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国际航运市场（International Shipping Market）
01. 什么是国际航运？
国际航运又称国际海上交通运输，是世界贸易最主要的运输方式。与其他运输方式相比，海上交通运输具有运量大、运费低等优点。根据《2023年中国航海日公告》，作为全球贸易量最大的国家和第二大经济体，我国约95%的进出口贸易货物量通过海运完成。
01. What is international shipping?
International shipping, also known as international maritime transport, is the dominant mode of transport for world trade. Maritime transport is superior to the other modes of transport in carrying capacity and freight rate. According to the Announcement of China's Maritime Day 2023, as China is the world's largest trading nation and the second largest economy, international shipping carries about 95% of China's import and export cargo volume.
02. 国际航运市场的分类有哪些？
以运输货物种类为标准，国际航运市场可分为干散货运输市场、油轮运输市场、集装箱运输市场和特种船运输市场。其中干散货运输的货物包括铁矿石、谷物、煤炭、水泥等散装货物；油轮运输的货物包括原油、成品油、液体化学品等液态散装货物；集装箱运输的货物主要是件杂货，几乎涵盖除上述货物外的所有货物，主要包括工业产品和机电产品；特种船运输的货物主要是外型不规则、重量超常规或需要使用特殊设备运输的货物，如冷藏船、汽车运输船、大型设备等。国际航运市场以干散货运输市场、油轮运输市场和集装箱运输市场三大市场为主。
以运输组织方式为标准，国际航运市场可分为不定期船运输市场和定期船运输市场。干散货运输和油轮运输一般为不定期船运输；集装箱运输一般为定期船运输，又称班轮运输。
02. How is the international shipping market segmented?
By the type of cargo transported, the international shipping market can be sub-divided into dry bulk transport, tanker transport, container transport, and special ship transport markets. Dry bulk carriers are used to transport iron ore, grain, coal, cement, and the like. Tankers mainly carry crude oil, refined oil, natural gas, liquid chemicals, and other liquid bulk cargoes. Container ships carry virtually all types of cargo—or “general cargo”—except those mentioned above, but principally industrial, mechanical, and electronic products. Special-purpose ships, including reefer ships and cars, large equipment and lumber carriers, are used to transport goods of irregular shapes or excessive weight or needing special equipment. The dry bulk, tanker, and container shipping markets are the three pillars of the international shipping market.
By the type of transport arrangements, the international shipping market can be classified into tramp shipping market and liner shipping market. Dry bulk transport and tanker transport are generally tramp services; container transport is generally liner services.
03. 国际航运市场常用船型有哪些？
运输货物种类以及具体航线航道条件不同使得国际航运市场使用的船型也不同。干散货运输市场中，常用船型包括海岬型船、巴拿马型船、超大灵便型船和灵便型船四种船型；油轮运输市场中，常用船型包括巨型油轮、超大型油轮、苏伊士型油轮、阿芙拉型油轮、巴拿马型油轮和灵便型油轮；集装箱运输市场中，以装载集装箱数量对船型进行分类，据克拉克森统计，截止2022年底，全球集装箱船运力分布占比见下表：
03. What are the common types of ships in the international shipping market?
The ships used for international shipping differ from cargo type to cargo type and from route to route. The most common ships in the dry bulk shipping market are the Capesize carriers, Panamax carriers, and Handymax and Handy bulk carriers. For the tanker shipping market, it’s ultra large crude carriers （ULCCs）， very large crude carriers （VLCCs）， Suezmax tankers, Aframax tankers, Panamax tankers, and Handy tankers. In the container shipping market, ships are classified by container capacity. According to Clarksons Research, a breakdown of the carrying capacity of the world’s container ships as of the end of 2022 is shown in the table below:
04. 国际航运市场的运输规模有多大？
随着全球贸易规模的发展壮大，尤其是代加工、成品贸易规模的增加，国际航运市场规模呈现增长趋势。据克拉克森统计，2022年全球海运贸易总量为119.48亿吨。从运输货物种类看，2022年大宗干散货运输量（包括铁矿石、煤炭、谷物和其它干散货等）为62.19亿吨，占全球海运贸易总量的比例为52.1%；油轮运输量（包括原油、成品油、天然气和化学品等）为39.23亿吨，占全球海运贸易总量的比例为32.8%；集装箱运输量为18.06亿吨，占全球海运贸易总量的比例为15.1%。
04.How big is the international shipping market?
With the booming global trade, especially in OEM and finished products, the international shipping market has grown. According to Clarksons Research, the total volume of global seaborne trade in 2022 recorded at 11.948 billion metric tons, of which 6,219 million metric tons or 52.1% were dry bulk cargoes （including iron ores, coal, grain, and others）， 3.923 billion metric tons or 32.8% of tanker cargoes （e.g., crude oil, refined oil products, natural gas, and chemicals）， and 1.806 billion metric tons or 15.1% of container cargoes.
05. 国际航运市场主要的贸易术语有哪些？
国际航运市场主要的贸易术语有FOB、CFR和CIF。FOB条款下，买方负责租船订舱、到付运费、办理保险、支付保险；CIF条款下，卖方负责租船订舱、预付运费、办理保险、支付保险；CFR条款下，卖方负责租船订舱、预付运费，买方负责办理保险、支付保险。贸易方式条款是贸易运输能力的一种体现，不同条款下，租船订舱、运费支付、保险办理和支付等服务发生的国别或地区有所不同，对于出口运输市场来说，CIF贸易方式条款居多的话，说明出口方所在地贸易运输服务话语权较强。
05. What are the major trading terms in global shipping market?
FOB, CFR, and CIF are the most common trading terms in global shipping market. Under FOB, the buyer is responsible for chartering the ship, booking space, paying freight at destination, and arranging for and purchasing insurance. With CIF, the seller is responsible for chartering the ship, booking space, prepaying freight, and arranging for and purchasing insurance. With CFR, the seller is responsible for chartering the ship, booking space, and prepaying freight, while the buyer is responsible for the insurance. The shipping term is a reflection of a location’s relative strength in trade and transport, and will affect in which country or region the services—such as ship chartering and space booking, freight payment, insurance arrangement and payment—are provided. For example, the dominance of CIF in an export market means that the exporter’s location has a bigger say in trade and shipping services.
06. 全球主要国际航运中心的主要优势和特色有哪些？
根据2022年“新华·波罗的海国际航运中心指数”排名，新加坡、伦敦、上海分别位居全球航运中心城市综合实力前三位。
新加坡是全球领先的自由贸易港，推行自由港政策，港口内实行贸易、通航、兴办企业、金融、人员流动等多种自由经济政策，并且全部或绝大多数国外货物可以免税进出港口。新加坡的航运服务能力领先，尤其是航运经纪、船舶管理、航运金融以及海事法律服务等。
伦敦拥有高度发达的航运服务业，有数千家大规模的航运服务企业，能够提供船舶注册、船舶买卖、航运交易、海事保险、海事立法、海事诉讼与仲裁、航运信息咨询、航运人才培训以及航运业界交流等各类现代航运服务。其中，伦敦在海事法律服务和航运金融服务方面表现尤为突出，体现了全球领先水平。
上海依托中国经济与对外贸易的高水平增长，其现代航运集疏运体系快速发展，航运服务体系不断完善，营商环境持续改善。随着“一带一路+自贸区+航运中心”深度融合战略的逐步实施以及长江经济带与长三角港航一体化战略的贯彻落实，上海的国际影响力将进一步提升。上海航运市场规模大、要素集聚，航运中心与金融中心并驾齐驱，互为支撑，提升服务能级。
06. What are the major advantages and featuresof the world’s leading international shipping centers?
Singapore, London, and Shanghai were the top three shipping hubs according to the 2022 Xinhua-Baltic Exchange International Shipping Centre Development Index.
As a world leading free trade port, Singapore implements a free port policy, operating on liberal economic policies in areas of trade, passage, business establishment, finance, and employment and allowing most, if not all, foreign goods to enter and exit the port duty-free. Singapore is also a leader in shipping services, especially in shipping brokerage, ship management, shipping finance, and maritime legal services.
London has a highly developed shipping industry comprising thousands of large service providers that provides all types of modern shipping services—ship registration, ship sale and purchase, shipping transactions, maritime insurance, maritime financial derivatives, maritime legislation, maritime litigation and arbitration, shipping information consultancy, professional training, and industry exchanges, to name a few. London particularly excels in maritime legal services and shipping financial services, being a global leader in both areas.
Thanks to China’s thriving economy and foreign trade, Shanghai has seen rapid development in its modern shipping distribution system and steady improvement in shipping services and business environment. Its international influence will further rise with the greater integration of the Belt and Road Initiative （BRI）， the Shanghai Free-Trade Zone, and Shanghai’s international shipping hub initiative and the implementation of the Yangtze River Economic Belt and Yangtze River Delta port integration initiatives. Shanghai has a large shipping market and a wealth of resources. Its shipping center and financial center initiatives are individually empowering and mutually supportive, promising to bring its shipping services to a higher level.
国际集装箱运输市场（International Container Shipping Market）
07. 什么是国际集装箱运输？
国际集装箱运输是指以集装箱为单位，将托运人交运的货物从一国的某一地点运至另一国的某一地点的运输方式。国际集装箱运输由班轮公司按事先制定的船期表，在固定航线的固定挂靠港口之间，按规定的操作规则为非固定的广大货主提供集装箱货物运输服务。
07. What is international container shipping?
International container shipping is a mode of transport whereby the carrier delivers, through containers, the cargoes consigned by the shipper from one country to another. In international container shipping, liner companies provide non-specific customers with standardized container cargo transport services between fixed ports of call along fixed routes and in accordance with the pre-established sailing schedules and rules. The liners carry all types of products other than dry bulk cargoes, oil products, and special cargoes.
08. 国际集装箱运输市场供给和需求情况如何？
据克拉克森统计，2020年、2021年、2022年，全球集装箱运力供给分别为2368万TEU、2475万TEU和2563万TEU。需求方面，2022年国际集装箱运输量为20,300万TEU，相比2000年的6,562万TEU，增加了205%，年复合增长率为5.2%。
08. What are the supply and demand for international container shipping Market?
According to Clarkson Research, the global container shipping capacity totaled 23.68 million TEU in 2020, 24.75 million TEU in 2021, and 25.63 million TEU in 2022. The international container shipping volume had reached 203 million TEU in 2022, up 205% from 65.62 million TEU in 2000, with a compound annual growth rate of 5.2%.
