国贸期货研究院 能源化工研究中心 卢钉毅 数据来源：Clarksons、Wind 投资咨询号: Z0021177 从业资格号: F03101843 2026/1/5 | | 运价指数 | 上海出口集装箱运价 | 中国出口集装箱运价 | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 综合指数SCFI | 指数CCFI | | | | | | 葉 | 现值 | 1656 | 1147 | 2188 | 962 | 3033 | 1690 | | | 前值 | 1553 | 1125 | 1992 | 924 | 2846 | 1533 | | 运 | 涨跌幅 | 6.66% | 1.95% | 9.84% | 4.11% | 6.57% | 10.24% | | F | | | | | | | | | TE | | SCFIS-西北欧 | SCFI-地中海 | | | | | | 数 | | | | | | | | | | 现值 | 1589 | 3143 | | ...

投资咨询业务资格：证监许可【2012】31号 IICERE 航运衍生品数据日报 | | | | 国贸期货研究院 能源化工研究中心 | | 投资咨询号: Z0021177 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 卢钊毅 | | 从业资格号:F03101843 | | 2025/12/29 | | | | | 数据来源：Clarksons、Wind | | | | | | | 运价指数 | 上海出口集装箱运价 综合指数SCFI | 中国出口集装箱运价 指数CCFI | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | | 现值 | 1656 | 1147 | 2188 | 962 | 3033 | 1690 | | == Alle | | | | | | | | | | 前值 | 1553 | 1125 | 1992 | 924 | 2846 | 1533 | | 运 | 涨跌幅 | 6.66% | 1.95% | 9.84% | 4.11% | 6.57% | 10.24% | | றா ...

投资咨询业务资格：证监许可【2012】31号 II GER期货 航运衍生品数据日报 | | | | 国贸期货研究院 能源化工研究中心 卢钊毅 数据来源：Clarksons、Wind | | 投资咨询号： Z0021177 从业资格号:F03101843 | | 2025/12/19 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 运价指数 | 上海出口集装箱运价 综合指数SCFI | 中国出口集装箱运价 指数CCFI | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | E | 现值 | 1506 | 1118 | 1780 | 924 | 2652 | 1538 | | | 前值 | 1398 | 1115 | 1550 | 960 | 2315 | 1400 | | 运 | 涨跌幅 | 7.79% | 0.29% | 14.84% | -3.75% | 14.56% | 9.86% | | 指 | | SCFIS-西北欧 | SCFI-地中海 | | | | | | 数 | 现值 | 1510 | 273 ...

策略:逢高小仓位试空02合约。 投资咨询业务资格：证监许可【2012】31号 II GER期货 航运衍生品数据日报 | | | | 卢钊毅 | 国贸期货研究院 能源化工研究中心 | 从业资格号:F03101843 | 投资咨询号: Z0021177 | 2025/12/18 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 数据来源：Clarksons、Wind | | | | | | | 运价指数 | 上海出口集装箱运价 综合指数SCFI | 中国出口集装箱运价 指数CCFI | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | | 现值 | | | | | | | | E | | 1506 | 1118 | 1780 | 924 | 2652 | 1538 | | CALL | 前值 | 1398 | 1115 | 1550 | 960 | 2315 | 1400 | | 运 | 涨跌幅 | 7.79% | 0.29% | 14.84% | -3.75% | 14.56% | 9.86% | | 指 ...

