MSC+Premier Alliance：MSC 11月下半月价格1425/2365；ONE 11月下半月船期1695/2635；HMM上海-鹿特丹11 月下半月船期报价1168/2106; YML 11/15-11/30 报价1250/2000。 Ocean Alliance：CMA 上海-鹿特丹11月下半月船期报价介于3120-3170美元/FEU，12月上半月船期报价介于 3420-3520美元/FEU，12月下半月船期报价2160/3920；EMC 11月下半月船期报价1855/2810；OOCL 11月下半月 船期报价介于2300-2400美元/FEU。 航运日报 | 2025-11-14 11月下半月运价持续修正，关注交易所对于2月合约交割结 算定义 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹47周价格1365/2280，48周价格范围为2000-2100美元/FEU；HPL -SPOT 11 月下半月船期报价1735/2835，12月上半月船期报价1935/3235，12月下半月2435/4035。马士基发布12月份涨价函 2080/3200. 地缘端：在 ...

航运日报 | 2025-11-12 弱现实强预期，关注交易所对于2月合约交割结算定义 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹47周价格1360/2270，48周价格范围为1200/2000；HPL -SPOT 11月下半 月船期报价1735/2835，12月上半月船期报价1935/3235，12月下半月2435/4035。马士基发布12月份涨价函2080/3200. MSC+Premier Alliance：MSC 11月下半月价格1425/2365；ONE 11月下半月船期1695/2635；HMM上海-鹿特丹11 月下半月船期报价1418/2406; YML 11/15-11/30 报价1500/2500。 Ocean Alliance：CMA 上海-鹿特丹11月下半月船期报价介于3120-3170美元/FEU，12月上半月船期报价介于 3420-3520美元/FEU，12月下半月船期报价2160/3920；EMC 11月下半月船期报价1855/2810；OOCL 11月下半月 船期报价介于2475-2600美元/FEU。 地缘端：美国军方正在研究是否应在加沙地 ...

Report Industry Investment Rating - Unilateral: Contract 12 fluctuates with a bullish bias - Arbitrage: None [7] Core View of the Report - The 12 - month contract trading focuses on the rhythm, with expectations and reality intertwined. Shipping companies will adjust supply to keep freight rates high. The valuation of the 12 - month contract may have a top around 2100 - 2200 points, and its valuation bottom is rising. The February 2026 contract may have a large expectation gap but is currently suppressed by the resumption of navigation expectations [4][5] Summary According to the Table of Contents 1. Futures Prices - As of November 5, 2025, the total open interest of all container shipping index European line futures contracts is 75,038 lots, and the single - day trading volume is 54,169 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1652.00, 1199.60, 1426.10, 1497.10, 1142.80, and 1946.00 respectively [6] 2. Spot Prices - On October 31, the SCFI (Shanghai - Europe route) price was 1344 dollars/TEU, the SCFI (Shanghai - US West route) price was 2647 dollars/FEU, and the SCFI (Shanghai - US East) price was 3438 dollars/FEU. On November 3, the SCFIS (Shanghai - Europe) was 1208.71 points, and the SCFIS (Shanghai - US West) was 1267.15 points [6] 3. Container Ship Capacity Supply - In November, the average weekly capacity from China to European base ports was 286,000 TEU, and in December, it was 322,900 TEU. In November, there were 10 blank sailings and 1 TBN; in December, there were 6 TBNs. As of October 31, 2025, 218 container ships had been delivered in 2025, with a total capacity of 1.784 million TEU [3][6] 4. Supply Chain - The Suez Canal Authority held a meeting with 20 major shipping companies and agency representatives to discuss the development of the Red Sea situation and invited shipping companies to conduct trial voyages [2] 5. Demand and European Economy - The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff will be suspended for another year. The US will also suspend the 301 investigation measures on China's maritime, logistics, and shipbuilding industries for one year. This is conducive to the recovery of Sino - US trade, which will drive the recovery of demand on the US route and support the prices of European routes to some extent [3]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The 12 - month futures contract for shipping has a strong price increase expectation, and the valuation keeps rising. Shipping companies will adjust the supply to keep freight rates at a high level for the next - year long - term contract negotiation. The 12 - month contract trading will focus on the rhythm of price increase expectations and actual implementation of price increase letters. The price of the second half of December may reach around 3000 dollars/FEU, and the valuation ceiling of the 12 - month contract may be around 2100 - 2200 points. The 2026 February contract may have a large expectation difference but is currently suppressed by the resumption of flights expectation [4][5] - The decline of the 10% "fentanyl tariff" is conducive to promoting the recovery of Sino - US trade, driving the demand recovery of the US - bound routes, and providing some support for the European route prices [3] - The strategy for futures trading is that the 12 - month contract is expected to be volatile and bullish, and there is no arbitrage strategy for now [7] Summary by Directory 1. Futures Price - As of November 4, 2025, the total open interest of all contracts of the container shipping index European line futures is 69023.00 lots, and the single - day trading volume is 37617.