Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The Red Sea crisis has officially ended after two years, and the market balance will shift to shippers in 2026 with supply - demand imbalance intensifying and freight rates falling [6]. - Maersk's twin - star advantage shows with annual cost savings of $7.2 - 9.5 billion and a punctuality rate of over 90%, enabling a strategic position for price war and service premium [6]. - In November, shipping capacity has recovered, with available capacity on US gateway routes increasing by 10 - 15%, and overall TPBB route capacity expected to fluctuate between 83% - 88% [6]. - The EC market shows a pattern of near - term strength and far - term weakness, affected by factors such as 02 contract delivery time changes and Maersk's open - cabin price reduction, as well as the end of the Red Sea armed attacks [7]. - Spot prices show obvious differentiation. Key influencing factors include peak - season demand fulfillment, shipping company strategies, and geopolitical and long - term agreement variables. In the short term, the market is likely to maintain a strong - side shock, and it is recommended to buy on dips for the main contract [8]. 3. Summary by Relevant Catalogs Shipping Freight Index - **SCFI**: The current value is 1495, down 3.59% from the previous value of 1551 [4]. - **CCFI**: The current value is 1058, up 3.60% from the previous value of 1021 [4]. - **SCFI - related routes**: SCFI - US West is 2212, down 16.43%; SCFIS - US West is 1329, up 10.02%; SCFI - US East is 2848, down 17.16%; SCFI - Northwest Europe is 1323, down 1.56%; SCFIS - Northwest Europe is 1504, up 24.50%; SCFI - Mediterranean is 2029, up 2.32% [4]. Shipping Derivative Contracts - **Contract Prices**: For contracts like EC2506, EC2608, etc., price changes range from - 4.72% to 0.19% [4][5]. - **Contract Positions**: Positions for contracts such as EC2606, EC2608, etc., have different changes, with some increasing and some decreasing [5]. - **Monthly Spreads**: The 12 - 02 monthly spread is 112.8, up 57.2 from the previous value; the 12 - 04 spread is 577.4, up 19.1; the 02 - 04 spread is 464.6, down 38.1 [5]. Market Strategy - The recommended strategy is to wait and see [9].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - In 2026, the market balance will shift towards shippers, with freight rates continuously falling, and supply chain optimization and data - driven procurement becoming key opportunities [6] - In November, the market demand remains healthy despite the end of the pre - peak season booking rush, and the available capacity on US gateway routes has increased by 10 - 15%. The overall TPBB route capacity is expected to fluctuate between 83% - 88% [6] - The spot prices of different airlines show obvious differentiation, and the key influencing factors for the market are the fulfillment of peak - season demand, the sustainability of airline strategies, and geopolitical and long - term agreement variables [8] - In the short term, macro - level positives, capacity control, and multiple 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 [8] 3. Summary by Related Catalogs 3.1 Shipping Freight Index - The current value of the Shanghai Export Container Freight Composite Index (SCFI) is 1495, with a decline of 3.59% compared to the previous value; the China Export Container Freight Index (CCFI) is 1058, with an increase of 3.60% [4] - Among different routes, SCFI - US West decreased by 16.43%, SCFIS - US West increased by 10.02%, SCFI - US East decreased by 17.16%, SCFI - Northwest Europe decreased by 1.56%, SCFIS - Northwest Europe increased by 24.50%, and SCFI - Mediterranean increased by 2.32% [4] 3.2 Shipping Derivative Contracts - Contract prices show differentiation. For example, the EC2506 contract increased by 2.06%, the EC2608 contract increased by 3.33%, the EC2610 contract increased by 0.30%, the EC2512 contract decreased by 1.81%, the EC2602 contract increased by 5.33%, and the EC2604 contract increased by 1.86% [5] - Contract positions also changed. For example, the EC2606 position decreased by 23, the EC2608 position decreased by 73, the EC2610 position increased by 122, the EC2512 position decreased by 1475, the EC2602 position increased by 4654, and the EC2604 position increased by 279 [5] - The monthly spreads also changed. The 12 - 02 monthly spread decreased by 117.7, the 12 - 04 monthly spread decreased by 53.8, and the 02 - 04 monthly spread increased by 63.9 [5] 3.3 Industry News and Market Analysis - CMA believes that no route can replace the Suez Canal, and it will continue to operate through the Suez Canal and plans to increase voyages through it in the future [6] - Maersk is shifting its strategy, focusing on price wars and a service - premium strategy [6] - Maersk's CEO Vincent is optimistic about returning to the Red Sea and believes that the supply chain will fundamentally change due to Trump's tariffs [6] 3.4 Market Strategy - The overall strategy is to wait and see [9] - For investors, it is recommended to buy on dips for the main contracts, and closely monitor the suspension of voyages and airline loading rates [8]

投资咨询业务资格：证监许可【2012】31号 II GERIK 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 | | 2025/11/10 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 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 | | | 现值 | 1495 | 1058 | 2212 | 1208 | 2848 | 1323 | | (三三 Alle | | | | | | | | | | 前値 | 1551 | 1021 | 2647 | 1107 | 3438 | 1344 | | 运 | 涨跌幅 | -3.59% | 3.60% | -16.43% | 9.12% | -17.16% | -1.56% | | 情 | | SCFIS ...

