Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market is pessimistic about the future freight rate height. Afternoon trading was affected by the news that the Houthi armed forces announced a halt to attacks on Red Sea merchant ships, strengthening the expectation of far - month resumption of navigation, causing a plunge in EC futures [6]. - The spot freight rate is basically in line with expectations. Although the resumption of navigation expectation has strengthened, it is still difficult to achieve large - scale resumption of navigation in the short term [6]. - In the second half of November, the upward momentum of freight rates weakens, and the freight rate height in December may be limited. Attention should be paid to the price adjustment actions of other shipping companies [7]. 3. Summary by Relevant Catalogs Market Analysis and Strategy Recommendation - **Market Performance**: On November 12, EC2512 closed at 1749.4 points, up 0.19% from the previous day's closing price. On November 7, the SCFI European line was reported at $1323/TEU, a month - on - month decrease of 1.6%. The latest SCFIS European line reported after Monday's trading was 1504.8 points, a month - on - month increase of 24.5% [4][6]. - **Logic Analysis**: Shipping companies' long - term contract cargo has improved, but the upward momentum in the second half of November is weakening. MSK's Shanghai - Rotterdam quote for Week 48 decreased by $250 compared with last week. The freight rate in December may be limited. Attention should be paid to the price adjustment actions of other shipping companies. The demand from November to December is expected to gradually improve, and the current supply of shipping capacity in December is relatively sufficient, but there is still an expectation of price support [7]. - **Trading Strategy**: For the EC2602 contract, it is recommended to go long at low prices with a light position, and be vigilant against the risk of resumption of navigation. For arbitrage, it is recommended to wait and see [8][9]. Industry News - On November 11, COSCO Shipping Specialized Transport Co., Ltd. launched three liner series products, including Southeast Asia heavy - lift liner, Northwest Europe liner, and Persian Gulf liner routes [9]. - The US envoy Kushner discussed the second - phase peace agreement for Gaza with Israeli Prime Minister Netanyahu [10]. - The US military is studying the establishment of a temporary base near the Gaza Strip to accommodate 10,000 people to supervise the cease - fire between Israel and Hamas [10]. Data Presentation - **Futures Disk**: The closing prices, price changes, price change percentages, trading volumes, trading volume change percentages, open interests, and open interest change percentages of different EC futures contracts on November 12 are presented. The price differences and their changes between different contracts are also shown [4]. - **Container Freight Rates**: The weekly container freight rates, month - on - month changes, and year - on - year changes of various routes are provided, including the SCFIS European line, SCFIS US West line, and various SCFI routes [4]. - **Fuel Costs**: The prices, month - on - month changes, and year - on - year changes of WTI crude oil and Brent crude oil near - month contracts are given [4].

Core Viewpoint - COSCO Shipping Specialized Carriers Co., Ltd. launched three new liner services, enhancing its role in connecting China with key regions along the Belt and Road Initiative [1] Group 1: New Services - The new services include Southeast Asia Heavy Lift Liner, Persian Gulf Liner, and Northwest Europe Liner, aimed at meeting diverse market demands [1] - The Southeast Asia Heavy Lift Liner operates bi-weekly, utilizing a fleet of specialized heavy lift vessels with a capacity of 700 tons, transporting large cargo such as wind power equipment and high-speed trains [1] - The Persian Gulf Liner offers a "two-class+" service monthly, reaching core ports in about 20 days, providing door-to-door service for renewable energy equipment [1] - The Northwest Europe Liner establishes a bi-weekly two-way fast channel, achieving direct access between the Far East and Northwest Europe in 35 days, carrying goods like steel, new energy vehicles, and pulp [1] Group 2: Strategic Partnerships - The launch of new routes will further solidify Suzhou Port's position as a crucial hub in the domestic and international dual circulation [1] - COSCO Shipping Specialized Carriers signed strategic cooperation agreements with relevant terminals in Suzhou Port and with the European Business Investment Association in the Taicang High-tech Industrial Development Zone and Shagang Logistics [1]