2025集运指数（欧线）期货市场发展报告

上海期货交易所服务实体经济系列年度报告日上海国际能源交易中心集运指数(欧线)期货集运指数(欧线)期货集运指数(欧线)期货202320232024202420252025集运指数（欧线）期货在上期能源挂牌上市。该品种是全球首个依托我国指数开发的航运期货品种，也是我国首个服务类期货、航运类期货，首个在商品期货交上期能源启动“启航工程”市场培育行动方案，旨在持续提升期货市场服务航运反映航运现货市场价格变化特征，并且在极端行情下期货市场仍保持了一定的韧首次参加香港海运周及世界航商大会，期间就集运指数（欧线）期货运行情况及持续优化业务规则，发布就《上海国际能源交易中心集运指数（欧线）期货标准“航运指数期货上市与运行”获得“2023-2024年20232023.08.18ContainerizedFreightIndex(Europeservice)Futures（“EC”）werelistedonShanghaiInternationalEnergyExchange(INE).Theproductmarkstheworld’sfirstshippingfuturesbasedonaChineseindex,China’sfirstservice-basedshippingfutures,andChina’sfirstindex-basedcash-settledfutureslistedonadomesticcommodityexchange.2023.08.182023.12.31AccordingtotheFuturesIndustryAssociation(FIA),ECrecordedatradingvolumeseventimesthatofsimilaroverseasshippingderivativeswithinthefirstfourmonthsafteritslisting.2023.12.31202420242024.08.07INEhasunveiledtheMarketEventsInitiativeforEC—anongoingprogramdesignedtostrengthenthefuturesmarket’scapacityinbolsteringtheshippingindustry’senhancedcompetitiveness.2024.08.072024.12.30FivecashsettlementshavebeencompletedforEC,demonstratingreasonablepricediscovery.Withanaveragedeviationbetweenexpiringfuturespriceandspotpricestandingataround1%,theproductnotonlypromptlyreflectspricemovementsinthespotshippingmarketbutalsomaintainscertainresilienceinthefuturesmarketunderextremeconditions.2024.12.302024.12.31AccordingtoFIA,thetradingvolumeofECin2024was6.2timesthatofsimilarover-seasshippingderivatives.2024.12.31ECwasawarded“InnovationoftheYear”attheEnergyRiskAsiaAwards2024.202520252025.03.28INEattendedtheSingaporeMaritimeWeekforthefirsttime.Duringtheevent,INEco-hostedaforumonthecontainershippingmarket.2025.03.282025.11.19INEdebutedattheHongKongMaritimeWeekandtheWorldMaritimeMerchantsForumandgavepresentationsontheECmarketandhowtheproducthasservedtheshippingindustry.2025.11.192025.12.19AspartofitsongoingimprovementoftherulesforEC,INEissuedtheCircularonSeekingPublicCommentsonContainerizedFreightIndex(EuropeService)FuturesContractoftheShanghaiInternationalEnergyExchange(Revised).2025.12.192025.12.26ThelaunchandoperationofECwonthe2023-2024GrandPrizeoftheShanghaiFinancialInnovationAward.2025.12.262025.12.31FIAdatashowedthatthetradingvolumeofECin2025wasaround5timesthatofallsimilaroverseasshippingfreightratederivatives.2025.12.31Tobecontinued044.“集运指数(欧线)期货首次交割顺利完成”获评“2024年上海国际航运中心建设十大事件”5.“航运指数期货上市与运行”获得“2023-2024年度上海金融创新成果奖特等奖”荣誉证书“航运指数期货上市与运行”项目荣获2023-2024WW荣誉证书“航运指数期货上市与运行”项目荣获2023-2024上海市人民政府图12025年SCFIS欧线走势350040.00%300025005000单周涨跌幅SCFIS欧线数据来源：SCFIS欧线的编制发布机构2025年，集运指数(欧线)期货定价总体合理，价格走势能够较好反映中美贸易争端、班轮公司宣涨等影响，可以及时反映出集装箱海运亚欧航线现货市场价格变化特征。图22025年集运指数(欧线)期货期现走势数据来源：上海国际能源交易中心、SCFIS欧线的编制发布机构交割方面，2025年集运指数(欧线)期货共交割6次，累计交割11878手，累计交割金额9.88亿元，价格发现合理，到期期现价格偏离度平均在1%左右。表12025年集运指数(欧线)期货交割情况期货合约合约结算价[a]交割结算价[b]交割金额(亿元)数据来源：上海国际能源交易中心、SCFIS欧线的编制发布机构为应对突发事件风险以及集运现货市场的大幅波动，上期能源通过自身的制度安排和工具箱，有效防范化解了市场风险。图32025年集运指数(欧线)期货交易情况数据来源：上海国际能源交易中心。成交量、持仓量单位：手。成交额单位：万元根据美国期货业协会(FIA)的数据，2025年集运指数(欧线)期货的成交量是境外所有同类航运衍生品的5倍。