Seoul shares snap 6-day winning streak on profit-taking; won sharply down - UPI.comTrending[Wu-Tang Clan][Hillary Clinton][License plate][Medicaid payments][Larry Summers][Oldest horse][Uranus detail][ISIS camp][Pool player]Feb. 27, 2026 / 4:07 AMThis photo taken on Friday shows the trading room of Hana Bank in central Seoul, with the benchmark Korea Composite Stock Price Index down 1 percent to close at 6,244.13. Photo by YonhapSeoul shares closed lower Friday, snapping a six-session winning streak as inve ...

FICC日报 | 2026-02-27 PA联盟3月上半月运价修正，关注近期4月份涨价函是否发出 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹WEEK11报价1230/1960、WEEK12周价格1155/1830；HPL3月份上半月 船期报价1335/2235 ，3月下半月船期报价1935/3135. 静态供给：截至2026年1月31日。2026年至今交付集装箱船舶6艘，合计交付运力46950TEU。12000-16999TEU船舶 合计交付2艘，合计2.8万TEU；17000+TEU以上船舶交付1艘，合计17148TEU。交付预期层面，12000-16999TEU 船舶：2026年剩余月份交付73.74万TEU（50艘），2027年交付94.46万TEU（64艘），2028年交付121.2万TEU（82 艘），2029年交付41.54万TEU（29艘）。 17000+TEU船舶： 2026年剩余月份交付19.29万TEU（8艘），2027年交付86.28万TEU（40艘），2028年交付160.3 万TEU（80艘）,2029年交付126.15万TEU（77艘）.总体 ...

FICC日报 | 2026-02-26 马士基3月第二周价格下调，关注其他船司3月份价格跟随情 Gemini Cooperation：马士基上海-鹿特丹WEEK11报价1210/1920、WEEK12周价格1150/1820；HPL3月份上半月 船期报价1535/2535 ，3月下半月船期报价1935/3135. MSC+Premier Alliance：MSC 3月份上半月船期报价1400/2340；ONE 3月上半月船期报价1940/3035，3月下半月 1940/3035；HMM 上海-鹿特丹 3月份上半月船期报价1783/3136。 Ocean Alliance：CMA 上海-鹿特丹3月份上半月船期报价1459/2593，3月份下半月船期报价2359/3193；EMC 3月 上半月船期报价1665/2530；OOCL 3月份上半月船期报价介于2380-2430. 地缘端：据以色列时报，监测开源飞行追踪数据的分析人士称，美军已开始向中东调动另外六架F-22隐形战斗机， 预计这六架F-22将部署在以色列空军一处基地，昨日已有另外11架F-22战机在那里降落。这六架F-22当天早些时 候从美国起飞，与随行加 ...

FICC日报 | 2026-02-25 3月上半月运价逐步修正，关注马士基3月第二周开价情况 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹WEEK11报价1210/1920（其中上海-伦敦基本港WEEK11周报价涨至 1320/2100）；HPL3月份上半月船期报价1935/2535 ，3月下半月船期报价1935/3135. MSC+Premier Alliance：MSC 3月份上半月船期报价1400/2340；ONE 3月上半月船期报价1940/3035，3月下半月 1940/3035；HMM 上海-鹿特丹 3月份上半月船期报价1783/3136。 Ocean Alliance：CMA 上海-鹿特丹3月份上半月船期报价1459/2593，3月份下半月船期报价2159/2793；EMC 3月 上半月船期报价2065/3130；OOCL 3月份船期报价1830/3130。 地缘端：据福克斯新闻：特朗普表示，伊朗尚未同意放弃核武器。②白宫就伊朗问题表态称，特朗普的首要选择 始终是通过外交途径解决问题，但在必要时也会准备动用致命武力。③据CBS：特朗普对针对伊朗有限的军事选 ...