Group 1: Report Industry Investment Rating - The report does not mention the industry investment rating [5][6] Group 2: Core Views of the Report - The easing of Sino - US trade policies has released positive signals, significantly alleviating the suppression of trans - oceanic cargo volume by trade frictions, and the market sentiment has improved the expectations of the European line [6] - The Sino - US trade agreement this week is expected to prompt some US retailers to accelerate short - term imports, but it is unlikely to lead to a significant adjustment of the supply - chain strategy [6] - The EC market is oscillating strongly. In the 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 contract is likely to maintain a strong oscillation, but the market has already factored in a certain premium [7][8] Group 3: Summary by Related Catalogs Shipping Derivatives Data - **Freight Rate Index**: The current values of SCFI, CCFI, SCFI - US West, SCFIS - US West, SCFI - US East, and SCFI - Northwest Europe are 1551, 1021, 2647, 1208, 3438, and 1344 respectively, with increases of 10.49%, 2.89%, 22.94%, 9.12%, 13.39%, and 7.87% compared to the previous values. The current value of SCFIS - Northwest Europe is 1208, a decrease of 7.93%, and the current value of SCFI - Mediterranean is 1983, an increase of 13.57% [5] - **Contracts**: The current values of EC2506, EC2608, EC2610, EC2512, EC2602, and EC2604 are 1400.8, 1483.5, 1139.3, 1851.7, 1592.2, and 1184.4 respectively, with increases of 1.54%, 0.84%, 0.64%, 2.64%, 2.48%, and 2.01% [5] - **Positions**: The current positions of EC2606, EC2608, EC2610, EC2512, EC2602, and EC2604 are 1490, 1342, 1266, 29320, 18781, and 14507 respectively, with changes of - 31, - 10, - 14, - 2045, 326, and - 403 [5] - **Monthly Spreads**: The current values of the 12 - 02, 12 - 04, and 02 - 04 monthly spreads are 259.5, 667.3, and 407.8 respectively, with increases of 9.1, 24.4, and 15.3 [5] Market Analysis - **EC Market**: The market is oscillating strongly. In early November, the spot prices of shipping companies varied, and the price in late November was reported at 3000 [7] - **Influencing Factors**: The key influencing factors include the fulfillment of peak - season demand, the persistence of shipping company strategies, and geopolitical and long - term agreement variables [8] - **Outlook and Strategy**: In the short term, the market is expected to remain strongly oscillating. It is recommended to buy the main contract at low prices and focus on tracking the suspension of voyages and shipping company loading rates. The recommended strategy is to wait and see [8][9]

Group 1: Report Industry Investment Rating - Not provided Group 2: Report's Core View - The shipping market is affected by multiple factors. The easing of Sino - US trade policies has released positive signals, but the short - term nature of the agreement may not bring long - term confidence to importers. The EC market is in a volatile state, and in the short - term, macro - level positives, capacity control, and multiple price - support expectations will support the market, but the market has already factored in some premiums [5][6] Group 3: Summary by Related Catalogs Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) is currently at 1551, up 10.49% from the previous value; the China Export Container Freight Index (CCFI) is at 1021, up 2.89%. Rates for various routes such as SCFI - US West, SCFI - US East, and SCFI - Northwest Europe have all increased significantly [3][4] - **Contract Data**: For contracts like EC2506, EC2608, etc., most have seen a decline in value compared to the previous period. For example, EC2506 has a current value of 1379.6, down 1.69% from the previous value. In terms of positions, most contracts have increased in position size, such as EC2606 with a position increase of 110 [4][5] - **Month - to - Month Spread**: The 12 - 02 month - to - month spread is currently 250.4, down 10.4 from the previous value; the 12 - 04 spread is 642.9, down 25.0; and the 02 - 04 spread is 392.5, down 14.6 [5] Market Analysis - **Sino - US Trade Policy Impact**: The Sino - US leaders' meeting on October 30 led to the relaxation of some trade policies, which alleviated the suppression of trans - oceanic cargo volume by trade frictions. Although the direct impact is concentrated on US routes, it also improves the outlook for European routes. However, the short - term nature of the agreement may not provide long - term confidence to importers [5] - **EC Market**: The EC market is in a volatile state. Spot prices vary among different shipping companies. Key influencing factors include the fulfillment of peak - season demand, the sustainability of shipping company strategies, and geopolitical and long - term contract variables. The recommendation is to go long on the main contract at low prices and closely monitor suspension of voyages and shipping company loading rates [6] Strategy - The recommended strategy is to wait and see [7]

