Major pricing models in the international container shipping market include

contract pricing and spot market pricing. Contract pricing is an approach

whereby a liner signs a long-term transport service agreement with a cargo

owner, specifying freight rate calculations, shipping size, and term. This

approach can ensure stable cargo source for the liner and proper transport

arrangements for the cargo owner. Spot market pricing is an approach whereby

a liner sets the freight rate for each voyage in light of market conditions

including supply and demand and competition strategies, and makes adjustment

according to cargo owners. As the Shanghai Containerized Freight Index (SCFI)

issued by Shanghai Shipping Exchange (SSE) is increasingly recognized,

transport agreements settled based on SCFI grow in number.

SSE’s Shanghai (Export) Containerized Freight Index based on Settled Rates

(“SCFIS ”) (Europe service) is the underlying index of the containerized freight

index (Europe service) futures (EC) contract.

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