09. 出口集装箱运输包括哪些流程？
出口集装箱运输流程一般包括订舱、接受托运申请、发放/提取空箱、装箱、重箱进港、报关报检、装船、离港出运和换取提单等环节。
（1）订舱。托运人根据贸易合同或信用证条款的规定，在货物托运前一定时间内填好集装箱货物托运单（Container Booking Note），并委托货代或直接向班轮公司申请订舱。
（2）接受托运申请。班轮公司或其代理公司根据自己的运力、航线等具体情况以及托运人的需求，决定是否接受托运申请。
（3）发放/提取空箱。整箱货空箱通常由托运人或其代理凭借设备交接单到集装箱堆场领取，有的货主会自备集装箱。拼箱货空箱由集装箱货运站凭借设备交接单领取。此时完成提箱的托运人基本可以确认其有出运需求。
（4）装箱。整箱货由托运人在仓库或工厂自行装箱。拼箱货由托运人或其代理将不足一整箱的货物交至集装箱货运站，并由集装箱货运站负责装箱。
（5）重箱进港。在截港时间前，重箱由托运人或其代理、集装箱货运站送至集装箱堆场，等待装船出运。
（6）报关报检。货物装船出运前，托运人或其代理凭场站收据、出口许可证、商品检验证书等单证向海关申报，海关同意放行后在场站收据上加盖放行章。
（7）装船。集装箱装卸区根据装货情况，制订装船计划，并将出运的箱子调整到集装箱码头前方堆场，待船靠岸后，即可装船。
（8）离港出运。班轮公司在货物装船后，根据船期安排离港并驶向目的港。
（9）换取提单。班轮公司在集装箱船离港后两至三天，开始制作已装船提单。托运人或其代理凭场站收据正本向班轮公司或其代理换取正本提单，然后去银行办理结汇。
09. What are the steps in international export container shipping?
Export container shipping generally contains several steps: booking, acceptance of shipping order, dispatch/picking-up of empty containers, container stuffing, haulage of loaded container to port, customs declaration and inspection, loading, departure, and exchange for a bill of lading （B/L）。
（1） Booking. The shipper is required to complete a “booking note” some time before the shipment in accordance with the terms of the trade agreement or letter of credit to book capacity through a freight forwarder or with a liner directly.
（2） Acceptance of shipping order. The liner or its agent decides whether to fulfill the shipping order based on its capacity, route, and other factors and the shipper’s needs.
（3） Dispatch/picking-up of empty containers. In FCL shipping, empty containers are usually picked up by the shipper or its agent at the container yard with an equipment interchange receipt （EIR）， although some shippers also use their own containers. In LCL shipping, empty containers are picked up by a container freight station with EIR. The shipment needs become reasonably certain once the shipper picks up the empty containers.
（4） Stuffing. Under FCL, the shipper is responsible for loading goods into containers at its warehouse or factory. Under LCL, the shipper or its agent will deliver the goods that will not take up the entire space of a container to the container freight station for consolidation.
（5） Haulage of loaded container to port. The shipper, its agent, or the container freight station delivers the loaded containers to the container yard before its closing.
（6） Customs declaration and inspection. Before loading and shipment, the shipper or its agent needs to present the dock receipt, export license, and commodity inspection certificate to the customs. The dock receipt will be stamped with the clearance seal once the shipment is cleared.
（7） Loading. The container terminal prepares a stowage plan according to the cargo to be loaded and then moves the containers to the marshaling yard for loading once the ship is berthed.
（8） Departure. The ship is loaded with the cargo and will leave the port by the liner’s sailing schedule to the destination port.
（9） Exchange for a bill of lading. The liner will make a B/L for the loaded cargo after the container ship leaves the port for two to three days. The shipper or its agent should exchange its original copy of the dock receipt for the original B/L issued by the liner or its agent, and then complete currency exchange at a bank.
10. 集装箱运输有哪些箱型？
国际集装箱运输中常用的标准集装箱为20英尺集装箱（Twenty-feet Equivalent Units，TEU）、40英尺集装箱（Forty-feet Equivalent Units，FEU）和40英尺高箱。20英尺集装箱的长宽高分别是20英尺、8英尺和8英尺6英寸。40英尺集装箱的长宽高分别是40英尺、8英尺和8英尺6英寸。40英尺高箱的长宽高分别是 40英尺、 8英尺和 9英尺6英寸。除标准干货集装箱外，还有冷藏箱、罐式箱、框架箱、平板箱等特殊集装箱类型。
10.What are the different types of containers?
The standard containers commonly used in international shipping are Twenty-feet Equivalent Units （TEU）， Forty-feet Equivalent Units （FEU）， and Forty-feet High Cube （FHQ）。 TEU measures 20’ （L） × 8’ （W） × 8’6’’ （H）， FEU measures 40’ （L） × 8’ （W） × 8’6’’ （H）， and FHQ measures 40’ （L） × 8’ （W） × 9’6’’ （H）。 Complementing these standard dry goods containers are the various types of special containers such as reefer （e.g., refrigerated）， tank, flat rack, and platform.
11. 什么是整箱货和拼箱货？
整箱货和拼箱货是常见的两种集装箱货物交接形态。整箱货指的是托运人自行将货物装满整个集装箱后，以箱为单位进行托运。拼箱货指的是承运人在单个托运人的货物数量不够装满整个集装箱时，将多个托运人的货物拼装在一个集装箱内进行托运。
11. What are full-container load （FCL） and less-than-container load （LCL）？
FCL and LCL are two common modes of container shipping. FCL is the mode where the shipper fills the whole of a container for shipment as a single unit. LCL is the mode where the cargo of one shipper is consolidated with those of others in a single container because it is not enough to fill a whole container by itself.
12. 常见的集装箱货物交接方式有哪些？
常见的集装箱货物交接方式涉及三个概念，分别是集装箱堆场（Container Yard，CY）、集装箱货运站（Container Freight Station，CFS）和门（Door）。其中，集装箱堆场指的是集装箱重箱或空箱交接和堆存的场所；集装箱货运站等同于仓库，是处理和交接拼箱货的场所；门指的是托运人的工厂或仓库大门。集装箱货物共有九种交接方式，分别是场到场（CY to CY）、场到站（CY to CFS）、场到门（CY to Door）、门到门（Door to Door）、门到场（Door to CY）、门到站（Door to CFS）、站到门（CFS to Door）、站到场（CFS to CY）、站到站（CFS to CFS）。交接方式的选择与集装箱货物的交接形态有关。一般来说，班轮公司常用的交接方式为场对场，承接拼箱货的无船承运人常用的交接方式为站到站。
12. What are the common ways of dropping off and receiving container cargo?
Container Yard （CY）， Container Freight Station （CFS） and Door are the three essential concepts in the delivery and receiving of container cargoes. A container yard is a designated storage area for handing over and storing loaded and empty containers. A container freight station, similar to a warehouse, is where cargoes are processed and consolidated into containers. A “door” is the door of the shipper’s factory or warehouse. Accordingly, there are nine combinations for cargo handover: CY/CY （CY to CY）， CY/CFS, CY/Door, Door/Door, Door/CY, Door/CFS, CFS/Door, CFS/CY, and CFS/CFS. The specific choice depends on forms of the cargoes of container that are to be dropped off and received. Generally, liners use CY/CY, while NVOCCs that handle LCL shipments often use CFS/CFS.
13. 国际集装箱运输市场有哪些参与者？
国际集装箱运输市场的主要参与者包括运输工具所有者、承运人、货运中间人和托运人等。
运输工具所有者为集装箱运输资产所有者，分为船东和箱公司两种类型。其中，船东拥有集装箱船的所有权，包括拥有集装箱船的班轮公司、一些大型金融机构和其他机构。
承运人是指本人或委托他人以本人名义与托运人订立海上货物运输合同的人，主要有班轮公司和无船承运人。
托运人主要是货主，可以是发货人也可以是收货人。
货运中间人是为承运人和托运人达成交易提供中间服务的人，例如订舱、报关报检等服务，主要有无船承运人、普通货代、船舶代理人、报关公司等。
13. What are the participants of the international container shipping market?
Major participants include owners of means of transport, carriers, intermediaries, and shippers.
Owners of means of transport own container shipping assets and are broadly classified into shipowners and container companies. In particular, shipowners can be liner companies, large financial institutions, and other institutions that own container ships.
Carriers refer to the person by whom or in whose name a contract of carriage of goods by sea has been concluded with a shipper. Carriers mainly consist of liners and non-vessel operating common carriers （NVOCCs）。
Most shippers are cargo owners who may be the consignors or the consignees.
Intermediaries provide intermediary services—space booking, customs declaration, and inspection declaration, for example—for carriers and shippers. The most common intermediaries are NVOCCs, common freight forwarders, shipping agents, and customs brokers.
14. 无船承运人与班轮公司有什么区别？
根据《中华人民共和国海商法》的规定，承运人是指“本人或者委托他人以本人名义与托运人订立海上货物运输合同的人”，主要有班轮公司和无船承运人。班轮公司通过自己拥有的集装箱船或者租借其他船东的集装箱船，为托运人提供国际集装箱运输服务。无船承运人以承运人身份接受托运人的货物，同时以托运人身份委托班轮公司完成国际集装箱运输。
14. What are the differences between a NVOCC and a liner company?
The Maritime Law of the People’s Republic of China defines a carrier as “the person by whom or in whose name a contract of carriage of goods by sea has been concluded with a shipper.” Carriers mainly include liner companies and NVOCCs. A liner offers international shipping services with leased or its own container ships. By contrast, a NVOCC, upon accepting goods from a shipper in the capacity of a carrier, consigns the goods as a shipper to a liner for shipping.
15. 什么是基本港和非基本港？
在国际集装箱运输中，港口分为基本港和非基本港。基本港（Base Port）是班轮公司的船一般要定期挂靠的港口。基本港大多位于区域中心的较大口岸，港口设备条件比较好，货载多而稳定，运往基本港的货物一般为直达运输。非基本港（Non-Base Port）是指基本港以外的港口。
15. What are Base Ports and Non-Base Ports?
The ports in international container shipping are divided into Base Ports and Non-Base Ports. A Base Port is the port which liner companies generally call on with their vessels on a regular basis. Located within regional hubs such as Shanghai and Ningbo Zhoushan in China, most Base Ports are large and well equipped, enabling the shipment of a large and stable volume of cargoes. Generally, cargoes bound to Base Ports are shipped directly. Non-Base Ports are ports other than Base Ports.
16. 国际集装箱运输市场有哪些重要港口？
2022年全球前十大集装箱港口依次是上海、新加坡、宁波舟山、深圳、青岛、广州、釜山、天津、中国香港、鹿特丹。中国有七个港口的吞吐量位居全球前十，集装箱吞吐量合计为1.98亿TEU，占前十大集装箱港口吞吐量的比例达到72.9%；其中，上海港以4730万TEU的吞吐量连续13年排名全球第一大集装箱港。
16. What are the major ports in the international container shipping market?
The world’s top ten container ports in 2022 were Shanghai, Singapore, Ningbo Zhoushan, Shenzhen, Qingdao, Guangzhou, Busan, Tianjin, Hong Kong （China）， and Rotterdam, with Chinese ports taking seven of the top ten spots by throughput. The seven ports had a combined throughput of 198 million TEU, accounting for 72.9% of that of the top ten. Notably, the Shanghai Port, with a throughput of 47.3 million TEU, has been the largest container port in the world for 13 years in a row.