Market Overview - On February 19, U.S. stock indices fell collectively due to multiple negative factors, including tightening liquidity in the private credit industry and escalating geopolitical tensions between the U.S. and Iran. The Dow Jones Industrial Average dropped by 267.5 points, a decline of 0.54%, while the S&P 500 and Nasdaq Composite fell by 0.28% and 0.31%, respectively, with the Nasdaq experiencing a cumulative decline of over 2% since 2026 [1][2]. Private Credit Industry - A liquidity crisis in the private credit sector was a core reason for the market's weakness. Blue Owl Capital announced the sale of $1.4 billion in loan assets and tightened investor liquidity, leading to a significant drop in its stock price by 1%. This triggered a collective decline in the private credit sector, with major firms like Blackstone and Apollo Global Management seeing their stock prices fall by over 5% [2][3]. Geopolitical Tensions - The geopolitical tension between the U.S. and Iran has become another major market disturbance. President Trump indicated a decision on potential military action against Iran would be made within ten days, which has heightened investor caution and led to a general sell-off of risk assets [3]. Corporate Earnings and Guidance - Discrepancies in corporate earnings and guidance have intensified market volatility. Walmart's fourth-quarter revenue and profit exceeded expectations, but its annual profit guidance fell short, resulting in a stock price drop of over 1%. In contrast, Amazon surpassed Walmart in projected net sales for 2025, reaching $716.9 billion [4]. Economic Data - Recent economic data showed initial jobless claims in the U.S. fell to 206,000, significantly below expectations, indicating resilience in the labor market. The Philadelphia Fed Manufacturing Index rose to 16.3, the highest since September of the previous year. However, the trade deficit unexpectedly widened to $70.3 billion in December 2025, with the annual goods trade deficit reaching a record $1.2409 trillion, an increase of $25.5 billion or 2.1% from the previous year [4]. Market Sentiment - According to a recent survey by the American Association of Individual Investors, the proportion of bearish retail investors has exceeded bullish investors for the first time since November of the previous year, with bearish, bullish, and neutral sentiments at 36.9%, 34.5%, and 28.5%, respectively. This reflects a growing caution among investors [5]. Sector Rotation - The U.S. stock market is undergoing a rotation in leading sectors. Excluding the top companies, other stocks in the S&P 500 are in urgent need of earnings momentum. Despite a decline in valuations for the "Magnificent Seven," their price-to-sales ratios remain at historical highs, indicating they are not in undervalued territory [5].

Market Overview - The Dow Jones Industrial Average fell 271.87 points to 49,390.79, down 0.55% as investors reacted to various factors including Walmart's earnings, rising oil prices, and escalating US–Iran tensions [1][23][24] - The S&P 500 Index dropped 25.42 points to 6,855.89, a 0.37% decline, while the Nasdaq Composite slid 76.03 points to 22,677.60, down 0.33% [23] Walmart Earnings - Walmart reported stronger-than-expected fourth-quarter results with annual revenue reaching $713.5 billion for the fiscal year ended January 31 [10][24] - E-commerce grew 24% year over year in the fourth quarter, and advertising revenue increased by 37% [10][24] - However, the company's full-year earnings guidance disappointed investors, leading to tempered enthusiasm despite market share gains among higher-income consumers [11][24] Amazon's Revenue Milestone - Amazon surpassed Walmart in total annual revenue, reporting $716.9 billion in net sales for 2025, reflecting strength in retail and cloud computing [12][24] - This shift underscores the ongoing dominance of tech-enabled platforms in global commerce [13][24] Geopolitical Tensions and Oil Prices - Geopolitical risk escalated as President Trump indicated potential military strikes against Iran, causing oil prices to surge [7][8][24] - WTI crude oil rose to $66.57, up 2.34%, while Brent crude increased to $70.72, up 2.18%, raising concerns about inflation and corporate profit expectations [7][24] Asset Management Sector - Asset manager stocks experienced significant declines following Blue Owl Capital's announcement to tighten investor liquidity after selling $1.4 billion in loan assets [14][24] - This move raised concerns about liquidity across private credit markets, contributing to the broader market decline [15][24] Software-as-a-Service (SaaS) Sector - SaaS stocks faced pressure as industry leaders warned that generative AI could replace up to 50% of enterprise software tasks, leading to declines in companies like Salesforce, Intuit, and Cadence Design Systems [2][16][24] - The Nasdaq remains sensitive to shifts in AI sentiment, with small comments triggering rotations out of high-multiple growth stocks [16][24] Shipping Sector Performance - The global shipping sector saw a significant breakout, with the SonicShares Global Shipping ETF (BOAT) reaching an all-time high due to climbing freight rates driven by capacity constraints and regulatory changes [5][24] - Companies like Pan Ocean and HMM reported gains of 8% and 5%, respectively, indicating a shift in market leadership towards physical economy sectors [5][21][24] Sector Rotation and Market Sentiment - Market strategists noted a broader rotation in market leadership, with industrials and consumer cyclicals positioned to benefit from infrastructure investment and AI-driven efficiency gains [18][21][24] - Despite energy stocks showing relative strength, broader market sentiment turned cautious amid geopolitical uncertainties and rising oil prices [18][24]