Report Summary 1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The spot freight rate of the European route has increased, with the freight rate center in late December rising by over $200 compared to early December. The leading shipping companies' price - holding actions have strengthened market confidence. The supply - demand situation shows that the seasonal stocking in Europe has increased the cargo volume and the shipping companies' loading rate. The weekly average capacity of the European route has shrunk in late December, and the effective supply is not overly loose. The resumption of shipping in the Red Sea has made limited progress, and the previous extremely pessimistic expectations in the market are gradually being revised, driving the market to fluctuate upwards. However, the strategy suggests short - selling the 02 contract with a small position at high prices. [9][10] 3. Summary by Relevant Catalogs Shipping Freight Index - The current values of Shanghai Export Container Freight Composite Index (SCFI), China Export Container Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1506, 1118, 1780, 924, 2652, 1538, 1510, and 2737 respectively. The corresponding previous values are 1398, 1115, 1550, 960, 2315, 1400, 1509, and 2300, with the respective growth rates being 7.79%, 0.29%, 14.84%, - 3.75%, 14.56%, 9.86%, 0.07%, and 19.00%. [5] Shipping Derivative Contracts - For contracts EC2506, EC2608, EC2610, EC2512, EC2602, and EC2604, the current values are 1290.0, 1462.4, 1041.2, 1631.5, 1686.8, and 1112.7 respectively. The previous values are 1306.7, 1479.9, 1053.8, 1649.8, 1746.0, and 1149.7, with the growth rates of - 1.28%, - 1.18%, - 1.20%, - 1.11%, - 3.39%, and - 3.22%. [5] Shipping Contract Positions - The current positions of EC2606, EC2608, EC2610, EC2512, EC2602, and EC2604 are 2305, 1351, 4711, 2566, 32483, and 19928 respectively. The previous positions are 2335, 1441, 4739, 2724, 33065, and 19657, with the changes of - 30, - 90, - 28, - 158, - 582, and 271. [5] Shipping Contract Month - to - Month Differences - The month - to - month differences of 12 - 02, 12 - 04, and 02 - 04 are currently - 55.3, 518.8, and 574.1 respectively. The previous values are - 96.2, 500.1, and 596.3, with the changes of 40.9, 18.7, and - 22.2. [5] Market News and Trends - CMA CGM has announced that its INDAMEX route will use the Suez Canal for both forward and return voyages between India/Pakistan and the US East Coast, which is seen as a significant step in the large - scale return of container ships to the Red Sea route. The traffic through the Bab el - Mandeb Strait has reached the highest level since January 2024. The FEWB route in December has a low blank sailing rate of 0.9% and reduced capacity due to ship maintenance. Ports in Northern Europe and the Mediterranean are congested, and strong e - commerce demand supports freight rates. The TAWB route has serious congestion in Nordic and Mediterranean ports due to labor disputes, and there is a shortage of containers and trailers in many European countries. [6] EC Market Review - The EC market is in a downward trend. The spot prices in early December from MSK, HPL, OOCL, CMA, EM3, QNE, and MSC are $2500, $2350, $2300, $350, $3100, $2450, and $2450 respectively. In late December, the prices from MSK, HPL, and CMA are $2400, $2050, and $350. MSK plans to raise the price to $3500 in January. [7] Market Logic and Strategy - In the spot market, the PA alliance's low - price cargo collection in the early stage led to a large number of "rolled cargoes". The blank sailing on the FE3 route in week 51 alleviated the cargo - collection pressure, and the freight rate stabilized at $2400. The leading shipping companies' price - holding actions have strengthened market confidence. In terms of supply and demand, the seasonal stocking in Europe has increased the cargo volume, and the shipping companies' loading rate has improved. The weekly average capacity of the European route has shrunk in late December, and the effective supply is not overly loose. The resumption of shipping in the Red Sea has made limited progress, and the previous extremely pessimistic expectations in the market are gradually being revised. The strategy is to short - sell the 02 contract with a small position at high prices. [9][10]

投资咨询业务资格：证监许可【2012】31号 IICER期货 航运衍生品数据日报 | | | | | 国贸期货研究院 能源化工研究中心 卢钊毅 | 投资咨询号： Z0021177 | | 2025/12/15 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 数据来源：Clarksons、Wind | 从业资格号:F03101843 | | | | | 运价指数 | 上海出口集装箱运价 综合指数SCFI | 中国出口集装箱运价 指数CCFI | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | EE | 现值 | 1506 | 1118 | 1780 | 960 | 2652 | 1538 | | S | 前值 | 1398 | 1112 | 1550 | ਰੇ ਕੇ ਰੇ | 2315 | 1400 | | 运 | 涨跌幅 | 7.79% | 0.29% | 14.84% | 1.18% | 14.56% | 9.86% | | 情 | | SCFIS-西北欧 | SCFI-地中海 | | | | ...