17. 国际集装箱运价有哪些价格构成？
国际集装箱普通箱运价通常由基本海运费和各种附加费构成，一般以美元为计价和结算货币。其中，基本海运费是指班轮公司针对每个计价单元（如1FEU或1TEU）的货物收取的、基于场对场交接方式的运费。附加费是班轮公司根据特定的运输条款、燃油价格、淡旺季、行业习惯等收取的附加费用，包括燃油附加费、币值附加费、旺季附加费、战争附加费、港口拥挤附加费、运河附加费、港口设施安全附加费、内陆转运费等。在国际集装箱运输市场，除普通箱海运运价外，托运人还要承担一系列以当地货币计价的费用，如码头操作费、文件费、报关费、装箱费、陆运费等。
17. What is the composition of the international container freight rate?
The freight rate has two major components—basic ocean freight and surcharges—and is commonly quoted and settled in U.S. dollars. Basic ocean freight is charged by liners for each pricing unit （such as 1 FEU or TEU） of cargo shipped under the CY/CY term. Surcharges are the additional fees charged by liners according to the specific terms of carriage, fuel prices, peak or off-peak seasons, industry practices, etc. Examples include bunker fuel surcharge, currency surcharge, peak season surcharge, war risk surcharge, congestion surcharge, canal surcharge, International Security Port Surcharge, and inland transshipment charges. In addition to the regular freight, international container shippers also need to bear a list of expenses quoted in their local currencies, such as terminal handling charges, documentation charges, telex release charges, customs declaration charges, container loading charges, and trucking charges.
18. 影响国际集装箱运价的主要因素有哪些？
影响国际集装箱运价的主要因素有以下几个：
（1）供求关系。国际集装箱运输市场的供求关系是运价的决定因素。一般而言，班轮公司每个航次的预配率能实时反映该航次的供需状况，而出航后的装载率则会对班轮公司定价策略产生较大影响。
（2）成本因素。成本高低对运价水平有显著影响。集装箱运输成本主要包括船舶及集装箱固定投资、航次运行费用、管理费用及财务费用等。
（3）全球经济环境。国际集装箱运输需求是全球贸易的派生需求，全球集装箱运力增速和全球贸易量增速关系密切，国际集装箱运价水平也与全球经济环境密切相关。
（4）汇率因素。汇率波动会对班轮公司成本控制与盈利核算产生影响，从而影响运价水平。
（5）地缘政治。国际范围内已经发生或将要发生的、对全球贸易有影响的政策或重大事件会在短期内导致运价剧烈波动、甚至会影响运价长期走势。
（6）其他因素。国际集装箱运输货种多样化、运输链条长，其运价波动还受到诸多其他因素的影响，例如货物上下游产业链变化、天气、港口罢工、反垄断制度修订、长协价格谈判、联盟重组、竞争关系等。
18. What are the major factorsinfluencing the international container freight rate?
The major influencing factors of international container freight rate are:
（1） Supply and demand. The supply and demand of the international container shipping market is the determinant of the freight rate. In general, a liner’s shipping order ratio for a voyage is a real-time measure of the supply and demand situation for that voyage, while the loading ratio after the voyage starts has a large impact on the liner’s pricing strategy.
（2） Costs. The level of costs has a remarkable impact on the freight rate. The main components of container shipping costs are fixed investment in vessels and containers, voyage operation cost, administrative expenses, and financial expenses.
（3） Global economy. The demand for international container shipping arises from global trade. Growth in global container capacity and growth in global trade are closely related. The international container freight rate is also strongly linked to the global economic environment.
（4） Exchange rate. Exchange rate fluctuations can have an impact on the cost control and profit calculation of liner companies, thus affecting their freight rate.
（5） Geopolitics. Past or future policies or major events that had or will have an impact on the global trade can trigger a short-term swing in the freight rate and even affect the long-term price trend.
（6） Other factors. Due to the diversity of goods and a long transport chain, the international container freight rate is impacted by many other factors, such as changes in upstream or downstream industries, weather, port strikes, anti-monopoly amendments, price negotiations for long-term supply agreements, alliance restructuring, and competition.
境内外航运指数及航运衍生品市场（Domestic and Overseas Shipping Indices and Shipping Derivatives Markets）
19. 国际上有哪些重要的航运价格指数发布机构？
目前，国际上综合性的航运价格指数发布机构有上海航运交易所、宁波航运交易所、波罗的海交易所、普氏能源资讯等。这些机构发布的航运价格指数涵盖集装箱运输、干散货运输、油轮运输等方面。
19. What are the major shipping freight index providers in the world?
Currently, the world’s general shipping freight index providers are the Shanghai Shipping Exchange （SSE）， Ningbo Shipping Exchange, Baltic Exchange, and S&P Global Platts, whose shipping freight indices cover container, dry bulk, and tanker, shipping.
20. 境外有哪些航运衍生品？
境外交易、清算航运衍生品的交易所主要有新加坡交易所（SGX）、欧洲能源交易所（EEX）、芝加哥商业交易所（CME）和洲际交易所（ICE），合约类型包括期货、期权和远期运费协议。芝加哥商业交易所（CME）和新加坡交易所（SGX）分别在2022年和2023年上市了集装箱运价指数期货。
20. What shipping derivatives are available in overseas markets?
Major overseas exchanges that list and clear shipping derivatives include the Singapore Exchange （SGX）， European Energy Exchange （EEX）， Chicago Mercantile Exchange （CME）， and Intercontinental Exchange （ICE）。 The contracts range from futures to options and FFAs. In particular, CME and SGX launched their container freight index futures in 2022 and 2023 respectively.
上海出口集装箱结算运价指数（欧洲航线）介绍「Compilation and Publication of SCFIS （Europe Service）」
21. 上海出口集装箱结算运价指数（欧洲航线）编制涉及哪些规则？
上海出口集装箱结算运价指数（欧洲航线）【以下简称集运指数（欧线）】的编制规则主要包括《上海出口集装箱结算运价指数编制规则（暂行）》《上海航运交易所指数规则修订实施办法》《上海航运交易所指数终止办法》《上海航运交易所指数错误修正办法》等。
具体内容可在上海航运交易所官网（www.sse.net.cn）查询。
21. What are the rules governingthe compilation of SCFIS （Europe service）？
The rules governing the compilation of Shanghai （export） Containerized Freight Index based on Settled Rates （SCFIS） （Europe service） mainly include the Rules for Compilation of SCFI based on Settled Rates （Provisional）， Measures of Shanghai Shipping Exchange for Amendments to Index Rules, Measures of Shanghai Shipping Exchange for Termination of Indices, and Measures of Shanghai Shipping Exchange for the Correction of Index Errors.
These rules are available on SSE’s official website.
22. 集运指数（欧线）的治理体系如何？
上海航运交易所通过建立包括指数专家委员会、指数编委会、指数业务监督委员会在内的综合治理体系，确保标的指数的公正和独立。
指数专家委员会由上海航运交易所聘请的专家组成，负责对以下涉及标的指数的事项提出意见和建议：（1）指数编制方法、规则和实施细则的制定和变更；（2）涉及指数运作和业务发展的事项。
中国出口集装箱运价指数编委会欧美航线分委会由符合条件的采样单位构成，负责审议决定欧美航线指数编制规则实施相关事宜，并根据标的指数编制方案报送数据。
指数业务监督委员会是上海航运交易所的指数监督机构，负责对上海出口集装箱结算运价指数编制及治理的各个方面进行监督。
22. What is the governance system of SCFIS （Europe service）？
SSE develops a comprehensive governance system that is comprised of the Index Expert Committee, Index Compilation Committee, and Internal Oversight Committee to ensure the impartiality and independence of the underlying index.
The Index Expert Committee is composed of experts engaged by。SSE and advises on matters relating to the underlying index: （1） the formulation and modification of compilation methods, rules, and detailed implementation rules of the index, and （2） the operation and commercial development of the index.
The index compilation committee is the Europe-US Service Subcommittee under the China （Export） Containerized Freight Index （CCFI） Compilation Committee. Consisting of eligible samplers, the Subcommittee is responsible for deciding on matters relating to the implementation of the compilation rules of SCFIS Europe and US services and reporting the relevant data according to the index compilation plan.
The Internal Oversight Committee, as the internal supervisory body of SSE, oversees matters relating to the compilation and governance of SCFIS.
23. 集运指数（欧线）数据采样单位包括哪些？
集运指数（欧线）数据采样单位均为上海航运交易所中国出口集装箱运价指数编委会欧美航线分委会的成员公司。截至2023年6月，上海航运交易所中国出口集装箱结算运价指数编委会欧美航线分委会共有16家单位，其中15家单位（班轮公司11家、货代公司4家）向上海航运交易所报送欧线结算运价数据。
中国出口集装箱运价指数编委会欧美航线分委会单位名单可在上海航运交易所官网（www.sse.net.cn）查询。
23. What are the samplers of SCFIS （Europe service）？
The samplers are the panelists of the Europe-US Service Subcommittee under the SSE CCFI Compilation Committee. As of June 2023, the Subcommittee has 16 panelists, of which 15 （including 11 liner companies and 4 freight forwarders） report the settled freight rates of the Europe service to SSE.
The list of the panelists is available on SSE’s official website.
24. 上海航运交易所采集的用于编制集运指数（欧线）的运价信息包括哪些？
上海航运交易所对编委会成员公司运价采集进行了明确定义。定义的内容包括起始港、目的港、货类、箱型及尺寸、付款方式、运输条款、运价构成、计价币种。其中，起始港为上海港，目的港是该航线的基本港----汉堡、鹿特丹、安特卫普、弗利克斯托、勒阿弗尔；箱型及尺寸为干货箱，20GP（20 英尺普箱）、40GP（40英尺普箱）和 40HQ（40 英尺高箱）；货类为一般货类；付款方式为预付；运输条款为CY-CY（场到场）；运价构成为按箱收取的基本海运费及海运相关附加费，附加费包括燃油相关附加费（BAF/FAF/LSS等）、币值附加费（CAF等）、旺季附加费（PSS等）、战争附加费（WRS等）、港口拥挤附加费（PCS等）、运河附加费（SCS/SCF等）以及其他按箱收取的美元海运附加费。
班轮公司即期市场定义为三个月以内短期合约市场，或者基于FAK（Freight All Kinds Rates）成交客户的市场，或者公开市场（Open）；货代公司即期市场定义为其与客户达成的零售合约市场，且不因货主企业类型或箱量的特殊性等影响成交价格。
24. What is included in freight rate information collected by SSE for the compilation of SCFIS （Europe service）？
SSE has a clear specification on the freight rate information collected from the panelists of the Index Compilation Committee. The specification covers the port of departure, port of destination, cargo type, container type and size, payment method, shipping terms, freight composition, and currency. Specifically, the port of departure is the Port of Shanghai; the port of destination is the base port of the route—Hamburg, Rotterdam, Antwerp, Felixstowe, and Le Havre. The containers are dry cargo containers, including 20-foot General Purpose containers （20GP）， 40-foot General Purpose containers （40GP）， and 40-foot High Cube containers （40HQ）。 The cargoes are general cargoes. The payment method is the prepayment of freight. The shipping term is Container Yard to Container Yard （CY/CY）。 The freight comprises the per-container ocean freight and related surcharges, which include fuel-related surcharge （e.g., BAF/FAF/LSS）， currency surcharge （e.g., CAF）， peak season surcharge （e.g., PSS）， war surcharge （e.g., WRS）， port congestion surcharge （e.g., PCS）， canal surcharge （e.g., SCS/SCF）， and other per-container USD ocean freight surcharges.