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1593.70, 1190.00, 1411.00, 1485.00, 1135.00, and 1909.90 respectively [6] 2. Spot Price - On October 31, 2025, the SCFI (Shanghai - Europe route) price is 1344 dollars/TEU, the SCFI (Shanghai - US West route) price is 2647 dollars/FEU, and the SCFI (Shanghai - US East) price is 3438 dollars/FEU. On November 3, the SCFIS (Shanghai - Europe) is 1208.71 points, and the SCFIS (Shanghai - US West) is 1267.15 points [6] 3. Container Ship Capacity Supply - In November 2025, the average weekly capacity of China - European base ports is 286,000 TEU, and the capacities of Week 45/46/47/48/49 are 310,700/273,000/296,500/270,000/299,900 TEU respectively. In December, the average weekly capacity is 322,900 TEU, and the capacities of Week 50/51/52/53 are 336,400/299,400/335,600/320,400 TEU respectively. There are 10 blank sailings and 1 TBN in November and 6 TBNs in December [3] - As of October 31, 2025, 218 container ships have been delivered in 2025, with a total capacity of 1.784 million TEU. 67 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 1.008 million TEU; 11 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 236,320 TEU [6] 4. Supply Chain - Not provided with specific summarized information in the content 5. Demand and European Economy - Not provided with specific summarized information in the content

Report Industry Investment Rating No information provided. Core Viewpoints - The 10% reduction in fentanyl tariffs helps promote the recovery of Sino-US trade, drives the recovery of demand on the US route, and supports the prices of European routes to some extent [3]. - In the fourth quarter, shipping companies will adjust supply to keep freight rates at a high level for the next year's long - term agreement negotiation. The 12 - month contract is expected to first trade the price increase expectation, then the actual implementation of the price increase letter, and so on until delivery [4]. - The 2026 February contract may have a large expectation difference, but it is currently suppressed by the expectation of resumed voyages [5]. - The strategy for the 12 - month contract is to be volatile and bullish, and there is no arbitrage strategy for now [7]. Summary by Directory 1. Futures Price - As of October 30, 2025, the total open interest of all container shipping index European line futures contracts is 64,604.00 lots, and the single - day trading volume is 24,647.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1583.00, 1175.90, 1403.30, 1487.50, 1132.50, and 1843.80 respectively [6]. 2. Spot Price - On October 24, 2025, the SCFI (Shanghai - Europe route) price is 1246 US dollars/TEU, the SCFI (Shanghai - US West route) price is 2153 US dollars/FEU, and the SCFI (Shanghai - US East) price is 3032 US dollars/FEU. On October 27, the SCFIS (Shanghai - Europe) is 1312.71 points, and the SCFIS (Shanghai - US West) is 1107.32 points [6]. 3. Container Ship Capacity Supply - From October to December 2025, the weekly average capacities of China - European base ports are 324,100 TEU, 283,900 TEU, and 321,800 TEU respectively. There are 8 blank sailings and 3 TBNs in November and 5 TBNs in December [3]. - As of October 26, 2025, 215 container ships have been delivered in 2025, with a total capacity of 1.7618 million TEU. Among them, 66 ships of 12,000 - 16,999 TEU with a total of 995,500 TEU and 11 ships of over 17,000 TEU with a total of 236,320 TEU have been delivered [6]. 4. Supply Chain No specific summarized information provided. 5. Demand and European Economy No specific summarized information provided.

