集運(yùn)指數(shù)（歐線）期貨80問(wèn)2023版（英文）

CONTENTS

InternationalShippingMarket01

01Whatisinternationalshipping?02

02Howistheinternationalshippingmarketsegmented?

03Whatarethecommontypesofshipsintheinternationalshipping

market?

03

04Howbigistheinternationalshippingmarket?0405Whatarethemajortradingtermsinglobalshippingmarket?

06Whatarethemajoradvantagesandfeaturesoftheworld’sleading

internationalshippingcenters?

05

InternationalContainerShipping

Market

07

07Whatisinternationalcontainershipping?08

08WhatarethesupplyanddemandforinternationalcontainershippingMarket?

09Whatarethestepsininternationalexportcontainershipping?0910Whatarethedifferenttypesofcontainers?10

11Whatarefull-containerload(FCL)andless-than-containerload

(LCL)?

11

12Whatarethecommonwaysofdroppingoffandreceivingcontainercargo?

13Whataretheparticipantsoftheinternationalcontainershipping

market?

12

14WhatarethedifferencesbetweenaNVOCCandalinercompany?1315WhatareBasePortsandNon-BasePorts?

16Whatarethemajorportsintheinternationalcontainershipping

market?

14

17Whatisthecompositionoftheinternationalcontainerfreightrate?18Whatarethemajorfactorsinfluencingtheinternationalcontainer

freightrate?15

DomesticandOverseasShipping

IndicesandShippingDerivatives

Markets

17

19Whatarethemajorshippingfreightindexprovidersintheworld?20Whatshippingderivativesareavailableinoverseasmarkets?

CompilationandPublicationofSCFIS

(EuropeService)

18

21WhataretherulesgoverningthecompilationofSCFIS(Europeservice)?

22WhatisthegovernancesystemofSCFIS(Europeservice)?1923WhatarethesamplersofSCFIS(Europeservice)?20

24WhatisincludedinfreightrateinformationcollectedbySSEforthecompilationofSCFIS(Europeservice)?

25HowisSCFIS(Europeservice)compiled?21

26HowoftenistheSCFIS(Europeservice)published?Whatisthe

basedateandthebasedateindex?

23

27Whatspecialcircumstanceshavebeenconsideredinthe

compilationplanofSCFIS(Europeservice)?24

28WhataretherulesofSSEregardingemergencydrillsforSCFIS(Europeservice)?

29Whatarethebasisandproceduresforthequarterlyscreeningand

adjustmentoffreightrateinformationfromSCFIS(Europeservice)

samplecompanies?

25

30HowSSEverifiesthedatafromsamplecompanies?

31HowtocorrectmiscalculatedSCFIS(Europeservice)?2632UnderwhatcircumstanceswillSSEsuspendthepublicationof

SCFIS(Europeservice)?

33UnderwhatcircumstanceswillSSEterminatethepublicationof

SCFIS(Europeservice)?

27

34Whataretheconfidentialityrulesapplicabletotheinformation

submittedbythepanelistsoftheIndexCompilationCommittee?28

35WhatisthereviewprocessofSCFIS(Europeservice)?Whataretheconfidentialitymeasuresfortheindexcompilationpersonnel?

DesignofSCFIS(EuropeService)

FuturesContract

36WhatarethegeneraldesignprinciplesbehindtheSCFIS(Europe

service)futurescontract?

37WhyisSCFIS(Europeservice)chosenastheunderlyingindex?38WhatarethespecificationsofECcontracts?39Whyisthecontractmultipliersetto50yuanperindexpoint?40WhyareECcontractspricedandsettledinRMB?

41Whyistheminimumpricefluctuationsetto0.1indexpoint?42Whatarethecontractmonths?

43?thetradinghoursofECcontracts?Iscontinuoustrading

44What’sthedailypricelimit?

45WhatisthemarginruleforECcontracts?46Howwerethelasttradingdayanddeliverydatedetermined?

