Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core View - The EC spot - futures market is in a game situation intertwined with policies and geopolitical factors, showing a differentiation feature of short - term sentiment - driven and long - term fundamental support. The market has not formed a clear trend yet. Short - term trends are dominated by policy news and sentiment, while long - term trends depend on the global foreign trade recovery rhythm, capacity adjustment, and substantial improvement in terminal demand [8] 3. Summary by Related Content 3.1 Shipping Freight Index - The current values of Shanghai Export Containerized Freight Index (SCFI), China Containerized Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1458, 1209, 2084, 1294, 2896, 1595, 1859, and 2756 respectively. The previous values are 1574, 1210, 2194, 1305, 3163, 1676, 1954, and 2983 respectively. The corresponding percentage changes are - 7.39%, - 0.09%, - 5.01%, - 0.84%, - 8.44%, - 4.83%, - 4.86%, and - 7.61% respectively [5] 3.2 Shipping Schedule - For CMA CGM's shipping schedules, on the European line FAL1, the last east - bound return ship passing through the Suez Canal is CMA CGM BENJAMIN FRANKLIN (expected to pass on February 1st with OMIT detour), and the first ship to resume east - bound return through the Suez Canal on April 6th is CMA CGM VASCO DE GAMA, corresponding to the Ocean Alliance's new annual Day10 route plan starting from April. On the European line FAL3, the last east - bound return ship is CMA CGM SEINE (expected to pass on January 25th) with no resumption plan. On the Mediterranean line MEX, the last east - bound return ship is CMA CGM GRACE BAY (expected to pass on January 22nd) with no resumption plan [5][6] 3.3 Market News - The additional tariffs on eight European countries are temporarily not imposed. US President Trump is preparing to hold a "Peace Committee Charter Signing Ceremony" during the World Economic Forum in Davos, Switzerland, marking the mechanism's transition from concept to public launch [6] 3.4 Spot Price - The current 40 - foot container freight rates on the European line are as follows: GEMINI Alliance's Maersk quotes $2430 in Week 5, Hapag - Lloyd quotes $2300 - $2500; OA Alliance quotes about $2500 - $2650, CMA CGM quotes $2793, and others are around $2600; PA Alliance quotes about $2400, Yang Ming quotes as low as $2200 - $2435; MSC quotes $2640. In the next one or two weeks (end of January - early February), Maersk's Week 6 opening price drops to $2000 - $2100, Hapag - Lloyd maintains $2300 - $2500, OA Alliance may slightly drop to around $2500, PA Alliance may fluctuate in the range of $2200 - $2400, and MSC may slightly adjust downward with the market, showing a pre - holiday decline due to the pre - Spring Festival cargo volume vacuum period [7] 3.5 Market Analysis - The futures market is initially pushed up by short - term sentiment but then corrects due to weakened spot support and calmed sentiment. The far - month contracts are more resilient. The spot market is in a balance between shipping companies' price adjustments and supply - demand games. Some shipping companies lower short - term prices to compete for cargo volume. The market is affected by three variables: short - term rush - shipping expectations from photovoltaic export tax - rebate policy adjustments, Red Sea resumption expectations from geopolitical easing, and the differentiated economic recovery in the Eurozone [8] 3.6 Strategy - The cost - effectiveness of short - term shorting is reduced. Pay attention to shorting on rallies during the off - season [9]

