Report Summary 1. Core View - The European line of container shipping saw a 7.08% decline in EC last Friday. The SCFI European line price announced after the market closed was $1,618/TEU, a week-on-week increase of $166/TEU, reflecting the price increase by shipping companies in the second half of March. As the short-term impact of geopolitics on European line freight rates eases, the European line is expected to return to its seasonal pricing. Attention should be paid to the release of shipping companies' price increase letters in April and the actual implementation of freight rates [2]. 2. EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Increase/Decrease (%) | Trading Volume | Open Interest (One-Side) | Long Positions (Top 20 Members) | Short Positions (Top 20 Members) | Net Long Positions (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2604 | 1970.1 | -7.08 | 42,818<br>(-19,009) | 25,041<br>(-2,367) | 13,775 | 17,036 | -3,261 | | EC2606 | 2440 | -2.49 | 13,707<br>(-5,213) | 14,285<br>(-687) | - | - | - | | EC2608 | 2368 | -3.39 | 1,740<br>(-303) | 3,048<br>(-90) | - | - | - | | EC2610 | 1581 | -1.13 | 3,681<br>(-1,658) | 8,565<br>(-123) | - | - | - | | EC2612 | 1868.2 | -1.00 | 72<br>(-90) | 403<br>(0) | - | - | - | | Total | - | - | 62,018 | 51,342 | 13,775 | 17,036 | -3,261 | [3] 3. Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | Week-on-Week Increase/Decrease | Previous Period | Week-on-Week Increase/Decrease | Two Periods Ago | Week-on-Week Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1545.46 | 5.6% | 1463.4 | -7.0% | 1573.51 | -2.1% | | | SCFI - $/TEU | 1618 | 11.4% | 1452 | 2.3% | 1420 | 4.3% | | Spot Freight Rates | TCI(20GP) $/TEU | 1767 | -4.0% | 1841 | 0.0% | 1841 | 3.1% | | (Daily) | TCI(40GP) $/FEU | 2877 | -3.8% | 2991 | 0.0% | 2991 | 0.7% | [5] 4. Basis Spread (Points) - The basis on the previous trading day was -424.64 points, and the basis on the day before the previous trading day was -474.64 points, with a week-on-week change of 50 points [7].

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Core Viewpoint - The Shenzhen Container Transportation Association has issued an initiative to maintain industry stability amid rising international oil prices, which have surged to the $80-$90 per barrel range, with potential to exceed $100-$120 if the situation worsens [2][4]. Group 1: Current Industry Challenges - The escalation of military actions in the Middle East has led to Iran closing the Strait of Hormuz, disrupting global energy transport and causing a significant rise in international oil prices, which has severely impacted the global shipping market [2]. - The rapid increase in fuel costs, combined with challenges such as route diversions, shipping delays, and tight capacity, is expected to significantly raise operational costs for transportation companies [2][5]. - The container transportation prices at Shenzhen ports have been on a downward trend, pushing company profits and driver incomes to the brink of loss, necessitating heightened vigilance in the face of drastic external changes [2][5]. Group 2: Recommendations from the Initiative - The association calls for adherence to reasonable pricing standards and a rejection of malicious competition, urging companies to avoid quotes below cost and to ensure prices cover real costs such as fuel, insurance, labor, and equipment [5]. - It emphasizes the importance of enhancing information sharing among companies to reduce panic-driven price drops caused by information asymmetry, and to collectively resist bad practices like delayed payments from clients [5]. - The initiative also advocates for resisting illegal and unethical behaviors to maintain industry order, including avoiding commercial bribery and false advertising [5]. Group 3: Long-term Implications - Reports from various third-party consulting firms indicate that the geopolitical situation in the Middle East will have profound impacts on global energy supply, key shipping routes, and regional investment environments [5]. - The Ningbo (China) Supply Chain Innovation Research Institute suggests that the evolving geopolitical landscape has shifted from a short-term crisis to a long-term variable affecting global supply chains [5]. - Companies are encouraged to transition from passive responses to proactive strategies, including diversifying markets and supply chains, enhancing risk management, and utilizing financial and insurance tools to hedge against volatility [5].