Core Viewpoint - The Newcastlemax vessel type is becoming a highly sought-after asset, with buyers willing to pay premiums even during a moderate recovery in freight rates, as evidenced by recent transactions involving younger and larger bulk carriers [1][3]. Group 1: Transaction Details - Berge Bulk Maritime is reportedly selling the Newcastlemax bulk carrier "Berge Moldoveanu," built in 2020, for a price between $74 million and $75 million, significantly above its estimated value of approximately $71.4 million [3]. - The transaction reflects a willingness from buyers to pay a premium for high-quality, large bulk carriers, especially those that have recently undergone repairs [5][9]. - The sale of "Berge Moldoveanu" aligns with a broader trend where younger and larger vessels are commanding higher prices in the market [9]. Group 2: Market Dynamics - The potential buyer pool for Newcastlemax vessels in South Korea is limited, with only a few companies, such as HMM and Korea Line, having operational experience with this vessel type [6]. - HMM has been actively expanding its Newcastlemax fleet, recently acquiring a vessel for approximately $43 million, indicating a strategic shift towards increasing its dry bulk operations [6][7]. - The market is witnessing a clear asset stratification, with younger and larger vessels being favored, as evidenced by the high prices achieved in recent transactions [9]. Group 3: Future Outlook - The trend of paying premiums for high-quality bulk carriers is expected to continue, driven by increasing regulatory compliance and capital expenditure pressures [9]. - The dry bulk market is anticipated to face a mixed landscape of stable demand and delivery uncertainties, leading shipowners and buyers to prioritize asset quality over speculative freight rate bets [12].

1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the given content. 2. Core View of the Report - The pre - holiday freight rate drive is weak, and the near - term 04 contract is expected to fluctuate. Attention should be paid to whether the shipping companies' price - holding measures are implemented after the holiday. The cancellation of VAT export tax rebates for products such as photovoltaics may disrupt the shipping rhythm and the pricing strategies of shipping companies. It is necessary to monitor whether the freight volume from the Far East to Europe in February and March can increase significantly and whether the actual freight rate will be firmer than in normal years. The 04 contract's volatility is expected to increase, and investors are advised to participate with caution. Shipping companies usually issue price - increase letters in March and April to stabilize prices. As of now, it is still unclear whether the price increase in March will succeed. If the price increase is successful in early March, the valuation bottom of the EC2604 contract may rise. The long - term contracts face intense speculation on the resumption time, and the volatility is expected to remain high. The resumption of the Suez Canal is expected to be a gradual process. If it does not resume in the first half of 2026, the pressure on the shipping capacity in the first half of the year will be relatively controllable, and higher freight rates can be expected. Investors can consider the arbitrage opportunity of going long on EC2606 and short on EC2610 [5][6][7]. 3. Summary by Relevant Catalogs I. Futures Prices - As of February 12, 2026, the total open interest of all container shipping index European line futures contracts is 54,481.00 lots, and the daily trading volume is 42,518.00 lots. The closing prices of EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1258.90, 1566.10, 1632.00, 1131.10, and 1425.40 respectively [8]. II. Spot Prices - On February 6, the SCFI (Shanghai - Europe route) price was 1403 US dollars/TEU, the SCFI (Shanghai - West Coast of the United States) price was 1801 US dollars/FEU, and the SCFI (Shanghai - East Coast of the United States) price was 2530 US dollars/FEU. On February 9, the SCFIS (Shanghai - Europe) was 1657.94 points, and the SCFIS (Shanghai - West Coast of the United States) was 1155.66 points [8]. III. Container Ship Capacity Supply - **Static Supply**: As of January 31, 2026, 6 container ships with a total capacity of 46,950 TEU have been delivered in 2026. Among them, 2 ships with a capacity of 12,000 - 16,999 TEU and 1 ship with a capacity of over 17,000 TEU have been delivered. In terms of delivery expectations, for ships with a capacity of 12,000 - 16,999 TEU, 737,400 TEU (50 ships) are expected to be delivered in the remaining months of 2026, 944,600 TEU (64 ships) in 2027, 1,212,000 TEU (82 ships) in 2028, and 415,400 TEU (29 ships) in 2029. For ships with a capacity of over 17,000 TEU, 192,900 TEU (8 ships) are expected to be delivered in the remaining months of 2026, 862,800 TEU (40 ships) in 2027, 1,603,000 TEU (80 ships) in 2028, and 1,261,500 TEU (77 ships) in 2029. The delivery pressure of ultra - large ships in 2026 is relatively small, and only 4 ships with a capacity of over 17,000 TEU will be delivered in the first half of 2026 [3]. - **Dynamic Supply**: In the remaining three weeks of February, the average weekly capacity is 271,600 TEU, with capacities of 366,600 TEU, 259,800 TEU, and 188,300 TEU in Weeks 7, 8, and 9 respectively. In March, the average weekly capacity is 288,400 TEU, with capacities of 158,300 TEU, 365,200 TEU, 304,700 TEU, 320,400 TEU, and 293,500 TEU in Weeks 10 - 14 respectively. In April, the average weekly capacity is 274,700 TEU, with capacities of 295,500 TEU, 294,400 TEU, 263,500 TEU, and 245,400 TEU in Weeks 15 - 18 respectively. There are 13 blank sailings in February (6 by the OA Alliance, 6 by the PA Alliance, and 1 by the Gemini Alliance), 7 blank sailings and 3 TBNs in March, and 1 blank sailing and 4 TBNs in April [4]. IV. Supply Chain - The resumption of the Suez Canal is expected to be a gradual process. COSCO management indicates that there is still no clear schedule for the full resumption of the Red Sea route. It may take 3 - 5 months from the attempt to full resumption. Multiple conditions need to be met for the resumption of the Red Sea route, including industry association assessment, insurance premium reduction, customer recognition of safety, and internal consensus within the alliance. Currently, the detour has become the new normal for the customer supply chain, and COSCO is cautious about returning to the Red Sea. Since mid - February 2026, Maersk's ME11 route will be structurally adjusted to transit through the Red Sea and the Suez Canal. If possible, Maersk will also adjust the AE12 and AE15 services in the subsequent stage to pass through the Red Sea and the Suez Canal [7]. V. Demand and European Economy No specific content related to demand and European economy is provided in the given text other than the figures mentioned in the catalog.

