10月3日，从洋浦海事局获悉，该局从10月份起推出集装箱管理新模式——"源头查验，全程畅行"集装 箱创新监管制度。 洋浦海事局相关负责人表示，未来，随着模式成熟推广，该机制将逐步扩展覆盖更多货物类型，进一步 释放制度创新红利，为海南自贸港建设及区域经济高质量发展提供坚实支撑。 "一次查验"突破传统模式痛点，针对以往开箱查验耗时久、滞港成本高的难题，将查验环节前置至工厂 源头，运用智能监控设备实现"源头远程查验＋全程动态追踪"的数字化监管。通过前置风险筛查与全流 程合规验证，集装箱在启航前即完成所有查验程序，抵达海南各港口后可直接进入作业环节，实现"到 港即作业"的无缝衔接。 "一箱到底"强化结果互认效能，通过始发港与中转港海事监管数据共享与结果互认，大幅减少重复申 报、开箱检查等环节，有效缩短集装箱出海周期。 据企业测算，该机制实施后，集装箱在港时间将压缩35％，预计每年可为生产企业降低运输成本超千万 元，真正实现降本提质增效。 据介绍，该局联合海口、八所海事管理机构共同签署并实施《"源头查验，全程畅行"集装箱安全监管机 制备忘录》，实现"一港管理 一次查验 一箱到底"集装箱管理业务链条基本形成，标志着海南海 ...

齐鲁晚报.齐鲁壹点于洋通讯员邹常焜 从山东港口烟台港获悉，国庆、中秋"双节"期间，烟台港货物吞吐量同比增长5.8%。旅客运量突破18万人次、滚装车运量达4.7万辆，分别同比增长9.6% 和11.9%，交出一份亮眼成绩单。 龙口港区、莱州港区同样繁忙。龙口港公司积极践行"随抵港随作业"准则，凭借精密部署与高效调度，日均铁路集疏运量达6.4万吨，同比增长26.5%，有 力打通铁路运输通道，为港口铝土矿、铁矿石等货种周转注入强劲动力。莱州港公司通过全链条细化船舶靠泊、货物装卸、集疏转运各环节计划，强化组 织保障，高效完成包含铝土矿、融雪盐等船舶靠离39艘次。 面对件杂货、商品车等货种集中到港的实际情况，烟台港2400多名一线员工坚守岗位，全力以赴保障码头生产高效运转。件杂货方面，10月3日，8艘件杂 货船舶在芝罘湾港区码头前沿一字排开，面对复杂吊装工艺，联通国际件杂货码头公司充分发挥"联合配载"及"一站式服务大厅"优势，单日设备作业开头 量达28路，昼夜完成作业量4.5万方，创港区单日件杂货作业纪录。蓬莱港公司坚持"现场即市场，效率为品牌"的理念，充分发挥大件设备自主吊装优势 的同时，积极沟通海事、边检、海关、引航 ...

格隆汇10月9日丨广州港(601228.SH)公布，2025年9月份，公司预计完成集装箱吞吐量205.1万标准箱， 同比下降0.8%；预计完成货物吞吐量4,784.5万吨，同比增长4.1%。2025年1-9月，公司预计完成集装箱 吞吐量2,016.5万标准箱，同比增长7.0%；预计完成货物吞吐量43,367.8万吨，同比增长2.7%。 ...

Price Trends - Shanghai Export Container Freight Index (SCFIS) for Europe route is at 1254.92 points, down 12.9% from the previous period[3] - Ningbo Export Container Freight Index (NCFI) for the comprehensive index is at 783.71 points, down 13.24% from the previous period[3] - SCFIS for the US West route is at 1193.64 points, down 11.6% from the previous period[3] - NCFI for the US West route is at 944.89 points, down 23.30% from the previous period[3] Economic Indicators - Eurozone August Manufacturing PMI preliminary value is 50.5, above the expected 49.5 and previous 49.8[4] - Eurozone August Services PMI preliminary value is 50.7, slightly below the expected 50.8 and previous 51[4] - Eurozone August Composite PMI preliminary value rises to 51.1, the highest since May 2024, improving for three consecutive months[4] Market Strategy - It is advised not to increase positions and to set stop-loss orders due to significant price fluctuations in the market[2] - The main contract closed at 1173.0 with a rise of 3.99% on September 25, with a trading volume of 389,000 lots[5] - The market is currently in a bottoming process, suggesting a cautious approach to trading and monitoring future price movements[5]

上海东亚期货周报— 集运（欧线） 2025年09月26日 研究员：岳晋琛 交易咨询：Z0017963 审核：唐韵 Z0002422 http://www.eafutures .com 【免责声明】本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所 载的意见、结论及预测仅反映报告发布时的观点、结论和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不 一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交 易者（您）并不能依靠本报告以取代行使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承 担任何法律责任。本 他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不 得对本报告进行任何有悖原意的引用、删节和修改。本公司保留追究相关责任的权力。所有本报告中使用的商标、服务标记及标记 均为本公 ...