Group 1: Shipping Derivatives Data Shipping Freight Index - The current values of SCFI - West US, SCFI - East US, SCFIS - West US, SCFI - Northwest Europe, Index CCFI, and Comprehensive Index SCFI are 1107, 1246, 1403, 2153, 3032, and 862 respectively, with daily increases of 2.02%, 6.27%, 7.11%, 11.21%, 8.82%, and 28.42% [3]. - The current values of SCFI - Mediterranean and SCFIS - Northwest Europe are 1312 and 1746 respectively, with daily increases of 15.09% and 8.25% [3]. Shipping Futures Contracts - For contracts EC2506, EC5602, EC2608, EC2610, EC2512, and EC2604, the current values are 1403.3, 1132.5, 1175.9, 1487.5, 1583.0, and 1843.8 respectively, with daily changes of -1.38%, -2.22%, -0.63%, -1.45%, -1.43%, and -1.55% [3][4]. - The current positions of EC2606, EC2608, EC2610, EC2512, EC2602, and EC2604 are 1411, 1324, 1062, 30114, 16233, and 14460 respectively, with increases of 1, 24, 150, -1792, 348, and 66 respectively [4]. - The current month - spreads of 12 - 02, 12 - 04, and 02 - 04 are 260.8, 667.9, and 407.1 respectively, with decreases of 4.2, 8.7, and 4.5 respectively [4]. Group 2: Market News and Analysis Trade Agreements and Policies - US Treasury Secretary Scott Bessent 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 [5]. - US President Donald Trump is confident of reaching an agreement with Chinese leaders after the preliminary consensus reached in the Sino - US high - level economic talks [5]. - The US and Vietnam have agreed to establish a "reciprocal, fair, and balanced trade framework agreement" to strengthen bilateral economic relations [5]. Shipping Company Operations - CMA CGM, Maersk, and MSC have started to re - flag some ships to the Indian flag [5]. Canal Revenue Forecast - The Suez Canal Authority expects its revenue in 2026 to reach about $8 billion, compared to the current level of about $4 billion [5]. Group 3: EC Market Analysis Market Trend - The EC market showed a weak oscillation. It oscillated on Monday and Tuesday due to some airlines lowering their quotes for early November and the mskwk46 quote dropping by 150 to 2200, and rebounded on Wednesday due to the resurgence of geopolitical conflicts [5]. Spot Prices - In late October, Maersk's quote was 1800 - 1900, HPL's was 1900, OCCL's was 2600, CM's was 2100, EMC's was 2050, NSC's was 2050, YML's was 1350, and ONE's was 1450. In early November, NSK's quote was 2400, HPL's was 2500, CMA's was 2700, OCCL's dropped to 2300, EMC's was 2700, MSC's dropped to 2250, YML's was 2250, ONE's was 2550, and HMM's was 1900 [5]. Market Logic - The European route is in the regular year - end price - holding stage. The first attempt to hold prices in late October to stop the decline was initially effective, and it has now entered the second round in early November. There will be multiple rounds of year - end price - holding in the next two months, so the seasonal expectations are leading. Future attention should be paid to changes in Sino - US relations, end - of - month loading conditions, and empty - flight situations in November [5]. Investment Strategy - The recommended strategy is to wait and see [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current sanctions have little impact on the European shipping routes, which are in the regular year - end price - holding stage. The first round of price - holding in late October to stop the price decline has shown initial results, and it has entered the second round in early November. There will be multiple rounds of price - holding in the next two months, so the seasonal expectations are in advance. The report suggests a wait - and - see strategy as the short - term peak - season price increase cannot be disproven, and the market is in a relatively strong and volatile state. Future attention should be paid to Sino - US relations, end - of - month loading conditions, and November's empty - sailing situation [6][7] 3. Summary by Relevant Catalogs Shipping