Group 1: Report Information - Report title: Shipping Derivatives Data Daily [2] - Research institute: Guomao Futures Research Institute, Energy and Chemical Research Center [3] - Author: Lu Dingyi [3] - Date: January 8, 2026 [3] - Data sources: Clarksons, Wind [3] Group 2: Freight Index Data - **Shanghai Export Container Freight Index (SCFI) and related sub - indices**: - The current value of the comprehensive index SCET is 1656, with a previous value of 1553 and a growth rate of 6.66% [4]. - The current value of the China Export Container Freight Index (CCFI) is 1147, with a previous value of 1125 and a growth rate of 1.95% [4]. - SCFI - US West has a current value of 2188, a previous value of 1992, and a growth rate of 9.84% [4]. - SCFIS - US West has a current value of 1250, a previous value of 1301, and a decline rate of - 3.92% [4]. - SCFI - US East has a current value of 3033, a previous value of 2846, and a growth rate of 6.57% [4]. - SCFI - Northwest Europe has a current value of 1690, a previous value of 1533, and a growth rate of 10.24% [4]. - **One - day data of other indices**: - SCFIS - Northwest Europe has a current value of 1795, a previous value of 1742, and a growth rate of 3.04% [4]. - SCFI - Mediterranean has a current value of 3143, a previous value of 2833, and a growth rate of 10.94% [4]. Group 3: Spot Price and Market Analysis - **Market overview**: The market is in a downward trend. The current European line freight rates are in a high - level shock. The quotes of each alliance in the middle and late ten - day period are generally higher than those in the early ten - day period. The OA alliance has the highest overall freight rate level, and the individual quote increase of MSC is significant [5]. - **Freight rates of different alliances**: - GEMINI Alliance: In wk1 (12/29 - 1/4), 20GP is 1585, 40GP is 2550; in wk2 (1/5 - 1/12), the prices are the same as wk1; in wk3 (1/13 - 1/20), 20GP is 1635, 40GP is 2650, with an increase of 50 and 100 respectively compared to wk1 [5]. - OA Alliance: In wk1 (12/20 - 1/4), 20GP is 1535, 40GP is 2631; in wk2 (1/5 - 1/12), 20GP is 1824, 40GP is 3068, with a significant increase compared to wk1; in wk3 (1/13 - 1/20), the prices are the same as wk2 [5]. - PA Alliance: In wk1 (12/29 - 1/4), 20GP is 1603, 40GP is 2806; in wk2 (1/5 - 1/12), 20GP is 1645, 40GP is 2600; in wk3 (1/13 - 1/20), the prices are the same as wk2 [5]. - MSC: In wk1 (12/29 - 1/4), 20GP is 1700, 40GP is 2840; in wk2 (1/5 - 1/12), the prices are the same as wk1; in wk3 (1/13 - 1/20), 20GP is 1880, 40GP is 3140, with an increase of 180 and 300 respectively compared to wk1 [6]. - **Market logic**: The SCFIS index is reported at 1795 points, showing a relatively strong shock pattern. Its trend is mainly restricted by the expected actual freight rates of liner companies in late January. The current main contract fluctuates violently and lacks a one - way trend, with high operation difficulty. The price fluctuates around the key central level of 1800 points. The upward and downward movements are affected by the alternation of the actual index and market sentiment. The market may still be in a relatively strong shock state [6].

Core Insights - The Shanghai Export Container Freight Index (composite index) reported at 1592.59 points as of July 25, reflecting a decrease of 54.31 points compared to the previous period [1] - The China Export Container Freight Composite Index stood at 1261.35 points, showing a decline of 3.2% from the last period [1] Group 1 - The Shanghai Export Container Freight Index has experienced a notable drop, indicating potential challenges in the shipping industry [1] - The decline in the China Export Container Freight Composite Index suggests a broader trend affecting export shipping rates [1]

Core Viewpoint - The Shanghai Shipping Exchange reported a decline in the Shanghai Export Container Freight Index, indicating a downward trend in shipping rates for exports from China [1] Group 1: Shipping Index Data - As of July 18, the Shanghai Export Container Freight Index (composite index) stands at 1646.9 points, a decrease of 86.39 points compared to the previous period [1] - The China Export Container Freight Composite Index is reported at 1303.54 points, reflecting a decline of 0.8% from the last period [1]

Core Insights - The Shanghai Export Container Freight Index (composite index) reported at 1733.29 points as of July 11, reflecting a decrease of 30.2 points compared to the previous period [1] - The China Export Container Freight Index reported at 1313.7 points, showing a decline of 2.2 points from the last period [1] Group 1 - The Shanghai Export Container Freight Index indicates a downward trend in shipping costs, which may impact the profitability of shipping companies [1] - The decline in the China Export Container Freight Index suggests a broader trend affecting exporters, potentially influencing trade dynamics [1]