The spot market for shipping liners is defined as a three-month or less contract market, or a FAK （Freight All Kinds Rates）-based market, or an open market. The spot market for freight forwarders is defined as a market for retail contracts between them and clients, and the transaction price in which is not influenced by such factors as the type of cargo owner or the particulars of container volume.
25. 集运指数（欧线）是如何编制出来的？
25. How is SCFIS （Europe service） compiled?
集运指数（欧线）编制过程如下：
第一步：数据采集
样本公司按照定义要求，通过应用程序接口（API）在每周一北京时间0:00-13:00系统自动化传输实际离港时间（ATD）为上周一0:00至上周日24:00的航班的成交提单数据。每一票提单主要包括提单号（具有唯一性）、目的港、分箱型的箱量和对应的运费等数据信息。
第二步：数据预处理
（1）提单信息核证。上海航运交易所利用上海口岸码头提单数据，核查采集数据中每票提单号对应的船名、航次、实际离港时间等信息，并核对船期是否符合运价采集定义要求，不符合要求的提单不参与指数计算。
（2）班轮与货代公司重复的提单记录（提单号重复），若货代公司运价小于班轮公司运价，弃用本票提单货代运价数据。
（3） 离群值处理。对样本公司20英尺箱型运价数据、40英尺箱型运价数据，采用格拉布斯或者拉依达准则检验剔除离群值。之后，再对分箱型所有样本公司的剩余运价数据从大到小排序，分别剔除占总箱量10%的高运价和占总箱量10%的低运价数据。
（4）单家样本公司箱量份额过大比例限制。分箱型单家样本公司的箱量份额不得超过50%。若超过50%，则将每票提单的箱量均乘以同一个系数，使得该样本公司箱量份额降低至50%。
第三步：计算指数
经过以上步骤后：
（1）计算分箱型平均运价。剩余全部提单的总运费汇总值除以所有提单的总箱量汇总值，得出分箱型的平均运价。
（2）计算分箱型定基价格指数。平均运价除以基期平均运价，再乘以1000点，得出分箱型当期的定基价格指数。
（3）计算欧洲航线指数。分箱型定基价格指数加权平均计算，得出欧洲航线指数。
集运指数（欧线）的详细编制方法可参见上海航运交易所官网（www.sse.net.cn）发布的《上海出口集装箱结算运价指数编制规则（暂行）》。
The SCFIS （Europe service） is compiled through the following process:
Step 1: Data collection
According to the SSE specification, sample companies will, during 0:00-13:00 each Monday Beijing time, transmit information from the executed bills of lading （B/L） for voyages with actual departure time （ATD） between 0:00 last Monday and 24:00 last Sunday through the application program interface （API） automation system. Each B/L contains such information as B/L number （unique）， destination port, container volume by container type and corresponding freight rate.
Step 2: Data pre-treatment
（1） Verifying the B/L information. SSE uses the manifest data from Shanghai port to verify the information on each reported B/L such as the name of the ship, voyage, and ATD, and check whether the shipping schedule complies with the criteria for inclusion. Non-compliant data are excluded from index calculation.
（2） Checking for duplicated B/L records of liner and freight forwarder. If the forwarder’s freight rate is lower than the liner’s, the former will not be used.
（3） Removing outliers. SSE first screens out outliers of the freight rates for 20’ containers and 40’ containers by applying the Grubbs or Pauta tests, then for each container type screens out the highest 10% and lowest 10% of the remaining freight rates from all sample companies.
（4） Limiting over-representation. SSE caps the container volume share of any single sample company by container type at 50%. An over-represented sample company’s container volume will be reduced to 50% by multiplying the volume of each B/L with the same coefficient.
Step 3: Index Calculation
After the above steps:
（1） Calculating the average freight rate by container type. The total freight rates of all remaining B/L divided by the total container volume equals the average freight rate.
（2） Calculating the benchmarking price index by container type. The average freight rate divided by the average freight rate on the base date, and then multiplied by 1000 equals benchmarking price index by container type for the current period.
（3） Calculating SCFIS （Europe service）。 The weighted average of the benchmarking price index by container type is the SCFIS （Europe service）。
For the details of the compilation of SCFIS （Europe service） please refer to the Rules for Compilation of SCFI based on Settled Rates （Provisional） published on SSE’s official website.
26. 集运指数（欧线）发布频率如何？基期和基期指数分别是什么？
集运指数（欧线）于每周一 15：05（北京时间）在上海航运交易所官网（www.sse.net.cn）发布。若遇周一为非工作日，上海航运交易所可根据情况选择正常发布或者顺延发布。上海航运交易所应于每年最后一周，在上海航运交易所网站公布下一年度的指数发布日。如果发生国务院临时调整节假日安排，上海航运交易所可以调整指数发布日。在国务院发布临时调整节假日安排后的一个工作日内，上海航运交易所相应作出是否调整指数发布日的决定，如决定调整发布日，将于决定后 24 小时内向市场发布调整内容的公告。
集运指数（欧线）的基期为2020年6月1日，基期指数为1000点。
26. How often is the SCFIS（Europeservice） published? What is the base date and the base date index?
The SCFIS （Europe service） is published on SSE’s official website at 15:05 each Monday （Beijing time）。 If a Monday is not a working day, SSE may publish the index either on that day or the following working day. In the last week of each year, SSE should announce the next year’s publication date of the index on its website. In case the State Council adjusts any holiday arrangement at short notice, SSE may change the publication date accordingly. SSE should decide on whether to make the change in one working day after the State Council’s notice and, if deciding to change, should announce the decision within 24 hours.
The base date is June 1, 2020, and the base date index is 1,000.
27. 集运指数（欧线）编制方案涉及哪些特殊情况？
上海航运交易所在《上海出口集装箱结算运价指数编制规则（暂行）》中明确了上海出口集装箱结算运价指数应急编制的情形，具体包括：发生本期分航线采样班轮公司中超过三分之一的公司无数据、或者某箱型有结算运价数据的公司个数少于 5家（小于 5 家且大于等于 1 家），但样本公司的数量仍满足最小样本公司数量；当期样本公司数满足该航线最小样本公司个数 、但该航线某一箱型本期无运价数据；突发重大技术故障；当期样本公司数不满足该航线最小样本公司个数。出现以上应急情形时，上海航运交易所按照应急编制指数方法编制指数并对外发布。应急编制指数的效力等同于常规发布的指数的效力。
27. What special circumstances have been considered in the compilation plan of SCFIS （Europe service）？
SSE has specified the emergency compilation method for SCFIS in the Rules for Compilation of SCFI based on Settled Rates （Provisional）。 SSE will use this method to compile SCFIS and publish the index in the case of any of the following emergencies: （1） more than one-third of the sample liners provide no freight rate by route for the current period, or the number of sample companies that provide settlement rates for a certain container type is less than five （more than or equal to one） but still meets the minimum requirement; （2） the number of sample companies in the current period meets the minimum requirement for a certain route, but no freight data is provided for a certain container type for this route; （3） a major technical failure suddenly occurs; （4） the number of sample companies in the current period fails to meet the minimum requirement for a certain route. The emergency SCFIS compiled by SSE will have the same effect as the regularly published SCFIS.
28. 上海航运交易所对集运指数（欧线）编制的应急演练是怎么规定的？
上海航运交易所明确不同场景的应急预案，并成立了指数应急编制小组和指数风险管理小组。指数风险管理小组负责建立风险事件库，每年开展至少一次应急事件演练。指数应急演练报告提交指数业务监督委员会。
28. What are the rules of SSE regarding emergency drills for SCFIS （Europe service）？
SSE has developed contingency plans for different scenarios and set up the Index Emergency Compilation Group and Index Risk Management Group. The Index Risk Management Group is responsible for establishing a risk event database, organizing at least one emergency drill each year, and submitting emergency drill reports to the Index Oversight Committee.
29. 集运指数（欧线）的样本公司季度筛选、调整的依据和流程是怎样的？
上海航运交易所制定了《上海出口集装箱结算运价指数样本公司季度筛选及调整方法》，作为样本公司季度筛选和调整的依据。每季度，上海航运交易所根据该公司是否为欧美航线分委会成员、上一季度平均每周成交记录票数、上一季度无成交记录的累计期数、上一季度是否有无故缺报、是否通过指数系统对接季度校验等五大指标，对样本公司采集的运价信息进行评估和筛选，并根据评估结果确定本季度信息采样的样本公司。
29. What are the basis and procedures for the quarterly screening and adjustment of freight rate information from SCFIS （Europe service） sample companies?
SSE has developed the Methodologies for the Quarterly Screening and Adjustment of Freight Rate Information from SCFIS Sample Companies as the basis for the screening and adjustment. Each quarter, SSE evaluates and screens the freight rate information collected from a sample company based on whether the sample company is a panelist of the Europe-US Service Subcommittee, the weakly average number of transaction records in the previous quarter, the total number of periods without a transaction record in the previous quarter, whether there is any missed report without justification in the previous quarter, and whether the index system is subject to quarterly validation. SSE will determine the sample companies for the quarter based on the evaluation results.
30. 上海航运交易所对样本公司的数据校验是怎样的？
为保障集运指数（欧线）数据采集系统稳定运行，确保采集数据的准确性、真实性、完整性、唯一性和一致性，上海航运交易所建立了季度校验机制。主要包括：（1）每季度校验样本公司通过系统对接传输的数据是否符合运价采集定义；（2）每季度校验所有样本公司运价数据采集定义的执行情况、技术对接系统运行情况等；（3）校验方式为通过样本公司的生产系统进行现场校验或者视频校验。
30. How SSE verifies the data from sample companies?
To ensure the stable operation of the SCFIS （Europe service） data collection system and the accuracy, authenticity, integrity, uniqueness, and consistency of the data collected by such system, SSE has established a quarterly data verification regime. Under this regime, SSE: （1） verifies each quarter whether the data transmitted by each sample company to the SCFIS data collection system fall within the specification for freight rates; （2） verifies each quarter the observance of freight rate specification by all sample companies and the operations of the interconnected IT systems; and （3） verifies the production system of each sample company through site inspection or videos.