93-----DevelopmentReportofContainerizedFreightIndex(Europeservice)FuturesMarketIn2025,containershippingratesforEuropeanroutesshowedhighvolatilityandagenerallydownwardtrendunderthecombinedeffectofgeopoliticaldisruptions,theebbandflowofglobaltrade,andsupply-demandimbalanceinshippingcapacity.Againstthisbackdrop,theECmarketransmoothlyandmaintainedrobusttradingvolume.Thankstoitsclosepricecorrelationwiththespotfreightrate,theproductattractedstrongmarketattentionandpartici-pationandisrealizingitsmarketfunctions.I.EC’sstrongfutures-spotconvergenceeffectivelyreflectedchangesinspotcontainerfreightrates(I)VolatileanddownwardtrajectoryforEuropean-routecontainershippingratesin2025FromJanuarytoMay,theglobaltradelandscaperemainedvolatile,witheconomicmetricsintheEurozoneshowingnoclearsignsofrecovery.Ampleshippingcapacity,furtherboostedbyspilloveroftheexcesscapacityfromU.S.routes,contributedtoagenerallydecliningcontainershippingratesforEuropeanroutes.FromJunetoJuly,asEuropeanandU.S.storesbegantoprepareinventoryforChristmas,theEuropeanshippingmarketentereditstraditionalpeakseason.Thisledlinercompaniestohikefreightrates,causingatemporaryriseinthefreightrateforEuropeanroutes.InAugustandSeptember,temporarytradeagree-mentswerereachedbetweenChinaandtheU.S.andbetweentheU.S.andEurope,somewhateasingglobaltradetensions.However,actualimportvolumeinEuropeandtheU.S.fellshortofexpectationsandpost-peak-seasondemandsoftened.Asaresult,containershippingratesforEuropeanroutesdroppedrap-idlytotheiryearlylow.MarketuncertaintypersistedfromOctobertoDecemberastheChina-U.S.tradedis-puteremainedunresolved.Thiscoincidedwiththemonthsforsigninglong-termshippingagreementsforAsia-Europeroutes.Aslinercompaniesweredeterminedtodefendtherates,thepricebattlebetweenthemandcargoownersintensified.Consequently,shippingratesforEuropeanroutesbottomedoutandrebound-ed,fluctuatingwidelyupwardsthroughtheendoftheyear.anexample:FromJanuary1toDecember31,2025,sharprisesandgradualdeclinescombinedintoagener-allydownwardtrendfortheindex.Itsvolatilitywasdemonstratedby17“up”periodsand35“down”periodsoverthecourseoftheyear,including4weekswithmovementexceeding20%,allintheupwarddirection.ThelargestweeklyclimboccurredonJuly7,2025,whentheindexsurged39.45%from1,619.19pointsto2,258.04points.ThelargestweeklydeclineoccurredonFebruary17,2025,down19.34%from2,353.01pointsto1,897.84points.06 2025-03-142025-04-102025-03-142025-04-102025-11-122025-12-19Table2:TradingVolumeofDomesticandOProductContract(lots)(lots)ExchangeFuture18,213,51021,115,680-13.7%Future2,217,0002,079,1506.6%Option204,310205,445-0.6%Future1,121,401976,36914.9%Option112,42997,95414.8%Future93200.0%Future--Future--100.0%Future-100.0%Future2,3243,648-36.3%Option0.0%In2025,institutionalandoverseasclientsrepresentedanincreasingshareoftheopeninterestinEC,indicat-inganimprovingmarketparticipantstructure.II.ECattractedincreasingmarketattentionwithmoreapplicationscenariosFromthelaunchofEConAugust18,2023whileensuringitsstableoperations.First,INEheldorparticipatedinonlineandofflinemarketingandtrain-ingeventsathomeandabroadtoinformcontainershippingcompaniesonhowtouseECtomanagepricerisks.TheseeventswerewidelywelSecond,INEestablishedtenindustryandfinanceservicecentersacrossShanghai,Qingdao,Tianjin,Ningbo,HongKongofChina,Dalian,andGuangzhoutoenhanceEC’sinfluenceinmajThird,INEstrengthenedoutreachbyorganizingjournaliststotakepartinmarketsurveysandcompilingcor-poratesuccessstoriesonhedgingwithEC.Someofthesestorieshavebeenreportedbymainstreammediafuturestools.Throughcollaborativeefforts,EChasgarneredongoinginterestfromtheindustry.Agrowingnumberofdomesticandoverseastraders,freightforwardersandothershaveenteredthemarkettohedgewithECtoreduceoperatingcosts.TheECmarkethasalsoattractedtradersfromSingapore,HongKongofChina,UK,Germany,andbeyond. 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