TradingAccess

47Doesthe“oneaccount-onetradingcode”systemoffersanysolutionthatallowsonefirmtodistinguishbetweenthetradesofitsdifferentsub-accounts?

48noverseasinstitutionsandindividualsaccesstheEC

49WhataretheeligibilitycriteriafortradingECcontracts?

50Doesanoverseasindividualtraderhavetoopenanaccountata

bankinChinatotradeECcontracts?

51IfaEurope-registeredinvestortradesECcontractsthroughaEuropeanorU.S.broker,istheinvestorrequiredtoreporttransactionstoacompetentauthoritypursuanttotheEuropeanMarketInfrastructureRegulation(EMIR)?

29

30

31

32

33

34

35

36

37

38

39

52CanadomesticNon-FFMembertradeonINEthroughoneor

morefuturesfirms?

40

53CanmutualfundstradeECcontracts?

54DoesINEacceptEnglishdocumentsintradingactivitiesand

documentsigning?AnddoesINEprovideEnglishversionsof

regulations,rules,notices,andcirculars?41

55Foroverseasclients,whichoverseastradingplatformshaveaccesstotheECmarketattheINE?

ClearingandRiskManagement42

56HowisthedailysettlementpriceofanECcontractdetermined?4357HowisthefinalsettlementpriceofanECcontractdetermined?

58WhatifSSEfailstopublishtheunderlyingindexforcalculatingthe

finalsettlementpriceofanECcontract?44

59Whatriskcontrolmeasureswillbetakenifthecumulativeprice

changeinanECcontractreachesacertainpercentage(butdoes

nottriggeracontinuouslimit-lockedmarket)?45

60WhatriskcontrolmeasureswillbetakenifanECcontracttriggers

asamedirectionlimit-lockedmarket?

46

61HowisthepositionlimitofECcontractsdesigned?

62IsatradinglimitsetforECcontracts?4763Howishigh-frequencytradingregulatedforECcontracts?

64WillmarketmakersbeintroducedtotheECmarket?48

65Whathappensiftheunderlyingindexisnotpublishedforthreeconsecutiveweeksoristerminated?

66Whatriskcontrolmeasureswillbetakenifsignificant

uncontrollablefactorsinthespotmarketorunderlyingindex

occurs?

49

67WhatmeasureswillINEtakewhentheunderlyingindexiscorrected?

68HowtoperformcurrencyexchangefortradingECcontracts?50

69Foroverseastraders,howarefundtransfershandledforECcontracts?

70Forriskmanagementpurposes,willthepositionsheldbysubsidiariesofthesameparentcompanybemanagedseparately

orbeaggregatedandmanagedonanetbasis?5171WhatareINE’srulesforhedgingandarbitrageofECcontracts?

72Canlettersofcreditbepostedasmargin?52

73CanOSNBPsandoverseasclientspostforeigncurrencyasmargin?

74IsittruethatforOSNBPsandoverseasclients,foreigncurrency

canonlybeusedastradingmargin,whileallexpensesandprofits

andlossesresultingfromfuturestradingmuststillbesettledin

RMB?

53

75Doescurrencyexchangeforfuturestradinghavetobeperformed

ataDesignatedDepositoryBank?

54

76Articles39and40oftheINEClearingRulesstatethat,“If,afterthecompletionofdailyclearing,theclearingdepositbalanceofanyinternalledgerofaMemberwiththeExchangeislowerthantheprescribedminimumrequirement,suchclearingresultshallbedeemedastheExchange’smargincalltotheMember,andthegapbetweenthetwoamountsshallbetheamountofadditionalfundsrequiredbythemargincall.…Ifadeficiencystillexists,theMembershallmakeitupbeforethemarketopeningofthenexttradingday.”WhatactionwillINEtake,ifamemberfailstomakeupforthedifferencefollowingthemargincall?

77Isitrequiredforanoverseascompanythattradesthrougha

domesticFFMembertoopenadedicatedbankaccountforfutures

trading?

55

78CanadomesticNon-FFMemberopenaforeignexchangeaccountfortradingECcontracts?

