Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For the EC2602 contract, future performance depends on spot trends. It's hard to predict the peak height and timing of January freight rates and subsequent price - drop rhythms, so entry at the current level is not recommended [3]. - The EC2604 contract has a moderately high valuation, but there is short - term upward risk. The strategy is mainly to go short on rallies [3]. - The far - month contracts are greatly affected by geopolitical factors. Given the long - term logic of resumption of shipping and the off - season, the strategy for the EC2610 contract is to go short on rallies [3]. 3. Summary by Content Futures Market - **Contract Prices and Changes**: EC2512 closed at 1604.8 with a - 0.51% change; EC2602 at 1822.9 (- 0.09%); EC2604 at 1169.9 (+ 1.31%); EC2606 at 1374.0 (+ 4.39%); EC2608 at 1497.7 (+ 0.78%); EC2610 at 1054.7 (+ 0.51%) [2]. - **Month - to - Month Spreads**: For example, EC2512 - 2504 spread was 434.9, with a day - on - day change of - 23.3 and a week - on - week change of - 66.4 [2]. Spot Market - **Indices and Changes**: The SCFIS (European Line) index on 2025/12/29 was 1742.64, up 9.66% from the previous period; the SCH (European Line) spot price on 2025/12/26 was 1690 dollars/TEU, up 10.24%; the CCFI was 1519.06, up 3.06%; the NCFI was 1144.37, up 7.22% [2]. - **European Line Spot Quotes**: In Week 1, the central price was 1950 dollars, equivalent to about 1950 points on the futures market. In Week 2, MSK kept the price at 2500 dollars, with the price at Hamburg Port rising to 2600 dollars [4]. Geopolitical News - On 12/30, Trump said he and Netanyahu reached an agreement on most matters, and they discussed Hamas disarmament and the second - phase plan for Gaza [4]. - On 12/29, Hamas claimed that Israel did not fulfill the cease - fire agreement and called on the US to pressure Israel [5].

키s 集运量版 | | | | | | | 研究中心能化团队 | | | 2025/12/26 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ਵਨੀ EC2512 | | 昨日收盘价 1608.0 | 涨跌 0.1 3% | 意 -18.8 | 昨日成交量 112 | | 昨日持仓昼 1714 | 持仓变动 -76 | | | EC2602 EC2604 | | 1799.7 1164.5 | 0.22% -0.04% | -210.5 424.7 | 28762 6267 | | 34250 21254 | -66 264 | | | EC2606 | | 1320.0 | 0.08% | 269.2 | 258 | | 2126 | -19 | | 期货 | EC2608 | | 1496.7 | 1.06% | 92.5 | 112 | | 1181 | -12 | | | EC2610 | | 1059.0 | 0.715% | 530.2 | 811 | | 5941 | 2777 | | | 月差 | | 前 ...

Group 1: Report Core View - The price of EC2602 mainly depends on the spot market. It's difficult to predict the peak height and time of freight rates in January and the subsequent price - drop rhythm. At the current level, it's not recommended to enter the market [1] - The valuation of EC2604 is moderately high. In the short - term, it may follow the spot market or recover the basis. The strategy is to short on rallies. The far - month contracts are greatly affected by geopolitical factors. It's safer to short off - season contracts than peak - season contracts. Pay attention to shorting opportunities in the EC2610 contract [2] Group 2: Futures Market Data Futures Contract Prices and Changes - EC2512 closed at 1608.0 with a change of 0.13% and a decrease of 18.8, trading volume of 112 and open interest of 1714 (a decrease of 76) [1] - EC2602 closed at 1799.7 with a change of 0.22% and a decrease of 210.5, trading volume of 28762 and open interest of 34250 (a decrease of 66) [1] - EC2604 closed at 1164.5 with a change of - 0.04% and an increase of 424.7, trading volume of 6267 and open interest of 21254 (an increase of 264) [1] - EC2606 closed at 1320.0 with a change of 0.08% and an increase of 269.2, trading volume of 258 and open interest of 2126 (a decrease of 19) [1] - EC2608 closed at 1496.7 with a change of 1.06% and an increase of 92.5, trading volume of 112 and open interest of 1181 (a decrease of 12) [1] - EC2610 closed at 1059.0 with a change of 0.75% and an increase of 277, trading volume of 811 [1] Futures Spread Data - The spread between EC2512 and EC2504 was 443.5, with a daily - on - daily change of - 123.9, weekly - on - weekly change of - 191.7 and monthly - on - monthly change of - 1.8 [1] - The spread between EC2512 and EC2602 was - 189.9, with a daily - on - daily change of 4.4, weekly - on - weekly change of 59.5 [1] - The spread between EC2502 and EC2604 was 630.8, with a daily - on - daily change of - 17.8, weekly - on - weekly change of - 13.4 [1] Group 3: Spot Market Data European Line Spot Market - In Week 