Group 1: Report Overview - Report Title: Shipping Derivatives Data Daily Report [4] - Research Institution: Guomao Futures Research Institute, Energy and Chemical Research Center [5] - Date: November 20, 2025 [5] Group 2: Shipping Index Data Spot Freight Index - **Shanghai Containerized Freight Index (SCFI)**: Current value is 1451, down 2.92% from the previous value of 1495 [5] - **China Containerized Freight Index (CCFI)**: Current value is 1094, up 3.39% from the previous value of 1058 [5] - **SCFI - US West Coast**: Current value is 1823, down 17.59% from the previous value of 2212 [5] - **SCFIS - US West Coast**: Current value is 1238, down 6.85% from the previous value of 1329 [5] - **SCFI - US East Coast**: Current value is 2600, down 8.71% from the previous value of 2848 [5] - **SCFI - Northwest Europe**: Current value is 1417, up 7.11% from the previous value of 1323 [5] - **SCFIS - Northwest Europe**: Current value is 1357, down 9.77% from the previous value of 1504 [5] - **SCFI - Mediterranean**: Current value is 2029, unchanged from the previous value [5] Futures Contract Data - **Contract Prices**: EC2506 at 1382.0 (down 0.22%), EC2608 at 1490.1 (down 1.29%), EC2610 at 1110.0 (down 0.18%), EC2512 at 1763.3 (down 0.35%), EC2602 at 1640.1 (down 2.26%), EC2604 at 1162.7 (down 1.43%) [5] - **Contract Positions**: EC2606 at 1582 (down 3), EC2608 at 1212, EC2610 at 2520, EC2512 at 9568 (down 864), EC2602 at 40244 (up 1384), EC2604 at 15944 (down 201) [5] - **Monthly Spreads**: 12 - 02 at 123.2 (up 31.8), 12 - 04 at 600.6 (up 10.7), 02 - 04 at 477.4 (down 21.1) [5] Group 3: Market News and Events - **Holiday Arrangement**: The last trading Monday in February 2026 for container shipping index (European line) futures EC2602 is February 9 [6][8] - **Geopolitical Event**: Iran carried out a maritime attack near the Oman Gulf targeting Israel [6] - **Shipping Route Change**: CMA CGM JULES VERNE/ MEX1 is directly passing through the Red Sea/Suez Canal instead of rounding the Cape of Good Hope as scheduled [6] Group 4: Spot Price and Market Logic - **Spot Prices**: In late November, NSK quoted 2020, HPL 2850, 00CL 2300, CMA 3150, MSC 2350, HML 2500, YML 2550, ONE 2650; in early December, MSK quoted 3200, HPL 3250, ONE 2450 (MSK's final December quote was 2500) [7] - **Market Logic**: There are still expected 1 - 2 rounds of price increases during the peak season. The price increases in early December conflict with the price differentiation in late November. The loading situation in November needs to be monitored to see if it can support the December price hikes. The timing and magnitude of the peak price in December are uncertain [7] Group 5: Contract Adjustment and Strategy - **Contract Adjustment**: The final trading day of the container shipping index (European line) futures EC2602 is February 9, 2026. The delivery settlement price is now calculated based on the weighted average of the underlying index prices on January 26, February 2, and February 9, 2026, instead of February 9, 16, and 23. This adjustment is favorable for the EC2602 contract, but investors should avoid chasing high prices [8] - **Investment Strategy**: Adopt a wait - and - see approach as the EC2512 contract is gradually losing trading value [9]

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints - The shipping market in 2026 will see the market balance shift towards shippers due to intensified supply - demand imbalance, with continuous decline in freight rates and key opportunities in supply chain optimization and data - based procurement [5]. - In November, shipping capacity has recovered, with available capacity on US gateway routes increasing by 10 - 15% compared to before. The overall TPBB route capacity is expected to fluctuate between 83% - 88%. Market demand in November remains healthy after the pre - peak season booking rush [5]. - The EC market is in a weak oscillation mainly because MSK's late - November quotes are significantly lower than other airlines. Short - term macro - level positives, capacity control, and multiple rounds of price - support expectations will still support the market. Before the peak - season expectations are falsified, the main contracts are likely to maintain a relatively strong oscillation, but the market has already factored in a certain premium [6]. 