Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Recently, the futures market has been strong due to shipping companies adding sailings and good cargo receipts on multiple routes at the end of October. The valuation of the December contract is currently high, but considering the upcoming price - increase announcements and the upward drive during the long - term contract signing season, the logic of going long on dips for the December contract remains unchanged. There may be short - term downward fluctuations, and attention should be paid to possible price cuts by shipping companies in early November. - Against the backdrop of geopolitical uncertainties, the February contract may have more upside potential with the arrival of the peak season, but geopolitical fluctuations also exist. - The April contract maintains a short - selling view, but it may fluctuate strongly following the near - term contracts during the peak season from November to January, and positions can be gradually established [2]. 3. Summary by Relevant Content EC Futures Contracts | Contract | Yesterday's Price | Change (%) | Volume | Open Interest | Open Interest Change | | ---- | ---- | ---- | ---- | ---- | ---- | | EC2510 | 1137.8 | 0.15 | 817 | 4292 | - 526 | | EC2512 | 1831.0 | 2.11 | 35117 | 30249 | 1335 | | EC2602 | 1601.0 | 1.20 | 3971 | 11509 | 971 | | EC2604 | 1179.6 | 0.67 | 1726 | 14224 | 170 | | EC2606 | 1397.9 | 1.68 | 285 | 1377 | - 25 | [2] Month - to - Month Spreads | Spread | Previous Day | Two Days Ago | Three Days Ago | Daily Report | Friday | | ---- | ---- | ---- | ---- | ---- | ---- | | EC2510 - 2512 | - 693.2 | - 657.0 | - 651.7 | - 36.2 | - 111.3 | | EC2512 - 2602 | 230.0 | 211.1 | 205.4 | 18.9 | 70.0 | [2] Spot Freight Indexes | Index | Update Frequency | Announcement Date | Unit | Current Period | Previous Period | Two Periods Ago | Current Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | SCFI (Euro - line) | Weekly | 2025/10/20<br>2025/10/24 | USD/TEU | 1140.38<br>1246 | 1031.80<br>1145 | 1046.50<br>1068 | 10.52%<br>8.82% | | CCFI | Weekly | 2025/10/24 | - | 1293.12 | 1267.91 | 1287.15 | 1.99% | | NCFI | - | 2025/10/24 | - | 822.3 | 803.21 | 698.67 | 2.38% | [2] Recent Euro - line Quotations - Currently, downstream customers are booking space for the end of October and early November (Week 44 - 45). In Week 44, offline quotes are PA $1400, GEMINI $1600, and OA $1800. - Shipping companies plan to raise prices in November, with most announcements in the range of $2500 - $2700, and the average converted to the futures price is about 1800 points. On Tuesday, MSK opened at $2350, in line with expectations [3]. Related News - On October 27, US Treasury Secretary Yellen stated that after two - day talks in Kuala Lumpur, the US and China reached a "very substantial framework agreement," and the US "will no longer consider" imposing a 100% tariff on China. - On October 27, the Israeli government spokesman said that Israel will maintain full security control over the Gaza Strip [4].

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]

Group 1: Report Industry Investment Rating - Not provided in the document Group 2: Core View of the Report - The overall strategy maintains the logic of shorting on rallies because the overall situation in September is loose, the subsequent driving force continues to be weak, the current October contract is at a discount of about 450 points to the spot, and there is still room for decline; the valuation of the far - month contract is vague, more affected by the driving force, and due to the small open interest, it is greatly affected by macro and capital behavior [2] Group 3: Summary of Related Content Futures Contract Information - For EC2508, the closing price was 2125.0, with a change of 0.09%, the basis was 55.2, the trading volume was 156, the open interest was 2060, and the change in open interest was - 109 [2] - For EC2510, the closing price was 1325.0, with a change of - 2.21%, the basis was 855.2, the trading volume was 35008, the open interest was 54293, and the change in open interest was 2566 [2] - For EC2512, the closing price was 1721.4, with a change of - 3.07%, the basis was 458.8, the trading volume was 7519, and the open interest was 12209 [2] - For EC2602, the closing price was 1513.0, with a change of - 1.24%, the basis was 667.2, the trading volume was 1211, the open interest was 4403, and the change in open interest was 35 [2] - For EC2604, the closing price was 1289.5, with a change of - 1.89%, the basis was 890.7, the trading volume was 1160, the open interest was 5716, and the change in open interest was 89 [2] - For EC2606, the closing price was 1470.1, with a change of - 0.67%, the basis was 710.1, the trading volume was 95, the open interest was 820, and the change in open interest was - 6 [2] Month - spread Information - The EC2508 - 2510 month - spread was 800.0, compared with 768.0 the previous day, 757.0 two days ago, and the week - on - week change was 89.8 [2] - The EC2510 - 2512 month - spread was - 396.4, compared with - 420.9 the previous day, - 404.7 two days ago, and the week - on - week change was - 7.0 [2] - The EC2512 - 2602 month - spread was 208.4, compared with 243.9 the previous day, 239.6 two days ago, and the week - on - week change was - 24.5 [2] Spot Index Information - The SCEIS index on August 18, 2025, was 2180.17 points, down 2.47% from the previous period and 2.71% from two periods ago [2] - The SCFI (European Line) on August 15, 2025, was 1820 dollars/TEU, down 7.19% from the previous period and 4.39% from two periods ago [2] - The CCFI on August 15, 2025, was 1790.47 points, down 0.48% from the previous period and up 0.53% from two periods ago [2] - The NCFI on August 15, 2025, was 1188.69 points, down 5.49% from the previous period and 8.37% from two periods ago [2] Booking and Capacity Information - Currently, downstream customers are booking spaces for the end of August and early September (week35 - 36). In week35, the average price was 2575 dollars (equivalent to 1770 points on the futures market). The PA Alliance offered 2500 dollars, MSK initially opened at 2300 dollars and then rose to 2490 dollars, and the OA Alliance offered 2700 - 2800 dollars [2][3] - The weekly average capacities in August, September (tentative), and October (tentative) 2025 were 328,000, 312,000, and 315,000 TEU respectively. After considering all TBN as sailings cancelled, they were 328,000, 297,000, and 283,000 TEU respectively [2] Other Information - In week36, the latest quotes from shipping companies were between 2120 - 2420 dollars, with an average of 2250 dollars (1550 points). On Tuesday, MSK opened at 2100 dollars, and some routes rose to 2200 dollars; CMA's quote dropped from 3420 to 2620 dollars. On Wednesday, OOCL opened at 2300 dollars. On Thursday, CMA dropped 200 to 2420 dollars, HMM dropped 300 to 2200 dollars, and HPI dropped 200 to 2235 dollars [9]

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].