52, Maersk (MSK) opened at 2300 (a decrease of 100 compared to the previous week), and other companies mainly followed Week 51 rates. The central price was 2500 US dollars, equivalent to about 1750 points on the futures market [3] - All shipping companies are raising the price of January cabins. Maersk's January upper - half price is 2500, and it will rise to 2600 in Week 2 to Hamburg, while prices for other ports remain flat. The central price of shipping companies' January quotes is about 2500 - 2600 US dollars [3] Shipping Index Data - The SCFIS (European Line) index on December 22, 2025, was 1589.20, up 5.21% from the previous period and 0.10% from two periods ago, updated weekly [1] - On December 19, 2025, the SCFI (European Line) was 1533, up 0.23% from the previous period and 9.86% from two periods ago, updated weekly [6] - On December 19, 2025, the CCFI was 1473.9, up 0.30% from the previous period and 9.98% from two periods ago, updated weekly [6] - On December 19, 2025, the NCFI was 967.55, down from 1067.29 in the previous period, updated weekly [6]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For the EC2602 contract, its future trend mainly depends on the spot price. The contradiction lies in the peak height and time of the freight rate in January. Given the current valuation, the risk - reward ratio for both shorting and going long is not high, so it is recommended to wait and see [3]. - For the EC2604 contract, the short - term downside is limited. Attention should be paid to short - selling opportunities when it follows the spot price or recovers the basis [3]. - For the far - month contracts, a positive spread trading strategy is suggested, and short - selling opportunities for the EC2610 contract should be monitored [3]. 3. Summary by Relevant Content Futures Market - **Contract Prices and Changes**: - EC2512 closed at 1630.1, up 0.35% with a basis of - 119.5, trading volume of 186, and an open interest of 1983 (down 160) [2]. - EC2602 closed at 1719.8, up 3.07% with a basis of - 209.2, trading volume of 31624, and an open interest of 31507 (down 136) [2]. - EC2604 closed at 1128.8, up 1.80% with a basis of 381.8, trading volume of 4225, and an open interest of 18837 (up 145) [2]. - EC2606 closed at 1288.3, up 1.40% with a basis of 222.3, trading volume of 437, and an open interest of 2220 (down 52) [2]. - EC2608 closed at 1453.2, up 0.85% with a basis of 57.4, trading volume of 87, and an open interest of 1288 (down 28) [2]. - EC2610 closed at 1050.3, up 0.78% with a basis of 460.3, trading volume of 413, and an open interest of 4935 (up 40) [2]. - **Month Spreads**: - EC2512 - 2504 was 501.3, down 14.3 day - on - day and 59.1 week - on - week [2]. - EC2512 - 2602 was - 89.7, down 45.5 day - on - day and 53.8 week - on - week [2]. - EC2502 - 2604 was 591.0, up 31.2 day - on - day and down 5.3 week - on - week [2]. Spot Market - **Spot Indexes**: - The SCHIS SCFI (European Line) on December 15, 2025, was 1510.56 points, up 0.10% from the previous period and 1.72% two periods ago [2]. - The CCFI on December 19, 2025, was 1473.9 points, up 0.23% from the previous period and 1.59% two periods ago [2]. - The NCFI on December 19, 2025, was 1067.29 points, up 0.30% from the previous period and 9.98% two periods ago [2]. - **European Line Spot Freight**: - In Week 52, Maersk (MSK) opened at $2300 (down $100 from the previous week), with the market center at $2500, equivalent to about 1750 points on the futures market. All shipping companies announced price increases for January space [4]. - In Week 1, Maersk (MSK) opened at $2500 (up $200 from the previous week), and the market is waiting for other shipping companies to open their rates, with an overall bullish sentiment [4]. News - On December 19, a Maersk vessel crossed the Bab - el - Mandeb Strait and entered the Red Sea for the first time in nearly two years. Maersk is considering gradually resuming East - West routes via the Suez Canal and the Red Sea under the premise of meeting safety standards [5]. - On December 20, officials from Turkey, the US, Qatar, and Egypt met in Miami to discuss the second - stage arrangements for a cease - fire in Gaza. The cease - fire framework has been maintained since the first - stage cease - fire agreement in October [6]. - On December 21, Israel informed the US that it might launch a second strike on Iran. Trump and Netanyahu are scheduled to meet at Mar - a - Lago later this month [6].