3. Summary by Relevant Catalogs Shipping Freight Index - **Spot Freight Index**: The Shanghai Export Container Freight Composite Index (SCFI) is currently at 1495, down 3.59% from the previous value; the China Export Container Freight Index (CCFI) is at 1058, up 3.60%. Different regional routes show varying trends, such as SCFI - US West down 16.43%, SCFIS - US West up 9.12%, etc [3][4]. - **Contract Index**: For contracts like EC2506, EC2608, etc., their current values, previous values, and corresponding percentage changes are provided. For example, EC2506 is currently at 1376.1, down 2.69% [4]. - **Contract Positions**: Information on contract positions such as EC2606, EC2608, etc., including current positions, previous positions, and changes in positions is given. For example, the current position of EC2606 is 1452, a decrease of 3 from the previous value [4]. - **Monthly Spread**: The current monthly spreads for 12 - 02, 12 - 04, and 02 - 04 are 220.0, 647.4, and 427.4 respectively, with corresponding changes compared to the previous values [4]. Market News and Analysis - CMA states that no route can replace the Suez Canal, will continue to operate through it, and expects to increase voyages via the canal in the future [5]. - Maersk starts to focus on price competition and a strategy of service premium from Q8 [5]. - Maersk's CEO Vincent is optimistic about returning to the Red Sea and mentions that the supply chain will fundamentally change due to Trump's tariffs [5]. Market Outlook and Strategy - The short - term market is supported by macro - level positives, capacity control, and price - support expectations. It is recommended to buy on dips for the main contracts, while closely monitoring suspension of voyages and airlines' loading rates [6]. - The recommended strategy is to wait and see [7].

Report Industry Investment Rating - Not provided Core Viewpoints - The EC market is in a downward trend mainly due to some airlines starting to lower quotes for the first ten days of November. The European line is in the regular year - end price - holding stage, with the first attempt in late October showing initial results in stopping the decline, and it has entered the second round in early November. Future price - holding attempts are expected in the next two months. The strategy is to wait and see, and future attention should be paid to changes in Sino - US relations, end - of - month loading conditions, and empty flights in November [5][6] Summary by Relevant Information Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) has a current value of 1403, a previous value of 1310, and a change of 7.11%. For different routes, SCFI - US West has a current value of 2153, a change of 11.21%; SCFIS - US West has a current value of 1107, a change of 28.42%; SCFI - US East has a current value of 3032, a change of 6.27%; SCFI - Northwest Europe has a current value of 1246, a change of 8.82%; SCFIS - Northwest Europe has a current value of 1312, a change of 15.09%; SCFI - Mediterranean has a current value of 1746, a change of 8.25%. The China Export Container Freight Index (CCFI) has a previous value of 973, with a change of - 100.00% [3] - **Contracts**: For contracts like EC2506, EC2608, etc., most show a downward trend in price. For example, EC2506 has a current value of 1387.1, a previous value of 1397.9, and a change of - 0.77% [3] - **Positions**: There are changes in positions for different contracts. For example, EC2606 position has a current value of 1371, a previous value of 1377, and a change of (6) [3] - **Monthly Spreads**: The 10 - 12 monthly spread has a current value of - 644.1, a previous value of - 693.2, and a change of 49.1; the 12 - 2 monthly spread has a current value of 203.4, a previous value of 230.0, and a change of (26.6); the 12 - 4 monthly spread has a current value of 596.2, a previous value of 651.4, and a change of (55.2) [3] Market News - The US Treasury Secretary Scott Bessent said he reached a "very substantial framework agreement" with Chinese Vice - Premier He Lifeng, which will avoid 100% US tariffs on Chinese products and extend China's rare - earth export controls. US President Donald