Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - SCFIS (European Line) significantly exceeded expectations, potentially driving the market up today [1]. - As of now, cargo volume shows no obvious signs of improvement, but shipping companies have implemented many suspension operations. The market currently expects the freight rate in January to potentially reach between 2000 - 2200 US dollars (1400 - 1540 points) [1]. - Overall, with subsequent positive drivers, adopt a "buy on dips" strategy for contracts EC2512 and EC2602, and a "sell on rallies" strategy for EC2604 [1]. 3. Summaries by Related Catalogs Futures Contract Information | Contract | Yesterday's Closing Price | Change (%) | Yesterday's Volume | Yesterday's Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | | EC2510 | 1130.9 | -0.61 | 1377 | 3428 | -864 | | EC2512 | 1775.0 | -3.06 | 27748 | 27995 | -2254 | | EC2602 | 1571.6 | -1.84 | 6174 | 13138 | 1629 | | EC2604 | 1178.8 | -0.07 | 2045 | 14146 | -78 | | EC2606 | 1387.1 | -0.77 | 109 | 1371 | -6 | [1] Month - to - Month Spread Information | Month Spread | Previous Day | Two Days Ago | Day - on - Day Change | Week - on - Week Change | | --- | --- | --- | --- | --- | | EC2510 - 2512 | -644.1 | -693.2 | 49.1 | -9.8 | | EC2512 - 2602 | 203.4 | 230.0 | -26.6 | 2.1 | [1] Index Information | Index | Update Frequency | Announcement Date | Unit | Current Period | Previous Period | Two Periods Ago | Current Period Change | Previous Period Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | TTN | Weekly | 2025/10/27 | Points | 1312.71 | 1140.38 | 1031.80 | 15.11% | 10.52% | | SCFI (European Line) | Weekly | 2025/10/24 | US dollars/TEU | 1246 | 1145 | 1068 | 8.82% | 7.21% | | CCFI (European Line) | Weekly | 2025/10/24 | Points | 1293.12 | 1267.91 | 1287.15 | 1.99% | -1.49% | | NCFI | Weekly | 2025/10/24 | Points | 822.3 | 803.21 | 698.67 | 2.38% | 14.96% | [1] Recent European Line Quotation Information - Currently, downstream is booking space for early November (Week 45). - Week 44 offline quotes: PA 1400, GEMINI 1600, OA 1800 US dollars. - November price increase announcements: Shipping companies announced price increases mostly between 2500 - 2700 US dollars, with an average equivalent to about 1800 points on the disk. MSK opened at 2350 US dollars, in line with expectations. Online, HMM reduced to 1900 US dollars, OOCL reduced to 2300 - 2400 US dollars (one route reduced to 2100 US dollars), and HPL reduced to 2335 US dollars [2]. Related News - On October 28, the Israeli military stated that it will not stop attacking Hamas until all hostages are returned. - On October 28, the Israeli government spokesman said that Israel will maintain full security control over the Gaza Strip. - On October 27, Israel announced the lifting of the emergency state in southern Israel for the first time in more than two years [3].

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - Due to geopolitical easing and shipping companies' announcements, the spot market is gradually entering the peak season. Under the game of the two factors, it is expected that the short - term futures market will fluctuate greatly. A cease - fire does not mean resumption of navigation. It is expected that the contract for December will operate strongly, and the contracts in 2026 carry greater risks. Before a clear signal of geopolitical easing emerges, the contract for February may follow the spot market more closely [1] 3. Summary According to Related Catalogs 3.1 Futures Market Data - **Futures Price and Fluctuation**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 are 1119.9, 1688.0, 1406.0, 1119.9, and 1277.5 respectively, with fluctuations of 0.84%, - 2.53%, - 14.41%, - 10.7%, and - 13.05% [1]. - **Futures Volume and Open Interest**: The trading volumes of EC2510, EC2512, EC2602, EC2604, and EC2606 are 15562, 41507, 12789, 6566, and 990 respectively, and the open interests are 21030, 24222, 8743, 11087, and 1370 respectively, with open - interest changes of - 5752, 3451, 209, 1856, and 471 [1]. - **Futures Month - spread**: The month - spreads of EC2510 - 2512 and EC2512 - 2602 are - 568.1 and 282.0 respectively, with daily - on - daily changes of 53.2 and 192.9, and weekly - on - weekly changes of 69.9 and 190.0 [1]. 3.2 Spot Market Index - **Index Data**: The SCHIS index on October 6, 2025, is 1046.5 points, down 6.60% from the previous period; the SCFI (European line) on September 26, 2025, is 971 US dollars/TEU, down 7.70% from the previous period; the CCFI (European line) is 1401.91 points, down 4.69% from the previous period; the NCFI is 614.14 points, down 8.83% from the previous period [1]. 3.3 Recent European Line Quotations - **Week 40 - 41**: The average quotation is 1450 US dollars (equivalent to 1020 points on the futures market). Among them, MSK quotes 1400 US dollars, PA quotes 1300 - 1500 US dollars, YML quotes 1300 US dollars (the lowest price of the year), and OA quotes 1400 - 1600 US dollars [2]. - **Week 42**: The announced price increase is to 1800 - 2000 US dollars. On Thursday, MSK announced a price increase for the European line in November, with the price rising to 1625 US dollars for a 20 - foot container and 2500 US dollars for a 40 - foot container, equivalent to 1740 points on the futures market [2]. 