Delivery56

79WhydoECcontractsadoptcashsettlement?

80WhatisthecashsettlementprocessforECcontracts?

InternationalShippingMarket

02

01

Whatisinternationalshipping?

Internationalshipping,alsoknownasinternational

maritimetransport,isthedominantmodeoftransportforworldtrade.Maritimetransportissuperiortothe

othermodesoftransportincarryingcapacityand

freightrate.AccordingtotheAnnouncementofChina’sMaritimeDay2023,asChinaistheworld’slargest

tradingnationandthesecondlargesteconomy,

internationalshippingcarriesabout95%ofChina’simportandexportcargovolume.

02

Howistheinternationalshippingmarketsegmented?

Bythetypeofcargotransported,theinternationalshippingmarketcanbesub-dividedintodrybulktransport,tankertransport,containertransport,andspecialshiptransportmarkets.Drybulkcarriersareusedtotransportironore,grain,coal,cement,andthelike.Tankersmainlycarry

crudeoil,refinedoil,naturalgas,liquidchemicals,andotherliquidbulkcargoes.Containershipscarryvirtuallyalltypesofcargo-or“generalcargo”-exceptthose

mentionedabove,butprincipallyindustrial,mechanical,andelectronicproducts.Special-purposeships,includingreefershipsandcars,largeequipmentandlumber

carriers,areusedtotransportgoodsofirregularshapesorexcessiveweightorneedingspecialequipment.Thedrybulk,tanker,andcontainershippingmarketsarethethreepillarsoftheinternationalshippingmarket.

Bythetypeoftransportarrangements,theinternationalshippingmarketcanbeclassifiedintotrampshipping

marketandlinershippingmarket.Drybulktransportandtankertransportaregenerallytrampservices;containertransportisgenerallylinerservices.

03

03

Whatarethecommontypesofshipsintheinternationalshippingmarket?

Theshipsusedforinternationalshippingdifferfromcargotypetocargotypeandfromroutetoroute.Themost

commonshipsinthedrybulkshippingmarketarethe

Capesizecarriers,Panamaxcarriers,andHandymax

andHandybulkcarriers.Forthetankershippingmarket,it’sultralargecrudecarriers(ULCCs),verylargecrudecarriers(VLCCs),Suezmaxtankers,Aframaxtankers,

Panamaxtankers,andHandytankers.Inthecontainershippingmarket,shipsareclassifiedbycontainer

capacity.AccordingtoClarksonsResearch,abreakdownofthecarryingcapacityoftheworld’scontainershipsasoftheendof2022isshowninthetablebelow:

Table1:CarryingCapacityoftheWorld’sContainerShips

SizeRange(TEU)

Proportion

17,000andabove

13.95%

12,000–16,999

18.60%

8,000–11,999

23.64%

3,000–7,999

25.58%

Below2,999

18.22%

04

04

05

Howbigistheinternationalshippingmarket?

Withtheboomingglobaltrade,especiallyinOEMand

finishedproducts,theinternationalshippingmarkethasgrown.AccordingtoClarksonsResearch,thetotalvolumeofglobalseabornetradein2022recordedat11.948billionmetrictons,ofwhich6,219millionmetrictonsor52.1%weredrybulkcargoes(includingironores,coal,grain,

andothers),3.923billionmetrictonsor32.8%oftankercargoes(e.g.,crudeoil,refinedoilproducts,naturalgas,andchemicals),and1.806billionmetrictonsor15.1%ofcontainercargoes.

Whatarethemajortradingtermsinglobalshippingmarket?