1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The container shipping market in September was in the traditional off - season, with spot freight rates falling rapidly and breaking through the first - half low. As the long - term contract season approaches, some shipping companies have successively raised their spot quotes for the second half of October. The market should focus on the implementation of shipping companies' price increase announcements and their flight suspension plans during the long - term contract price - support season at the end of the year, as well as the impact of tariff policies on shipping volume and rhythm [3][4][18] 3. Summary by Relevant Catalogs 3.1 Preface Summary 3.1.1 Market Review - In the off - season, spot freight rates were in a rapid decline channel. In September, the spot freight rate broke through the first - half low, with the late - September freight rate center dropping to around 1300 - 1600 US dollars/FEU, and the difference between major shipping companies narrowing to around 200 US dollars/FEU. As of September 19, 2025, the SCFI European line had dropped to 1052 US dollars/TEU. Recently, major shipping companies have successively announced price increases for the second half of October, with the target around 1800 - 2000 US dollars/FEU, and CMA has pre - released an online price of around 3100 US dollars/FEU for November [3] 3.1.2 Market Outlook - Demand side: In September, the cargo volume continued to decline seasonally, and shipping companies still faced cargo - collection pressure. Trump's statement about a new round of strong tariffs may affect shipping volume and rhythm. Supply side: The average weekly capacity in September/October/November 2025 was 281,800/249,700/285,900 TEU respectively. The capacity in October decreased slightly compared with last week's schedule, while the capacity in September and November increased slightly. Freight rate side: In September, the off - season spot freight was still in a decline channel due to weak cargo volume. With the spot gradually bottoming out and the expectation of the long - term contract season from November to December, some shipping companies have successively raised their spot quotes for the second half of October. Attention should be paid to shipping companies' flight suspension plans during the long - term contract price - support season before the end of the year and the impact of tariff rhythm [4] 3.1.3 Strategy Recommendation - Unilateral: The trading logic of the EC2512 contract has switched, and long positions should be held. Arbitrage: Conduct low - level rolling operations for the October - December reverse spread, and hold long positions for the February - April positive spread [6] 3.2 Market Review - In September, the container shipping market entered the traditional off - season. Under the background of increasing cargo - collection pressure on shipping companies and declining ship loading rates, the falling spot freight rates drove the EC2510 contract to continuously test the lower limit. Then, with the start of a new price - support season, it stopped falling and rebounded. The EC contract generally continued to decline in September. When the spot quote fell below the first - half low, the decline exceeded market expectations. Under the pessimistic sentiment, the valuation of the October contract continued to be revised downwards, and the EC2510 contract fell below 1050 points within the month. However, with the approach of the long - term contract season, the expectation of price increases drove the December contract to repair the discount upwards, and some shipping companies' increase in the October spot quote supported the upward movement of the contract price, with the valuation of the October contract expected to be revised upwards. Attention should be paid to the implementation of the price increase announcements [8] 3.3 Fundamental Situation 3.3.1 Freight Rate and Price Increase - In September, shipping companies continued to lower freight rates, and the spot freight rate center dropped rapidly, breaking through the first - half low within the month. As the long - term contract season approaches, major shipping companies have successively raised their October spot quotes, and the decline of the October spot freight rate is expected to slow down. The average value of the Shanghai Export Container Freight Index (SCFI) in September was 1346.92 points (as of the week of September 19), a month - on - month decrease of 8.51% and a year - on - year decrease of 44.68%. As of the week of September 19, the comprehensive SCFI container freight index was 1198.21 points, a month - on - month decrease of 14.3% and a year - on - year decrease of 56.05%. The global main - route capacity has increased slightly. With the arrival of the National Day Golden Week, major shipping companies have successively announced flight suspension plans, with a suspension rate of about 15% in October [18][19][37] 3.3.2 New Ship Delivery and Order - In August, the global new container ship delivery volume was 163,300 TEU, a month - on - month increase of 19.3% and a year - on - year decrease of 37.2%. In August 2025, the number of new container ship orders was 27, with a total of 162,000 TEU, a month - on - month decrease of 51.5% and a year - on - year decrease of 77.8%. As of September 2025, the global container shipping capacity reached 32.309 million TEU, a year - on - year increase of 7.3%. From September to December 2025, nearly 477,000 TEU of container ships over 8000 TEU are to be delivered, including about 333,800 TEU of ships over 12,000 TEU [48] 3.3.3 Idle Capacity - In September, the idle capacity increased slightly compared with last month. Shipping companies chose to slow down to digest the excess capacity. As of September 22, 2025, the global idle container shipping capacity was 633,000 TEU, an increase of 1.2% compared with the same period last month and 4.5% compared with the