1. Industry Investment Rating - No information provided 2. Core Viewpoints - During the Spring Festival holiday, Maersk did not open new bookings for the second week of March. As of now, the online rate for 40 - foot containers in the first week of March is $1950. MSC maintains the pre - holiday quote of $2340 for 40 - foot containers in the first half of March, while other shipping companies mainly announce price increases. The online quotes for 40 - foot containers in the first half of March range from $3030 to $3393. It is expected that after the holiday, as Maersk opens bookings for the second week of March and the cargo - collection progresses, the price gap will gradually narrow [1]. - The US Supreme Court ruled that the large - scale tariff measures implemented by the Trump administration under IEEPA lacked clear legal authorization. Subsequently, Trump imposed an additional 10% tariff on global goods on top of the existing regular tariffs, which was later raised to 15%. This event will boost the market sentiment of the European routes due to the short - term weakening of the US dollar and the rebound of metals, and may strengthen the short - term rush - to - export expectation and the market expectation for shipping companies to support prices in March. However, from a traditional seasonal perspective, especially with this year's late Spring Festival, March is the month with the lightest cargo volume after the holiday. Overall, the cargo volume is insufficient, and it is likely that the freight rate will decline after the holiday [1]. 3. Summary by Relevant Catalogs 3.1 EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Increase/Decrease (%) | Trading Volume (Change) | Open Interest Unilateral (Change) | Long Position (Top 20 Members) | Short Position (Top 20 Members) | Net Long Position (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2604 | 1269.8 | 3.38 | 25064 (-11330) | 25845 (-5176) | 14723 | 17475 | -2752 | | EC2606 | 1636 | 6.25 | 5648 (1416) | 13960 (573) | - | - | - | | EC2608 | 1694 | 5.45 | 957 (505) | 1402 (0) | - | - | - | | EC2610 | 1137.2 | 0.99 | 1729 (499) | 7931 (-159) | - | - | - | | EC2612 | 1380.5 | -1.44 | 10 (-5) | 123 (1) | - | - | - | | Total | - | - | 33408 | 49261 | 14723 | 17475 | -2752 | [2] 3.2 Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | MoM Increase/Decrease | Previous Period | MoM Increase/Decrease | Two Periods Ago | MoM Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1573.51 | -2.1% | 1607.27 | -3.1% | 1657.94 | -7.5% | | | SCFI - $/TEU | 1361 | -3.0% | 1403 | -1.1% | 1418 | -11.1% | | Spot Freight Rate | TCI(20GP) $/TEU | 1568 | 0.0% | 1568 | 0.0% | 1568 | 0.0% | | (Daily) | TCI(40GP) $/FEU | 2630 | 0.0% | 2630 | 0.0% | 2630 | 0.0% | [4] 3.3 Basis Spread (Points) - The basis of the previous trading day was 388.14, and the basis of the day before the previous trading day was 399.04, with a MoM change of - 10.9 [6]

1. Report Industry Investment Rating - The investment view of the report is "volatile", and the trading strategy is "bearish on rallies in the off - season", with a 6 - 10 positive spread arbitrage [3] 2. Core View of the Report - The current trading in the container shipping index is sluggish, and there is limited driving force under low valuations. The spot freight rate is affected by the pre - holiday decline and the differentiation adjustment of each alliance, showing a downward trend. Political and economic factors are neutral. The supply of shipping capacity shows a certain change trend, and the demand is bearish in the short and long term. The container shipping index shows a "differentiated pattern under the game between expectations and reality" this week, with the futures and spot markets showing different performances. In the medium and long term, the risk of over - capacity needs to be vigilant [3] 3. Summary According to Relevant Catalogs 3.1 Main Views and Strategy Overview - **Spot Freight Rate**: It is in a pre - holiday decline, with each alliance making differentiated adjustments. For example, in the GEMINI alliance, Maersk's opening price in WK6 dropped to $2000 - 2100/FEU, and further decreased to $1995/FEU in WK7; Hapag - Lloyd maintained at $2300 - 2500/FEU in WK6 and remained stable in WK7. In the OA alliance, the price in WK6 dropped slightly to around $2500/FEU, and in WK7, COSCO Shipping in North China ports adjusted to $2200 - 2300/FEU. In the PA alliance, the price fluctuated between $2200 - 2400/FEU in WK6, and in WK7, affected by ONE's WK8 list price of $2000/FEU, the average price approached $2000/FEU, and some special prices for bulk cargo were $1800/FEU. MSC also slightly lowered its price following the market rhythm. Overall, affected by the pre - holiday cargo volume vacuum period, the quotes of each alliance showed a downward trend [3] - **Political and Economic Factors**: They are neutral. The US and Iran are still sending mixed signals, and the market's probability of predicting military strikes has slightly decreased. The Wall Street Journal reported that the possibility of the US launching an air strike on Iran in the near future is low, and the "Lincoln" aircraft carrier has left the Oman Sea and entered the Indian Ocean [3] - **Shipping Capacity Supply**: It shows