31. 集运指数（欧线）计算错误后如何修正？
上海航运交易所制定了《指数错误修正办法》，对标的指数错误修正进行了规定。标的指数错误类型包括外部数据源错误、指数编制操作错误、软硬件基础设施故障等。对于已向市场发布的指数行情，若发现重大错误，经审慎评估并征求指数专家委员会意见后，由上海航运交易所决定是否需要重新计算并发布。对于标的指数发生的历史错误，如发现时已超过六个月，一般不予处理。
31. How to correct miscalculated SCFIS （Europe service）？
SSE has formulated the Measures of Shanghai Shipping Exchange for the Correction of Index Errors, providing for the correction of SCFIS errors, including errors of external data sources, errors in index compilation, and failures of software, hardware, and other infrastructures. In case a significant error is found in a published index, SSE will decide on whether to recalculate and republish the index after prudent assessment and consultation with the Index Expert Committee. In general, SSE will not deal with any error that occurred more than six months ago.
32. 集运指数（欧线）在哪些情形下会中止发布？
因不可抗力（包括但不限于地震、战争、罢工等）导致现货市场缺乏计算指数的任何数据源，上海航交所有权中止对外发布指数，并及时对外公告。
自2020年11月2日指数正式发布以来，未发生中止发布事件。
32. Under what circumstances will SSE suspend the publication of SCFIS （Europe service）？
If there lacks sources of data in the spot market for calculating the index due to force majeure （including but not limited to earthquake, war, and strike）， SSE has the right to suspend the publication of the index and make a timely announcement.
The publication of the index has never been suspended since its publication on November 2, 2020.
33. 集运指数（欧线）在哪些情形下会终止发布？
上海航运交易所制定了《指数终止办法》，规定只有在发生下述任一情形时，才考虑对相关指数进行指数终止操作：（1）缺乏计算指数的数据源，或者计算指数的数据源质量难以支持稳定准确的指数计算；（2）由于市场结构的显著变化等原因，指数难以刻画市场实际情况；（3）指数缺乏足够数量的样本；（4）指数定期审阅结果显示指数可能需要终止的情形；（5）相关法律法规规定或监管要求等其他原因。
在具备可操作性的前提下，指数终止应在正式实施前至少三个月在上海航运交易所官网进行公告。公告内容包括指数终止的背景及实施时间表。发布终止公告后，上海航运交易所应继续该指数的日常维护、计算和发布，直到终止日为止。
33. Under what circumstances will SSE terminate the publication of SCFIS （Europe service）？
SSE has formulated the Measures of Shanghai Shipping Exchange for Termination of Indices, which stipulates that termination will be considered only when any of the following circumstances occurs: （1） there lacks data sources for index calculation, or the quality of available data sources is not high enough to support stable and accurate index calculation; （2） the index cannot reflect market reality due to any significant changes in market structure and other reasons; （3） there lacks sufficient samples; （4） any regular index review suggests the termination of the index; or （5） any applicable laws or regulations require the termination of the index or any other reasons.
As long as it is feasible, SSE should announce the termination of the index on its official website at least three months in advance and state the background and schedule for the termination. After the announcement, SSE should continue the daily maintenance, calculation, and publication of the index until the termination date.
34. 上海航运交易所对编委会成员报送信息的保密规定有哪些？
上海航运交易所制定了《集装箱运价指数编制安全保密规范》（以下简称《保密规范》）。根据《保密规范》，运价指数编制小组以及上海航运交易所相关人员严格履行保密义务。相关人员与上海航运交易所签订保密承诺书，对于违反《保密规范》的泄密行为，根据《保密法》和上海航运交易所有关规定予以严肃查处。
34. What are the rules governing the compilation of SCFIS （Europe service）？
SSE has developed the Confidentiality Rules for the Compilation of Containerized Freight Index, which requires the index compilation team and relevant SSE personnel to strictly observe the confidentiality requirements. The relevant personnel have signed a confidentiality undertaking with SSE. Any disclosure in violation of the Confidentiality Rules will be investigated and handled in accordance with the Law of the People’s Republic of China on Guarding State Secrets and applicable SSE rules.
35. 集运指数（欧线）的审核流程、编制人员的安全保密措施是怎样的？
一般情况下，集运指数（欧线）的编制和发布由系统自动产生。只有在系统自动触发相关预警后，经过授权的指数应急人员才能进入上海航运交易所特别设置的指数应急办公室，对指数系统中的相关数据进行审阅和相关操作。
35.What is the review process of SCFIS （Europe service）？ What are the confidentiality measures for the index compilation personnel?
In general, SCFIS （Europe service） is compiled and published automatically by SSE’s system. Only when the system automatically sends out a warning can authorized emergency personnel enter the emergency response office specially set up by the SSE to review system data and take corresponding actions.
集运指数（欧线）期货合约设计 「Design of SCFIS （Europe Service）
Futures Contract」
36. 集运指数（欧线）期货的总体设计方案是怎样的？
集运指数（欧线）期货采用“服务型指数、国际平台、人民币计价、现金交割”的设计方案，全面引入境外交易者参与。
36.What are the general design principles behind the SCFIS （Europe service） futures contract?
SCFIS （Europe service） futures （EC） contract is designed based on the general principles of “service index, international platform, RMB denomination, and cash settlement” to fully engage overseas traders.
37.为什么选择集运指数（欧线）作为期货的标的指数？
在集运指数（欧线）期货标的指数选择上，上期能源从现货市场情况（包括运费规模、市场结构、参与者数量、国际化程度、运价标准化程度）、航运指数特征（包括指数影响力、指数波动程度）、服务国家战略（包括服务海洋强国和航运强国建设、服务上海国际金融中心和国际航运中心建设）等角度考虑，选择与上海航运交易所合作，基于上海航运交易所发布的上海出口集装箱结算运价指数（欧洲航线），推动上市集运指数（欧线）期货。
37. Why is SCFIS （Europe service） chosen as the underlying index?
In selecting the underlying index, INE has taken into account the state of the spot market （e.g., freight rate scale, market structure, number of participants, degree of internationalization, and standardization of freight rate）， shipping index profile （e.g., its influence and volatility）， alignment with national strategies （e.g., whether the index is helping build China into a country with strong maritime and shipping industry and Shanghai into an international financial center and international shipping center）， and the supporting policies. INE finally chose SSE and use its SCFIS （Europe service） as the underlying index for the EC contract.
38.集运指数（欧线）期货合约是如何设计的？
集运指数（欧线）期货标准合约如下：
38.What are the specifications of EC contracts?
The specifications for a standard EC contract are as follows:
39.集运指数（欧线）期货的合约乘数为什么定为50元/点？
合约乘数是指数期货合约最根本的属性之一，如果太大，不利于交易者参与，如果太小，不利于满足产业客户大额套保需求。上期能源认为合约乘数采用50元/点较符合目前的实际情况。如果按照2020年6月1日标的指数基期1000点计算，合约面值为5万元；如果按照指数历史最高点2021年9月20日10373.45点计算，合约面值为518,673元。
39.Why is the contract multiplier set to 50 yuan per index point?
The contract multiplier is one of the defining parameters of an index futures contract. An overly large multiplier will create a high barrier to market access. But if it is too low, the contract would not meet the significant hedging needs of the industry players. INE believes 50 yuan/index point is a reasonable figure for the contract multiplier.
Each EC contract is valued at RMB 50,000 based on the base date value of the index （1,000 pts） on June 1, 2020, RMB 518,673 based on the high value of the index （10,373.45 pts） on September 20, 2021.
40.集运指数（欧线）期货为什么采用人民币计价和结算？
集运指数（欧线）期货以人民币计价和结算有助于丰富人民币应用场景，促进我国期货市场更高质量发展和更高水平对外开放。
40.Why are EC contracts priced and settled in RMB?
This will create additional applications for RMB and also promote the higher-quality development and opening up of China’s futures market.
41.最小变动价位为什么采用0.1点？
境内外指数期货的报价点位通常取值范围是0.1-0.5点。根据历史数据显示，运费市场存在周期性特征，有运价平稳期、运价波动期。选择0.1点，主要侧重刻画运价平稳期的情况。0.1点能够较精细地刻画现货指数变化，同时可以灵活形成各类报价宽度。
41. Why is the minimum price fluctuation set to 0.1 index point?
Domestic and overseas index futures generally have a minimum price fluctuation of 0.1 to 0.5 points. Past data show that the freight market is cyclical, comprising periods of stable prices and periods of volatile prices. The minimum price fluctuation is set to 0.1 points to primarily account for the stable periods. This size can fairly accurately capture the changes in the spot index and readily cover the various quotation ranges for the futures contract.
42.期货合约月份有哪些？
上期能源从集装箱现货市场和境内外指数类期货合约的特点出发，在防风险、稳起步的思路下，选择挂盘双月合约，即2月、4月、6月、8月、10月、12月。
42. What are the contract months?
In view of the characteristics of the spot market and other domestic and overseas index futures contracts, and seeking to prevent risks, ensure a smooth start, INE lists the EC contracts for even months, i.e., February, April, June, August, October, and December.
43.交易时间如何？是否开展连续交易？
交易时间为上午9:00-10:15、10:30-11:30、下午1:30－3:00。上市初期，暂不开展连续交易。
43. What are the trading hours of EC contracts?Is continuous trading available?
The trading hours of EC contracts are 9:00–11:30 a.m. and 1:30–3:00 p.m.; continuous trading will not be available at the primary stage after listing.
44.涨跌停板幅度是多少？
集运指数（欧线）期货的日常涨跌停板幅度为不超过上一交易日结算价±10%，最后交易日涨跌停板幅度为上一交易日结算价的±20%。上期能源可以根据市场风险情况，以公告形式调整涨跌停板幅度。
44. What’s the daily price limit?
The daily price limit of EC contracts is ±10% of the previous settlement price; that on the last trading day is ±20% of the previous settlement price.
45.集运指数（欧线）期货实行怎样的保证金制度？
根据集运指数（欧线）期货涨跌停板幅度（10%），上期能源规定集运指数（欧线）期货最低交易保证金比例为12%。最后交易日前第七个交易日起，最低交易保证金比例提高至20%，最后交易日前第二个交易日起，最低交易保证金比例提高至30%。
上市初期，集运指数（欧线）期货不按单向大边收取交易保证金，即持有买卖双向持仓时，按双向持仓计算交易保证金。
上期能源可以根据市场风险情况，以公告形式调整交易保证金标准。
45. What is the margin rule for EC contracts?
As the daily price limit of EC contracts is ±10%, INE plans to set a minimum trading margin requirement of 12%. In regular trading, the margin requirement will be 12%. Specifically, the minimum trading margin is raised to 20% starting from the seventh trading day before the last trading day, and to 30% starting from the second trading day before the last trading day.
At the primary stage after listing, if an investor holds long and short positions, margin is required for both positions instead of the larger-side position only.
In addition, INE may adjust the trading margin requirement through announcements based on the level of market risks.
46.集运指数（欧线）期货的最后交易日、交割日是如何确定的？
从确保现货指数发布日、期货最后交易日、期货现金交割日在同一天，同时尽量避开长假影响的角度，上期能源选择期货合约交割月份最后一个开展期货交易的周一作为最后交易日，同时可以根据国家法定节假日等调整最后交易日。
交割日同最后交易日。
46.How were the last trading day and delivery date determined?
