南华期货集运周报 分航线来看，SCFI欧洲航线、美西航线和美东航线均继续下行，且降幅扩大。当周期价主要影响因素仍 为欧线现舱报价。当周主流船司9月初现舱报价转升为降，欧线现舱报价降至2500美元以下，再度带降了期货 价格的估值。 对于后市而言，可继续关注船司欧线现舱报价变动和欧线市场基本面。 —— 9月初现货报价转升为降 2025/08/24 南华研究院投资咨询业务资格：证监许可【2011】1290号 俞俊臣（Z0021065） 1. 摘要 当周期货标的现货指数上海出口结算运价指数（SCFIS）欧洲航线继续下行，美西航线再度回升。中国 出口集装箱运价指数（CCFI）、上海出口集装箱运价指数（SCFI）和宁波出口集装箱运价指数（NCFI）均 继续下降，降幅略有放宽。 当前欧线现舱报价与SCFI欧线均继续下行，期价整体维持震荡略偏下行的可能性相对较大，整体呈趋势 中继的态势，近月合约可能降至低位后出现短期回调。 2. 策略 期现（基差）策略：交易者宜暂时保持观察。 套利（跨期）策略：可暂时保持观望。 3. 盘面回顾 截至周五，除EC2508外，其余各月合约的收盘价与结算价均有所回落。其中，EC2510收盘价较前一 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The spot freight rate of the container shipping industry continues the downward trend. The Shanghai Export Containerized Freight Index (SCFIS) for European routes continued to decline, and the decline of the US West route narrowed. The China Containerized Freight Index (CCFI), Shanghai Containerized Freight Index (SCFI), and Ningbo Containerized Freight Index (NCFI) all continued to decline, but the decline converged. For the future market, attention can be paid to the changes in the current cabin quotes of shipping companies on European routes and the fundamentals of the European route market. Considering that the futures price has reached a relatively short - term low, the decline of the futures price may converge or maintain a shock [1]. - Traders are advised to temporarily observe in the spot - futures (basis) strategy and temporarily wait and see in the arbitrage (inter - period) strategy [2]. Summary by Relevant Catalogs 3.盘面回顾 (Market Review) - As of Friday, except for EC2508, the closing prices and settlement prices of other monthly contracts rebounded. Among them, the closing price of EC2510 rebounded by 0.84% from the previous week, closing at 1436.0 points; the settlement price rebounded by 1.11%, closing at 1448.0 points. The main influencing factors of the week came from the current cabin quotes of European routes and route adjustments [3]. 4.现货信息 (Spot Information) 4.1 运价 (Freight Rates) - As of August 11, the European route of the Shanghai Export Containerized Freight Settlement Index (SCFIS), the futures underlying index, continued to decline, with a month - on - month decline of 0.81% (the previous value was - 3.50%), and the decline of the freight rate on the US West route widened, with a month - on - month decline of 11.99% (the previous value was - 1.37%). As of August 15, the CCFI, SCFI, and NCFI all continued to decline, but the decline converged. In terms of different routes, the decline of North American routes narrowed, the SCFI US West route decreased by 3.51% month - on - month ( - 9.80% in the previous week), the SCFI US East route decreased by 2.61% month - on - month ( - 10.68% in the previous week), and the decline of the SCFI European route widened, with a month - on - month decline of 7.19% ( - 4.39% in the previous week) [8]. 4.2 需求面 (Demand Side) - The content mainly shows the week - on - week and year - on - year changes of the deployed capacity of different routes, as well as the latest shipping regional trade capacity and its month - on - month changes, but no specific summary data is provided [20][22][23]. 4.3 供应端 (Supply Side) - As of August 16, the idle capacity ratio of global container ships was 2.4%; the idle capacity of container ships over 17,000 TEU was 61,610 TEU, accounting for 1.3% of this type of ships; the idle capacity of container ships from 12,000 to 16,999 TEU was 109,419 TEU, accounting for 1.4% of this type of ships. The congestion index of Shanghai Port decreased by 82.1 thousand TEU from the previous week, closing at 575.3 thousand TEU; the congestion index of Rotterdam Port increased by 19.0 thousand TEU from the previous week, closing at 240.8 thousand TEU; the congestion index of Antwerp Port decreased by 13.9 thousand TEU from the previous week, closing at 84.3 thousand TEU; the congestion index of Hamburg Port increased by 10.6 thousand TEU from the previous week, closing at 113.6 thousand TEU [27][30]. 5.