A.Short hedge by liners As capacity suppliers, liners are carriers that charge freight for supplying container capacity. A liner can hedge against the potential loss from falling freight rate by taking a short position in the EC contract, in order to maintain a reasonable profit margin. Short hedge means first selling futures of a similar quantity to that to be sold in the spot market, and then, at time of the actual sale of capacities, taking a reverse position in the futures product to close out. Here is an example: Suppose in March 2023, the containerized freight index (Europe service) is 917 points, and the spot freight rate is about USD 850/ TEU. A liner plans to sell 5,000 TEU of capacity in the spot market in August. As container capacity is oversupplied in the current off-season market, the liner is worried that freight rates might continue to fall. In order to lock in expected profits and avoid possible freight rates decreases, the liner decides to take a short hedge in EC contracts on INE. This hedge and the resulting profits and losses are illustrated below: The capacity to be sold by the liner: 5,000 TEU × USD 850/TEU × 6.8 (RMB/ USD) = RMB 28,900,000 Quantity of EC contracts to be sold in March: RMB 28,900,000 ÷ 9,00 (index pts of EC contract (AUG)) ÷ 50 (contract multiplier) = 642 lots (excluding transaction fees and other transaction costs)

While the falling freight rate in the spot market incurs a loss to the liner, a profit in the futures market has more than offset that loss.

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