different levels in different months. In November 2025, the weekly average shipping capacity was about 270,000 TEU; in December 2025, it was about 300,000 TEU; in January 2026, it was 313,000 - 321,000 TEU; in February 2026, it was 255,000 TEU; in March 2026, it was 280,000 TEU [3] - **Demand**: In the short term, approaching the Spring Festival, shippers have stocked up in advance, but there is no traditional pre - holiday small peak season. In the next two weeks (WK6 - WK7), the cargo volume will enter a pre - holiday vacuum period, and the pressure on shipping companies to attract cargo will increase. Only the rush - export of photovoltaic and other categories in the first quarter will provide a slight support for the cargo volume, mainly for pre - holiday replenishment. In the long term, in 2026, the demand in Europe and the US will be differentiated. European infrastructure and reconstruction may moderately boost the cargo volume, while the US inventory replenishment is delayed and has limited elasticity. Coupled with policy pressures such as the EU's anti - subsidy investigation, the global demand growth rate will slow down, and the growth rate of shipping capacity is higher than that of demand, resulting in an expanding supply - demand gap, and the demand side will continue to be under pressure to support freight rates [3] - **Summary**: This week, the EC shows a "differentiated pattern under the game between expectations and reality", with the futures and spot markets showing different performances. The futures market is supported by multiple expectations and has increased. The core logic lies in the rush - shipping expectation caused by the cancellation of photovoltaic tax refunds, which supports the contracts after April. Coupled with the escalation of geopolitical conflicts and the disturbance of extreme weather in Northwest Europe, it temporarily boosts the market sentiment. The spot market continues to be weak. The pre - holiday cargo volume enters a vacuum period, and shipping companies continue to reduce prices to attract cargo, resulting in an overall decline in freight rates. The SCFIS European line settlement index also decreased month - on - month. The weak supply - demand reality suppresses the near - month contracts. In the medium and long term, the risk of over - capacity needs to be vigilant. The concentrated delivery of new ships in 2026 and the resumption of the Red Sea route will release hidden shipping capacity and continuously suppress the freight rate center. The strategy should be cautious, not chasing high prices. Hedging should be held, and arbitrage positions can be gradually reduced. Key points to track include the implementation of shipping companies' price increase announcements, signals of the Red Sea route resumption, and cargo volume data, and control the operation rhythm and risks [3] 3.2 Price - The report provides line charts of multiple shipping route indexes, including the European line index, the US West line index, the US East line index, etc., but no specific analysis content is provided [6] 3.3 Static Shipping Capacity - **Order Volume**: The report shows the order volume of container ships in different loading capacities over the years, including different loading capacity ranges such as 100 - 2999 TEU, 3000 - 7999 TEU, 8000+ TEU, etc. [11] - **Delivery Volume**: It shows the delivery volume of container ships in different loading capacities over the years, including different loading capacity ranges such as 100 - 2999 TEU, 3000 - 5999 TEU, 6000 - 7999 TEU, 8000+ TEU, etc. [14] - **Demolition Volume**: It shows the demolition volume of container ships in different loading capacities over the years, including different loading capacity ranges such as 100 - 2999 TEU, 3000 - 5999 TEU, 6000 - 7999 TEU, 8000+ TEU, etc. [14][15] - **Future Delivery**: It shows the future delivery volume of container ships in different loading capacities, including different loading capacity ranges such as 0 - 3000 TEU, 3000 - 6000 TEU, 6000 - 8000 TEU, 8000 - 12000 TEU, 12000 - 16999 TEU, >17000 TEU, etc., and also shows the quarterly seasonal chart of future delivery [20][22][23] - **Scrap Price**: It shows the scrap prices of container ships in different loading capacities, including different loading capacity ranges such as about 1000 TEU, about 1700 TEU, about 2000 TEU, etc., and also shows the new - building price index and second - hand price index of container ships [27][33] - **Existing Shipping Capacity**: It shows the existing shipping capacity of container ships in different loading capacities, including the total shipping capacity, the shipping capacity of different age groups, the proportion of idle and retrofitted ships, the average age, and the average age of scrapped ships [42][45][49] 3.4 Dynamic Shipping Capacity - **Shipping Schedule**: It shows the shipping capacity deployment of different alliances (PA + MSC, GEMINI, OCEAN, etc.) on the Shanghai - European base port route from week 13 to week 28 [57][59][61] - **Desulfurization Tower Installation**: It shows the situation of container ships with desulfurization towers installed, being installed, the average age and duration of desulfurization tower installation, and the average speed of container ships [67][70][72] - **Idle Shipping Capacity**: It shows the idle shipping capacity of container ships, including the total idle shipping capacity, the idle shipping capacity in different loading capacity ranges, the proportion of idle shipping capacity, and the hot - idle shipping capacity [75][76][77]