3.4 Related News - **Israel - Hamas Cease - fire**: On October 10, the Israeli government approved the Gaza cease - fire agreement, but some far - right officials voted against it. The Houthi armed forces said they would closely monitor the implementation of the cease - fire agreement [3][4]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The shipping capacity in August is relatively high, with an average weekly capacity of 320,000 TEU, a month - on - month increase of 8%. However, there is still support from base cargo at the beginning of August. In the next half - month, the market may remain stable or see a slight decline in quotes from some shipping companies [1]. - The downstream is currently booking shipping space for early August (week 30 - 31). The quotes were stable throughout July, around 2400 points. In the fifth week of July (week 31), the quote was $3400, equivalent to around 2400 points on the futures market [2]. 3. Summary by Relevant Catalogs EC Futures Contracts - EC2508 had a closing price of 2367.3, a change of 33.2, a trading volume of 11341, and an open interest of 13245 [1]. - For different EC futures contracts, there were various price changes, trading volumes, and open interest. For example, EC2510 had a closing price of 1644.7, a change of 755.8, a trading volume of 72757, and an open interest of 52717 [1]. - The month - to - month spreads also showed different trends. For instance, the spread between EC2508 - 2510 was 722.6, with a day - on - day increase of 69.7 [1]. Spot Freight Rate Index - SCHI2 on July 21, 2025, was 2400.5 points, a decrease of 0.89% compared to the previous period [1]. - SCFI on July 18, 2025, was $2079 per TEU, a decrease of 0.95% compared to the previous period [1]. - CCFI on July 18, 2025, was 1803.42 points, an increase of 4.46% compared to the previous period [1]. - NCFI on July 18, 2025, was 1440.25 points, an increase of 0.35% compared to the previous period [1]. - TCI on July 18, 2025, was 1054.56 points, a decrease of 0.75% compared to the previous period [1]. Recent European Line Quotes - The downstream is booking space for early August. Quotes were stable in July, around 2400 points. In week 31 of July, the quote was $3400, equivalent to around 2400 points on the futures market [2]. - On July 21, CMA lowered its quotes. The quote at the end of July decreased from $3645 to $3445, from $4145 to $3745 in early August, and from $5245 to $4145 in late August [2]. Related News - On July 19, Hamas reached a comprehensive cease - fire agreement, but Israel rejected it. Hamas was ready for a long - term battle and was willing to release all hostages in Gaza as part of the cease - fire agreement [3]. - On July 21, the Israeli Defense Forces started a ground operation in southern Deir al - Balah in the central Gaza Strip [3]. - On July 22, US President Trump hoped to end the conflict in Gaza through negotiation, achieve a cease - fire, and secure the release of all hostages [3].

Report Overview - The report is from the Energy and Chemicals Team of the Research Center on June 25, 2025, focusing on the European shipping line's freight market, including EC futures contracts, freight rate indices, and shipping capacity arrangements [2]. EC Futures Contracts Contract Prices - EC2506 closed at 1888.1 with a 0.27% change, trading volume of 491, and an open interest of 2776 with a decrease of 585. Other contracts like EC2508 (1772.0, -5.49%), EC2510 (1304.6, -4.77%) also showed price changes and trading volumes [2]. Month - to - Month Spreads - For example, the spread between EC2506 - 2508 was 116.1, compared to previous values (8.0, 1.0). Different contract spreads also had various changes [2]. Freight Rate Indices European Line Indices - The TEDA index on June 23, 2025, was 1937.14, up 14.11% from the previous period. SCFI (weekly on Fridays) on June 20 was 1835, down 0.49%. CCFI (daily) was 1578.6, up 6.03%. NCFI was 1299.58, down 0.64%. TCI (daily) remained unchanged at 930.54 [2]. Seasonal Trends - Multiple freight rate indices such as SCFIS, SCFI, NCFI, etc., showed different seasonal trends in the European line and other routes from 2014 - 2025 [9][10][11]. Shipping Capacity Arrangements - In July and August 2025, the average weekly shipping capacities are 293,000 and 304,000 TEU respectively. The OA Alliance's FAL7 route week 28 has a new sailing cancellation. Supply pressure varies in different weeks of July [2]. Recent European Line Quotations - For July, MSK initially opened at $3400, then dropped to $3100. Other carriers started at $3500 - $4000 and then some dropped to around $3500. The average for the first week was $3400, equivalent to 2400 points on the futures [2][3]. News - News includes the organization's statement on military operations against Israel, the International Atomic Energy Agency's report on Iran, and the Iranian President's announcement of the end of the war and the start of reconstruction [3].