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The spot freight rate is fluctuating. With the approaching of the Spring Festival and the uncertainty of the geopolitical situation, the market may fluctuate under the background of decreasing positions. Attention should be paid to the MSK online cabin opening and the actual loading situation of shipping companies during the holiday, as well as the resumption of navigation in the Suez Canal and the changes in the Middle East situation, and the support of the off - season rush shipment of products such as photovoltaics to the market. The market is expected to be volatile and the positions on the disk may continue to decrease [1][3] 3. Summary by Related Catalogs Spot Freight and Contract Volume - Price - **Futures Contract Data**: The EC2604 contract reached a maximum of 1260 points during the session, with a daily reduction of over 2000 lots, and closed at 1258.9 points, up 6.4%. The EC2606 contract closed at 1566.1 points, up 4.78%. Other contracts also rose. Specific data of each contract such as closing price, settlement price, increase or decrease, trading volume, and open interest are provided in the table [2][8] - **Spot Freight Data**: The comprehensive index of SCFI is 1266.6 points. The Nordic route of SCFIS is 1657.94 dollars/TEU (-7.5%), and the US - West route is 1155.66 dollars/FEU (+4.9%) [9] Spot Quotation - **European Line Spot Freight**: OOCL's March online freight rate reached 3130 dollars/FEU, and other shipping companies' rates remained generally unchanged. MSK's March online freight rate increased slightly. Different shipping companies' freight rates for different routes and time periods are provided, such as GEMINI, OCEAN, MSC&PA [2][3] European Line Spot Freight Seasonal Trend - Not provided in the given content

FICC日报 | 2026-02-12 主力合约短期走势震荡，关注节后马士基3月第二周开价态 度 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹 WEEK8 报价1210/1920，WEEK9报价 1200/1900，WEEK11报价 1205/1910（其中上海-伦敦基本港WEEK11周报价涨至1320/2100）；HPL 2月上半月船期报价1135/1835，2月下半 月船期报价1135/1835，3月份船期报价1835/2935 。HPL发布3月份涨价函1900/3100 MSC+Premier Alliance：MSC 2月上半月价格1280/2140，2月下半月船期价格1280/2140；ONE 2月上半月船期报 价1290/2035，2月下半月船期报价1290/2035，3月上半月船期报价1620/2535；HMM上海-鹿特丹2月上半月船期报 价1233/2036，2月下半月船期1233/2036 ，3月份船期报价1783/3136.MSC发布3月份涨价函1800/3000. Ocean Alliance：CMA 上海-鹿特丹2月份上半月船期价格1359/229 ...