Core Viewpoint - Zhonggu Logistics (603565.SH) aims to optimize its fleet structure and expand its fleet size by signing a contract for the construction of 4+2 units of 6,000 TEU container ships with Hengli Shipbuilding (Dalian) Co., Ltd, with a total contract value not exceeding 3.48 billion RMB or equivalent in USD [1] Group 1 - The investment in shipbuilding is intended to create a highly economical and competitive container shipping fleet, enhancing the company's competitiveness and profitability [1] - The investment aligns with the company's future strategic planning and aims to create greater value for shareholders [1] - The shipbuilding investment will not have a significant adverse impact on the company's financial status, main business, or ongoing operational capabilities [1]

1. Report Industry Investment Rating - The investment rating for the container shipping industry is "震荡" (sideways movement), indicating that the market is expected to have an amplitude of -5% to 5% in the short, medium, and long - term [3][85]. 2. Core Viewpoints of the Report - The talks between Israel and Hamas have entered the second stage, and the sentiment of rush - shipping expectations has subsided. The EC (Container Shipping Index for European Routes) shows a pattern of near - term strength and far - term weakness, with the progress of the Red Sea route's resumption being the core trading variable [3]. - In the short term (first quarter), the rush of exports of products like photovoltaic items supports the cargo volume. Coupled with the fact that 9% - 10% of effective shipping capacity is locked due to Red Sea detours, the near - month contracts are supported by the spot index. In the long - term (2026), the delivery of new ships will lead to a higher growth rate of shipping capacity supply than demand. If the Suez Canal resumes normal operation, a large amount of hidden shipping capacity will be released, continuously suppressing the freight rate center [3]. - The price of spot freight for European routes is showing a pre - holiday decline. The shipping companies' actions to support prices have obvious differences. Investors need to closely monitor the official signals of route resumption, China's export data, and the rhythm of shipping capacity deployment, and be vigilant about the downward risk of far - month contracts [3]. 3. Summary According to Relevant Catalogs 3.1 Main Views and Strategy Overview - **Spot Freight Rate**: It is a negative factor. The 40 - foot container freight rates for European routes vary among different alliances. In the future one or two weeks (from late January to early February), the rates are expected to decline as the cargo volume enters the pre - Spring Festival vacuum period. For example, Maersk's Week 6 opening price will drop to $2000 - 2100 [3]. - **Political and Economic Factors**: They are neutral. The shipping schedules of CMA CGM on European routes show some arrangements for passing through or bypassing the Suez Canal. There are also some political events such as the suspension of additional tariffs on eight European countries and the upcoming "Peace Committee Charter Signing Ceremony" [3]. - **Shipping Capacity Supply**: It is neutral. The weekly average shipping capacity has been increasing from November 2025 to January 2026. In January 2026, the weekly average shipping capacity is concentrated in the range of 313,000 - 321,000 TEU, and the shipping schedules are more evenly distributed [3]. - **Demand**: It is a negative factor. Currently, the cargo volume on European container shipping routes is stable, but the freight rate is continuously loosening. In the next half - month (until early February), approaching the Spring Festival, there is no traditional pre - holiday peak season. With sufficient shipping capacity supply, the freight rate is expected to continue to decline [3]. - **Investment View and Trading Strategy**: The investment view is "sideways movement". The trading strategy for both single - side and arbitrage is to wait and see. The risks to focus on are geopolitical disturbances and domestic and overseas macro - policy disturbances [3]. 3.2 Price - There are charts showing the trends of various container shipping route indices, including the European route index, the US West route index, and the US East route index [6]. 3.3 Static Shipping Capacity - **Order Volume**: There are data and charts showing the order volume of container ships in different loading capacities from 2015 to 2025 [11]. - **Delivery Volume**: There are data and charts presenting the delivery volume of container ships in different loading capacities from 2020 to 2025 [14]. - **Demolition Volume**: There are data and charts showing the demolition volume of container ships in different loading capacities from 2020 to 2025 [15]. - **Future Delivery**: There are predictions and charts about the future delivery volume of container ships in different loading capacities from 2023 to 2029 [20]. - **Ship Prices**: There are data and charts on the scrap prices, new - building prices, and second - hand prices of container ships in different loading capacities and time periods [27][29][33]. - **Existing Shipping Capacity**: There are data and charts showing the existing shipping capacity of container ships in terms of TEU, percentage, age, and loading capacity distribution from 2015 to 2025 [42][45][49]. 