To ensure that the spot index publication date, the last trading day and cash settlement date of an EC contract fall on the same date, and to avoid the impact of long holidays, INE has chosen the last futures-trading Monday in the delivery month of the contract as its last trading day. Also, this date is subject to change based on national holidays and weekends.
The delivery date is the same as the last trading day.
集运指数（欧线）期货参与方式（Trading Access）
47. “一户一码”制度是否能为同一机构不同子账户间的交易管理提供可区分的解决方案？
上期能源实行交易编码制度，禁止混码交易。期货公司会员、境外特殊经纪参与者、境外中介机构应当为每一个客户单独申请交易编码；根据中国法律、法规、规章和有关规定，需要对资产进行分户管理的特殊单位客户，可以按户申请交易编码进行期货交易。
47. Does the “one account-one trading code” system offers any solution that allows one firm to distinguish between the trades of its different sub-accounts?
INE implements the “one account-one trading code” system; aggregation or netting of the positions of multiple clients is not allowed. This means Futures Firm Members （“FF Members”）， Overseas Special Brokerage Participants （“OSBPs”）， and Overseas Intermediaries should apply for a unique trading code for each of their clients. Special institutional clients that are required by Chinese laws, regulations, ministry-level rules, and other policies to manage assets under segregated accounts may, for purposes of futures trading, apply for a trading code for each such segregated account.
48.境外机构和个人参与集运指数（欧线）期货有几种模式？
有四种参与模式，包括：
模式1：作为境外客户，通过境内期货公司会员直接代理参与交易；
模式2：作为境外客户，通过境外中介机构转委托境内期货公司会员或者境外特殊经纪参与者参与交易；
模式3：境外机构作为境外特殊经纪参与者，接受境外客户委托参与交易（直接入场交易，结算、交割委托境内期货公司会员进行）；
模式4：境外机构作为境外特殊非经纪参与者，参与交易（直接入场交易，结算、交割委托境内期货公司会员进行）。
注：黑色箭头表明交易、结算、交割。红色箭头表明直接入场交易，但境外特殊参与者须通过境内期货公司会员进行结算、交割。
48. How can overseas institutions and individuals access the EC market?
There are four ways for overseas traders to access the EC market:
· Model 1: Directly through an FF Member;
· Model 2: Through an Overseas Intermediary that has a carrying-brokerage relationship with a domestic FF Member or OSBP;
· Model 3: Through an OSBP that has direct trading access to INE, with clearing and delivery completed with the assistance of a domestic FF Member;
· Model 4: Directly as an Overseas Special Non-Brokerage Participant （“OSNBP”）， with clearing and delivery completed with the assistance of a domestic FF Member.
Note: Black arrows indicate trading, clearing, and delivery. Red arrows indicate direct
trading access to INE, but Overseas Special Participants （“OSPs”） must complete clearing and delivery through domestic FF Members.
49.客户参与集运指数（欧线）期货的资格要求有哪些？
客户参与集运指数（欧线）期货交易的，应当符合《上海国际能源交易中心期货交易者适当性管理细则》的相关规定（如下表所示）。开户机构应当充分使用已了解信息和已有评估结果，已通过适当性评估获得某上市品种交易权限的客户，在同一开户机构可以自动获得集运指数（欧线）期货交易权限。在不同开户机构开户的，可以豁免基础知识、交易经历和资金门槛要求。
49.What are the eligibility criteria for trading EC contracts?
The specifications for a standard EC contract are as follows:
Investors intending to trade EC contracts should meet the eligibility requirements under the INE Futures Trading Participant Eligibility Management Rules （referenced in the table below）。 The Account Opening Institution shall take full use of the available information. When applying for trading access for Containerized Freight Index （Europe Service） Futures, and any investor that are already eligible to trade products subject to the eligibility rules may be exempted from the eligibility review while opening accounts at the same account-opening institution, and from basic knowledge, trading experience, and capital requirements while opening account at a different account-opening institution.
50.境外个人交易者一定要在境内银行开立账户才能参与集运指数（欧线）期货交易吗？
境外个人交易者可以选择通过境内期货公司会员直接代理或者境外经纪机构代理的方式，参与上期能源集运指数（欧线）期货交易。前者要求境外个人交易者在境内指定存管银行开立“专用期货结算账户”；后者不需要在中国境内银行开立账户。
50.Does an overseas individual trader have to open an account at a bank in China to trade EC contracts?
An overseas individual trader may trade EC contracts at INE through an FF Member in China or an overseas broker. In the case of an FF Member, the overseas individual trader must open a dedicated futures settlement account at a Designated Depository Bank in China. In the case of an overseas broker, there is no need to open an account at a bank in China.
51.欧洲注册的客户，通过欧美经纪公司交易，是否需要遵循EMIR法案向当局报备？
目前上期能源已完成香港ATS与新加坡RMO的注册工作，并将进一步加强与国际市场的合作。由于欧洲国家构成比较多样化，还会面临欧盟及本国监管机构双重监管问题，欧美经纪公司应当做好客户的适当性管理，同时根据当地法律法规要求，合法合规开展相关业务。期货公司与欧美经纪公司开展合作的，也应当提前做好境外法律研究（包括《通用数据保护条例》等），合法合规开展业务。
51. If a Europe-registered investor trades EC contracts through a European or U.S. broker, is the investor required to report transactions to a competent authority pursuant to the European Market Infrastructure Regulation （EMIR）？
At present, INE has completed registration in Hong Kong and Singapore and acquired ATS and RMO licenses respectively, and is committed to further strengthening cooperation with international markets.
Given the large number of countries in Europe as well as the dual regulation of EU and home-country authorities, European and U.S. brokerage firms should take special care in managing client eligibility and in conducting businesses according to local laws and regulations. Similarly, futures firms that have partnered with European or U.S. brokers should be familiar with the overseas legal system （including the General Data Protection Regulation （GDPR）） in advance, so as to conduct business legally and compliantly.
52.境内非期货公司会员是否可以通过一家及以上期货公司进行交易？
根据《上海国际能源交易中心会员管理细则》第三十七条的要求，“非期货公司会员不得作为客户另行开立账户从事期货交易，经能源中心批准的除外。”因此，同一法人主体如果是上期能源的非期货公司会员，原则上不能再同时以客户身份通过经纪机构参与。
52.Can a domestic Non-FF Member trade on INE through one or more futures firms?
Article 37 of INE Membership Management Rules provides that “except otherwise approved by the Exchange, a Non-FF Member shall not open another account as a Client to engage in futures trading.” Therefore, a corporate entity may not trade through a broker as a client if it is already a Non-FF Member.
53.公募基金是否可以参与集运指数（欧线）期货交易？
境内方面，目前公募基金已被列入特殊单位客户范畴，可以开立特殊单位客户账户参与集运指数（欧线）期货交易。境外方面，目前上期能源已有类似的境外产品完成开户。
53. Can mutual funds trade EC contracts?
Domestically, mutual funds have been recognized as a type of Special Institutional Clients and, as such, can open special institutional client accounts to trade EC contracts. As for overseas mutual funds, INE has opened accounts for several such products.
54.上期能源的业务活动和文件签署是否接受英文资料？法规、条例、通告、通知是否可以提供英文版本？
业务规则起草和修改均接受英文反馈意见。在开户及相关境外中介机构与境外特殊参与者申请文件方面，上期能源接受中英文并行的申请文件内容，根据《上海国际能源交易中心境外特殊参与者管理细则》第四十一条的规定，除能源中心认可的情形外，境外中介机构与境外特殊参与者申请文件，以中文为准。上期能源尽力提供法律、规则、通知、通告的中英文双语版本，但作为法律文本，以中文版为准。
54. Does INE accept English documents in trading activities and document signing? And does INE provide English versions of regulations, rules, notices, and circulars?
The INE accepts feedback in English during the drafting and amendment of its rules, and bilingual （Chinese and English） documents during account opening as well as for other application materials from Overseas Intermediaries and Overseas Special Participants （OSPs）。 According to Article 41 of the INE Overseas Special Participant Management Rules, unless otherwise recognized by the Exchange, for all application materials submitted by Overseas Intermediaries and OSPs to INE, the Chinese version prevails. INE will try its best to publish laws, rules, notices, and circulars in both Chinese and English; but as legal texts, the Chinese version is deemed definitive.
55.对于海外客户，目前有哪些海外交易平台接入渠道？
境外交易平台目前已有CQG、 PATs、 Bloomberg、Tradex、易盛、TT等交易软件完成接入，在结算系统方面，FIS已完成交易结算接入CTP，上期能源持续与相关国际主要系统厂商保持沟通以协助其顺利接入。
55.For overseas clients, which overseas trading platforms have access to the EC market at the INE?
Currently, trading software such as CQG, PATs, Bloomberg, Tradex, Esunny, and TT have access to the EC market, and clearing system FIS has access to CTP. INE is actively working with the major international trading platforms to assist their smooth access.
集运指数（欧线）期货交易结算及风险管理制度（Clearing and Risk Management）
56.集运指数（欧线）期货合约的当日结算价如何确定？
集运指数（欧线）期货合约的当日结算价为当日合约成交价格按照成交量的加权平均价。其他情况下结算价的确定方式参照《上海国际能源交易中心结算细则》（下称《结算细则》）相关规定执行。
56.How is the daily settlement price of an EC contract determined?
The daily settlement price of an EC contract is the volume-weighted average price of all trades in that contract executed on that trading day. For special-case situations, please refer to Articles of the INE Clearing Rules.
57.集运指数（欧线）期货的交割结算价如何确定？
集运指数（欧线）期货的交割结算价是集运指数（欧线）期货交割结算的基准价，为上海航运交易所在集运指数（欧线）期货合约最后交易日发布的及最后交易日前第一、第二个指数发布日发布的三个上海出口集装箱结算运价指数（欧洲航线）的算术平均值。公式表示如下：
PT：为集运指数（欧线）期货合约交割结算价
P1：为上海航运交易所在集运指数（欧线）期货合约最后交易日前第二个指数发布日发布的指数点位
P2：为上海航运交易所在集运指数（欧线）期货合约最后交易日前第一个指数发布日发布的指数点位
P3：为上海航运交易所在集运指数（欧线）期货合约最后交易日发布的指数点位
57.How is the final settlement price of an EC contract determined?