Report Overview - The report is a container shipping morning report released on December 18, 2025, by the energy and chemical team of the research center [2]. 1. Futures Market 1.1 Futures Contract Prices and Changes - EC2512 closed at 1632.0 with a 0.03% increase, EC2602 at 1699.8 with a 0.77% increase, EC2604 at 1124.1 with a 1.02% increase, EC2606 at 1283.7 with a 0.49% decrease, EC2608 at 1448.1 with a 0.98% decrease, and EC2610 at 1045.2 with a 0.38% increase [2]. 1.2 Futures Contract Positions and Changes - The positions of EC2512 decreased by 348 to 2218, EC2602 decreased by 12 to 31971, EC2604 decreased by 869 to 19059, EC2606 increased by 1 to 2306, EC2608 decreased by 26 to 1325, and EC2610 increased by 84 to 4795 [2]. 1.3 Futures Month - spreads - The month - spread of EC2512 - 2504 was 507.9, down 10.9 from the previous day and 83.2 week - on - week; EC2512 - 2602 was - 67.8, down 12.5 from the previous day and 112.7 week - on - week; EC2502 - 2604 was 55.7, up 1.6 from the previous day and 29.5 week - on - week [2]. 2. Spot Market 2.1 Spot Indexes - The SCFI (European line) was 1538 US dollars/TEU on December 12, 2025, up 9.86% from the previous period; CCFI was 1470.55 points, up 1.59%; NCFI was 1064.13 points, up 9.98% [2]. 2.2 European Line Spot Quotes - In Week 51, MSK opened at 2400 (up 200 from the previous period), MSC and OA quoted 2600 - 2700, and PA quoted 2400 US dollars; in Week 52, MSK opened at 2300 (down 100). In January, MSK and MSC announced price increases to 3500 and 3700 US dollars respectively. MSC opened at 2864 US dollars (up 200), equivalent to 2000 points on the futures [4]. 3. Market Analysis and Suggestions 3.1 Overall Market Trend - There has been no obvious trending market recently, and the futures market has fluctuated widely around the news of MSK's cabin opening [2]. 3.2 Future Market Outlook - After the 02 contract, the market depends on the spot trend. The contradiction lies in the peak height and time of the freight rate in January. Historically, the freight rate peaks 4 - 5 weeks before the Spring Festival, but high capacity in January may suppress the increase [2]. 3.3 Trading Suggestions - Currently, the risk - reward ratio for both shorting and going long is not high, so it is recommended to wait and see. In the short - term, the downside space for the 04 contract is small, and attention should be paid to short - selling opportunities when it follows the spot or recovers the basis. For the far - month contracts, a positive spread trading strategy can be considered, and attention should be paid to short - selling opportunities for the 10 contract [2][3]. 4. Related News - On December 17, the head of Mossad claimed that Iran still desired to build nuclear weapons, increasing the possibility of further conflict between the two countries [5].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views - For contracts after 02, the trend mainly depends on the spot market. The key lies in the peak height and time of freight rates in January. Historically, freight rate peaks often occur 4 - 5 weeks before the Spring Festival, but high capacity in January may suppress the increase. Currently, the risk - reward ratio for both shorting and going long is not high, so it is recommended to wait and see [3]. - For the 04 contract, the short - term downside space is small. Pay attention to short - selling opportunities when 04 may follow the spot market or close the basis [3]. - For far - term contracts, use a positive spread strategy. Pay attention to short - selling opportunities for the 10 contract [3]. 3. Summary by Related Catalogs Contract Market Data - **Contract Prices and Volumes**: EC2512 closed at 1631.5 with a - 1.11% change, EC2602 at 1686.8 (- 3.39%), EC2604 at 1112.7 (- 3.22%), EC2606 at 1290.0 (- 1.28%), EC2608 at 1462.4 (- 1.18%), and EC2610 at 1041.2 (- 1.20%). Trading volumes were 212 for EC2512, 27798 for EC2602, 7161 for EC2604, 279 for EC2606, 216 for EC2608, and 641 for EC2610. Open interest and its changes also varied for each contract [2]. - **Month - to - Month Spreads**: For example, EC2512 - 2504 had a spread of 518.8, with a day - on - day increase of 18.7 and a week - on - week decrease of - 73.3. Different month - to - month spreads showed various trends [2]. - **Index Data**: The ટરદાર index on 2025/12/15 was 1510.56 with a 