3.4 Dynamic Shipping Capacity - **Shipping Schedule**: There are charts showing the total shipping capacity deployment from Shanghai to European base ports from week 13 to week 28, as well as the capacity deployments of different alliances and shipping companies [57][59][61]. - **Desulfurization Tower Installation**: There are data and charts on the container ships with installed, being - installed desulfurization towers in terms of TEU, number of ships, and percentage from 2018 to 2025 [68]. - **Average Speed and Idle Capacity**: There are data and charts on the average speed and idle capacity of container ships in different loading capacities and time periods [72][76].

1. Report Industry Investment Rating - The investment view of the report is "oscillating", indicating that the short - term European line is expected to be volatile, and the main contract's valuation is under pressure after a pull - back [3]. 2. Core View of the Report - The report predicts that the freight rate of the container shipping index for the European line will peak in mid - to late January. Multiple factors, including spot freight rates, political - economic situations, capacity supply, and demand, affect the freight rate trend. The short - term European line shows an oscillating pattern, and there is a risk of further downward movement in freight rates [1][3]. 3. Summary by Relevant Catalogs 3.1 Main Views and Strategy Overview - **Spot freight rates**: They have a positive impact. Maersk's quotes in the fourth week of January are differentiated. Some shipping companies like Hapag - Lloyd and EMC have different price trends, with some showing price drops and others maintaining high prices but with weakened price - holding power [3]. - **Political - economic factors**: They are considered neutral. The US Supreme Court's potential ruling on Trump's global tariff policy, the trend of "shadow fleet" tankers in the US - Venezuela situation, and the peak shipping season in the Asia - Europe route with increased capacity deployment are all influencing factors [3]. - **Capacity supply**: It has a negative impact. The weekly average capacity has been increasing from 2025 to 2026, with 270,000 TEU in November 2025, 300,000 TEU in December 2025, and 313,000 - 321,000 TEU in January 2026 [3]. - **Demand**: It has a positive impact. At the end of 2025, the container shipping demand for the European line remained strong, with continuous growth in booking volume and high fleet loading rates, supported by pre - Spring Festival stocking and European importers' replenishment needs [3]. - **Trading strategy**: It is recommended to adopt a wait - and - see approach for both unilateral and arbitrage trading, and pay attention to geopolitical disturbances and domestic and international macro - policy disturbances [3]. 3.2 Price - The report presents price trends of various shipping routes in the spot market, including the European line index, the US - West line index, and the US - East line index, through charts [6]. 3.3 Static Capacity - **Order volume**: The report shows the order volume of container ships with different loading capacities over a long - term period, including the proportion of the order book to the fleet and new - order volumes [11]. - **Delivery volume**: It presents the delivery volume of container ships with different loading capacities from 2020 - 2025 [14][16]. - **Demolition volume**: It shows the demolition volume of container ships with different loading capacities from 2020 - 2025 [15][17]. - **Future delivery**: It forecasts the future delivery volume of container ships with different loading capacities from 2023 - 2029, including quarterly and annual data [20][22][23]. - **Ship prices**: It includes the scrap price, new - building price, and second - hand price of container ships with different loading capacities, and their price indices [27][29][33]. - **Existing capacity**: It shows the existing capacity of container ships in terms of TEU, proportion, age, and idle/retrofit ratio, including data for different loading capacities and age groups [42][45][46]. 3.4 Dynamic Capacity - **Ship schedule**: It shows the capacity deployment of different alliances (PA + MSC, GEMINI, OCEAN, etc.) on the Shanghai - European basic port route from week 13 to week 28 [57][59][61]. - **Desulfurization tower installation**: It presents the situation of container ships with installed and being - installed desulfurization towers, including the number of ships, TEU, and average age and duration of installation, as well as the average speed of container ships [67][68][71]. - **Idle capacity**: It shows the idle capacity of container ships in terms of TEU, number of ships, and proportion, and the situation of hot - idle and desulfurization - tower - retrofit ships [75][76][79].