same period last year [63] 3.3.4 Port and Shipping Conditions - As of September 24, 2025, the number of container ships bypassing the Suez Canal on the Europe - Mediterranean route was 271, accounting for about 70%, and the bypassing was still in a stable state. The global port situation remained stable. Although some European ports were congested due to extreme weather in September, the problem was gradually diluted against the background of declining cargo volume. As of September 22, 2025, the Clarksons global container ship congestion index was 30.6%, showing a significant decline compared with August. The average waiting time for global container ships (over 8000 TEU, 7 - day moving average) was 7.92 hours as of September 21, 2025, a decrease of 2.7 hours compared with the end of August. The Poland - Belarus border port reopened on the early morning of September 25 [76][84][85] 3.3.5 China's Export Situation - In August, China's exports showed resilience, with the goods trade continuing to grow steadily, but there were obvious differentiations among different products and trading partners. In August, China's total export volume was 321.81 billion US dollars, a year - on - year increase of 4.4%, with the growth rate slowing down compared with July. The main reason was the expanded decline in exports to the US, which dragged down the total exports. However, the diversification of China's trade buffered the external economic and trade environment, supporting the positive year - on - year growth of exports in August. Specifically, China's exports to the US decreased by 33.1% year - on - year in August, with the decline expanding by 11.4 percentage points compared with July. Exports to ASEAN increased by 22.5% year - on - year, and exports to the EU increased by 10.4% year - on - year, accounting for 16.1% of China's total exports. In the first eight months, China's exports of mechanical and electrical products reached 10.6 trillion yuan, a growth of 9.2%, accounting for more than 60% of the total export value, with obvious growth in the exports of integrated circuits and automobiles, both with increases of more than 10%. The growth rate of labor - intensive products decreased by 1.5% [111][113] 3.3.6 European Economic Situation - In September, the European manufacturing PMI unexpectedly fell back into the contraction range, indicating that the foundation of the European economic recovery was not solid and the demand was still fragile. The eurozone's composite PMI in September rose slightly to 51.2, remaining in the expansion range for many consecutive months, mainly due to the good performance of the service industry. The service industry PMI in September was 51.4, slightly exceeding expectations, but the manufacturing PMI unexpectedly fell below the boom - bust line to 49.5, reflecting the overall weak performance of the European manufacturing industry. Germany's economy grew driven by the service industry, with the composite PMI in September rising significantly to 52.4, showing a strong recovery momentum, but its manufacturing industry remained weak, with the manufacturing PMI in September at 48.5, and there was still production pressure in the future. France's economic situation was the opposite of Germany's. In September, its economic prosperity further deteriorated, with the output of manufacturing and service enterprises declining monthly and the decline intensifying. The manufacturing PMI in September fell to 48.1, and the service industry PMI fell to 48.9 [128] 3.3.7 Container Shipping Volume - In July 2025, the container shipping volume from Asia to Europe was 1.7584 million TEU, a year - on - year increase of 10.1%, with the growth rate increasing by 8.7 percentage points compared with June. The container shipping volume from Asia to North America was 2.124 million TEU, a year - on - year decrease of 3%, with the decline remaining the same as last month. The container shipping volume from Asia to the world was 10.355 million TEU, a year - on - year increase of 3.7%, with the growth rate increasing by 6.8 percentage points compared with June. The global container shipping volume was 16.575 million TEU, a year - on - year increase of 5.1%, with the growth rate increasing by 2.5 percentage points compared with June [132] 3.4 Future Outlook and Strategy Recommendation - Freight rate: The off - season spot freight rate is still in a rapid decline channel. In September, with sufficient capacity supply, the spot freight rate broke through the first - half low within the month. The current late - September freight rate center has dropped to around 1300 - 1600 US dollars/FEU, and the difference between major shipping companies has narrowed to around 200 US dollars/FEU. As of September 19, 2025, the SCFI European line has dropped to 1052 US dollars/TEU. Recently, major shipping companies have successively announced price increases for the second half of October, with the target around 1800 - 2000 US dollars/FEU, and CMA has pre - released an online price of around 3100 US dollars/FEU for November. Supply and demand: On the demand side, the cargo volume continued to decline seasonally in September, and shipping companies still faced cargo - collection pressure. Recently, Trump said that a new round of strong tariffs would be implemented, and attention should be paid to the impact of subsequent tariff policies on shipping volume and rhythm. On the supply side, the average weekly capacity in September/October/November 2025 was 281,800/249,700/285,900 TEU respectively. The capacity in October decreased slightly compared with last week's schedule, while the capacity in September and November increased slightly. Strategy: Unilateral: The trading logic of the EC2512 contract has switched, and long positions should be held. Arbitrage: Conduct low - level rolling operations for the October - December reverse spread, and hold long positions for the February - April positive spread [138][139]