0.10% increase. SCFI (on 2025/12/12) was 1538 dollars/TEU with a 9.86% increase, CCFI was 1470.55 points with a 1.59% increase, and NCFI was 1064.13 points with a 9.98% increase [2]. European Line Spot Situation - **Week 51**: MSK opened bookings for 2400 (200 more than the previous week). MSC and OA quoted between 2600 - 2700, and PA quoted 2400 dollars. The current central price was 1760 dollars, equivalent to about 1760 points on the futures market [4]. - **Week 52**: MSK opened bookings for 2300 (100 less than the previous week), and other companies mainly followed the Week 51 quotes [4]. - **January**: MSK and MSC announced price increases to 3500 and 3700 dollars respectively [4]. - **Monday**: MSC opened bookings at 2864 dollars, equivalent to 2000 points on the futures market [4]. - **Tuesday**: MSK quoted 2700 dollars/FEU for the China - Europe route to London (2800 for 40 - foot high - cube containers) [4]. Related News - On 12/15, the White House privately rebuked Israeli Prime Minister Netanyahu for violating the Gaza cease - fire agreement. Israel killed a Hamas deputy commander in Gaza City on Saturday without informing or consulting the US [5]. - On 12/16, the Israeli Defense Forces attacked a Hezbollah member in southern Lebanon [5].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - The 12 - contract follows the delivery logic. P1 is announced as 1510.56 points (lower than expected), and P2 and P3 are expected to be between 1700 - 1750 points [3]. - The valuation of the 02 - contract is moderately high. It is expected to fluctuate in the short - term and follow the spot price trend later. The current spot market is strong and recovering. Historically, the freight rate peaks usually occur 4 - 5 weeks before the Spring Festival (corresponding to mid - to late January 2026). However, the high shipping capacity in January 2026 may suppress the peak. At the current valuation, it is recommended to wait and see [3]. - The short - term downside space of the 04 - contract is limited. Attention should be paid to the short - selling opportunities when the 04 - contract may rise following the near - month contracts [3]. 3. Summary by Relevant Catalogs Futures Contracts - **Closing Price and Changes**: EC2512 closed at 1649.8 with a - 0.01% change; EC2602 at 1746.0 with a 4.06% change; EC2604 at 1149.7 with a 3.95% change; EC2606 at 1306.7 with a 3.64% change; EC2608 at 1479.9 with a 3.37% change; EC2610 at 1053.8 with a 2.31% change [2]. - **Trading Volume and Open Interest**: The trading volume of EC2512 was 274, and the open interest was 2724 with a change of - 223; for EC2602, the trading volume was 28275, and the open interest was 33065 with a change of 1401; for EC2604, the trading volume was 7432, and the open interest was 19657 with a change of - 276; for EC2606, the trading volume was 6/9 (unclear), and the open interest was 2335 with a change of - 20; for EC2608, the trading volume was 402, and the open interest was 1441 with a change of - 114; for EC2610, the trading volume was 1000, and the open interest was 4739 with a change of 157 [2]. - **Month - to - Month Spreads**: EC2512 - 2504 was 500.1 with a day - on - day change of - 43.9 and a week - on - week change of - 65.6; EC2512 - 2602 was - 96.2 with a day - on - day change of - 68.4 and a week - on - week change of - 144.9; EC2502 - 2604 was 596.3 with a day - on - day change of 24.5 and a week - on - week change of 79.3 [2]. Spot Market - **Spot Indexes**: The SCFIS (European Line) on 2025/12/15 was 1510.56 points with a 0.10% change from the previous period. The SCFI (European Line) on 2025/12/12 was 1538 dollars/TEU with a 9.86% change; the CCFI was 1470.55 points with a 1.59% change; the NCFI was 1064.13 points with a 9.98% change [2]. - **Shipping Company Quotes**: In Week51, MSK opened at 2400 (a 200 increase from the previous week), MSC and OA quoted 2600 - 2700, and PA quoted 2400 dollars. The current central price was 1760 dollars, equivalent to about 1760 points on the futures. In Week52, MSK opened at 2300 (a 100 decrease from the previous week), and the other companies mainly followed Week51's quotes. In January, MSK and MSC announced price increases to 3500 and 3700 dollars respectively. On Monday, MSC opened at 2864 dollars (a 200 increase from the previous week), equivalent to 2000 points on the futures [4].