Derivatives Data - **China Export Container Freight Rates**: The SCFI - US West index increased by 6.27%, SCFI - US East by 7.11%, SCFI - Northwest Europe by 11.21%, SCFI - Mediterranean by 8.25%, while the comprehensive index SCFI decreased by 1.60%, and SCFIS - US West decreased by 100.00% (the reason for this extreme decrease needs further investigation). The SCFIS - Northwest Europe decreased by 1.43% [3] - **Contract Data**: For contracts such as EC2506, EC5602, etc., the price change rates range from - 0.06% to 1.59%. Regarding the contract positions, for example, EC2606's position increased from 1399 to 1402, while EC2410's position decreased from 5583 to 4818. The month - to - month spreads like 10 - 12, 12 - 2, and 12 - 4 also have corresponding changes [3][4] Market News and Observations - US Treasury Secretary Scott Bessent 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 [5] - US President Donald Trump is confident in reaching an agreement with Chinese leaders after the preliminary consensus reached in the Sino - US high - level economic officials' trade consultations [5] - Shipping companies like CMA CGM, Maersk, and MSC are re - flagging some ships to India, indicating the strong future growth potential of the Indian market and the effectiveness of India's maritime development strategy, in contrast to the relatively weak results of the US maritime revitalization in 2025 [5] - The Suez Canal Authority expects its 2026 revenue to reach about $8 billion, up from the current approximately $4 billion [5] - The US and Vietnam have reached an agreement on a "reciprocal, fair, and balanced trade framework agreement" to strengthen bilateral economic relations [5] EC Market - **Market Condition**: The market is in a volatile state. The spot prices vary in late October and early November. In late October, prices range from 1350 to 2600, and in early November, they range from 1350 to 2800 [6] - **Logic**: Sanctions have little impact on the European routes. The routes are in the year - end price - holding stage, with the first round of price - holding in late October showing initial results and entering the second round in early November [6] - **Strategy**: The recommended strategy is to wait and see, as the short - term peak - season price increase cannot be disproven, and the market is in a relatively strong and volatile state [7]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Report Core View - The shipping derivatives market shows mixed trends with some indices rising and others falling. The EC contracts are mostly in a state of slight fluctuations, and the shipping market is affected by various factors such as the situation in the Red Sea and international trade policies [3][4]. - The EC market is in a state of shock. The spot price has changed from late - October to early - November. The European line is in the year - end price - holding stage, and the first round of price - holding in late October has initially achieved results, and it has entered the second round in early November. Future price - holding actions are expected [5]. - The recommended strategy is to wait and see as the short - term peak - season price increase cannot be disproven and the market is in a relatively strong shock state [6]. 3. Summary by Related Content Shipping Derivatives Data - **Freight Index**: The Shanghai Export Container Freight Index (SCFI) has a current value of 1310, up 12.92% from the previous value. The China Export Container Freight Index (CCFI) is at 973, down 4.11%. Different routes show different trends, with SCFI - US West up 31.88%, SCFIS - US West down 1.60%, SCFI - US East up 16.35%, SCFI - Northwest Europe up 7.21%, SCFIS - Northwest Europe down 1.43%, and SCFI - Mediterranean up 3.53% [4]. - **EC Contracts**: For EC contracts, most show slight fluctuations. For example, EC2506 has a current value of 1374.8, up 1.59%; EC2608 is at 1478.9, up 0.28%; EC2510 is 1136.1, down 0.04% [4]. - **Positions**: The positions of EC contracts also have changes. For example, EC2606 position has a current value of 1402, an increase of 3; EC2608 position is 1212, an increase of 28; while some positions have decreased, such as EC2410 with a decrease of 765 [4]. - **Monthly Spread**: The monthly spreads of 10 - 12, 12 - 2, and 12 - 4 are - 657.0, 211.1, and 621.3 respectively, with corresponding changes of - 5.3, 5.7, and 4.4 [4]. Market News - Shipping companies are delaying their return to the Red Sea route. Even