价差解析 (Spread Analysis) - The current Shanghai Export Containerized Freight Settlement Index (SCFIS) for European routes continued to decline, and the month - on - month decline widened to 2.71%, reporting 2235.48 points. The main contract EC2510 closed at 1408.8 points on Monday. The basis slightly narrowed from the previous week and then slightly widened. The current cabin quotes of mainstream shipping companies on European routes continued to decline, leading the trend of futures prices. As the container shipping market is about to leave the traditional peak season, the support from demand gradually decreases. Based on the current spot freight rate situation, although it has declined significantly, it still maintains a relative level, so the basis is still at a relatively high level compared with the previous period. Traders are advised to temporarily observe [35][37]. - The spreads of the inter - period contract combinations of container shipping European routes in the current week were as follows: the spread of the EC2508 - EC2510 contract combination was 710.2 points, the spread of the EC2508 - EC2512 contract combination was 320.8 points, and the spread of the EC2510 - EC2512 contract combination was - 389.4 points. Continuing the previous logic, as the 08 contract is about to enter the delivery month, the fluctuation range of the futures price has converged and is generally more stable. The 10 contract declined significantly during the week due to the further decline of the current cabin quotes and the influence of the capital side, resulting in a relatively significant increase in the spread of the EC2508 - EC2510 contract combination during the week. Traders can temporarily wait and see [38].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The spot index of the Shanghai Containerized Freight Index for European routes (SCFIS) continued to decline this week, and the decline in the US West route widened significantly. The China Containerized Freight Index (CCFI), Shanghai Containerized Freight Index (SCFI), and Ningbo Containerized Freight Index (NCFI) all continued to fall. The main influencing factors for the futures price this week were the spot cabin quotes on European routes and route adjustments. Looking ahead, one can continue to monitor the changes in spot cabin quotes on European routes by shipping companies and the fundamentals of the European route market. Given that the current spot cabin quotes on European routes and the SCFIS European route are both falling, but considering that the futures price is at a relatively short - term low, it is more likely that the decline in the futures price will converge or the price will remain volatile [1]. - Traders are advised to temporarily observe in the spot - futures (basis) strategy and remain on the sidelines in the arbitrage (inter - period) strategy [2]. Summary by Relevant Catalogs 1. Strategy - Spot - futures (basis) strategy: Traders should temporarily keep observing [2]. - Arbitrage (inter - period) strategy: Traders can temporarily remain on the sidelines [2]. 2. Market Review - As of Friday, except for EC2508, the closing prices and settlement prices of other monthly contracts rebounded. Among them, the closing price of EC2510 rebounded by 0.84% from the previous week, closing at 1436.0 points, and the settlement price rebounded by 1.11%, closing at 1448.0 points. The main influencing factors this week were the spot cabin quotes on European routes and route adjustments [3]. 3. Spot Information - Freight Rates - As of August 4, the SCFIS European route, the futures underlying index, continued to decline, with a month - on - month decline of 0.81% (previous value was - 3.50%), and the decline in the US West route widened, with a month - on - month decline of 11.99% (previous value was - 1.37%). As of August 8, the CCFI, SCFI, and NCFI all continued to fall. In terms of routes, the decline in North American routes widened. The SCFI US West route decreased by 9.80% month - on - month ( - 2.23% the previous week), the SCFI US East route decreased by 10.68% month - on - month ( - 7.46% the previous week), and the SCFI European route also saw an expanded decline, decreasing by 4.39% month - on - month ( - 1.87% the previous week) [8]. 4. Spot Information - Demand Side - Not summarized as specific demand - side data analysis is not provided in a concise form in the text. 5. Spot Information - Supply Side - As of August 8, the global container ship idle capacity ratio was 2.0%; the idle capacity of container ships over 17,000 TEU was 42,946 TEU, accounting for 0.9% of this type of ships; the idle capacity of container ships between 12,000 and 16,999 TEU was 98,873 TEU, accounting for 1.3% of this type of ships. The congestion index of Shanghai Port increased by 102.2 thousand TEU from last week, reaching 657.4 thousand TEU; the congestion index of Rotterdam Port increased by 25.5 thousand TEU, reaching 221.8 thousand TEU; the congestion index of Antwerp Port increased by 24.1 thousand TEU, reaching 98.2 thousand TEU; the congestion index of Hamburg Port increased by 6.0 thousand TEU, reaching 103.0 thousand TEU [27][30]. 