Core Insights - The Shanghai Export Container Freight Index has decreased by 8.08 points compared to the previous period, now standing at 1861.51 points [1] - The China Export Container Freight Index has increased by 2% compared to the previous period, currently at 1369.34 points [1] Industry Summary - The Shanghai Export Container Freight Index reflects a decline in shipping rates, indicating potential challenges in the export shipping sector [1] - The increase in the China Export Container Freight Index suggests a contrasting trend, possibly indicating stronger demand for exports or improved shipping conditions [1]

Group 1 - The Shanghai Export Container Freight Index (composite index) reported at 2088.24 points as of June 13, reflecting a decrease of 152.11 points compared to the previous period [1] - The China Export Container Freight Index reported at 1243.05 points, showing an increase of 7.6% compared to the previous period [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The EC market shows a volatile trend with near - term strength and long - term weakness [8]. - Due to the news of Sino - US tariff negotiations and the recovery of demand on the US route, airlines are trying to raise the freight rates on the European route in June. The 6 - month - end quotes from major companies indicate a willingness to increase prices [9]. - Some macro data this week show that the rush - shipping on the US route is less than expected. The change in the long - position logic of the main contract leads to a significant decline in the main - contract price, with the 6 - 8 spread and monthly spread narrowing. The price fluctuates under the influence of news about the US trade court's decision on Trump's trade policy [9]. 3. Summary by Related Catalogs 3.1 Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) has a current value of 2073, up 30.68% from the previous value; the China Export Container Freight Index (CCFI) is 1118, up 0.92%. Rates on various routes such as SCFI - US West, SCFI - US East, and SCFI - Northwest Europe have also changed significantly [5]. - **EC Contracts**: For EC contracts like EC2506, EC2508, etc., their current values, previous values, and changes are presented. For example, EC2506 has a current value of 1834.8, up 1.48% [5]. - **Contract Positions**: Positions of different EC contracts (e.g., EC2506, EC2508) and their changes are provided. For instance, the EC2506 position is currently 11037, down 1679 from the previous value [5]. - **Monthly Spread**: The current values, previous values, and changes of monthly spreads (e.g., 10 - 12, 12 - 2) are given. For example, the 10 - 12 monthly spread is currently 728.9, down 9.7 from the previous value [5]. 3.2 Trade Friction News - **Sino - US Trade**: China will reduce tariffs on US goods from 125% to 10% for 90 days, and the US will cut tariffs on Chinese goods from 145% to 30% for 190 days. However, there are signs of a resurgence of Sino - US trade frictions, and the US plans more sanctions on Chinese technology [6]. - **US - EU Trade**: The EU is "strongly regretful" about the US raising steel tariffs to 50% and is preparing "counter - measures" [7]. - **US Court Decision**: The US International Trade Court has stopped most of the tariffs imposed since Trump's second term, except for those on specific industries like automobiles, steel, and aluminum [7]. 3.3 Market Conditions - **Spot Market**: Affected by Sino - US tariff negotiations and demand recovery on the US route, airlines are trying to raise European - route freight rates in June. Quotes for late June also show an upward trend [9]. - **Futures Market**: The main - contract price shows a volatile downward trend due to the change in the long - position logic and the influence of news about the US trade court's decision on Trump's trade policy [9].

Group 1 - As of April 25, 2025, the Shanghai Export Container Freight Index reported 1347.84 points, a decrease of 22.74 points from the previous period; the China Export Container Freight Index was at 1122.40 points, reflecting a 1% increase [1] - In the Xingtai market, plans to raise coke prices have been announced, with wet quenching coke up by 50 yuan/ton and dry quenching coke up by 55 yuan/ton, effective from April 27 [1] - Vale's CFO indicated that iron ore prices are expected to stabilize around $100 per ton, but it is too early to assess the impact of trade wars on iron ore prices [1] Group 2 - Malaysia's palm oil export volume from April 1-25 reached 923,893 tons, a 14.75% increase compared to 805,130 tons in the same period last month; SGS estimates the export volume at 703,169 tons, a 3.6% increase from 678,698 tons [2] - As of April 24, methanol inventory at East China ports was 22.92 million tons, down from 29.90 million tons on April 17, a decrease of 6.98 million tons [2] - A company responded to inquiries regarding its low-cost soda ash production, stating there are no planned maintenance schedules for the Alashan natural soda project and that it has not received notifications about any price increase meetings [2]