FOB,CFR,andCIFarethemostcommontradingtermsinglobalshippingmarket.UnderFOB,thebuyeris

responsibleforcharteringtheship,bookingspace,payingfreightatdestination,andarrangingforandpurchasing

insurance.WithCIF,thesellerisresponsibleforcharteringtheship,bookingspace,prepayingfreight,andarrangingforandpurchasinginsurance.WithCFR,theselleris

responsibleforcharteringtheship,bookingspace,andprepayingfreight,whilethebuyerisresponsibleforthe

insurance.Theshippingtermisareflectionofalocation’srelativestrengthintradeandtransport,andwillaffect

inwhichcountryorregiontheservices—suchasship

charteringandspacebooking,freightpayment,insurancearrangementandpayment—areprovided.Forexample,thedominanceofCIFinanexportmarketmeansthattheexporter’slocationhasabiggersayintradeandshippingservices.

05

06

Whatarethemajoradvantages

andfeaturesoftheworld’sleadinginternationalshippingcenters?

Singapore,London,andShanghaiwerethetopthreeshippinghubsaccordingtothe2022Xinhua-Baltic

ExchangeInternationalShippingCentreDevelopmentIndex.

Asaworldleadingfreetradeport,Singaporeimplementsafreeportpolicy,operatingonliberaleconomicpoliciesinareasoftrade,passage,businessestablishment,finance,andemploymentandallowingmost,ifnotall,foreign

goodstoenterandexittheportduty-free.Singaporeisalsoaleaderinshippingservices,especiallyinshippingbrokerage,shipmanagement,shippingfinance,and

maritimelegalservices.

Londonhasahighlydevelopedshippingindustry

comprisingthousandsoflargeserviceprovidersthatprovidesalltypesofmodernshippingservices—

shipregistration,shipsaleandpurchase,shipping

transactions,maritimeinsurance,maritimefinancial

derivatives,maritimelegislation,maritimelitigationandarbitration,shippinginformationconsultancy,professionaltraining,andindustryexchanges,tonameafew.Londonparticularlyexcelsinmaritimelegalservicesandshippingfinancialservices,beingagloballeaderinbothareas.

06

ThankstoChina’sthrivingeconomyandforeigntrade,

Shanghaihasseenrapiddevelopmentinitsmodern

shippingdistributionsystemandsteadyimprovement

inshippingservicesandbusinessenvironment.Its

internationalinfluencewillfurtherrisewiththegreater

integrationoftheBeltandRoadInitiative(BRI),the

ShanghaiFree-TradeZone,andShanghai’sinternationalshippinghubinitiativeandtheimplementationofthe

YangtzeRiverEconomicBeltandYangtzeRiverDelta

portintegrationinitiatives.Shanghaihasalargeshippingmarketandawealthofresources.Itsshippingcenterandfinancialcenterinitiativesareindividuallyempowering

andmutuallysupportive,promisingtobringitsshippingservicestoahigherlevel.

International

ContainerShippingMarket

08

07

08

Whatisinternationalcontainershipping?

Internationalcontainershippingisamodeoftransport

wherebythecarrierdelivers,throughcontainers,the

cargoesconsignedbytheshipperfromonecountry

toanother.Ininternationalcontainershipping,liner

companiesprovidenon-specificcustomerswith

standardizedcontainercargotransportservicesbetweenfixedportsofcallalongfixedroutesandinaccordancewiththepre-establishedsailingschedulesandrules.

Thelinerscarryalltypesofproductsotherthandrybulkcargoes,oilproducts,andspecialcargoes.

WhatarethesupplyanddemandforinternationalcontainershippingMarket?

AccordingtoClarksonResearch,theglobalcontainer

shippingcapacitytotaled23.68millionTEUin2020,24.75millionTEUin2021,and25.63millionTEUin2022.Theinternationalcontainershippingvolumehadreached203millionTEUin2022,up205%from65.62millionTEUin2000,withacompoundannualgrowthrateof5.2%.

09

09

Whatarethestepsininternationalexportcontainershipping?

Exportcontainershippinggenerallycontainsseveral

steps:booking,acceptanceofshippingorder,dispatch/

picking-upofemptycontainers,containerstuffing,

haulageofloadedcontainertoport,customsdeclarationandinspection,loading,departure,andexchangeforabilloflading(B/L).