Report Summary 1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints - The 12 - contract follows the delivery logic. MSK's Tuesday price cut for the last - week freight rate to $2300 may lead to a lower settlement price for the 12 - contract, with a central price of $2300 [3]. - The 02 - contract has a moderately high valuation. In the short - term, it may fluctuate due to the expected peak season in January. In the long - run, the driving force is upward because of the strong and recovering cargo volume. However, the high shipping capacity in January 2026 may suppress the price peak. Currently, it is recommended to wait and see [3]. - The 04 - contract has limited short - term downside space. Pay attention to the short - selling opportunities when the 04 - contract may rise following the near - month contracts [3]. 3. Summary by Related Catalogs Futures Contract Data - **Contract Prices and Changes**: The EC2512 contract closed at 1655.1, down 0.58%; the EC2602 contract closed at 1665.2, up 2.80%; the EC2604 contract closed at 1080.7, up 0.66%; the EC2606 contract closed at 1225.6, up 0.53%; the EC2608 contract closed at 1378.9, down 0.07%; the EC2610 contract closed at 1025.0, up 0.56% [2]. - **Trading Volume and Open Interest**: The trading volume of EC2512 was 321, and the open interest was 3169, down 114; the trading volume of EC2602 was 35894, and the open interest was 31382; the trading volume of EC2604 was 3703, and the open interest was 19219, down 159; the trading volume of EC2606 was 380, and the open interest was 2274, down 69; the trading volume of EC2608 was 170, and the open interest was 1549, down 25; the trading volume of EC2610 was 273, and the open interest was 4207, up 6 [2]. - **Month - to - Month Spreads**: For example, the EC2512 - 2504 spread was 5/4.4, with a day - on - day change of - 16.7 and a week - on - week change of 12.9; the EC2512 - 2602 spread was - 10.1, with a day - on - day change of - 55.0 and a week - on - week change of - 109.5; the EC2502 - 2604 spread was 584.5, with a day - on - day change of 38.3 and a week - on - week change of 1224 [2]. - **Indicator Data**: The forward - looking futures index (frequency: electricity - new, announced on 2025/12/8) was 1509.10, up 1.72% from the previous period and down 0.28% compared to the period before the previous one; the CCFI on 2025/12/5 was 1447.56, down 0.12% from the previous period; the NCFI on 2025/12/5 was 967.55, down 5.57% from the previous period [2]. European Line Spot Freight Situation - **Weekly Spot Freight Rates**: In Week 50, MSK's opening price dropped to $2200, with the central price at $2200, equivalent to 1550 points on the disk; in Week 51, MSK's opening price was $2400; in Week 52, MSK's opening price was $2300 (down $100 from the previous week) [4]. - **Price Adjustments**: YML cut the freight rate for late December to $2650 on Tuesday; MSK announced a price increase for January, with the freight rates for 20 - foot and 40 - foot containers on the European line raised to $2275 and $3500 respectively [4]. Related News - On December 10, 2025, the Israeli army launched air strikes and shelling on parts of Khan Younis in Gaza under its control; Hamas officials stated that disarming the Palestinians was equivalent to taking their lives [5]. - On December 11, 2025, Trump said he planned to announce the members of the "Gaza Peace Committee" early next year. Many world leaders wanted to join this committee established under a Gaza plan that brokered a fragile cease - fire between Israel and Hamas [5].

