index Futures**: Catalyzed by technology events, the growth style is active. There is a risk of overcrowding in small - cap funds, and the short - term trend is expected to be a volatile upward [8]. - **Stock Index Options**: The overall trading volume has slightly declined, and the short - term trend is expected to be volatile [8]. - **Treasury Bond Futures**: The bond market continues to be weak. The short - term trend is expected to be volatile, affected by policy, fundamental repair, and tariff factors [8]. 3.2.2 Precious Metals - **Gold/Silver**: Due to the easing of geopolitical and economic and trade situations, precious metals are in a phased adjustment. The short - term trend is expected to be volatile, affected by the US fundamentals, Fed's monetary policy, and global equity market trends [8]. 3.2.3 Shipping - **Container Shipping to Europe**: The peak season in the third quarter has passed, and there is a lack of upward momentum. The short - term trend is expected to be volatile, and attention should be paid to the rate of freight decline in September [8]. 3.2.4 Steel and Iron Ore - **Steel**: In the off - season, the fundamentals are under pressure, and the short - term trend is expected to be volatile, affected by the issuance of special bonds, steel exports, and iron - water production [8]. - **Iron Ore**: The short - term fundamentals are stable, and the short - term trend is expected to be volatile, affected by overseas mine production and shipment, domestic iron - water production, weather, port inventory, and policy [8]. 3.2.5 Black Building Materials - **Coke**: The game between coking and steel enterprises continues, and the short - term trend is expected to be volatile, affected by steel mill production, coking costs, and macro sentiment [8]. - **Coking Coal**: The market sentiment is weak, but the spot price is rising. The short - term trend is expected to be volatile, affected by steel mill production, coal mine safety inspections, and macro sentiment [8]. - **Silicon Iron**: The supply - demand driving force is limited, and it follows the valuation fluctuations of coal. The short - term trend is expected to be volatile, affected by raw material costs and steel procurement [8]. - **Manganese Silicon**: After the first - round steel procurement inquiry is announced, the price follows the decline of coking coal. The short - term trend is expected to be volatile, affected by cost prices and overseas quotes [8]. - **Glass**: Prices have been lowered in various regions, and downstream purchasing sentiment is weak. The short - term trend is expected to be volatile, affected by spot sales [8]. - **Soda Ash**: Supply exceeds demand, and cost - driven upward movement is limited. The short - term trend is expected to be volatile, affected by soda ash inventory [8]. - **Aluminum Oxide**: The fundamentals are still in an oversupply situation, and the price is under pressure. The short - term trend is expected to be volatile, affected by ore复产 and electrolytic aluminum复产 [8]. - **Aluminum**: The stock - futures linkage leads to an upward - volatile price. The short - term trend is expected to be a volatile upward, affected by macro risks, supply disruptions, and demand [8]. - **Zinc**: The export window is open, and the price is fluctuating at a high level. The short - term trend is expected to be volatile, affected by macro risks and zinc ore supply [8]. - **Lead**: Social inventory is slightly increasing, and the price is fluctuating. The short - term trend is expected to be volatile, affected by supply disruptions and battery exports [8]. - **Nickel**: Market sentiment is improving, and the price is fluctuating. The short - term trend is expected to be volatile, affected by macro and geopolitical changes, and Indonesian policies [8]. - **Stainless Steel**: Warehouse receipts are decreasing, and the price is fluctuating. The short - term trend is expected to be volatile, affected by Indonesian policies and demand growth [8]. - **Tin**: The inventory of Shanghai tin continues to decrease, and the price is fluctuating. The short - term trend is expected to be volatile, affected by the resumption of production in Wa State and demand improvement [8]. - **Industrial Silicon**: The supply in the southwest is rapidly decreasing, and the price is fluctuating. The short - term trend is expected to be volatile, affected by supply - side production cuts and photovoltaic installations [8]. - **Lithium Carbonate**: The resumption of production expectation is fluctuating, and the price may fluctuate significantly. The short - term trend is expected to be volatile, affected by demand, supply disruptions, and technological breakthroughs [8]. 