6. Spread Analysis - The current SCFIS European route continued to decline, but the month - on - month decline slightly converged to 0.81%, closing at 2297.86 points. The main contract EC2510 closed at 1421.8 points on Monday, and the basis narrowed slightly compared to last week. Traders are advised to temporarily observe. The inter - period contract spread combinations of the container shipping European route this week: the spread of the EC2508 - EC2510 contract combination was 635.0 points, the spread of the EC2508 - EC2512 contract combination was 311.0 points, and the spread of the EC2510 - EC2512 contract combination was - 324.0 points. Traders can temporarily remain on the sidelines [35][37].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The shipping market is currently facing a complex situation with geopolitical conflicts, tariff uncertainties, and fluctuating freight rates. Due to the high difficulty of market gaming, it is recommended to participate with light positions or stay on the sidelines. The short - term market may rebound, and different trading strategies are proposed for different contracts, but overall, risk control through stop - loss settings is emphasized [1][4]. 3. Content Summary 3.1 Freight Rate Index - **SCFIS and NCFI**: On August 4, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2297.86 points, down 0.8% from the previous period; for the US West route, it was 1130.12 points, down 12.0%. The Ningbo Export Container Freight Index (NCFI) composite index on August 1 was 1087.66 points, down 2.06%; the European route was 1372.67 points, down 3.53%; the US West route was 1114.45 points, down 0.54% [2]. - **SCFI and CCFI**: On August 1, the Shanghai Export Container Freight Index (SCFI) composite index was 1550.74 points, down 41.85 points; the European line price was 2051 USD/TEU, down 1.86%; the US West route was 2021 USD/FEU, down 2.23%. The China Export Container Freight Index (CCFI) composite index was 1232.29 points, down 2.3%; the European route was 1789.50 points, up 0.1%; the US West route was 876.57 points, down 0.5% [2]. 3.2 PMI Data - **Eurozone**: In July, the manufacturing PMI preliminary value was 49.8 (expected 49.7, previous 49.5), the services PMI preliminary value was 51.2 (expected 50.7, previous 50.5), the composite PMI preliminary value was 51 (expected 50.8, previous 50.6), and the SENTIX investor confidence index rose to 4.5, the highest since April 2022 [2]. - **China**: The manufacturing PMI in July was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity [3]. - **US**: In July, the S&P Global manufacturing PMI preliminary value was 49.5 (expected 52.7, previous 52.9), the services PMI preliminary value was 55.2 (expected 53, previous 52.9), and the Markit composite PMI preliminary value was 54.6, the highest since December 2024 [3]. 3.3 Market Events - Trump's tariff policy: Trump continued to impose tariffs on multiple countries, mainly in Southeast Asia, hitting re - export trade. The tariff negotiation date was postponed to August 1. Some shipping companies announced freight rate increases, and the spot market had a small price increase to test the market, leading to a slight rebound in the futures market [4]. - Geopolitical events: On August 3, the Yemeni Houthi armed forces launched three "special military operations" against Israeli military targets and a port. Israel's national security minister entered the Al - Aqsa Mosque area, which was condemned by Palestine, Saudi Arabia, and Jordan [4]. 3.4 Trading Strategies - **Short - term strategy**: The short - term market may rebound. Risk - takers are advised to go long lightly below 1300 for the 2510 contract and take partial profits when there is a profit margin of over 300 points. For the EC2512 contract, it is recommended to go short lightly and take profits. Attention should be paid to subsequent market trends, and no position - holding against losses is recommended, with stop - losses set [4]. - **Arbitrage strategy**: In the context of international situation turmoil, the market is mainly in a positive spread structure with large fluctuations. It is recommended to stay on the sidelines or try lightly with a small position [4]. - **Long - term strategy**: For all contracts, it is recommended to take profits when the price rises and wait for the price to stabilize after a pull - back before making further decisions [4]. 3.5 Contract Information - On August 4, the main contract 2510 closed at 1421.8, down 0.72%, with a trading volume of 3.03 million lots and an open interest of 5.11 million lots, a decrease of 1323 lots from the previous day [4]. - The daily limit for contracts from 2508 to 2606 was adjusted to 18%, the company's margin was adjusted to 28%, and the daily opening limit for all contracts from 2508 to 2606 was set at 100 lots [4].