though there is a cease - fire agreement between Israel and Hamas, it is unlikely to quickly resume the Suez Canal route in the short term due to factors like complex route network adjustment, repeated 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 long list of tariff exemptions, and intense lobbying is expected as the power to adjust tariff scope has shifted to the USTR and the Commerce Department [4]. - The US Treasury Secretary plans to meet with China's Vice - Premier He Lifeng in Malaysia next week to prevent the 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]. - Chinese Minister Wang Wentao had a video meeting with the EU Commissioner for Trade and Economic Security, and they agreed to hold an "upgraded" China - EU export control dialogue mechanism meeting in Brussels as soon as possible [4]. EC Market - **Market Condition**: The EC market is in a state of shock. The spot prices of shipping companies have changed from late October to early November. For example, in late October, Maersk quoted 1800 - 1900, while in early November, HPL quoted 2500 [5]. - **Logic**: The current sanctions have little impact on the European line. The European line is in the year - end price - holding stage. The first round of price - holding in late October has initially stopped the decline, and the second round in early November is underway. Future price - holding actions are expected. However, factors such as Sino - US relations, end - of - month loading, and November's empty sailings need to be monitored [5]. - **Strategy**: The recommended strategy is to wait and see as the short - term peak - season price increase cannot be disproven and the market is in a relatively strong shock state [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]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The currently issued sanctions have little impact on European routes. European routes are in the regular year - end price - holding stage. The first round of defensive price - holding in late October to stop the price decline has shown initial results, and it has entered the second round in early November. There will be multiple rounds of year - end price - holding in the next two months, so the seasonal expectations are in advance. However, the changes in Sino - US relations, end - of - month loading conditions, and November empty - sailing situations need to be monitored. The recommended strategy is to wait and see [6][7]. 3. Summary by Relevant Catalogs 3.1 Shipping Freight Index - **Spot Freight Index**: The current value of the Shanghai Export Container Freight Composite Index (SCFI) is 1310, with a 12.92% increase; the China Export Container Freight Index (CCFI) is 973, with a - 4.11% decrease. For different routes, SCFI - US West has a 31.88% increase, SCFIS - US West has a - 1.60% decrease, SCFI - US East has a 16.35% increase, SCFI - Northwest Europe has a 7.21% increase, SCFIS - Northwest Europe has a - 1.43% decrease, and SCFI - Mediterranean has a 3.53% increase [4]. - **Contract Freight Index**: For contracts such as EC2506, EC2608, etc., their current values range from 1135.0 to 1769.3, with corresponding increases of 2.31% - 5.19% [4]. - **Position and Spread**: Positions of different contracts have different changes, such as a decrease of 32 in EC2606 position and an increase of 2333 in EC2412 position. The month - spreads of 10 - 12, 12 - 2, and 12 - 4 have changes of - 52.4, 41.3, and 78.6 respectively [4]. 3.2 Spot Price - In late October, Maersk's quote was 1800 - 1900, HPL's was 1900, CMA's was 2100, etc. In early November, HPL's quote was 2500, CM's was 2800, etc [6]. 3.3 International News - US Vice - President J.D. Vance is expected to visit Israel next Tuesday to promote the implementation of the cease - fire agreement in the Gaza war. There are still uncertainties about "Hamas disarmament" and "Gaza demilitarization" [5]. - Egypt claims to have lost over $9 billion due to Houthi attacks on Red Sea shipping [5]. - The US may soon announce a long list of tariff exemptions, and intense lobbying is expected [5]. - US Treasury Secretary Scott Bessent will meet with Chinese Vice - Premier He Lifeng in Malaysia next week to prevent the escalation of the Sino - US tariff war [5]. - White House envoy Steve Witkoff will go to the Middle East to follow up on the Gaza agreement [5]. - The International Maritime Organization (IMO) has postponed the discussion of the "Net Zero Framework" (NZF) by one year [13].