3.2.6 Energy and Chemicals - **Crude Oil**: There is a lack of short - term driving forces, and the price is expected to be volatile, affected by OPEC+ production policies and the Middle East geopolitical situation [10]. - **LPG**: Refinery output has decreased, and import costs are under pressure. The short - term trend is expected to be volatile, affected by cost factors such as crude oil and overseas propane [10]. - **Asphalt**: The spot price in Shandong has stabilized, and the futures price is expected to be volatile, affected by sanctions and supply disruptions [10]. - **High - Sulfur Fuel Oil**: The futures price is volatile, and attention should be paid to the Russia - Ukraine conflict. The short - term trend is expected to be volatile, affected by geopolitics and crude oil prices [10]. - **Low - Sulfur Fuel Oil**: The refined oil market is strong, and the price may be on a volatile upward trend, affected by crude oil prices [10]. - **Methanol**: High inventory suppresses the price, and overseas disturbances are not significant. The short - term trend is expected to be volatile, affected by the macro - energy situation and overseas developments [10]. - **Urea**: Export information boosts the spot market, and the futures price is expected to be volatile in the short term, affected by export quotas and coal prices [10]. - **Ethylene Glycol**: The spot market is loose, and there is little hope of reversing the downward trend in the short term. The short - term trend is expected to be a volatile downward, affected by coal and oil prices, port inventory, and Sino - US trade friction [10]. - **PX**: The market sentiment is rational, and the processing fee is strongly supported by strong supply and demand. The short - term trend is expected to be volatile, affected by crude oil fluctuations and macro changes [10]. - **PTA**: The market sentiment is flat, and the basis is under pressure. The short - term trend is expected to be volatile, affected by crude oil fluctuations and macro changes [10]. - **Short - Fiber**: Consumers tend to buy on dips, and attention should be paid to the off - peak and peak season conversion. The short - term trend is expected to be volatile, affected by downstream yarn mill purchasing and peak - season demand [10]. - **Bottle Chips**: The market performance is flat, and it follows the cost passively. The short - term trend is expected to be volatile, affected by bottle - chip enterprise production cuts and new device commissioning [10]. - **Propylene**: Inventory needs time to be digested, and the price is expected to be on a volatile downward trend, affected by oil prices and the domestic macro situation [10]. - **PP**: Maintenance support is limited, and the price is expected to be on a volatile downward trend, affected by oil prices and domestic and overseas macro situations [10]. - **Plastic**: Downstream transactions have increased, but maintenance support is limited. The price is expected to be on a volatile downward trend, affected by oil prices and domestic and overseas macro situations [10]. - **Styrene**: There are still concerns about over - inventory, and the price is expected to be on a volatile downward trend, affected by oil prices, macro policies, and device operations [10]. - **PVC**: The weak reality suppresses the price, and it is expected to be volatile, affected by expectations, costs, and supply [10]. - **Caustic Soda**: With low valuation and weak expectations, the price is expected to be volatile, affected by market sentiment, production, and demand [10]. 3.2.7 Agriculture - **Oils and Fats**: Rapeseed oil is relatively strong, and attention should be paid to the effectiveness of upper - level technical resistance. The short - term trend is expected to be a volatile upward, affected by US soybean weather and Malaysian palm oil production and demand data [10]. - **Protein Meal**: US soybeans are testing the upper - level resistance, and it is recommended to hold reverse spreads on Dalian soybean meal. The short - term trend is expected to be volatile, affected by weather, domestic demand, macro factors, and Sino - US and Sino - Canadian trade wars [10]. - **Corn/Starch**: The market is in a short - term tight situation, and the price is expected to be volatile at a high level, affected by demand, macro factors, and weather [10]. - **Pigs**: Supply and demand are loose, and the price is weak. The short - term trend is expected to be a volatile downward, affected by breeding sentiment, epidemics, and policies [10]. - **Natural Rubber**: With the approaching expiration of the November contract, there may be a pulse - like upward movement. The short - term trend is expected to be volatile, affected by production - area weather, raw material prices, and macro changes [10]. - **Synthetic Rubber**: The short - term trend is expected to be volatile, affected by crude oil fluctuations [10]. - **Cotton**: The price has slightly declined, and the short - term trend is expected to be volatile, affected by demand and inventory [10]. - **Sugar**: The price is fluctuating within a narrow range, and the short - term trend is expected to be a volatile downward, affected by imports and Brazilian production [10]. - **Pulp**: The market is dominated by funds, and the long - position advantage remains. The short - term trend is expected to be volatile, affected by macro - economic changes and US dollar - denominated quotes [10]. - **Double - Glued Paper**: In the tendering peak season, the price is expected to stabilize in November and be volatile, affected by production and sales, education policies, and paper - mill operations [10]. - **Logs**: In the de - inventory cycle, the price is expected to be volatile, affected by special port fees, shipment volume, and dispatch volume [10].