FICC日报 | 2025-09-26 船司下半月集体挺价，关注最终实际落地情况 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹40周报价875/1470，41周报价845/1410，42周报价涨至1080/1800；HPL -SPOT 10月上半月价格935/1435，10月下半月价格1235/2035；11月上半月价格1535/2535。HPL发布最新涨价函， 10月15日之后运价涨至1200/2000. MSC+Premier Alliance：MSC 10月上半月价格915/1515；ONE 10月上半月船期报价915/1435；HMM上海-鹿特丹 10月上半月船期报价968/1506; YML 9/29-10/14报价825/1250。 Ocean Alliance：CMA 上海-鹿特丹9月下半月船期报价1010/1620，10月上半月船期报价1010/1620;CMA上海-安特 卫普10月下半月尝试挺价，价格为1310/2220。EMC 9月份下半月以及10月上半月船期价格介于1400-1710；OOCL10 月上半月船期价格介于1400-1450美元/FEU， ...

美国8月标普全球制造业PMI初值为53.3，至39个月高点，预估为49.5，前值为49.8。美国8月标普全球服务业PM1初值为55.4，预估为54.2，前值 为55.7。美国8月Markit制造业PMI初值53.3，为2022年5月以来最高水平，预期49.7，前值49.8。 2025年9月26日 集运日报 (航运研究小组) MSK宣涨10月下旬运价,盘面显著上行,不建议继续加仓,设置好止损。 SCFIS、NCFI运价指数 | 9月22日 | 9月19日 | | --- | --- | | 上海出口集装箱结算运价指数SCFIS（欧洲航线）1254.92点，较上期下跌12.9% | 宁波出口集装箱运价指数NCFI (综合指数) 783.71点, 较上期下跌13.24% | | 上海出口集装箱结算运价指数SCFIS (美西航线) 1193.64点，较上期下跌11.6% | 宁波出口集装箱运价指数NCFI (欧洲航线) 673.61点, 较上期下跌7.65% | | | 宁波出口集装箱运价指数NCFI (美西航线) 944.89点, 较上期下跌23.30% | | 9月19日 | 9月19日 | | 上海出口集装箱运 ...

FICC日报 | 2025-09-25 马士基WEEK42周报价开出，10月合约交割结算价格逐渐清 Gemini Cooperation：马士基上海-鹿特丹40周报价875/1470，41周报价840/1400，42周报价涨至1080/1800；HPL -SPOT 9月下半月价格935/1435，10月上半月价格935/1435，10月下半月价格1235/2035；11月上半月价格1535/2535. MSC+Premier Alliance：MSC 10月上半月价格915/1515；ONE 10月上半月船期报价915/1435；HMM上海-鹿特丹 10月上半月船期报价968/1506; YML 9月22日至10月15日报价850/1300。 Ocean Alliance：CMA 上海-鹿特丹9月下半月船期报价1010/1620，10月上半月船期报价1010/1620;CMA上海-安特 卫普10月下半月尝试挺价，价格为1460/2520。EMC 9月份下半月以及10月上半月船期价格介于1400-1710；OOCL 9月份下半月以及10月上半月船期价格介于1400-1450美元/FEU。 地缘端： 波兰总理：伊 ...

从港口看经济：关税风暴下跟踪及展望 20250923 摘要 2025 年 4 月关税冲击导致美线货量缩减 30%-50%，大型集装箱港口 通过汇集周边腹地货物对冲影响，小型港口受跳港影响较大。5 月关税 下调后运价飙升，6 月货量恢复正常，旺季美线减班但运价不稳。 散杂货码头服务于钢厂、电厂等腹地需求，区位优势显著，陆运费用占 比高，成本敏感。唐山金唐港区是重要散杂货码头，黄骅港、秦皇岛及 唐山港服务于北煤南运。 港口通过与货主码头合资建立股权关系，改变区位优势，但复杂的股权 关系导致一省一港整合缓慢。散杂货码头议价能力强，集装箱港口竞争 激烈，船舶大型化使得大港深水港资源稀缺。 2025 年上半年，澳洲天气扰动影响铁矿石供应，煤价下跌导致电厂减 少北煤采购。全年干散货运价前高后低，但吞吐量仍增长，受益于争取 内贸钢厂业务、铝铁矿需求增加及贸易模式转变。 钢厂更多从港口采购现货以规避价格波动风险，港口增加堆场面积。大 宗商品价格回落使得进口维持健康水平，下游钢厂利润率改善带动补库 需求，终端钢材需求有驱动力。 Q&A 中国港口的业务分类和商业模式有哪些差异？ 中国港口行业类型多样，主要分为集装箱港口和散杂货港 ...