The final settlement price of an EC contract is the benchmark price for its final settlement, and is now set to the arithmetic mean value of the three SCFIS （Europe service） values published by the SSE on the last trading day of the contract and on the first and second index publication days before the last trading day. In terms of formula:
PT: The final settlement price of a containerized freight index （Europe Service） futures contract
P1: The index point value published by the Shanghai Shipping Exchange on the second index publication day before the last trading day of the contract
P2: The index point value published by the Shanghai Shipping Exchange on the first index publication day before the last trading day of the contract
P3: The index point value published by the Shanghai Shipping Exchange on the last trading day of the contract
58.上海航运交易所没有发布用于计算集运指数（欧线）期货交割结算价的标的指数时怎么办？
如果上海航运交易所没有在规定时间按时发布用于计算交割结算价的标的指数，就会影响交割结算的顺利进行。此时，上期能源将给予上海航运交易所合理的等待时间，如果上海航运交易所在P1、P2发布日所在周周三北京时间15:05前仍未发布P1、P2，在P3发布日北京时间15:30前仍未发布P3，上期能源可以根据市场情况确定P1、P2和P3，并及时向市场公告。
58.What if SSE fails to publish the underlying index for calculating the final settlement price of an EC contract?
If SSE fails to publish the underlying index for calculating the final settlement price of an EC contract on time, the final settlement of the contract will be affected. In this case, INE will wait for the publication for a reasonable period. If SSE still fails to publish P1 and P2 before 3:05 p.m. Beijing time on the Wednesday of the week when they should be published, or fails to publish P3 before 3:30 p.m. Beijing time on the day when it should be published, INE may determine P1, P2, and P3 based on market conditions and announce them to the market on a timely basis.
59.当某集运指数（欧线）期货合约连续多个交易日累计涨跌幅达到一定程度时（未出现连续单边市），有何风控措施？
当某集运指数（欧线）期货合约连续三个交易日（即D1、D2、D3交易日）的累计涨跌幅（N）达到18%、连续四个交易日（即D1、D2、D3、D4交易日）的累计涨跌幅（N）达到24%，或者连续五个交易日（即D1、D2、D3、D4、D5交易日）的累计涨跌幅（N）达到30%的，上期能源可以根据市场情况，采取《上海国际能源交易中心风险控制管理细则》第九条的一种或者多种措施，并事先报告中国证监会。主要措施包括：（一）对部分或者全部会员、境外特殊参与者单边或者双边、同比例或者不同比例提高交易保证金；（二）限制部分或者全部会员出金；（三）暂停部分或者全部会员、境外特殊参与者开新仓；（四）调整涨跌停板幅度，但调整后的幅度不超过20%；（五）限期平仓；（六）强行平仓；（七）能源中心认为必要的其他措施。
59.What risk control measures will be taken if the cumulative price change in an EC contract reaches a certain percentage （but does not trigger a continuous limit-locked market）？
If the cumulative price change （denoted as N） in an EC contract reaches 18% over 3 consecutive trading days （denoted as D1-D3）， or 24% over 4 consecutive trading days （denoted as D1-D4）， or 30% over 5 consecutive trading days （denoted as D1-D5）， INE may, in view of market conditions, take one or a combination of measures stipulated by Article 9 of the Risk Management Rules of the Shanghai International Energy Exchange, and report to the CSRC in advance. The measures include: （1） require additional trading margin from some or all of the Members and/or OSPs on long and/or short position, at the same or different rates of margin rates; （2） limit the withdrawal of funds by some or all of the Members; （3） suspend the opening of new positions for some or all of the Members and/or the OSPs; （4） adjust the price limit, but not to be over 20% up or down; （5） require the liquidation of positions by a prescribed deadline; （6） exercise forced position liquidation; and/or （7） take other measures INE deems necessary.
60.当某集运指数（欧线）期货合约出现连续同方向单边市时，有何风险处置措施？
如果在最后5个交易日内出现连续同方向单边市（且D1在最后5个交易日内），上期能源允许继续交易直至最后交割。除以上情形外，出现连续同方向单边市的，按照上期能源现有单边市的处置规则进行风险处置。
60.What risk control measures will be taken if an EC contract triggers a same direction limit-locked market?
If a same direction limit-locked market exists on the last 5 trading days （and D1 falls on one of these 5 trading days）， trading is permitted until the final settlement. The risks of any other same direction limit-locked market will be managed in accordance with INE’s existing risk control rules on limit-locked market.
61. 集运指数（欧线）期货持仓限额制度如何设计？
在持仓限额设置上，一方面要防止交易者利用资金优势操纵持仓量、影响期货交易价格，另一方面考虑到在期货合约运行的不同时期限仓有不同的目的，上期能源采用比例限仓和时间梯度限仓相结合的限仓方式。具体来说，集运指数（欧线）期货合约在上市运行不同阶段一般持仓的限仓比例和持仓限额按下表执行：
注：表中持仓量、限仓数额按照单向计算。
61. How is the position limit of EC contracts designed?
To prevent investors from using their capital strength to manipulate the open interest and thus influence futures trading prices, and to achieve different purposes at different periods of trading, INE imposes different relative and absolute position limits on EC contracts. The specific limits at different periods of trading are as follows:
Note: The open interest and the position limits in the table are counted by either long or short positions.
62.集运指数（欧线）期货会设置交易限额吗？
为控制市场风险，自上市之日起，非期货公司会员、境外特殊非经纪参与者或者客户在集运指数（欧线）期货某一合约上单日开仓量不超过1000手。
62. Is a trading limit set for EC contracts?
To control market risks, Non-FF Members, OSNBPs, and Clients may not open more than 1,000 lots on an EC contract in a single day from the date of listing.
63.对集运指数（欧线）期货高频交易如何监管？
上期能源将在集运指数（欧线）期货合约上，对信息量（报单、撤单等交易指令的笔数）和委托成交比（OTR，Order to Trade Ratio）达到一定标准的客户收取申报费。
申报费费率标准如下：
注释：信息量=报单、撤单、询价等交易指令笔数之和。报单成交比（OTR）=（信息量/有成交的报单笔数）- 1。有成交的报单笔数为0时，视其为1来计算OTR。上述信息量包括立即全部成交否则自动撤销指令（FOK）和立即成交剩余指令自动撤销指令（FAK）产生的报单和撤单笔数。
63. How is high-frequency trading regulated for EC contracts?
INE will charge order submission fees for Clients whose message amount （the number of trading orders such as order placement and order cancellation） and order to trade ratio （OTR） reach a certain threshold on EC contracts.
Below are the order fee rates for the EC contract:
Notes: MA = total number of trading orders such as order placement, order cancellation, and request for quote; OTR= （MA / number of executed orders） – 1. If the number of executed orders is 0, it would be treated as 1 for calculating OTR. MA includes order placement and cancellation resulting from fill-or-kill （FOK） orders and fill-and-kill （FAK） orders.
64.集运指数（欧线）期货会引入做市商吗？
上期能源将在集运指数（欧线）期货交易上引入做市商，为市场提供流动性。
64.Will market makers be introduced to the EC market?
INE will introduce market makers to the EC market to provide liquidity.
65.标的指数连续三周及以上不能正常发布或终止发布时如何应对？
当标的指数连续三周及以上无法正常发布或终止发布时，上期能源可以根据《上海国际能源交易中心风险控制管理细则》的规定，经董事会决定，采取调整开市闭市时间、暂停交易、终止交易、调整涨跌停板幅度、提高保证金标准、限期平仓、强行平仓、限制出金、强制减仓、限制交易等紧急措施化解风险，并可以宣布为异常情况。
65.What happens if the underlying index is not published for three consecutive weeks or is terminated?
If the underlying index is not published for three consecutive weeks or is terminated, INE may, subject to the INE Risk Management Rules and the approval of its Board of Directors, take the following emergency measures to mitigate risks and announce an abnormal situation has occurred: adjusting the market opening and closing time, suspending trading, terminating trading, adjusting the price limit, raising the margin requirement, requiring the liquidation of positions by a prescribed deadline, carrying out forced liquidation, suspending funds withdrawals, carrying out forced position reduction, and restricting trading, among others.
66. 现货市场或标的指数出现重大不可控因素时的应对措施是什么？
在集运指数（欧线）期货交易过程中，因战争、社会动荡、自然灾害、标的指数出现重大不可控风险等因素，对其交易正在产生或者即将产生重大影响时，能源中心总经理可以采取调整开市收市时间、暂停交易、终止交易等紧急措施。终止交易当天结算时，能源中心可以对其全部或者部分合约月份持仓按照上一交易日结算价进行平仓。
66. What risk control measures will be taken if significant uncontrollable factors in the spot market or underlying index occurs?
During the trading of the containerized freight index （Europe Service） futures, in case that war, social instability, natural disasters, significant uncontrollable risks of underlying index or other factors are having or are going to have a significant impact on the trading of containerized freight index （Europe Service） futures, the CEO of the Exchange may take emergency measures such as adjusting the opening and closing time of the market, suspending or terminating trading. Upon settlement on the relevant day when the trading is terminated, the Exchange may liquidate positions of all or part of the containerized freight index （Europe Service） futures contract months based on the settlement price of the immediately preceding trading day.
67.标的指数修正时的应对措施是什么？
为维护期货市场秩序，上期能源在《上海国际能源交易中心交割细则》中规定，集运指数（欧线）期货合约最后交易日北京时间15:30后，上期能源根据业务规则确定的集运指数（欧线）期货合约的交割结算价不作调整。
67.What measures will INE take when the underlying index is corrected?
To maintain an orderly futures market, the INE Delivery Rules provides that, after 3:30 p.m. Beijing time on the last trading day of an EC contract, the final settlement price for the contract as determined by INE rules is not subject to further adjustment.
68.集运指数（欧线）期货的相关结购汇如何办理？
集运指数（欧线）期货交易以人民币计价、结算。境外交易者、境外经纪机构可以使用人民币或直接使用美元作为保证金，但美元保证金结汇后方可用于资金结算。
结汇和购汇应基于境外交易者、境外经纪机构从事集运指数（欧线）期货交易的实际结果办理，只涉及期货交易盈亏结算、缴纳手续费或追缴结算货币资金缺口等与集运指数（欧线）期货交易相关的款项。
68.How to perform currency exchange for trading EC contracts?
EC contracts are priced and settled in RMB. Overseas traders and overseas brokers may post margin in RMB or directly in USD, but USD-denominated margin can be used for clearing purposes only after it is exchanged into RMB.
For overseas traders and overseas brokers, the purchase and sale of RMB must be based on the actual results of their trades in EC contracts, and may only be performed for payments in connection with such trades, such as for settling profits and losses, paying transaction fees, making or receiving delivery payment, and depositing additional cash funds for clearing purposes.
69.境外参与集运指数（欧线）期货交易的资金如何划转？
集运指数（欧线）期货作为境内特定品种，按照中国人民银行公告〔2015〕第19号、国家外汇管理局汇发〔2015〕35号文及相关《政策问答》有关规定，境外交易者、境外经纪机构可以从境外汇入人民币或美元资金参与境内特定品种期货交易，该等资金在境内实行专户存放和封闭管理，不得用于除境内特定品种期货交易以外的其他用途。资金的划转应符合政策规定的账户收支范围。
69.For overseas traders, how are fund transfers handled for EC contracts?