(1)Booking.Theshipperisrequiredtocomplete

a“bookingnote”sometimebeforetheshipmentin

accordancewiththetermsofthetradeagreementorletterofcredittobookcapacitythroughafreightforwarderor

withalinerdirectly.

(2)Acceptanceofshippingorder.Thelineroritsagentdecideswhethertofulfilltheshippingorderbasedonitscapacity,route,andotherfactorsandtheshipper’sneeds.(3)Dispatch/picking-upofemptycontainers.InFCL

shipping,emptycontainersareusuallypickedupby

theshipperoritsagentatthecontaineryardwithan

equipmentinterchangereceipt(EIR),althoughsome

shippersalsousetheirowncontainers.InLCLshipping,emptycontainersarepickedupbyacontainerfreight

stationwithEIR.Theshipmentneedsbecomereasonablycertainoncetheshipperpicksuptheemptycontainers.(4)Stuffing.UnderFCL,theshipperisresponsiblefor

loadinggoodsintocontainersatitswarehouseorfactory.UnderLCL,theshipperoritsagentwilldeliverthegoodsthatwillnottakeuptheentirespaceofacontainertothecontainerfreightstationforconsolidation.

(5)Haulageofloadedcontainertoport.Theshipper,itsagent,orthecontainerfreightstationdeliverstheloadedcontainerstothecontaineryardbeforeitsclosing.

(6)Customsdeclarationandinspection.Before

10

loadingandshipment,theshipperoritsagentneedstopresentthedockreceipt,exportlicense,andcommodityinspectioncertificatetothecustoms.Thedockreceiptwillbestampedwiththeclearancesealoncetheshipmentiscleared.

(7)Loading.Thecontainerterminalpreparesastowageplanaccordingtothecargotobeloadedandthenmovesthecontainerstothemarshalingyardforloadingoncetheshipisberthed.

(8)Departure.Theshipisloadedwiththecargoandwillleavetheportbytheliner’ssailingscheduletothedestinationport.

(9)Exchangeforabilloflading.ThelinerwillmakeaB/Lfortheloadedcargoafterthecontainershipleavestheportfortwotothreedays.TheshipperoritsagentshouldexchangeitsoriginalcopyofthedockreceiptfortheoriginalB/Lissuedbythelineroritsagent,andthencompletecurrencyexchangeatabank.

10

Whatarethedifferenttypesofcontainers?

ThestandardcontainerscommonlyusedininternationalshippingareTwenty-feetEquivalentUnits(TEU),Forty-feetEquivalentUnits(FEU),andForty-feetHighCube

(FHQ).TEUmeasures20’(L)×8’(W)×8’6’’(H),FEU

measures40’(L)×8’(W)×8’6’’(H),andFHQmeasures40’(L)×8’(W)×9’6’’(H).Complementingthesestandarddrygoodscontainersarethevarioustypesofspecial

containerssuchasreefer(e.g.,refrigerated),tank,flatrack,andplatform.

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11

12

Whatarefull-containerload(FCL)andless-than-containerload(LCL)?

FCLandLCLaretwocommonmodesofcontainer

shipping.FCListhemodewheretheshipperfillsthe

wholeofacontainerforshipmentasasingleunit.LCListhemodewherethecargoofoneshipperisconsolidatedwiththoseofothersinasinglecontainerbecauseitisnotenoughtofillawholecontainerbyitself.

Whatarethecommonwaysof

droppingoffandreceivingcontainercargo?

ContainerYard(CY),ContainerFreightStation(CFS)

andDoorarethethreeessentialconceptsinthedeliveryandreceivingofcontainercargoes.Acontaineryardisadesignatedstorageareaforhandingoverandstoringloadedandemptycontainers.Acontainerfreightstation,similartoawarehouse,iswherecargoesareprocessedandconsolidatedintocontainers.A“door”isthedooroftheshipper’sfactoryorwarehouse.Accordingly,there

areninecombinationsforcargohandover:CY/CY(CYtoCY),CY/CFS,CY/Door,Door/Door,Door/CY,Door/CFS,CFS/Door,CFS/CY,andCFS/CFS.Thespecificchoicedependsonformsofthecargoesofcontainerthataretobedroppedoffandreceived.Generally,linersuseCY/CY,whileNVOCCsthathandleLCLshipmentsoftenuseCFS/CFS.