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The 10 - month contract has completed delivery, and attention should be paid to Maersk's WEEK46 quotation. The 12 - month contract trading focuses on rhythm, with shipowners expected to adjust supply to keep freight rates high. The 2026 February contract may have a large expectation gap but is currently suppressed by the resumption of navigation expectation. The strategy for the 12 - month contract is to be oscillatingly strong, and there is no arbitrage strategy for now [1][5][6][8] Summary by Directory 1. Futures Price - As of October 27, 2025, the closing prices of different contracts are as follows: EC2602 contract is 1571.60, EC2604 contract is 1178.80, EC2606 contract is 1387.10, EC2608 contract is 1480.30, EC2510 contract is 1130.90, and EC2512 contract is 1775.00. The total position of all container shipping index European line futures contracts is 61,327.00 lots, and the single - day trading volume is 37,591.00 lots. The 10 - month contract delivery settlement price is 1161.63 points [4][6] 2. Spot Price - Online quotes from different shipping alliances are provided. For example, Gemini Cooperation: Maersk Shanghai - Rotterdam WEEK45 quote is 1420/2370; HPL - SPOT's first - half of November price is 1335/2135, and the second - half of November shipping schedule quote is 1735/2835. The actual landing prices in the first half of November have been gradually revised down [1] 3. Container Ship Capacity Supply - From October to December, the average weekly capacity shows different trends. In November, there are 8 blank sailings and 3 TBNs (with expected conversion to blank sailings). In December, there are 5 TBNs. As of October 26, 2025, 215 container ships have been delivered in 2025, with a total capacity of 1.7618 million TEU [3][7] 4. Supply Chain - Geopolitical factors: On October 27, local time, the Israeli military chief stated that the war against Hamas would not end until all Israeli hostages were returned. China's counter - measure against the US USTR port surcharge has relatively little impact on the European line [2][4] 5. Demand and European Economy - Not elaborated in detail in the provided content

Report Industry Investment Rating There is no information provided regarding the report industry investment rating. Core Viewpoints - On October 20, the SCFIS slightly exceeded expectations. The 10 - month contract delivery settlement price may be higher than 1110 points, and the market has a large divergence on the final delivery settlement price. The 12 - month contract is expected to trade in different rhythms, and the shipping companies will adjust the supply to keep the freight rate at a high level. The 2026 February contract may have a large expected difference but is currently suppressed by the resumption of navigation expectations [4][5]. - The counter - measure of China against the US USTR port surcharge has a relatively small impact on the European line [3]. - The strategy suggests that the 12 - month contract is expected to be volatile and bullish, and there is no arbitrage opportunity currently [7]. Summary by Directory 1. Futures Price - As of October 20, 2025, the closing prices of different contracts are as follows: EC2602 is 1522.00, EC2604 is 1155.10, EC2606 is 1330.30, EC2608 is 1440.30, EC2510 is 1100.10, and EC2512 is 1682.00. The 10 - month contract has a high open interest, and the market has a large divergence on the final delivery settlement price. The 12 - month contract focuses on the actual implementation of price increases in November, and the trading rhythm is expected to follow the pattern of trading price increase expectations and actual implementation [4][5][6]. 2. Spot Price - On October 17, the SCFI (Shanghai - Europe route) price was 1145 dollars/TEU, SCFI (Shanghai - West Coast of the US) was 1936 dollars/FEU, and SCFI (Shanghai - East Coast of the US) was 2853 dollars/FEU. On October 20, the SCFIS (Shanghai - Europe) was 1140.38 points, and SCFIS (Shanghai - West Coast of the US) was 863.46 points [6]. 3. Container Ship Capacity Supply - From January to October 2025, 211 container ships were delivered, with a total capacity of 1.706 million TEU. As of October 17, 2025, 64 ships with a capacity of 12,000 - 16,999 TEU were delivered, with a total capacity of 963,800 TEU, and 10 ships with a capacity of over 17,000 TEU were delivered, with a total capacity of 218,840 TEU. The average weekly capacity from China to European base ports in October was 250,800 TEU, 299,500 TEU in November, and 308,800 TEU in December. There were 4 blank sailings and 4 TBNs in November and 5 TBNs in December [2][6]. 4. Supply Chain - Geopolitically, Hamas is discussing the next - stage content of the Gaza cease - fire agreement in Egypt, and has handed over the remains of Israeli hostages to the Red Cross. There is a counter - measure between China and the US regarding port fees for related ships, but it has a relatively small impact on the European line [2][3]. 5. Demand and European Economy - There is no specific analysis of demand and European economy data in the content provided, but it can be inferred that the shipping companies' supply - side adjustment for freight rates is related to the need to prepare for the next - year long - term contract negotiation to ensure stable revenue [4][5].