Trump is confident of reaching an agreement with Chinese leaders after the Sino - US high - level economic officials' trade consultations [4] - CMA CGM, Maersk, and Mediterranean Shipping have started to re - flag some ships to India. India's shipping policies attract shipping orders and ship registrations, while the US's shipping revitalization in 2025 has weaker results [4] - The Suez Canal Authority expects its 2026 revenue to reach about $8 billion, up from the current about $4 billion as the regional situation stabilizes and ship traffic returns to pre - crisis levels [4] - The US and Vietnam have agreed to establish a "reciprocal, fair, and balanced trade framework agreement" to strengthen bilateral economic relations and provide market access for exporters [4] EC Market - **Spot Prices**: In late October, Maersk quoted 1800 - 1900, HPL quoted 1900, 00CL quoted 2600, etc. In early November, ISK quoted 2400, HPL quoted 2500, etc., with some prices showing changes [5] - **Strategy**: The recommended strategy is to wait and see [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The shipping derivatives market shows a mixed performance with some indices rising and others falling. The EC market is generally on the rise. For the spot market, the European routes are in the year - end price - holding stage, and the first round of price - holding in late October has initially stopped the decline, and now it has entered the second round in early November. The strategy is to wait and see as the short - term peak - season price increase cannot be disproven, and the market is in a strong - biased oscillation [3][4][5] 3. Summary by Related Catalogs Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Composite Index (SCFI) is at 1310, up 12.92% from the previous value; the China Export Container Freight Index (CCFI) is at 973, down 4.11%. SCFI - West US is up 31.88% to 1936, SCFIS - West US is down 1.60% to 862, SCFI - East US is up 16.35% to 2853, SCFI - Northwest Europe is up 7.21% to 1145, SCFIS - Northwest Europe is down 1.43% to 1031, and SCFI - Mediterranean is up 3.53% to 1613 [4] - **Contract Data**: For contracts such as EC2506, EC2608, etc., the changes are as follows: EC2506 is at 1353.3, down 0.57%; EC2608 is at 1474.8, down 0.55%; EC2510 is at 1136.6, up 0.14%; EC2512 is at 1788.3, up 1.07%; EC5602 is at 1582.9, up 0.95%; EC2604 is at 1171.4, up 0.65% [4] - **Position Data**: EC2606 position is 1399, down 23; EC2608 position is 1184; EC2410 position is 5583, down 789; EC2412 position is 29008, up 574; EC2602 position is 10664, up 431; EC2604 position is 14317, up 13 [4] - **Monthly Spread**: The 10 - 12 monthly spread is - 651.7, down 17.4; the 12 - 2 monthly spread is 205.4, up 4.1; the 12 - 4 monthly spread is 616.9, up 11.4 [4] Market News - Shipping companies are delaying their return to the Red Sea route. The resumption of the Suez Canal route is unlikely to be rapid in the short term due to factors such as complex route network adjustment, security risks in the Red Sea, and potential port congestion [4] - Egypt claims to have lost over $9 billion due to Houthi attacks on Red Sea shipping [4] - The US may soon announce a tariff exemption list, and intense lobbying is expected [4] - The US Treasury Secretary plans to meet with China's Vice - Premier He Lifeng to prevent further escalation of Sino - US tariffs [4] - A White House envoy will go to the Middle East to promote the implementation of the Gaza agreement [4] - China's Minister Wang Wentao and the EU's Trade and Economic Security Commissioner held a video meeting and agreed to hold an "upgraded" China - EU export control dialogue mechanism meeting [4] Spot Market - In late October, Maersk quoted 1800 - 1900, HPL quoted 1900, CMA quoted 2100, etc. In early November, HPL quoted 2500, CMR quoted 2800, etc. The current sanctions have little impact on European routes, which are in the year - end price - holding stage. The first round of price - holding in late October has initially stopped the decline, and now it has entered the second round in early November [5] Strategy - The strategy is to wait and see as the short - term peak - season price increase cannot be disproven, and the market is in a strong - biased oscillation [6]