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13

Whataretheparticipantsoftheinternationalcontainershippingmarket?

Majorparticipantsincludeownersofmeansoftransport,carriers,intermediaries,andshippers.

Ownersofmeansoftransportowncontainershippingassetsandarebroadlyclassifiedintoshipownersandcontainercompanies.Inparticular,shipownerscanbelinercompanies,largefinancialinstitutions,andotherinstitutionsthatowncontainerships.

Carriersrefertothepersonbywhomorinwhosenameacontractofcarriageofgoodsbyseahasbeenconcludedwithashipper.Carriersmainlyconsistoflinersandnon-vesseloperatingcommoncarriers(NVOCCs).

Mostshippersarecargoownerswhomaybetheconsignorsortheconsignees.

Intermediariesprovideintermediaryservices—space

booking,customsdeclaration,andinspectiondeclaration,forexample—forcarriersandshippers.Themost

commonintermediariesareNVOCCs,commonfreightforwarders,shippingagents,andcustomsbrokers.

13

14

15

WhatarethedifferencesbetweenaNVOCCandalinercompany?

TheMaritimeLawofthePeople’sRepublicofChina

definesacarrieras“thepersonbywhomorinwhose

nameacontractofcarriageofgoodsbyseahasbeen

concludedwithashipper.”CarriersmainlyincludelinercompaniesandNVOCCs.Alineroffersinternational

shippingserviceswithleasedoritsowncontainerships.Bycontrast,aNVOCC,uponacceptinggoodsfroma

shipperinthecapacityofacarrier,consignsthegoodsasashippertoalinerforshipping.

WhatareBasePortsandNon-BasePorts?

TheportsininternationalcontainershippingaredividedintoBasePortsandNon-BasePorts.ABasePortis

theportwhichlinercompaniesgenerallycallonwith

theirvesselsonaregularbasis.LocatedwithinregionalhubssuchasShanghaiandNingboZhoushaninChina,mostBasePortsarelargeandwellequipped,enablingtheshipmentofalargeandstablevolumeofcargoes.

Generally,cargoesboundtoBasePortsareshipped

directly.Non-BasePortsareportsotherthanBasePorts.

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16

17

Whatarethemajorportsintheinternationalcontainershippingmarket?

Theworld’stoptencontainerportsin2022were

Shanghai,Singapore,NingboZhoushan,Shenzhen,

Qingdao,Guangzhou,Busan,Tianjin,HongKong(China),andRotterdam,withChineseportstakingsevenofthetoptenspotsbythroughput.Thesevenportshadacombinedthroughputof198millionTEU,accountingfor72.9%

ofthatofthetopten.Notably,theShanghaiPort,withathroughputof47.3millionTEU,hasbeenthelargestcontainerportintheworldfor13yearsinarow.

Whatisthecompositionofthe

internationalcontainerfreightrate?

Thefreightratehastwomajorcomponents—basicoceanfreightandsurcharges—andiscommonlyquotedand

settledinU.S.dollars.Basicoceanfreightischargedbylinersforeachpricingunit(suchas1FEUorTEU)of

cargoshippedundertheCY/CYterm.Surchargesaretheadditionalfeeschargedbylinersaccordingtothespecifictermsofcarriage,fuelprices,peakoroff-peakseasons,industrypractices,etc.Examplesincludebunkerfuel

surcharge,currencysurcharge,peakseasonsurcharge,warrisksurcharge,congestionsurcharge,canal

surcharge,InternationalSecurityPortSurcharge,and

inlandtransshipmentcharges.Inadditiontotheregularfreight,internationalcontainershippersalsoneedtobearalistofexpensesquotedintheirlocalcurrencies,suchasterminalhandlingcharges,documentationcharges,telexreleasecharges,customsdeclarationcharges,containerloadingcharges,andtruckingcharges.