Report Industry Investment Rating - The 12 - contract is expected to be volatile and bullish, and there is no arbitrage strategy currently [9] Core View - The shipping market is affected by multiple factors such as geopolitics, supply - demand relationship, and contract price trends. Pay attention to the actual implementation of price increase letters in November and December, and the price adjustment of 10 - month contracts. The 12 - month contract focuses on the rhythm of price increase, and the 2026 February contract may have a large expected difference [1][7] Summary by Directory 1. Futures Price - As of October 16, 2025, the total open interest of all contracts of the container shipping index European line futures was 61,878 lots, and the single - day trading volume was 38,960 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2510, and EC2512 contracts were 1429.20, 1119.90, 1281.20, 1410.80, 1100.90, and 1651.10 respectively [8] 2. Spot Price - Different shipping alliances have different price quotes for the Shanghai - Rotterdam route. For example, in the Gemini Cooperation, Maersk's 43 - week quote for Shanghai - Rotterdam was 1100/1840, and the 44 - week quote was 1194/2010; HPL's price in the second half of October was 1185/1935, and the price in the first half of November was 1535/2535, with a quote of 1735/2835 for the second - half - month shipping schedule in November. Many shipping companies have issued price increase letters [1] 3. Container Ship Capacity Supply - From October to December 2025, the average weekly capacity from China to European base ports showed different trends. In October, the average weekly capacity in the remaining three weeks was 276,100 TEU. In November, the monthly average weekly capacity was 302,800 TEU, and in December, it was 287,700 TEU. There were 4 blank sailings and 3 TBNs in November, and 7 TBNs in December [3] 4. Supply Chain - There are geopolitical factors affecting the supply chain. For example, Israeli officials denied the start of the second - stage negotiations on the Gaza cease - fire, and the Houthi armed forces confirmed the death of their armed forces chief of staff. Also, the Chinese Ministry of Commerce imposed sanctions on 5 US - related subsidiaries of Hanwha Ocean Co., Ltd., and it is not yet known whether it will affect HMM's operations [3][4] 5. Demand and European Economy - The report does not provide direct information on demand and the European economy, but the shipping market is closely related to European economic conditions. The shipping companies' price adjustment strategies are related to the expected demand and economic situation in the future, such as preparing for the next - year long - term contract negotiations [7]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - For the October contract, the valuation is becoming clearer. Attention should be paid to the actual freight - booking prices in the second half of the month after the holiday. The uncertainty lies in the actual implementation of price increases in the second half of October. The final delivery and settlement price is expected to be around 1130 - 1140 [5][6]. - For the December contract, since it is far from delivery, trading focuses on the rhythm. The shipping companies will adjust the supply to keep freight rates high for the next - year long - term contract negotiation. The trading rhythm involves trading price - increase expectations and actual implementation of price - increase letters [6]. - The February 2026 contract may have a large expected difference, but it is currently suppressed by the expectation of resumed voyages [7]. - The strategy suggests going short on the October contract and expecting the December contract to be oscillating upward. There is no arbitrage strategy at present [9]. 3. Summary According to Relevant Catalogs 3.1 Futures Prices - As of October 14, 2025, the total open interest of all container shipping index European line futures contracts is 66,064.00 lots, and the daily trading volume is 69,843.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2510, and EC2512 contracts are 1464.40, 1150.00, 1318.80, 1450.00, 1136.20, and 1674.10 respectively [7]. 3.2 Spot Prices - Different shipping companies have different price quotes and price - increase letters. For example, Maersk's Shanghai - Rotterdam WEEK43 quote is 1095/1830, and WEEK44 is 1080/1800. HPL plans to increase the price to 1200/2000 after October 15 and has different price quotes for different periods in November [1]. - Some shipping companies have adjusted their prices in the second half of October. For example, OOCL in the OA alliance lowered its price to 1850 US dollars/FEU, YML in the PA alliance to 1700 US dollars/FEU, and HPL in the Gemini alliance to 1935 US dollars/FEU [5]. 3.3 Container Ship Capacity Supply - From the remaining three weeks of October to December, the average weekly capacity of China - European base ports shows different trends. In October, the average weekly capacity is 276,100 TEU, in November it is 302,800 TEU, and in December it is 287,700 TEU. There are 4 blank sailings and 3 TBNs in November, and 7 TBNs in December [3]. - As of October 12, 2025, 210 container ships have been delivered in 2025, with a total capacity of 1.704 million TEU. Among them, 64 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 963,800 TEU, and 10 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 218,840 TEU [8]. 3.4 Supply Chain - The Chinese Ministry of Commerce has imposed sanctions on Hanwha Ocean Co., Ltd. and its 5 US - related subsidiaries. Since HMM and Hanwha Ocean have the same top - level controlling party, whether HMM's operations will be affected is unknown [4]. 3.5 Demand and European Economy No specific analysis content provided in the given text about this part, only some related figure references are given.