Report Overview - Report Date: July 22, 2025 [1] - Report Type: Container Shipping Daily Report - Research Group: Shipping Research Team 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - SCFIS is stabilizing, with the main contract rising and then falling, and the near - month contract continuing to repair the basis. If there is a callback today, consider adding positions [2]. - Amid geopolitical conflicts and tariff uncertainties, the game is difficult, and it is recommended to participate with a light position or wait and see [5]. - The short - term market may mainly rebound, and different strategies are proposed for different contracts [6]. 3. Summary by Relevant Content 3.1 Shipping Indexes - On July 21, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2400.50 points, down 0.9% from the previous period; for the US West route, it was 1301.81 points, up 2.8% [3]. - The Ningbo Export Container Freight Index (NCFI) on July 18: the composite index was 1147.96 points, down 5.75%; the European route was 1440.25 points, up 0.35%; the US West route was 1181.87 points, down 0.40% [3]. - The Shanghai Export Container Freight Index (SCFI) on July 21: the composite index was 1646.90 points, down 86.39 points; the European line price was 2079 USD/TEU, down 1.00%; the US West route was 2142 USD/FEU, down 2.4% [3]. - The China Export Container Freight Index (CCFI) on July 18: the composite index was 1303.54 points, down 0.8%; the European route was 1803.42 points, up 4.5%; the US West route was 941.65 points, down 8.4% [3] 3.2 Economic Data - Eurozone's June manufacturing PMI preliminary value was 49.4, service PMI was 50 (2 - month high), and composite PMI was 50.2. The Sentix investor confidence index was 0.2 [3]. - China's Caixin manufacturing PMI in June was 50.4, up 2.1 points from May [3]. - US June Markit manufacturing PMI preliminary value was 52, service PMI was 53.1 (2 - month low), and composite PMI was 52.8 (2 - month low) [3] 3.3 Market Situation - Trump continued to impose tariffs on multiple countries, mainly in Southeast Asia, hitting re - export trade. Some shipping companies announced price increases. The tariff negotiation date was postponed to August 1. The spot market price range was set, with small price increases to test the market, and the market rebounded slightly [5]. - On July 21, the main contract 2510 closed at 1592.7, down 2.35%, with a trading volume of 69,300 lots and an open interest of 51,200 lots, a decrease of 186 lots from the previous day [5]. 3.4 Strategies - Short - term strategy: The short - term market may rebound. Risk - takers are advised to go long on the 2510 contract below 1300 (already with a profit margin of over 300). If it continues to decline today, consider adding positions. Consider shorting the EC2512 contract above 1950 [6]. - Arbitrage strategy: In the context of international situation instability, with a positive spread structure and large fluctuations, it is recommended to wait and see or try with a light position [6]. - Long - term strategy: It is recommended to take profits when each contract rises, wait for the market to stabilize after a decline, and then judge the subsequent direction [6]. 3.5 Policy Adjustments - The daily price limit for contracts 2508 - 2606 is adjusted to 18% [6]. - The company's margin for contracts 2508 - 2606 is adjusted to 28% [6]. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [6] 3.6 Geopolitical News - A new round of Gaza cease - fire negotiations in Doha is expected to reach an agreement within two weeks, and all parties are cautiously optimistic [7]. - Iran's Foreign Minister Alaqqi wrote to the UN Security Council and the Secretary - General regarding the UK, France, and Germany's threat to activate "rapid - restoration sanctions", stating that their actions are invalid [7]

Core Insights - The overall shipping rates along the Maritime Silk Road have shown a slowdown, with the Ningbo Container Freight Index (NCFI) reporting a decrease of 7.9% this week, closing at 1536.8 points [1] Shipping Rates Summary - Among the 21 shipping routes, 7 routes saw an increase in freight index, while 13 routes experienced a decline, and 1 route remained stable [1] - In major ports along the Maritime Silk Road, 6 ports reported an increase in freight index, while 10 ports saw a decrease [1] Regional Freight Index Performance - The European route freight index increased to 1307.9 points, up by 16.4% compared to last week [1] - The East Asia route freight index decreased to 1488.8 points, down by 6.0% [1] - The West Asia route freight index fell to 1890.7 points, down by 7.3% [1] - The East Coast of the U.S. route freight index decreased to 2403.3 points, down by 3.4% [1] - The West Coast of the U.S. route freight index saw a significant drop to 2231.0 points, down by 31.5% [1]