Economic Activity Index - The China High-Frequency Economic Activity Index (YHEI) as of January 6, 2026, is 1.13, an increase of 0.05 from December 30, 2025, driven by a rise in the coastal coal freight index [1][3] - The "import dry bulk freight index" remained stable at 1.15, indicating consistent shipping costs [1][3] Manufacturing Sector - The manufacturing PMI for December 2025 is 50.1%, up 0.9 percentage points from the previous month, marking a return to expansion for the first time since April 2025 [17] - High-tech manufacturing, equipment manufacturing, and consumer goods sectors saw PMIs of 52.5%, 50.4%, and 50.4%, respectively, all above the neutral line [17] - New orders index rose from 49.2% to 50.8%, and the production index increased by 1.7 percentage points to 51.7% [2][17] - The procurement volume index also returned to expansion at 51.1%, indicating increased demand for raw materials [2][17] Non-Manufacturing Sector - The non-manufacturing business activity index for December 2025 is 50.2%, up 0.7 percentage points, indicating a return to expansion [18] - The construction and service sectors reported indices of 52.8% and 49.7%, respectively, with construction rebounding after four months of contraction [18] Price Trends - The producer price index increased by 0.7 percentage points to 48.9%, while the main raw material purchase price index remains high at 53.1% [2][17] Financial Market Indicators - The central bank's net cash withdrawal through open market operations was 695.9 billion yuan, with a reverse repurchase rate of 1.4% [5] - The overnight interbank rate decreased by 1 basis point to 1.33%, while the seven-day repo rate fell by 66 basis points to 1.49% [8] Real Estate Market - In the week ending January 6, 2026, new and second-hand home transaction areas in first-tier cities fell by 48.57% and 38.95%, respectively [30] - Second-tier cities saw a decline of 59.67% and 23.04% in transaction areas for new and second-hand homes [30] Consumer Behavior - The average daily box office for movies reached 154 million yuan, an increase of 78.64 million yuan from the previous week [32]

Core Insights - The overall container shipping volume from Asia to the U.S. has decreased, with significant declines from major regions such as China, India, and Taiwan, indicating a trend of reduced trade activity due to geopolitical tensions and tariff concerns [2][4]. Group 1: Shipping Volume Changes - Container shipping volume from mainland China decreased by 16% year-on-year, marking three consecutive months of double-digit declines [4]. - Shipping volume from India saw a 19% reduction, continuing a trend of two months of double-digit decreases following the imposition of additional tariffs by the U.S. [4]. - Taiwan experienced a significant drop of 24% in shipping volume, while Japan's volume decreased by 19% [4]. - Overall, the shipping volume from Asia to the U.S. fell by 6.7% in November, totaling 1,604,016 TEUs (twenty-foot equivalent units) [2]. Group 2: Regional Performance - Other regions also showed declines, with South Korea's shipping volume down by 5% and Singapore's by 3% [4]. - In contrast, countries like Vietnam saw a substantial increase in shipping volume, with a year-on-year growth of 31%, while Thailand and Malaysia reported increases of 28% and 75%, respectively [6]. Group 3: Product Category Trends - The most significant decline in shipping volume was observed in furniture, which decreased by 4%, followed by toys (down 10%) and clothing (down 2%) [6]. - Other categories such as machinery and electronic devices also faced reductions of 8% and 3%, respectively, while steel and automobiles saw declines of 12% and 13% [6]. Group 4: Cumulative Shipping Volume - The cumulative container shipping volume from Asia to the U.S. for the period from January to November was 18,602,053 TEUs, remaining roughly stable compared to the same period in 2024 [7].