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18

Whatarethemajorfactors

influencingtheinternationalcontainerfreightrate?

Themajorinfluencingfactorsofinternationalcontainerfreightrateare:

(1)Supplyanddemand.Thesupplyanddemandoftheinternationalcontainershippingmarketisthedeterminantofthefreightrate.Ingeneral,aliner’sshippingorderratioforavoyageisareal-timemeasureofthesupplyand

demandsituationforthatvoyage,whiletheloadingratioafterthevoyagestartshasalargeimpactontheliner’spricingstrategy.

(2)Costs.Thelevelofcostshasaremarkableimpactonthefreightrate.Themaincomponentsofcontainershippingcostsarefixedinvestmentinvesselsand

containers,voyageoperationcost,administrativeexpenses,andfinancialexpenses.

(3)Globaleconomy.Thedemandforinternational

containershippingarisesfromglobaltrade.Growthin

globalcontainercapacityandgrowthinglobaltradeare

closelyrelated.Theinternationalcontainerfreightrateisalsostronglylinkedtotheglobaleconomicenvironment.(4)Exchangerate.Exchangeratefluctuationscanhaveanimpactonthecostcontrolandprofitcalculationoflinercompanies,thusaffectingtheirfreightrate.

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(5)Geopolitics.Pastorfuturepoliciesormajoreventsthathadorwillhaveanimpactontheglobaltradecantriggerashort-termswinginthefreightrateandevenaffectthelong-termpricetrend.

(6)Otherfactors.Duetothediversityofgoodsanda

longtransportchain,theinternationalcontainerfreight

rateisimpactedbymanyotherfactors,suchaschangesinupstreamordownstreamindustries,weather,port

strikes,anti-monopolyamendments,pricenegotiationsforlong-termsupplyagreements,alliancerestructuring,andcompetition.

17

Domesticand

OverseasShipping

IndicesandShippingDerivativesMarkets

19

20

Whatarethemajorshippingfreight

indexprovidersintheworld?

Currently,theworld’sgeneralshippingfreightindex

providersaretheShanghaiShippingExchange(SSE),

NingboShippingExchange,BalticExchange,andS&P

GlobalPlatts,whoseshippingfreightindicescover

container,drybulk,andtanker,shipping.

Whatshippingderivativesare

availableinoverseasmarkets?

Majoroverseasexchangesthatlistandclearshipping

derivativesincludetheSingaporeExchange(SGX),

EuropeanEnergyExchange(EEX),ChicagoMercantileExchange(CME),andIntercontinentalExchange(ICE).ThecontractsrangefromfuturestooptionsandFFAs.Inparticular,CMEandSGXlaunchedtheircontainerfreightindexfuturesin2022and2023respectively.

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service)?

Compilationand

PublicationofSCFIS

(EuropeService)

21

compilationofSCFIS(Europe

Whataretherulesgoverningthe

TherulesgoverningthecompilationofShanghai

(export)ContainerizedFreightIndexbasedonSettledRates(SCFIS)(Europeservice)mainlyincludethe

RulesforCompilationofSCFIbasedonSettledRates(Provisional),MeasuresofShanghaiShippingExchangeforAmendmentstoIndexRules,MeasuresofShanghaiShippingExchangeforTerminationofIndices,and

MeasuresofShanghaiShippingExchangefortheCorrectionofIndexErrors.

TheserulesareavailableonSSE’sofficialwebsite.

19

22

WhatisthegovernancesystemofSCFIS(Europeservice)?

SSEdevelopsacomprehensivegovernancesystemthatiscomprisedoftheIndexExpertCommittee,

IndexCompilationCommittee,andInternalOversight

Committeetoensuretheimpartialityandindependenceoftheunderlyingindex.

TheIndexExpertCommitteeiscomposedofexperts

engagedbySSEandadvisesonmattersrelatingtotheunderlyingindex:(1)theformul