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The core logic for this year lies in the direction of international tariff policies. In April, the US may introduce tariff policy changes for countries such as Canada, Mexico, and Europe, adding uncertainty to future shipping trends. Attention should be paid to the price war between MSK and MSC in Q2 and the feedback of terminal demand under aggressive tariff policies [3]. - The spot freight rate continues to decline, with short - term external policies being unstable and difficult to operate. It is recommended to focus on medium - to long - term operations for each contract. In the context of tariff issues, the reverse arbitrage structure can be considered, but the window period is short and the volatility is high. Risk - preferring investors can try to go long lightly when the 2508 contract falls below 1600 points and the 2510 contract falls below 1200 points, and set stop - losses [3][4]. 3. Summary by Relevant Catalogs 3.1 Freight Index - On April 28, the Ningbo Containerized Freight Index (NCFI) (composite index) was 908.48 points, down 1.39% from the previous period; the Shanghai Containerized Freight Settlement Index (SCFIS) (European route) was 1429.39 points, down 5.2%; the NCFI (European route) was 796.14 points, down 5.19%; the SCFIS (US West route) was 1368.41 points, down 10.1%; the NCFI (US West route) was 1235.01 points, up 1.53% [1]. - On April 25, the Shanghai Containerized Freight Index (SCFI) was 1347.84 points, down 22.74 points from the previous period; the China Containerized Freight Index (CCFI) (composite index) was 1122.40 points, up 1.0%; the SCFI European route price was 1260 USD/TEU, down 4.26%; the CCFI (European route) was 1499.50 points, up 0.9%; the SCFI US West route was 2141 USD/FEU, up 1.81%; the CCFI (US West route) was 823.14 points, up 1.4% [1]. 3.2 Economic Data - Eurozone's April manufacturing PMI was 48.7 (expected 47.5), services PMI was 49.7 (expected 50.5), and composite PMI was 50.1 (expected 50.3, previous value 50.9). The April Sentix investor confidence index was - 19.5 (expected - 10, previous value - 2.9) [1]. - China's February manufacturing PMI was 50.5%, up 0.3 percentage points from the previous month, and the March Caixin China manufacturing PMI was 51.2, up 0.4 percentage points from the previous month, reaching a four - month high [1]. - The US April S&P Global manufacturing PMI was 50.7 (expected 49.1, March final value 50.2), services PMI was 51.4 (expected 52.8, March final value 54.4), and composite PMI was 51.2 (expected 52.2, March final value 53.5) [2]. 3.3 Market Conditions - On April 29, the main contract 2506 closed at 1275.6, down 7.83%, with a trading volume of 54,900 lots and an open interest of 37,600 lots, a decrease of 2001 lots from the previous day [3]. - The spot freight rate maintains a downward trend. Under the game between long and short positions, short - selling sentiment slightly prevails, and the market fluctuates at a low level [3]. 3.4 Policy and Geopolitical Events - In April, the US may introduce tariff policy changes for countries such as Canada, Mexico, and Europe, and retaliatory tariffs are added to the negotiation means, increasing uncertainty to future shipping trends [3]. - On April 28, the US Treasury's Office of Foreign Assets Control (OFAC) announced sanctions on three ships and their owners supporting the Houthi armed forces in Yemen [5]. 3.5 Strategy Suggestions - Short - term strategy: Due to the unstable external policies in the short term, it is difficult to operate. It is recommended to focus on medium - to long - term operations for each contract [4]. - Arbitrage strategy: In the context of tariff issues, the reverse arbitrage structure can be considered, but the window period is short and the volatility is high [4]. - Long - term strategy: Risk - preferring investors can try to go long lightly when the 2508 contract falls below 1600 points and the 2510 contract falls below 1200 points, and set stop - losses [4]. 3.6 Contract Adjustments - The daily price limit for contracts from 2504 to 2602 is adjusted to 19% [4]. - The margin for contracts from 2504 to 2602 is adjusted to 29% [4]. - The daily opening limit for all contracts from 2504 to 2602 is 100 lots [4]. 3.7 Marine Economy - In Q1, the initial total marine production value was 2.5 trillion yuan, a year - on - year increase of 5.7%, 0.3 percentage points higher than the GDP growth rate [5].