EC contracts are classified as a Specified Domestic Product. According to PBC’s Announcement [2015] No. 19 and SAFE’s Circular Huifa [2015] No. 35 and related Q&As, overseas investors and overseas brokers may transfer offshore RMB or USD to onshore bank accounts to trade Specified Domestic Products. These funds will be deposited in dedicated accounts under closed-loop management, and may not be used for any purpose other than the trading of Specified Domestic Products. Fund transfers should comply with the scope of payments and receipts prescribed by relevant policies.
70.同一集团公司的多个实体参与交易，其持仓总额是分开管理还是合并后按照净头寸管理？
每个实体对应的交易编码下的多空持仓按法规规定的持仓限额管理，多空分开计算，不做净头寸管理。如果多个实体非实际控制关系，则持仓总额分开管理。如果多个实体是实际控制关系，对于自营会员或境外特殊非经纪参与者，需要向上期能源报备相关实控信息；对于一般客户，则需要向监控中心报备相关实控信息，上期能源按规定通过监控中心获取实际控制关系账户信息，并对相关实际控制关系交易编码下的持仓进行合并计算和管理。
70.For risk management purposes, will the positions held by subsidiaries of the same parent company be managed separately or be aggregated and managed on a net basis?
Long and short positions under each entity’s trading code are subject to the position limits set out in applicable rules, and are calculated separately without netting. Additionally, if several entities are not linked by actual control relationship, their positions will be managed separately; if the entities are linked by actual control relationship, non-FF Members and OSNBPs are required to report accounts linked by actual control relationship to INE, while clients should do so with CFMMC. INE obtains information about these accounts from CFMMC, and aggregates and manages relevant positions accordingly.
71.集运指数（欧线）期货套保和套利有哪些规定？
上期能源对套期保值业务实行审批管理，在一般持仓不能满足企业套保业务的实际需求时，可以向上期能源申请套期保值额度。
集运指数（欧线）期货合约的套期保值交易持仓和套利交易持仓，所涉的一般月份是指合约挂盘至最后交易日前第八个交易日，所涉的临近交割月份是指最后交易日前第七个交易日至最后交易日。
集运指数（欧线）期货合约的一般月份套期保值额度应当在该套期保值所涉合约挂盘至最后交易日前第八个交易日之间提出，逾期上期能源不再受理。
集运指数（欧线）期货合约临近月份套期保值额度和套利额度的申请应当在该合约交割月份前第一月的第一个交易日至最后交易日前第五个交易日之间提出，逾期上期能源不再受理。
集运指数（欧线）期货合约临近月份套期保值额度在最后交易日前第七个交易日至最后交易日前第三个交易日可以重复使用，自最后交易日前第二个交易日起不得重复使用。
71. What are INE’s rules for hedging and arbitrage of EC contracts?
INE manages hedging activities through a review and approval system. If a trader believes that the regular position limit is too low to meet its hedging needs, it may apply to INE for a hedging quota.
In relation to the hedging and arbitrage positions in an EC contract, the regular months are the period from the listing day to the eighth trading day before the last trading day; the nearby delivery month is the period from the seventh trading day before the last trading day to the last trading day.
For an EC contract, the application for hedging quota for regular months should be submitted between the listing day and the eighth trading day before the last trading day. No late application will be accepted.
The application for hedging quota or arbitrage quota for nearby delivery months should be submitted between the first trading day of the month before the delivery month and the fifth trading day before the last trading day. No late application will be accepted.
The hedging quota for nearby delivery months may be used in a revolving manner starting from the seventh trading day before the last trading day until the second trading day before the last trading day.
72.是否可以使用信用证作为保证金？
目前不接受信用证作为保证金。
72.Can letters of credit be posted as margin?
Currently, INE does not accept letters of credit as margin collateral.
73.境外特殊非经纪参与者、境外客户是否可以使用外汇资金作为保证金？
境外特殊非经纪参与者、境外客户可以使用外汇资金作为保证金。以外汇资金作为保证金的，以中国外汇交易中心公布的当日人民币汇率中间价作为其市值核定的基准价，目前上期能源规定可用于作为保证金的外汇币种为美元，折扣率为0.95。当日闭市前外汇资金的市值先按照前一交易日中国外汇交易中心公布的当日人民币汇率中间价核算。每日结算时按上述规定的方法重新确定外汇资金作为保证金使用的基准价并调整折后金额。
73. Can OSNBPs and overseas clients post foreign currency as margin?
OSNBPs and overseas clients can use foreign currency as margin. If foreign currency is used, the day’s CNY （RMB） central parity rate published by the China Foreign Exchange Trade System （CFETS） will be used to calculate the market value of the foreign currency. At present, INE rules state that USD is the only foreign currency accepted as margin, at a haircut of 0.05. Before market close on a given day, the market value of foreign currency is provisionally determined by the CNY central parity rate published by CFETS on the previous trading day. This value will be revised and discounted during daily clearing according to the rules above.
74.境外特殊非经纪参与者、境外客户的外汇资金只能作为保证金，所有费用和盈亏结算仍然必须使用人民币结算？
是的。
集运指数（欧线）期货作为境内特定品种适用中国人民银行公告〔2015〕第19号相关规定：“二、境内原油期货交易以人民币计价、结算…… 九、境外交易者、境外经纪机构可以直接使用外汇作为保证金，外汇保证金结汇后方可用于境内原油期货资金结算……十三、中国证券监督管理委员会批准的其他境内特定品种期货交易的跨境结算业务，参照本公告办理。”
上期能源《结算细则》第二十三条规定：“人民币作为能源中心结算币种。”第七十四条规定，经能源中心批准，标准仓单、中华人民共和国财政部在境内发行的记账式国债、外汇资金（币种类别、折算方式和适用范围等由能源中心另行公布）等资产可以作为保证金。
74.Is it true that for OSNBPs and overseas clients, foreign currency can only be used as trading margin, while all expenses and profits andlosses resulting from futures trading must still be settled in RMB?
Yes.
As a Specified Domestic Product, EC contracts are subject to the following provisions of PBC’s Announcement [2015] No. 19:
“II. Domestic crude oil futures transactions shall be priced and settled in RMB…
“IX. A foreign trader or foreign brokerage agency may directly use foreign [currency] as the margin, and the foreign [currency] margin may not be used for the settlement of domestic crude oil futures funds until it has been settled [i.e. exchanged into RMB]…
“XIII. This Announcement shall apply, mutatis mutandis, to the cross-border settlement of transactions in other specified domestic futures products approved by the China Securities Regulatory Commission.”
In addition, Article 23 of the INE Clearing Rules provides that “the clearing currency at INE is RMB”； Article 74 provides that subject to the approval of INE, foreign exchange and assets with stable value and high liquidity, such as standard warrants and book-entry government bonds issued by the Ministry of Finance of the People’s Republic of China in the Chinese Mainland, may be used as margin collateral.”
75.外汇兑换是否只能在存管银行办理？
结购汇必须通过境外客户保证金指定存管银行办理。会员办理结购汇时，可以先查询相关银行的实时汇率，然后选择合适的银行发送换汇申请。
75.Does currency exchange for futures trading have to be performed at a Designated Depository Bank?
The purchase and sale of currencies for futures trading must be completed at a Designated Depository Bank. When exchanging currencies, an INE member may check the real-time exchange rate offered by various Designated Depository Banks and choose a suitable one.
76.《结算细则》第三十九、四十条规定“当日结算完成后，会员在能源中心的任一内部明细账户的当日结算准备金余额低于最低余额要求时，结算结果即视为能源中心向会员发出的追加保证金通知，两者的差额即为追加保证金金额。 ……会员应当在下一交易日开市前补足至结算准备金最低余额”。补充保证金的操作在实际操作中一旦无法满足要 求如何处理？
《结算细则》第四十条规定了会员在上期能源的任一内部明细账户未补足保证金时的处理，即：如果结算准备金余额大于或者等于零的，该账户对应的会员或者境外特殊参与者不得开新仓；如果结算准备金小于零的，能源中心按照《上海国际能源交易中心风险控制管理细则》的规定进行强行平仓等处理。
76.Articles 39 and 40 of the INE Clearing Rules state that, “If, after the completion of daily clearing, the clearing deposit balance of any internal ledger of a Member with the Exchange is lower than the prescribed minimum requirement, such clearing result shall be deemed as the Exchange’s margin call to the Member, and the gap between the two amounts shall be the amount of additional funds required by the margin call. … If a deficiency still exists, the Member shall make it up before the market opening of the next trading day.” What action will INE take, if a member fails to make up for the difference following the margin call?
Article 40 of the INE Clearing Rules lists the actions INE will take in the event that a member fails to meet the required clearing deposit balance on any internal ledger: if the balance is zero or positive, the corresponding member or OSP will be prohibited from opening new positions; if the balance is negative, INE will carry out forced liquidation or take other necessary measures according to the INE Risk Management Rules.
77.通过境内期货公司参与交易的境外公司是否必须开立 专用资金托管账户？
直接委托境内期货公司进行结算（或者交易和结算）的境外交易者、境外经纪机构，必须在具有境外客户保证金存管业务资格的指定存管银行开立专用期货结算账户。
77. Is it required for an overseas company that trades through a domestic FF Member to open a dedicated bank account for futures trading?
If an overseas trader or overseas broker directly engages a domestic futures firm for clearing （or trading and clearing） services, it must open a futures settlement account at a Designated Depository Bank that is qualified to offer margin depository services for overseas clients.
78.境内非期货公司会员是否可以开立外汇资金账户？
不可以。
国家外汇管理局〔2015〕35号文规定，境外交易者、境外经纪机构以及具有结算资格的期货公司或其他机构为境外交易者、境外经纪机构从事境内特定品种期货交易提供交易、结算等服务的，可以开立相应的外汇专用账户。
78.Can a domestic Non-FF Member open a foreign exchange account for trading EC contracts?
The short answer is “no.”
According to SAFE Circular Huifa [2015] No. 35, only overseas traders, overseas brokers, as well as futures firms and other institutions that are qualified to clear trades and are providing trading, clearing, and other related services to overseas traders and overseas brokers in relation to Specified Domestic Products, may open a dedicated foreign exchange account for those purposes.
集运指数（欧线）期货交割（Delivery）
79. 集运指数（欧线）期货为什么采用现金交割？
集运指数（欧线）期货为指数类衍生品，指数类衍生品大多采用现金交割。现金交割有助于简化交割流程、降低交割成本、提高交割效率。
79.Why do EC contracts adopt cash settlement?
The EC contract is an index derivative and most index derivatives are cash-settled. Cash settlement simplifies the delivery process, reduces delivery costs, and makes delivery more efficient.
80.集运指数（欧线）期货现金交割的流程是怎样的？
集运指数（欧线）期货采用现金交割，交割单位为1手，在期货合约最后交易日收市后，上期能源以交割结算价为基准，划付持仓双方的盈亏，了结到期未平仓合约。
80.What is the cash settlement process for EC contracts?
EC contracts employ cash settlement, the delivery should be made in integral multiples of one lot. After market close on the last trading day, INE will clear and transfer the profits and losses of the trading parties at the final settlement price and close out the remaining open positions.
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发表于 2023-8-17 20:32:46