1. Report Information - Report Type: Daily Report on Freight Index for Container Shipping to Europe [1] - Date: November 13, 2025 [2] - Researcher: He Zhuoqiao (Macro Precious Metals), Huang Wenxin (Treasury Bonds and Container Shipping), Nie Jiayi (Stock Index Futures) [3] 2. Industry Investment Rating - Not provided 3. Core Viewpoints - This week, the SCFIS index rose 24.5% week-on-week to 1504.8, better than expected. Although the actual demand may not support a large increase in freight rates, the market is likely to form a bottoming-out and recovery trend, and the bottom of freight rates within the year may have appeared. However, with the December contract in a premium state, the market is starting to consider the potential for rate increases and the likelihood of them materializing. The February contract incorporates strong expectations of a pre - Spring Festival shipping rush, which drives up the prices of far - month contracts. It is recommended to consider shorting the off - season April contract [8]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - The SCFIS index rose 24.5% week - on - week to 1504.8 this week. The price increase in the first half of November was well - implemented, but the attempt to raise prices in the second half fell short. Shipping companies have lowered their quoted price increases for November and December. For example, the Premier Alliance aggressively reduced the first - half November quote for the Shanghai - Rotterdam route to $1806 - 1935 per forty - foot equivalent unit (FEU), and maintained the second - half quote at $2535 per FEU. The OCEAN Alliance also slightly lowered the first - half November quote to $2150 - 2520 per FEU, and most maintained the second - half quote at $2800 - 3000, except for CMA CGM, whose quote for the second half of November to the first half of December was $3170 - 3920, but lower than the previous quote. It is recommended to pay attention to shorting the off - season April contract [8]. 4.2 Industry News - From November 3 to November 7, the overall China export container shipping market was stable, with freight rates on different routes diverging due to supply - demand fundamentals. The composite index declined slightly. In October, China's exports decreased by 1.1% year - on - year in US dollars, with the growth rate slowing compared to September. In the first 10 months of 2025, China's exports showed a stable growth trend. On November 7, the Shanghai Export Containerized Freight Index (SCFI) was 1495.10 points, down 3.6% from the previous period. - In the European route, the eurozone's composite PMI in October reached 52.5, better than expected. Germany's service industry recovered strongly, while France's economy was weak. Freight demand remained stable this week, and freight rates fell after continuous increases. On November 7, the freight rate from Shanghai Port to basic European ports was $1323 per twenty - foot equivalent unit (TEU), down 1.6% from the previous period. - In the Mediterranean route, the market situation was similar to that of the European route, with slightly better supply - demand fundamentals and a slight increase in spot booking prices. On November 7, the freight rate from Shanghai Port to basic Mediterranean ports was $2029 per TEU, up 2.3% from the previous period. - In the North American route, the US government shutdown has lasted for 36 days, which may cause greater economic damage. The labor demand in the US job market is slowing, and wage growth has stagnated. Freight demand was relatively stable this week, and spot booking prices fell from high levels. On November 7, the freight rates from Shanghai Port to basic ports in the US West and East were $2212 per FEU and $2848 per FEU respectively, down 16.4% and 17.2% from the previous period. - The situation in northern Israel is tense. The Israeli Defense Forces carried out large - scale air strikes on Hezbollah military targets in southern Lebanon, and both sides are on high alert. Egypt proposed a new plan, asking Hamas to provide information on tunnels to be destroyed in exchange for allowing 200 Hamas militants in the Rafah tunnels to return to the Hamas - controlled area with weapons. Israel has not responded to this plan [9][10]. 4.3 Data Overview 4.3.1 Spot Freight Rates for Container Shipping - The SCFIS for the European route (basic ports) on November 10, 2025, was 1504.8, up 24.5% from 1208.71 on November 3. The SCFIS for the US West route (basic ports) was 1329.71, up 4.9% from 1267.15 on November 3 [12]. 4.3.2 Futures Market of Container Shipping Index (European Route) - The trading data of container shipping futures to Europe on November 12 shows that different contracts had different price changes, trading volumes, and open interest changes. For example, the EC2512 contract had a previous settlement price of 1811.3, a closing price of 1749.4, a decline of 61.9, and a decline rate of 3.42%. The trading volume was 22,970, and the open interest decreased by 4,048 [6]. 4.3.3 Shipping - Related Data Charts - The report provides multiple data charts, including those on container shipping spot prices, futures trends, container ship capacity in Europe, global container ship orders, and freight rates between Shanghai and European ports [13][19][22]