Report Industry Investment Rating No information provided. Core Viewpoints - The geopolitical situation has an impact on the shipping market. Hamas' statement about a cease - fire agreement in Gaza war and potential prisoner exchanges affects market sentiment. The 10 - month contract's valuation is becoming clearer, with uncertainty in the actual implementation of price increases in the second half of October. The 12 - month contract trading focuses on the actual implementation of price increases in November, and the overall strategy is to go short on the 10 - month contract and expect the 12 - month contract to be oscillating strongly [3][4][5]. Summary by Relevant Catalogs 1. Market Analysis - **Online Quotations**: Different shipping alliances and companies have different price trends and price increase announcements. For example, HPL and Maersk have issued price increase letters, and the prices of various routes from Shanghai to Rotterdam have shown an upward trend to varying degrees [1][2]. - **Geopolitical End**: Hamas said it had reached an agreement to end the Gaza war, ensure Israel's withdrawal, and exchange hostages and prisoners [3]. - **Dynamic Supply**: The weekly average container ship capacity from China to European base ports varies by month. In October, the remaining three - week average capacity is 291,100 TEU, in November it is 304,000 TEU, and in December it is 292,500 TEU. There are also empty sailings and TBNs in November and December [3]. 2. Contract Analysis - **October Contract**: The valuation of the October contract is gradually clear. The current freight rate center in the first half of October has dropped to around $1400/FEU. The uncertainty lies in the actual implementation of price increases in the second half of October. If the price increases by $500/FEU in the last week, the final delivery settlement price corresponds to a spot price of approximately $1400/1500/1900/FEU, equivalent to about 1150 - 1200 points on the SCFIS; if the price increase fails, the final delivery settlement price may be between 1000 - 1050 points [4]. - **December Contract**: The price increase letter for the November contract is expected to be launched soon. The 12 - month contract trading focuses on the rhythm, mainly the actual implementation of price increases in November. The shipping companies will adjust supply to keep freight rates at a high level for the next - year long - term contract negotiation. The current weak demand in the US line may affect the European line if ships are transferred. The trading rhythm of the 12 - month contract is to first trade the price increase expectation, then the actual implementation, and repeat this process until delivery [5]. 3. Strategy - **Unilateral**: Go short on the 10 - month contract and expect the 12 - month contract to be oscillating strongly. - **Arbitrage**: No arbitrage strategy is provided currently [8]. 4. Data Information - **Futures and Spot Prices**: As of October 9, 2025, the total open interest of all container shipping index European line futures contracts is 67,360 lots, and the single - day trading volume is 78,064 lots. The SCFI (Shanghai - Europe route) price announced on September 26 is $971/TEU, and the SCFIS (Shanghai - Europe) on October 6 is 1046.50 points [7]. - **Container Ship Capacity**: As of October 6, 2025, 206 container ships have been delivered in 2025, with a total capacity of 1.6494 million TEU. Among them, 64 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 964,000 TEU; 9 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 194,840 TEU [7].