Group 1: Futures Contract Information - EC2512 had a yesterday's closing price of 1649.1 with a decline of 0.27%, a basis of -165.5, a trading volume of 270, an open interest of 3731, and an open interest change of -82 [2] - EC2602 had a price of 1585.0 with an increase of 2.92%, a basis of -101.4, a trading volume of 27304, an open interest of 34222, and an open interest change of -786 [2] - EC2604 had a price of 1090.1 with an increase of 0.65%, a basis of 393.6, a trading volume of 2881, an open interest of 19129, and an open interest change of 132 [2] - EC2606 had a price of 1255.1 with an increase of 0.05%, a basis of 228.6, a trading volume of 178, an open interest of 2141, and an open interest change of -26 [2] - EC2608 had a price of 1385.6 with an increase of 0.40%, a basis of 98.1, a trading volume of 125, an open interest of 1549, and an open interest change of -28 [2] - EC2610 had a price of 1040.2 with a decline of 0.19%, a basis of 443.5, a trading volume of 297, an open interest of 3961, and an open interest change of 72 [2] Group 2: Spread Information - The EC2512 - 2504 spread was 559.0, compared to 561.5 the day before yesterday with a change of -11.4 [2] - The EC2512 - 2602 spread was 64.1, compared to 113.4 the day before yesterday with a change of -49.3 [2] - The EC2502 - 2604 spread was 401, compared to 457.0 the day before yesterday with a change of 37.9 [2] Group 3: Spot Index Information - The SCHIS index on 2025/12/1 was 1483.65, down 9.50% from the previous period [2] - The SCFI (European line) on 2025/11/28 was 1404 dollars/TEU, up 2.71% from the previous period [2] - The CCFI (European line) on 2025/11/28 was 1449.34 points, up 1.14% from the previous period [2] - The NCFI on 2025/11/28 was 1024.64 points, up 7.67% from the previous period [2] Group 4: Market Analysis and Outlook - The December contract is moving towards the delivery logic, with P1 around 1550 points. P2 and P3 are对标 to the second - half of December cabin positions, and the price is expected to be stable with a slight increase [3] - The 02 contract has a neutral valuation, follows the spot price in the short - term, and there is a game for the peak - season height. Although high capacity limits the upside, there is no overly pessimistic expectation due to the late Spring Festival, strong cargo volume on the European line this year, and the 02 contract covering the freight rates from the second - half of January to the first ten days of February [3] - The 04 contract has limited short - term downside space, and attention should be paid to the short - selling opportunities when it follows the near - month contracts to rise [3] Group 5: Recent Spot Market Situation - The price increase announcement in the first half of December failed. In Week 49, the average was 2360 dollars, equivalent to 1650 points on the futures market [4] - In Week 50, MSK's cabin opening price dropped to 2200 dollars, and other shipping companies followed suit. The current central price is 2270 dollars, equivalent to 1580 points on the futures market [4] - On Monday, YML reduced the price of two ships in Week 50 by 150 to 1750 dollars, while MSC increased it by 200 to 2600 dollars [4] - It is expected that shipping companies will announce price increases for January cabins in early December. MSK's opening price for Week 51 is 2400 dollars, a 200 - dollar increase from the previous period, equivalent to 1660 points on the futures market [4] - On Thursday, MSK issued a price - increase notice for January European lines, with the price rising to 3500 dollars [4]

Report Summary 1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The EC2512 contract is moving towards the delivery logic, with P1 around 1550 points. P2 and P3 are对标 to the second - half of December's cabin space, and the price is expected to be stable with a slight increase. - The EC2602 contract has a neutral valuation, follows the spot market in the short - term, and there is a chance for a higher price if the peak season is realized. Reasons include the late Chinese New Year, strong cargo volume on the European route this year, and the contract covering a period with a potential seasonal price peak. - The EC2604 contract is still recommended to be shorted on rallies [3]. 3. Summary by Relevant Content Futures Market - **Contract Prices and Changes**: EC2512 closed at 1633.6 with a - 0.19% change; EC2602 at 1534.2 with a 2.719% change; EC2604 at 1072.1 with a - 0.55% change; EC2606 at 1233.2 with a - 0.31% change; EC2608 at 1374.9 with a 1.30% change; EC2610 at 1032.6 with a - 0.06% change [2]. - **Month - to - Month Spreads**: For example, EC2512 - 2504 was 561.5, EC2512 - 2602 was 99.4, and EC2502 - 2604 was 462.1, with corresponding changes compared to previous days and weeks [2]. Spot Market - **Spot Indexes**: The spot price (per point) on December 1, 2025, was 1483.65, down 9.50% from the previous period. SCF on November 28, 2025, was 1404 dollars/TEU, up 2.71%; CCFI was 1449.34 points, up 1.14%; NCFI was 1024.64 points, up 7.67% [2]. - **European Route Spot Situation**: In December, the early - month price increase failed. In Week 49, the average was 2360 dollars, equivalent to 1650 points on the disk. In Week 50, MSK's opening price dropped to 2200 dollars, and the current central price is 2270 dollars, equivalent to 1580 points. Some shipping companies adjusted prices, and it is expected that shipping companies will announce price increases for January's cabin space in early December. On Tuesday, MSK's opening price for Week 51 was 2400 dollars, up 200 dollars from the previous week, equivalent to 1660 points [4]. Related News - On November 26, the mediators of the Gaza cease - fire agreed to stop violations and implement the second phase of the agreement. - On November 29, Lebanon's Hezbollah said it would retaliate against Israel for the attack on its senior commander [5].